PROBLEMS OF TRANSITION TO IFRS IN THE AGRICULTURAL SECTOR: THEORY AND PRACTICE | Проблемы перехода на МСФО в аграрном секторе экономики: теория и практика
2015
Kraskova A. A. | Zatonskaya S. S. | Zatonskaya I. V.
The article presents aspects of the efficiency of the international financial reporting standards (IFRS) in the accounting practice of agricultural enterprises by basic organizational components, defines stages of the application of certain IFRS elements in the preparation of reporting of the agricultural sector enterprises. First of all, agricultural enterprises will face problems of the transition to IFRS. This is associated with peculiarities of the agricultural production, which are determined by the natural and social factors and affect the organization of accounting: agricultural production is seasonal, this is why the production cycle doesn’t coincide with the calendar year; the land is the basic means of production, animals and plants act as a specific means of production; timescales of plant ripening and animal breeding determine the obtainment of the end product. Analysis of the difficulties of the agricultural organizations’ transition to IFRS showed different views in the scientific and professional community regarding the valuation of assets and liabilities and biological assets accounting. Choice of experts responsible for the preparation of reporting according to IFRS is an important issue that requires additional expenses for hiring highly qualified specialists or the creation of a special department, which is fully agreeable to international standards. Success of the reporting preparation according to IFRS requires the process optimization with the usage of modern information technologies. Introduction of IFRS to the accounting practices of agricultural enterprises implies changes of the national regulatory framework of accounting, reporting and taxation
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