Subject. This article discusses the concepts of Fair Value and Biological Assets, which are encountered in accounting methodology and are one of the specific accounting items, as well as the issues related to the valuation and accounting of biological assets. Objectives. The article aims to examine the theoretical and methodological aspects of the evaluation and accounting of biological assets, develop a methodological approach to determining their fair value, and create elements of an accounting methodology. Methods. For the study, I used the methods of analysis, synthesis, comparison, and abstraction. Results. The article proposes a new approach to determining fair value, based on an official mechanism for monitoring the cost of key resources, adapted from the federal estimated pricing system, which will help create a transparent and dynamic pricing model that is updated quarterly. Conclusions and Relevance. The proposed solutions to the problems in the field of biological asset valuation and accounting will allow for their accurate valuation to be reflected in the balance sheet and for the financial results of business activities to be determined more precisely. The research results can be used by agricultural producers in organizing the accounting of biological assets.
Keywords: biological assets, accounting, fair value
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