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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 …

Produce growing on bearer plants is a biological asset. …

Agricultural activity covers a diverse range of activities; for example, raising livestock, forestry, annual or perennial cropping, cultivating orchards and plantations, floriculture and aquaculture (including fish farming). Certain common features exist …

Biological transformation results in the following types of outcomes: (a) asset changes through (i) growth (an increase in quantity or improvement in quality of an animal or plant), (ii) degeneration (a decrease in the quantity or deterioration in quality …

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

Carrying amount is the amount at which an asset is recognised in the statement of financial position. …

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See AASB 13 Fair Value Measurement …

Government grants are as defined in AASB 120 . …

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