What is a biological asset? Biological assets are living beings (plants or animals) that, after the harvesting process, become agricultural produc...

What is a biological asset?

Biological assets are living beings (plants or animals) that, after the harvesting process, become agricultural products that can be sold, generating economic benefits for the company.
The biological transformation process has an impact on the Fair Value of the asset, which is the standard value by which the Biological Asset must be measured.
The correct measurement of the fair value of the biological asset must consider all costs related to the specific asset, from the perspective of any market participant.
If the market price of biological assets cannot be measured with confidence, they must be valued at cost.
a) Only the first statement is correct.
b) Only the second statement is correct.
c) The first, second and third statements are correct.
d) All statements are correct.