Beautiful Decay! (Trametes versicolor)
Nature is great. This piece of timber is rotting but the fungal growth that is attached to it is just beautiful to look at. Great shapes and as I love blue the coloured rings really appeal to me.
This is called a fruiting body and Thank You to Puentebello (whose solution I overlooked) Biggertree and Giles C Watson for your help in identifying this.
Trametes versicolor, formerly known as Coriolus versicolor and Polyporus versicolor, is a common polypore mushroom of the genus Trametes. Versicolor means 'of several colours' and it is true that this mushroom is found in a wide variety of different colours. T. versicolor is commonly called the "Turkey Tail" in the United States because of its resemblance to the tail of the turkey bird. The turkey tail has bioremediation potential; T. versicolor biodegrades a variety of pollutants*. T. versicolor is also used in Chinese medicine under the name "yun zhi" (simplified Chinese: 云芝, traditional Chinese: 雲芝).
The species is one of the most commonly encountered polypores in Europe and is found practically all over the world.
(From Wikipedia, the free encyclopedia)