Search Definitions

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. …

The following are not bearer plants: (a) plants cultivated to be harvested as agricultural produce (for example, trees grown for use as lumber); (b) plants cultivated to produce agricultural produce when there is more than a remote likelihood that the …

When bearer plants are no longer used to bear produce they might be cut down and sold as scrap, for example, for use as firewood. Such incidental scrap sales would not prevent the plant from satisfying the definition of a bearer …