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Accounting issues related to timber industry specific operations

Madalina Antoniu and Florentina Moisescu
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Madalina Antoniu: Dunarea de Jos University of Galati, Romania
Florentina Moisescu: Dunarea de Jos University of Galati, Romania

Risk in Contemporary Economy, 2018, 114-117

Abstract: Forest has always been considered a human partner in its evolution. With the passage of time, a new relationship has been imposed so that the forest has turned into a resource and wood is a great asset. At present, the forest area accounts for 42% of the total European Union surface area, the main agricultural product being raw wood. At international level, accounting in this area was not a priority, and therefore only in 2003 a standard for agricultural regulation was approved: IAS 41 "Agriculture". When products from biological assets of an entity are harvested, IAS 41 is applied, but if they are subsequently processed, they will be subject to IAS 2 standard. Considering the complexity of calculating the assessment of biological assets, the study concludes that it is easier to apply fair value than historical cost to the accounting, the latter providing a less accurate understanding of the real situation

Date: 2018
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