Calculation of the fair value of biological assets in accordance with international financial reporting standards

Issue № 2, 2018, article № 2, pages 8-16

Section: Questions of methodology of economic research

Language: Russian

Original language title: РАСЧЕТ СПРАВЕДЛИВОЙ СТОИМОСТИ БИОЛОГИЧЕСКИХ АКТИВОВ В СООТВЕТСТВИИ С ТРЕБОВАНИЯМИ МЕЖДУНАРОДНЫХ СТАНДАРТОВ ФИНАНСОВОЙ ОТЧЁТНОСТИ

Keywords: ACCOUNTING, INTERNATIONAL STANDARDS, FAIR VALUE, BIOLOGICAL ASSETS, FINANCIAL STATEMENTS

Abstract: Today the world market globalization leads to the need for constructive interaction within the framework of international law and the formation of common accounting forms and standards. Transnational corporations, as a phenomenon of international integration, are organizations that have divisions in different countries of the world. Accordingly, common international standards are required to ensure clear and transparent financial reporting of such firms. International financial reporting standards (IFRS) have become such standards. They are designed to provide and understanding of the reporting forms and to obtain an objective assessment of the property situation of investors on potential investment objects located in different national accounting systems. One of the standards that is ofgreat importance for the Russian Federation is IAS 41 “Agriculture”. Agriculture is one of the leading sectors of our country, which d e-livers products to both domestic and foreign markets. Accordingly, the adoption of the Russian analogue of this standard and the implementation of its provisions is a significant and important issue of today’s economic reality. The need to allocate biological assets in a separate accounting and economic category, to show them in accounting and reporting at fair value in accordance with IAS 41 has determined the relevance of the topic, purpose, objectives and logic of this work. The article suggests the author's approach to the calculation of the fair value of biological assets.

Authors: Bereza Artur Olegovich, Abyzova Elena Vladimirovna, SHishkova Tatiana Vladimirovna