AASB 102 Inventories applies to the accounting for:

A) biological assets.
B) financial instruments.
C) work in progress under construction contracts.
D) materials consumed in the manufacture of lawn mowers for sale.

Biological Assets

Living plants or animals that are used in agricultural production or held for sale, whose value and productivity can change over time due to biological transformation.

Financial Instruments

Transactions that lead to the formation of a financial asset for one entity and, at the same time, a financial liability or an equity tool for a different entity.

Construction Contracts

Agreements for the construction of a specific asset or a group of assets that are closely interrelated or interdependent in terms of design, technology, function, or purpose.