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.

Examples;

  • 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

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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.
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