How do you handle the accounting for beekeeping / honey farming? Are bees livestock or biological assets?
Bees do not meet the definition of a biological asset for accounting purposes as the farmer is not able to demonstrate that the farmer manages the bees' transformation, neither does the farmer control the bees. The farmer is essentially collecting produce from the hives, so the accounting is related to the costs incurred in the production of honey with the bees being the mechanism that produces the honey.
The accounting treatment would be to capitalise the start-up costs of the hives to PPE and depreciate them over their useful lives. Depreciation would be allocated to cost of sales.