Home  Journals  Economic Analysis: Theory and Practice  2(545) - 2024 February

Assessing the state and need for standardization of accounting for biological assets and results of their biotransformation

Received: 26 January 2024

Received in revised form: 6 February 2024

Accepted: 15 February 2024

Available online: 29 February 2024

Subject Heading: BUSINESS PERFORMANCE

JEL Classification: М41, Q11, Q19

Pages: 204–222

https://doi.org/10.24891/ea.23.2.204

Subject. The article addresses the need to standardize the requirements (rules) of organization and accounting for biological assets and harvested (derived) agricultural products.
Objectives. We focus on developing a draft standard for accounting for biological assets and agricultural products, exploring the regulations and specifics of the practice of valuation, accounting for biological assets and agricultural products, underpinning the sections and provisions of draft standard "Biological Assets and Agricultural Products".
Methods. The study employs general scientific and special methods, like analysis, synthesis, modeling, abstraction, systematization, and generalization of obtained outcomes.
Results. Based on the results of the study, we developed a draft standard "Biological Assets and Agricultural Products". The findings can be applied by the regulator in the field of accounting, as well as by economic entities for proper organization of accounting for biological assets and agricultural products at fair value.
Conclusions. To ensure the reliability of accounting data and accounting (financial) statements, the proposed draft standard "Biological Assets and Agricultural Products" should be critically reviewed, comments and recommendations should be made to improve the draft standard for its further promotion.

Keywords: biological asset, agricultural product, accounting, fair value, biotransformation

References:

1. Fastova E.V., Alborov R.A., Kontsevaya S.M. [Accounting for biological assets at fair value in accordance with IAS 41 "Agriculture"]. Ekonomika sel'skokhozyaistvennykh i pererabatyvayushchikh predpriyatii = Economy of Agricultural and Processing Enterprises, 2007, no. 1, pp. 33–39. URL: Link (In Russ.)
2. Kozmenkova S.V., Shatina E.N. [Peculiarities of application IFRS 41 "Agriculture" in Russian practice of accounting and reporting]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2010, no. 16, pp. 2–7. URL: Link (In Russ.)
3. Alborov R.A., Kontsevaya S.M. [Development of methods for estimating and accounting of biological assets in accordance with IAS 41 "Agriculture"]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2012, no. 2, pp. 2–12. URL: Link (In Russ.)
4. Bodrikova S.V., Mosunova E.L., Zakharova E.V. [Complex assessment of efficiency of strategy in the control system of biological assets and results of their biotransformation]. Vestnik Izhevskoi gosudarstvennoi sel'skokhozyaistvennoi akademii = Bulletin of Izhevsk State Agricultural Academy, 2013, no. 3, pp. 43–46. URL: Link (In Russ.)
5. Alborov R.A., Kontsevaya S.M., Kozmenkova S.V. [Biological and land assets in agriculture: Accounting and evaluation issues]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2019, vol. 22, iss. 8, pp. 859–871. (In Russ.) URL: Link
6. Alborov R.A., Gasiev P.E., Bodrikova S.V., Mosunova E.L., Dzhikiya M.K. [Improving the analysis of financial results from biotransformation of plant biological assets]. Bukhuchet v sel'skom khozyaistve = Accounting in Agriculture, 2022, no. 6, pp. 433–443. (In Russ.) URL: Link
7. Zakirova A.R. [IAS 41 "Agriculture": Accounting features]. Vestnik Kazanskogo gosudarstvennogo agrarnogo universiteta = Vestnik of Kazan State Agrarian University, 2011, vol. 6, no. 1, pp. 30–34. URL: Link (In Russ.)
8. Klychova G.S., Zakirova A.R., Sitdikova L.F. [Methodological tools to account for biological assets in agricultural organizations]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2015, no. 10, pp. 14–25. URL: Link (In Russ.)
9. Klychova G.S., Zakirova A.R., Klychova A.S., Sitdikova L.F. [Methodological approaches to accounting of biological assets in the cultivation of plants]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2015, no. 23, pp. 14–26. URL: Link (In Russ.)
10. Kruzhkova I.I. [Biological assets as an object of Russian accounting and accounting according to international standards]. Vestnik OrelGAU = Bulletin of OrelSAU, 2010, no. 6, pp. 29–32. URL: Link (In Russ.)
11. Pronyaeva L.I., Kruzhkova I.I., Solodovnik A.I. [Biological assets: Economic interpretation, evaluation, problem]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2013, no. 8, pp. 2–8. URL: Link (In Russ.)
12. Kolesnik N.F., Fadeeva E.N. [Features of the accounting of biological assets in accordance with Russian and international standards]. Vestnik Volzhskogo universiteta im. V.N. Tatishcheva = Vestnik of Volzhsky University after V.N. Tatischev, 2018, vol. 2, no. 3, pp. 90–96. URL: Link (In Russ.)
13. Terekhov A.M. [Features of biological assets account on fair value]. Vestnik Michurinskogo gosudarstvennogo agrarnogo universiteta = Bulletin of Michurinsk State Agrarian University, 2012, no. 2, pp. 161–163. URL: Link (In Russ.)
14. Terekhov A.M., Ovcharov A.O. [Features of economic analysis and accounting for biological assets]. Voprosy upravleniya = Management Issues, 2019, no. 4, pp. 137–147. URL: Link (In Russ.)
15. Sigidov Yu.I., Korovina M.A. Otsenka biologicheskikh aktivov molochnogo skotovodstva po spravedlivoi stoimosti: monografiya [Assessment of biological assets of dairy cattle breeding at fair value: a monograph]. Moscow, INFRA-M Publ., 2015, 160 p.
16. Kruglyak Z.I. Razvitie metodiki bukhgalterskogo ucheta biologicheskikh aktivov v zhivotnovodstve: monografiya [The development of accounting methods for biological assets in animal husbandry: a monograph]. Krasnodar, KubSAU Publ., 2019, 136 p.
17. Alborov R.A., Khoruzhii L.I., Kontsevaya S.M., Kontsevoi G.R. [New methods of accounting of biological assets and the results of their bio transformation (products, income, expenses)]. Bukhuchet v sel'skom khozyaistve = Accounting in Agriculture, 2020, no. 1, pp. 6–21. URL: Link# (In Russ.)
18. Alborov R.A., Khoruzhii L.I., Kontsevaya S.M., Alborov G.R. [Organization of primary, analytical and synthetic accounting of biological assets and agricultural products]. Bukhuchet v sel'skom khozyaistve = Accounting in Agriculture, 2020, no. 10, pp. 6–22. (In Russ.) URL: Link
19. Selezneva I.P., Selezneva I.A., Shlyapnikova E.A. et al. [Peculiarities of assessment and recognition in accounting of certain types of reserves]. Bukhuchet v sel'skom khozyaistve = Accounting in Agriculture, 2022, no. 5, pp. 341–360. (In Russ.) URL: Link
20. Selezneva I.P., Selezneva I.A., Shlyapnikova E.A. [The formation of a reserve for decline in value of feed and seed in agriculture organizations]. Bukhuchet v sel'skom khozyaistve = Accounting in Agriculture, 2018, no. 5, pp. 12–22. URL: Link# (In Russ.)

View all articles of issue

ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 23, Iss. 4 April 2024

Archive