Importance The article presents a model for accounting of biological assets and agricultural products of plant cultivation that covers all business operations of the entity's production. Objectives The research pursues substantiating theoretical provisions and developing practical guidelines to improve accounting of biological assets and agricultural products of plant cultivation under the international standards. The research addresses such tasks as examination of the contemporary methods for accounting of biological assets of plant cultivation, developing the methods for accounting of biological assets at fair value by improving the Chart of Accounts. Methods Using such general scientific methods as historical and systems approaches, induction, deduction, comparison, economic and statistical method, systematization, summarization of data, we study the contemporary methods for accounting of biological assets and agricultural products of plant cultivation. Results The article presents our original model for accounting of biological assets and agricultural products as a result of their biological transformation, in line with IAS 41 - Agriculture. The model covers all the business operations of the entity's production. We also improved the Chart of Accounts by modifying analytical accounting on the basis of changes in and additions to sub-accounts and analytical accounts. Conclusions and Relevance We conclude that the transition to the International Financial Reporting Standards goes slowly since there are no single principles and rules for accounting of biological assets at fair value. In this respect, it is necessary to formulate measures for adapting the requirements of IAS 41 - Agriculture. The measures should rely on the basic principles of measuring the fair value of biological assets.
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