Theoretical considerations about implementation of IAS 41 in Romania

Liliana Feleagă, Niculae Feleagă and Vasile Răileanu
Additional contact information
Liliana Feleagă: Bucharest Academy of Economic Studies
Niculae Feleagă: Bucharest Academy of Economic Studies
Vasile Răileanu: Bucharest Academy of Economic Studies

Theoretical and Applied Economics, 2012, vol. XVIII(2012), issue 2(567), 31-38

Abstract: Although agriculture is an important part of the world economy, accounting in agriculture still has many shortcomings. The adoption of IAS 41 „Agricuture” has tried to improve this situation and increase the comparability of financial statements of entities in the agricultural sector. Although controversial, IAS 41 is the first step of a consistent transition to fair value assessment in the agricultural sector. The objective of our work is the analysis of IAS 41 and current accounting agricultural situation in Romania. Accounting regulations in Romania are in accordance with European directives and, in many respects, converged with IFRS referential. Provisions of IAS 41, however, are not reflected directly in Romanian regulations. With the increase of forest land transactions and foreign investments in animal farms, it is expected that recognition and measurement of biological assets under IAS 41 to become a necessity.

Keywords: agricultural accounting; biological assets; fair value; IAS 41; Romania. (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://store.ectap.ro/articole/686.pdf (application/pdf)
http://www.ectap.ro/articol.php?id=686&rid=83 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:2(567):y:2012:i:2(567):p:31-38

Access Statistics for this article

Theoretical and Applied Economics is currently edited by Mircea Dinu

More articles in Theoretical and Applied Economics from Asociatia Generala a Economistilor din Romania / Editura Economica Contact information at EDIRC.
Bibliographic data for series maintained by Mircea Dinu ().