FEATURES OF ACCOUNTING AND VALUATION OF BIOLOGICAL ASSETS
Abstract
The purpose of the scientific article. Is to consider the features of accounting for biological assets of organizations engaged in agricultural activities, to study their compliance with the requirements International Accounting Standarts (IAS) 41 and to study methods for their assessment.
Methodology. A comparative analysis of the features in accounting for the valuation of plants and animals
that are biological assets in accordance with the requirements of IAS 41 "Agriculture". Problems identified in some countries with compliance with the standard. In the course of the study, the effectiveness of the application of the fair value methodology was determined.
Originality. The specifics of the scientific article are the features and procedure for applying standard 41 (IAS) "Agriculture" and determining the effectiveness of the fair value method in accounting for agricultural organizations.
Findings. Compliance with the requirements of IAS 41 "Agriculture" affects the quality of the financial statements. The standard requires disclosures about the types, values and changes of biological assets in the income statement. If this requirement is met, an objective assessment will be given and general information on the financial condition and results of agricultural organizations will be available.
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Review
For citations:
Kanabekova A.K. FEATURES OF ACCOUNTING AND VALUATION OF BIOLOGICAL ASSETS. Central Asian Economic Review. 2020;(4):146-157. (In Kazakh)
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