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Aspects regarding the International Accounting Standard I.A.S. 41 – Agriculture

Show simple item record Ignat, Gabriela Iațco, Constantin Ungureanu, George Costuleanu, Carmen-Luiza Athes, Haralambie 2022-01-17T07:51:26Z 2022-01-17T07:51:26Z 2014
dc.identifier.citation Ignat, Gabriela, Constantin Iatco, George Ungureanu, Carmen Costuleanu, Haralambie Athes. 2014. "Aspects regarding the International Accounting Standard I.A.S. 41 – Agriculture". Lucrări Ştiinţifice USAMV - Iaşi Seria Agronomie 57(2): 257-260.
dc.identifier.issn 2069-6727
dc.description.abstract At the end of the year 2000, the European Parliament passed a standard specifically addressing agriculture, the International Accounting Standard IAS 41 – Agriculture. This standard introduced the fair value evaluation model to agriculture. Based on this, one can approach the management of transforming biological assets, so that on the occasion of initial and final accounting of each economic exercise these assets can be evaluated at their fair value, diminished with the estimated selling expenses. According to this international standard, the agricultural activity represents “the management of biological transformations and harvesting biological assets, with the purpose of selling them or transforming them into agricultural products or supplementary biological assets”. As Barry J. Epstein and Eva K. Jermakowicz note, “in the context of old international accounting standards, most of the rules applicable to agriculture (IAS 2 regarding stocks, IAS 16 regarding property and IAS 18 regarding income) deliberately excluded all or almost all examples related to agriculture. An analysis of financial statements issued for agricultural companies would have revealed the consequences of this neglect: a large array of methods and principles were applied by companies in the field of forestry or grain production. The objective of this standard is to prescribe the accounting treatment and information disclosure of agricultural activities”. IAS 41 has to be applied “in the accounting of biological assets and agricultural products at the time of harvest and government grants. The Internation Accounting Standard IAS 41 becomes the starting point in the evaluation of the fair value of assets in the field of agriculture. The objective of the present paper is to present the main aspects of IAS 41 in Romania. en_US
dc.language.iso en en_US
dc.publisher “Ion Ionescu de la Brad” University of Agricultural Sciences and Veterinary Medicine, Iaşi en_US
dc.subject international accounting standards en_US
dc.subject agricultural accounting en_US
dc.subject biological assets en_US
dc.subject fair value en_US
dc.subject financial statements en_US
dc.title Aspects regarding the International Accounting Standard I.A.S. 41 – Agriculture en_US
dc.type Article en_US Gabriela Ignat, Constantin Iatco, George Ungureanu, University of Agricultural Sciences and Veterinary Medicine of Iaşi Carmen Costuleanu, „Petre Andrei” University, Iaşi Haralambie Athes, „Alexandru Ioan Cuza” University, Iaşi
dc.publicationName Lucrări Ştiinţifice USAMV - Iaşi Seria Agronomie
dc.volume 57
dc.issue 2
dc.publicationDate 2014
dc.startingPage 257
dc.endingPage 260

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