Lesina T.V.Financial University under Government of Russian Federation, Kaluga Branch, Kaluga, Russian Federation jalesina@mail.ru
Subject The Ministry of Finance of the Russian Federation issued the order of June 11, 2015 № 91н to put into effect the IFRS document Agriculture: Fruit Crops Annex 1, as amendments to IAS 16 and IAS 41. Companies should comply with it starting from January 1, 2016, however, voluntary compliance is possible before this date. Objectives The aim is to update the approach to fruit crop accounting based on International Financial Reporting Standards. Methods I analyze theoretical, methodological, organizational, and practical issues of fruit crop accounting, taking into account changes in the international legislation. Results The study reviews urgent issues of fruit crop value formation. The findings of the study may be applied in practice. Conclusions Fruit crop value formation under IFRS is important for agricultural organizations. So far, there are no regulations in the Russian legislation on biological assets value formation and fruit crop accounting. Amendments to IAS 16 and IAS 41 present the issues of value formation, accounting and reporting for fruit trees in an unusual format, and require their in-depth study.
Keywords: International Financial Reporting Standards, fruit crop, biological assets, fixed assets, value formation
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