Document ID: chunk:federal_register_of_legislation:F2022C00550:body:0:p3
Version: federal_register_of_legislation:F2022C00550
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of the entity's biological assets, at the point of harvest. Thereafter, AASB 102 Inventories or another applicable Standard is applied. Accordingly, this Standard does not deal with the processing of agricultural produce after harvest; for example, the processing of grapes into wine by a vintner who has grown the grapes. While such processing may be a logical and natural extension of agricultural activity, and the events taking place may bear some similarity to biological transformation, such processing is not included within the definition of agricultural activity in this Standard.
4 The table below provides examples of biological assets, agricultural produce, and products that are the result of processing after harvest:

Biological assets                                                                                                                                                                                                                                                                                              Agricultural produce  Products that are the result of processing after harvest
Sheep                                                                                                                                                                                                                                                                                                          Wool                  Yarn, carpet
Trees in a timber plantation                                                                                                                                                                                                                                                                                   Felled trees          Logs, lumber
Dairy cattle                                                                                                                                                                                                                                                                                                   Milk                  Cheese
Pigs                                                                                                                                                                                                                                                                                                           Carcass               Sausages, cured hams
Cotton plants                                                                                                                                                                                                                                                                                                  Harvested cotton      Thread, clothing
Sugarcane                                                                                                                                                                                                                                                                                                      Harvested cane        Sugar
Tobacco plants                                                                                                                                                                                                                                                                                                 Picked leaves         Cured tobacco
Tea bushes                                                                                                                                                                                                                                                                                                     Picked leaves         Tea
Grape vines                                                                                                                                                                                                                                                                                                    Picked grapes         Wine
Fruit trees                                                                                                                                                                                                                                                                                                    Picked fruit          Processed fruit
Oil palms                                                                                                                                                                                                                                                                                                      Picked fruit          Palm oil
Rubber trees                                                                                                                                                                                                                                                                                                   Harvested latex       Rubber products
Some plants, for example, tea bushes, grape vines, oil palms and rubber trees, usually meet the definition of a bearer plant and are within the scope of AASB 116. However, the produce growing on bearer plants, for example, tea leaves, grapes, oil palm fruit and latex, is within the scope of AASB 141.

Definitions

Agriculture-related definitions
5 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 assets.
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 scrap sales.
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 asset.
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.
5A The following are not bearer plants:
(a) plants cultivated to be harvested as agricultural produce (for example, trees grown