Grigorii R. ALBOROVUdmurt State Agricultural University (UdSAU), Izhevsk, Udmurt Republic, Russian Federation g.r.alborov@mail.ru ORCID id: not available
Meri K. DZHIKIYARussian Timiryazev State Agrarian University (RTSAU), Moscow, Russian Federation marydzhikia@list.ru ORCID id: not available
Subject. The article addresses the need to standardize the requirements (rules) of organization and accounting for biological assets and harvested (derived) agricultural products. Objectives. We focus on developing a draft standard for accounting for biological assets and agricultural products, exploring the regulations and specifics of the practice of valuation, accounting for biological assets and agricultural products, underpinning the sections and provisions of draft standard "Biological Assets and Agricultural Products". Methods. The study employs general scientific and special methods, like analysis, synthesis, modeling, abstraction, systematization, and generalization of obtained outcomes. Results. Based on the results of the study, we developed a draft standard "Biological Assets and Agricultural Products". The findings can be applied by the regulator in the field of accounting, as well as by economic entities for proper organization of accounting for biological assets and agricultural products at fair value. Conclusions. To ensure the reliability of accounting data and accounting (financial) statements, the proposed draft standard "Biological Assets and Agricultural Products" should be critically reviewed, comments and recommendations should be made to improve the draft standard for its further promotion.
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