RECOGNITION AND VALUATION OF BIOLOGICAL ASSETS IN TOURISM AREA. INTERNATIONAL ACCOUNTING STANDARDS

Corina Ioanas, Corina Graziella Dumitru, Anca Tutu and Mirela Nichita ()
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Corina Ioanas: Academy of Economic Studies, Bucharest, Romania
Corina Graziella Dumitru: Academy of Economic Studies, Bucharest, Romania
Anca Tutu: Academy of Economic Studies, Bucharest, Romania

Revista de turism - studii si cercetari in turism / Journal of tourism - studies and research in tourism, 2009, vol. 7, issue 7, 68-71

Abstract: Consistent with the Financial Reporting Standards Board's international convergence and harmonization policy it is proposed that a new accounting regime will prescribe the financial reporting practice and minimum disclosure requirements for agricultural activities, including the fair value of biological assets. In any financial report, the inclusion of biological assets may confuse the reality of the income profit and the wealth profit. There are many reasons it may provide misleading figures, the most obvious would be because the entity may have reported the value of heritage properties that do not actually generate any income but rather they are properties, which actually generate expenses for the entity, for example in maintenance costs. For any regime that requires entities to account and report on biological assets there should be a clear classification system that takes into account the different types of ownership structures in a society. Therefore in Romania, it is important that any financial reporting regime on biological assets should provide for the difference between business assets and cultural assets.

Keywords: biological assets; fair value; accounting treatment; financial reporting. (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:scm:rdtusv:v:7:y:2008:i:7:p:68-71

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