a. Agricultural Activity - is the management by an entity of the biological transformation and harvest of biological assets for sale, including exchange or non-exchange transactions, or for conversion into agricultural produce, or into additional biological assets.
b. Agricultural Produce - is the harvested product of the entity's biological assets.
c. Bearer Biological Assets - are those biological assets that are used repeatedly or continuously for more than one year in an agricultural activity. Bearer biological assets are not agricultural produce but, rather, are self-regenerating. Example, livestock from which milk is produced, grape vines, fruit trees, and trees from which firewood is harvested while the tree remains. (Par. 40, PPSAS 27)
d. Biological Asset - is a living animal or plant.
e. Biological Transformation - comprises the processes of growth, degeneration, production and procreation that cause qualitative or quantitative changes in a biological asset.
f. Consumable Biological Assets - are those that are held for harvest as agricultural produce or for sale or distribution at no charge or for a nominal charge as biological assets. Examples of consumable biological assets are animals and plants for one-time use such as livestock intended for the production of meat, livestock held for sale, fish in farms, crops such as maize and wheat, and trees being grown for lumber.
g. Costs to Sell - are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income taxes.
h. Degeneration - is a decrease in the quantity or deterioration in quality of an animal or plant.
i. Group of Biological Assets - is an aggregation of similar living animals or plants.
j. Growth - is an increase in quantity or improvement in quality of an animal or plant.
k. Harvest - is the detachment of produce from a biological asset or the cessation of a biological asset's life processes.
l. Mature Biological Assets - are those that have attained harvestable specifications (for consumable biological assets) or are able to sustain regular harvests (for bearer biological assets).
m. Procreation - is the creation of additional living animals or plants. (par. 43, PPSAS 27)