THEORETICAL STUDY ON THE ACCOUNTING TREATMENT PRESCRIBED FOR BIOLOGICAL ASSETS AND AGRICULTURAL PRODUCTS BY IAS 41 AGRICULTURE - first part theory -

Corina-Graziella Batca-Dumitru, Lucian-Dorel Ilincuta, Lacramioara-Rodica Hurloiu and Bianca-Florentina Rusu
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Corina-Graziella Batca-Dumitru: THE BUCHAREST UNIVERSITY OF ECONOMIC STUDIES, ROMANIA
Lucian-Dorel Ilincuta: SPIRU HARET UNIVERSITY, BUCHAREST, ROMANIA
Lacramioara-Rodica Hurloiu: SPIRU HARET UNIVERSITY, BUCHAREST, ROMANIA
Bianca-Florentina Rusu: SPIRU HARET UNIVERSITY, BUCHAREST, ROMANIA

Annals - Economy Series, 2020, vol. 3, 21-35

Abstract: The study theoretically and practically presents the accounting treatment prescribed for biological assets and agricultural produce by the Romanian Accounting Regulations compliant with the International Financial Reporting Standards (IFRS), by IAS 41 Agriculture, or other applicable standards, such as IAS 2 Inventories, for agricultural produce after the harvest. Thus, the initial valuation and the post-recognition one are treated based on the fair value reliably measured less the costs to sale. The study includes a theoretical part that summarizes the basic notions from IAS 41 Agriculture, such as consumable and bearer biological assets(in the form of inventories), mature and immature, the lands to which they are connected, the bearer plants, the gains and losses from their valuation at the fair value, the specific government grants and the disclosures. As well as a practical part in which case studies are presented in the form of complex examples regarding the prescribed treatment and the entering in the accounts of the transactions with biological assets, based on the Chart of Accounts of the Romanian Accounting Regulations compliant with the IFRS.

Keywords: agricultural activity; biological assets; bearer plants; fair value; cost to sale; arising from changes in the fair value (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2020:v:3:p:21-35

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