How do you handle the taxation in 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 their 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.
From a tax perspective, there is no standard cost for bees (so carrying amount and tax value both equal nil), and the only items that would be deductible would be actual costs incurred (i.e start up costs of the hives).