IN less than two weeks, we Filipinos will once again cast our votes. By this time, we should have thoroughly studied the candidates' platforms to see if these are really feasible. I consider myself a farmer-accountant by profession and farmers, in particular, want drastic changes to government policies and procedures. We are hoping that the incoming administration will address minimal agricultural subsidies, extreme weather events, costly farm inputs, high petroleum prices and even thievery. Making things worse, prices of agricultural produce, especially rice and corn, have been kept relatively low for years.
In its simplest sense, agriculture is the cultivation of plants and livestock for consumption. As defined under Philippine Accounting Standards (PAS) 41, however, agriculture is the management by an entity of the biological transformation of biological assets for sale into agricultural produce or additional biological assets. Agricultural produce is the harvested product of an entity's biological assets. The processes of growth, degeneration, production and procreation that cause qualitative or quantitative changes in a biological asset are referred to as biological transformation.
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