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

Lyudmyla Todorova ()
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Lyudmyla Todorova: State Agrarian University of Moldova, Kishinev, Moldova

Oblik i finansi, 2014, issue 4, 69-76

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.

Keywords: accounting; biological assets; agricultural production; costs in agriculture (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2014
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