Yes! (Although now we’re considering adding a new “Organization” entity type, of which “Farm” would be a sub-type - instead of adding a “Farm asset” type. See: Organization-level data)
With “Farm” organizations, you would be able to assign certain assets to certain farms, and filter by farm when you’re looking at them. So a “Reference animal” flag would allow filtering to see ONLY reference animals, and the Farm organization would allow filtering to see ONLY your animals (active or archived).
I’m working on the code for the organization entity type as we speak… with any luck we’ll be able to include it with the next minor release of farmOS! 
