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Accounting of Biological Assets and Agricultural Production According to New National Accounting Standards

Author

Listed:
  • Lyudmyla Todorova

    (State Agrarian University of Moldova, Kishinev, Moldova)

Abstract

The article deals with the legal aspects of the recognition of biological assets and agricultural production. The classification of biological assets under the adopted legislative acts is introduced. The possibility of using the alternative methods relating to the assessment of biological assets and agricultural production at fair value net selling expenses (IAS 41 'Agriculture'). For this purpose, the alternative methods should be included in the entity's accounting policy. Considered the order of distribution between the cultivated perennial plantings and espaliers with the aim to determine objectively their initial value. It is proved that the espalier is an object of fixed assets and its amortization is to be accrued based on the functions performed before and after the transfer of perennial plants in a category of fruit-bearing. Particular attention is paid to the method of determining the value of products (fruits and grapes) obtained from young perennial plants, and their interpretation in the accounting.

Suggested Citation

  • Lyudmyla Todorova, 2014. "Accounting of Biological Assets and Agricultural Production According to New National Accounting Standards," Oblik i finansi, Institute of Accounting and Finance, issue 4, pages 69-76, December.
    • Handle: RePEc:iaf:journl:y:2014:i:4:p:69-76
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    File URL: http://www.afj.org.ua/pdf/225-oblik-biologichnih-aktiviv-i-silskogospodarskoi-produkcii-vidpovidno-do-novih-nsbo.pdf
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    File URL: http://www.afj.org.ua/en/article/225/
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    More about this item

    Keywords

    accounting; biological assets; agricultural production; costs in agriculture;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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