Biological Assets

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
  • Acquaculture
  • Floriculture
  • Planting

Biological produce – Sheep, Trees in plantation, Plants, Dairy Cattle

Agricultural produce – Wool, logs, cotton, Harvested Cane.

Processed produce – Lumber, Yarn, Carpet


About Jonathan Ruiz CPA

Newbie Mentor and one of the influential author in the Philippines setting. His also the founder of PAM Academy and Developer of PAM PSE TRACKER application.
This entry was posted in Theory of Accounts and tagged , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s