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IAS 41 Agriculture: Fair Value Accounting

Author

Listed:
  • Viorel Lefter

    (Academy of Economic Studies, Bucharest)

  • Aureliana Geta Roman

    (Academy of Economic Studies, Bucharest)

Abstract

Issuing this standard that had to be applied for the first time for the financial statements started after 1.01.2003 meant a change of direction from two points of view: on one hand, through IAS 41 was issued for the first time an extensive standard typical for this sector and, on the other hand, for the first time were included in the income statement, independently from the sales transactions, incomes from variations of the fair value of an asset. Because of this last aspect, IAS 41 can be considered an important standard, because it represents the starting point of a consistent transition from the purchase cost principle towards a fair value accounting. IASC has dedicated to the thematic field of agriculture a specific standard, because this economic branch has a great importance for the developing countries. On the other hand, IAS 41 is also applied for the agricultural activities of the enterprises from other sectors.

Suggested Citation

  • Viorel Lefter & Aureliana Geta Roman, 2007. "IAS 41 Agriculture: Fair Value Accounting," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 5(5(510)), pages 15-22, May.
    • Handle: RePEc:agr:journl:v:5(510):y:2007:i:5(510):p:15-22
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    Citations

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    Cited by:

    1. Daniel Buda & Hoinaru Razvan & Mocanu Mihaela & Roman Aureliana-Geta, 2019. "IAS 41 and beyond for a sustainable EU agriculture," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 13(1), pages 829-839, May.
    2. Saverio BOZZOLAN & Enrico LAGHI & Marco MATTEI, 2016. "Amendments to the IAS 41 and IAS 16 - implications for accounting of bearer plants," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 62(4), pages 160-166.
    3. Monica Laura ZLATI & Cristian MIRICA, 2021. "Biological Assets Accounting In The Agricultural Sector," European Journal of Accounting, Finance & Business, "Stefan cel Mare" University of Suceava, Romania - Faculty of Economics and Public Administration, West University of Timisoara, Romania - Faculty of Economics and Business Administration, vol. 15(25), pages 1-7, February.
    4. Mohammad Saleh Altarawneh, 2023. "How Company Characteristics Influence Measurement Practices and Disclosure Level Prescribed within IAS 41," JRFM, MDPI, vol. 16(6), pages 1-34, May.
    5. BATCA-DUMITRU Corina-Graziella & ILINCUTA Lucian-Dorel & HURLOIU Lacramioara-Rodica & RUSU Bianca-Florentina, 2020. "Case Studies And Examples Of The Accounting Treatment Prescribed For Biological Assets And Agricultural Products By Ias 41 Agriculture," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 3, pages 77-96, June.
    6. Li Yu (Colly) He & Sue Wright & Elaine Evans, 2018. "Is fair value information relevant to investment decision-making: Evidence from the Australian agricultural sector?," Australian Journal of Management, Australian School of Business, vol. 43(4), pages 555-574, November.
    7. Rute Gonçalves & Patrícia Lopes, 2014. "Accounting in Agriculture: Disclosure practices of listed firms," FEP Working Papers 530, Universidade do Porto, Faculdade de Economia do Porto.
    8. Hana BOHUŠOVÁ & Patrik SVOBODA & Danuše NERUDOVÁ, 2012. "Biological assets reporting: Is the increase in value caused by the biological transformation revenue?," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 58(11), pages 520-532.
    9. Gonçalves, Rute & Lopes, Patrícia & Craig, Russell, 2017. "Value relevance of biological assets under IFRS," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 29(C), pages 118-126.

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