International accounting standard agriculture
2001
Koiv, K. (Ministry of Agriculture, Tallinn (Estonia)) | Lobjakas, L. (Agricultural Registers and Information Board, Tallinn (Estonia)) | Parts, V. | Visberg A.-E. (Estonian Agricultural University, Tartu (Estonia))
Accounting and reporting are organised in accordance to the legislation in force in a specific country; additionally, guidelines issued by an institution, govering the given speciality, are used. The guidelines are developed in accordance to standards, arising from international practices. Most of the international accounting standards extend to industrial enterprises. Problems emerging in specific areas are discussed in accounting standards, developed for specific areas. In Decembers, 2000, the International Accounting Standards Commitee (IASC) approved an accounting standards IAS 41 Agriculture, that was published on February 22, 2001. The objective of the standard is to prescribe the accounting treatments and related financial statement presentation and disclosures for agricultural activity, which is the management of the transformation of biological assets into agricultural produce or into additional biologicalassets. The standard is applied for reports, complied from January 1, 2003; earlier implementation also recommended. Estonia has taken a principal decision to access European Union, therefore, it is inevitable to develop reports, submitted in public, in accordance to common principles. The present article discusses the need IAS 41 Agriculture and its contents and problems encountered as the draft guidelines for agricultural accounting in Estonia are developed
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