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IFRS for SMEs: What will the implementation of IFRS for SME bring for timber industry?

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Author Info

  • Hana Bohusova

    ()
    (Department of Accounting and Taxes, Faculty of Business and Economics, Mendel University in Brno)

  • Patrik Svoboda

    ()
    (Department of Accounting and Taxes, Faculty of Business and Economics, Mendel University in Brno)

  • Petr Valouch

    ()
    (Faculty of Economics and Administration, Masaryk University)

Abstract

At vero Agricultural activity and forestry are largely different from other activities that the entities perform in order to achieve profit. Unlike other business entities, agricultural produce is significantly dependent on natural climatic conditions, and therefore a particular specialization of agricultural produce depends on geographic location. Agricultural and forest producers use every form of business organization, from small farms to large publicly held corporations. Although most entrepreneurs working in agriculture and forestry are small and medium enterprises, the specifics of agriculture are significantly reflected in the financial reporting intended primarily for large corporations traded on the capital markets. There are designed specific procedures of recording in relation to the nature of biological assets and agricultural produce and ways of measurement in this paper. The nature of biological assets is considered as distinguishing criterion (consumable assets, bearer assets and consumable assets with long production cycle).

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File URL: ftp://ftp.mendelu.cz/RePEc/men/wpaper/27_2012.pdf
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Bibliographic Info

Paper provided by Mendel University in Brno, Faculty of Business and Economics in its series MENDELU Working Papers in Business and Economics with number 2012-27.

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Length: 15
Date of creation: Sep 2012
Date of revision:
Handle: RePEc:men:wpaper:27_2012

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Keywords: agricultural activity; IFRS for SMEs; biological assets; agricultural produce;

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