Accounting for agriculture and rural business
Accounting for agriculture, farming and rural business is a specialist area that requires expertise and an understanding of the industry. On this page you can access a range of articles, books and online resources providing quick links to guidance, surveys, statistics, relevant organisations and news.
We also maintain a range of Business & Industry Guides on agriculture, forestry and fishing and a separate guide to resources for the accounting standard IAS 41: Agriculture.
What's on this page?
- Useful links
- Online articles
- Books and articles from the library
ICAEW support and guidance
Farming & Rural Business Community
The community provides practical support to chartered accountants within the sector. It offers news updates, key monthly statistics, surveys and technical helpsheets, as well as conferences and seminars.
New UK GAAP
FRS 102 and FRS 105 – impact on farming
This article looks at key areas where the new accounting standards will impact on farm accounts in inventory of stock and income recognition, including government grants and basic payments. Published by the MHA association of firms in January 2016.
Department for Environment, Food and Rural Affairs (Defra)
Farm business and financial planning
Guidance on business plans, account management, benchmarking and planning for farming businesses.
Defra publishes the following guides on farm management accounting:
Rural grants and payments
Information on the Basic Payment Scheme, rural development grants and Common Agricultural Policy (CAP) reform.
Business and profits surveys
Farm Business Survey
The Farm Business Survey (FBS) is an annual survey of farms, carried out region-by-region with the intention of providing information for policymakers. The comparative information in the survey can also be used by chartered accountants, farmers and farm advisors to assess the financial performance of individual farms. The availability of results from the FBS varies between regions.
The Farm Business Survey website provides region reports, farm benchmarking tools, database for specialist statistics queries, and a projection calculator for gross margins.
Farm Accountancy Data Network (FADN)
The FADN produces an annual survey carried out by the member states of the EU, collated for comparative purposes. The FADN Public Database includes downloadable datasets on EU countries covering costs, balance sheet assets and liabilities, subsidies, and taxes.
Farm stock valuation: HS232 Self Assessment helpsheet
Technical tax helpsheet from HMRC giving guidance on methods of farm stock valuation, livestock, crops, cooperatives, grants and subsidies.
Landed estates and rural businesses
Saffery Champness produces regular newsletters on accounting and taxation issues for rural businesses.
Articles by Julie Butler
Julie Butler FCA, a farming and equine tax specialist, writes regularly on tax issues affecting the agricultural sector.
Agricultural Law Association (ALA)
Organisation founded ‘to provide a forum for professionals serving agriculture - lawyers, surveyors, accountants, bankers, farm business consultants and others, to support each other in their specialisms’.
British Institute of Agricultural Consultants (BIAC)
Body which ‘exists for principals, directors, partners and employees of firms, and for individuals, engaged in the giving of advice in agriculture’. The site includes an online directory of members.
Central Association of Agricultural Valuers (CAAV)
Professional body for agricultural and rural valuers. The site includes a database of members.
Country Land and Business Association (CLA)
Organisation established to support the interests of private landowners and rural businesses.
Institute of Agricultural Management (IAgrM)
Professional body for those involved in the management of farms and associated rural businesses.
Institute of Agricultural Secretaries and Administrators
Professional body representing those involved in rural business administration.
Rural Payments Agency (RPA)
Agency responsible for making payments under the EU Common Agricultural Policy (CAP) schemes in England to farmers, traders and land owners.
Articles are available to logged-in ICAEW members, ACA students and other entitled users.
Articles and books in the Library collection
To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.
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