PECULIARITIES OF APPLICATION OF IFSS 41 «AGRICULTURE» BY AGRICULTURAL COMPANIES IN THE MODERN CONDITIONS

In the conditions of joining WTO by Russia the analysis of the discussion issues in the area of adaptation of the international standards of financial statements to the national system of accounting in the activity of agricultural companies is pretty urgent. This is connected with the fact that according to the current agreements the states joined WTO should perform accounting in compliance with IFSS methodology. The article analyzes the issues and peculiarities of application of IFSS 41 «Agriculture» by the companies of agricultural-industrial complex. The authors disclose the content of IFSS 41 «Agriculture» instructions that define the procedure of accounting and reflection of such specific subjects as biological assets and agricultural products in the statements. The rules of accounting determined by such standards significantly differ from the Russian norms of accounting statements in the area.

international standards of financial statement, transformation of financial statement, bio-transformation, biological assets, agricultural products, evaluation of biological assets, fair cost, discounted cost, active market