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Agriculture and Biological Assets (IAS 41)
The design with Agriculture module was initiated to cater requirements needed by IAS41/IFRS41 Agriculture.
Agriculture Module integrates Biological Assets Management, Inventory Receiving of Agricultural Produce, Payable Recognition of Production Costs, GL Recognition of Gain on Asset Change, Biological Asset Transformation and Asset Recognition Change.
It will mainly be used by Agriculture-based businesses like Poultry and Egg Raising, Livestock, Farms, etc.
The design of Agriculture Module follows what is stated in IAS 41.
The concept of Biological Assets Management is somewhat similar to Fixed Assets Management only that aside from Depreciation, Biological Asset is appreciating in Value, Transforming, Producing additional Asset (Reproduction), Changing in Type (from Young to Mature).
(see Terminologies in IAS 41).