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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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The reallocation or reorganisation of assets, liabilities, activities and responsibilities amongst the entities that the government controls that occurs as a consequence of a rearrangement in the way in which activities and responsibilities as prescribed …

Non-reciprocal transfers to the entity. …