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Theoretical considerations about implementation of IAS 41 in Romania

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  • Liliana FELEAGĂ

    (Bucharest Academy of Economic Studies)

  • Niculae FELEAGĂ

    (Bucharest Academy of Economic Studies)

  • Vasile RĂILEANU

    (Bucharest Academy of Economic Studies)

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    Abstract

    Although agriculture is an important part of the world economy, accounting in agriculture still has many shortcomings. The adoption of IAS 41 „Agricuture” has tried to improve this situation and increase the comparability of financial statements of entities in the agricultural sector. Although controversial, IAS 41 is the first step of a consistent transition to fair value assessment in the agricultural sector. The objective of our work is the analysis of IAS 41 and current accounting agricultural situation in Romania. Accounting regulations in Romania are in accordance with European directives and, in many respects, converged with IFRS referential. Provisions of IAS 41, however, are not reflected directly in Romanian regulations. With the increase of forest land transactions and foreign investments in animal farms, it is expected that recognition and measurement of biological assets under IAS 41 to become a necessity.

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    Bibliographic Info

    Article provided by Asociatia Generala a Economistilor din Romania - AGER in its journal Theoretical and Applied Economics.

    Volume (Year): XVIII(2012) (2012)
    Issue (Month): 2(567) (February)
    Pages: 31-38

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    Handle: RePEc:agr:journl:v:2(567):y:2012:i:2(567):p:31-38

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    Keywords: agricultural accounting; biological assets; fair value; IAS 41; Romania.;

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