Biological assets (fair value less cost to sell) Consumable biological assets: will be turned to consumable inventory when mature (growing timber that is valued at fair value less cost to sell) Bearer biological assets: used to bear produce (grape vines that are recorded at cost) Agricultural produce the harvested product of a company"s biological assets. Harvest involves separating the agricultural produce from the biological asset. Products that are the results of processing after harvest are products that have taken the agricultural produce and done something else with it, such as turning milk into butter or cheese, or grapes into wine. Biological assets and agricultural produce are only recognized when: The company controls the asset as the result of past events (i. e. , planting crops or trees, or buying animals to raise to maturity. It is probable that the future economic benefits of the asset will flow to the reporting entity; and. The asset"s fair value or cost can be reliably measured.