Biological assets are living animal or plants in agricultural activity.
Group of biological assets – aggregation of similar assets.
Agricultural products is the harvested product of the entity’s biological assets.
Harvest is the detachment of produce from a biological asset or the cessation of biological assets life process.
Agricultural Activity is the management of biological transformation and harvest of biological assets for sale.
- Raising Livestock
Biological produce – Sheep, Trees in plantation, Plants, Dairy Cattle
Agricultural produce – Wool, logs, cotton, Harvested Cane.
Processed produce – Lumber, Yarn, Carpet