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Events after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and the date when the financial statements are authorised for issue. Two types of events can be identified: (a) those that …

The following terms are used in this Standard with the meanings specified: …

Agricultural activity is the management by an entity of the biological transformation and harvest of biological assets for sale or for conversion into agricultural produce or into additional biological …

Agricultural produce is the harvested produce of the entity’s biological assets. …

A bearer plant is a living plant that: (a) is used in the production or supply of agricultural produce; (b) is expected to bear produce for more than one period; and (c) has a remote likelihood of being sold as agricultural produce, except for incidental …

A biological asset is a living animal or plant. …

Biological transformation comprises the processes of growth, degeneration, production, and procreation that cause qualitative or quantitative changes in a biological …

Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income taxes. …

A group of biological assets is an aggregation of similar living animals or plants. …

Harvest is the detachment of produce from a biological asset or the cessation of a biological asset’s life processes. …