Received:
2018-03-28 | Accepted:
2018-05-10 | Published:
2018-09-30
Title
Problems and solutions of accounting and evaluation of biological assets in Latvia
Abstract
Activities in the field of agriculture deal with plants and animals constituting biological assets of the sector. From the point of view of accounting and valuation, biological assets is a scarcely investigated topic in Latvia, as well the object of the research only in general terms is reflected in Latvian legislation. That leads to confusion and uncertainty in evaluation and accounting of biological assets in the practical accounting. The subject of the study: evaluation and accounting of biological assets. The aim of the study is to explore and analyse problems of accounting and evaluation of biological assets in Latvia and to propose solutions. One of the research tasks is to explore the current legal base for evaluation and accounting of biological assets provided in the national legislation, to evaluate how it complies with the international accounting standards and to analyse the experience of other countries. The challenging issues of evaluation and accounting of biological assets in Latvia are defined in the research, possible solutions for improving the quality of accounting of biological assets are developed proposing the necessary amendments to the legislation and revisions to the methodological documents. Methods of the research: monographic/descriptive method, document analysis, and graphical analysis.
Keywords
biological assets, evaluation, accounting, agricultural
JEL classifications
M41
URI
http://jssidoi.org/jesi/article/204
DOI
HAL
Pages
10-22
This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License
Journal title
Entrepreneurship and Sustainability Issues
Volume
6
Number
1
Issue date
September 2018
Issue DOI
ISSN
ISSN 2345-0282 (online)
Publisher
VšĮ Entrepreneurship and Sustainability Center, Vilnius, Lithuania
Cited
Article views & downloads
HTML views: 4691 | PDF downloads: 1906
References
Bohušová, H., Svoboda, P. & Nerudová, 2012. Biological assets reporting: Is the increase in value caused by the biological transformation revenue? Agricultural Economics (Zemědělská ekonomika), 58(No. 11), pp.520–532. Available at: https://doi.org/10.17221/187/2011-agricecon
Search via ReFindit
Fischer, M.; Marsh, T. 2013. Biological Assets: Financial Recognition and Reporting Using US and International Accounting Guidance. Journal of Accounting and Finance; West Palm Beach.vol.13: 57-74.
Search via ReFindit
Gada pārskata un konsolidēto gada pārskatu likuma piemērošanas noteikumi. Ministru kabineta noteikumi Nr.775. [Rules for the application of the Annual Report and the Consolidated Annual Report. Cabinet of Ministers Regulations No. 755]. 2015. Republic of Latvia Law. Latvian Central Statistical Bureau. Statistical Enterprise register. Economically active enterprises by main kind of activity 2013 -2016. http://data.csb.gov.lv/pxweb/lv/uzreg/uzreg__ikgad__01_skaits/SRG0201.px/table/tableViewLayout2/?rxid=cdcb978c-22b0-416a-aacc-aa650d3e2ce0
Search via ReFindit
Gulbe, S. 2015. Gada pārskata sagatavošana- ilgtermiņa ieguldījumi [Preparation of the annual report - long-term investments] Finanses.lv. - ieguldjumi_2015-02.pdf https://www.grantthornton.lv/globalassets/1.-member-firms/latvia/pdf/s.gulbe-gada-prskata-sagatavoana-ilgtermia
Search via ReFindit
Herbohn, K.; Herbohn, J. 2006. International Accounting Standard (IAS) 41: What are the implications for reporting forest assets? Small-scale Forestry, 5(2), 175-189. https://doi.org/10.1007/s11842-006-0009-1
Search via ReFindit
Jaunzeme, J. 2010. Comparison of the accounting concept „fair value” with other economic value concepts. 11th International Conference. Financial and Monetary Stability in Emerging Countries. 291-298.
Search via ReFindit
Jesemčika, J.; Jesemčika, A. 2010. Accounting of Biological Assets in Latvia. Economic Science for Rural Development Conference Proceedings. Issue 21: 190.-195. http://llufb.llu.lv/conference/economic_science_rural/2010/ESRD_2010_21.pdf
Search via ReFindit
Kalniņa, G. 2014. Dzīvnieku uzskaite grāmatvedībā un atspoguļošana gada pārskatā. Bilance [Animal records in accounting and presentation in the annual report. Balance], 339-340. https://bilance.lid.lv
Search via ReFindit
Latvian Central Statistical Bureau. 2017. Agriculture in Latvia. http://www.csb.gov.lv/sites/default/files/nr_24_latvijas_lauksaimnieciba_2017_17_00_lv_en_0.pdf
Search via ReFindit
Law On the Annual Financial Statements and Consolidated Financial Statements. 2015. Republic of Latvia Law. https://likumi.lv/ta/en/id/277779-law-on-the-annual-financial-statements-and-consolidated-financial-statements
Search via ReFindit
Lefter, V.; Roman, A.G. 2007. IAS 41 Agriculture: Fair Value Accounting. Theoretical and applied Economics 5(510): 15-22. _3ay_3a2007_3ai_3a5(510)_3ap_3a15-22.htm https://econpapers.repec.org/article/agrjournl/v_3a5(510)
Search via ReFindit
Mateş, D.; Grosu, V. 2009. Evaluating and recognizing biological assets and agricultural activities according to IAS 41. Lucrări Ştiinţifice seria Agronomie 51, vol.3: 1-6. http://www.revagrois.ro/PDF/2008_1_457.pdf
Search via ReFindit
Ore, M. 2011. Problematic Aspects of Accounting for Biological Assets. Proceedings of the International, Scientific Conference. Production and Taxes. Jelgava: Vidzeme University of Applied Sciences, 204.-210. http://llufb.llu.lv/index_en.html
Search via ReFindit
Riigi, T. 2011. Rtj 7 bioloogilised varad. https://www.riigiteataja.ee/akt/310012012005
Search via ReFindit
Rivža, B.; Latimira, I. 2015. Problems of recording biological assets and legislation shortcoming in Latvia, possible solutions. Nordic view to sustainable rural development. 25th Congress. 472.-473. http://llufb.llu.lv/conference/NJF/NJF_2015_Proceedings_Latvia-472-473.pdf
Search via ReFindit
Starptautisko grāmatvedības standartu padome International [Accounting Standards Board]. 2003. 41.starptautiskais grāmatvedības standarts. Lauksaimniecība:.521.- 375. http://eur-lex.europa.eu/legal-content/LV/TXT/PDF/?uri=CELEX:02008R1126-20160101&from=LV
Search via ReFindit
Statistical country profiles Estonia. Special edition 2017. https://www.destatis.de/EN/Publications/Specialized/InternationalData/CountryProfiles/Estonia2017.pdf?__blob=publicationFile
Search via ReFindit
Statistical Factsheet Lithuania. 2017. https://ec.europa.eu/agriculture/sites/agriculture/files/statistics/factsheets/pdf/lt_en.pdf
Search via ReFindit
Viešosios įstaigos Lietuvos Respublikos apskaitos instituto standartų tarybos. [n.d.] 17-asis verslo apskaitos standartas „biologinis turtas” [Standards Board of the Public Institution Institute of Accounting of the Republic of Lithuania. [n.d.] Business Accounting Standard 17 "Biological Assets"]. Lietuvos Respublikos žemės ūkio ministerija. (2015, 27 Nov.). Dėl biologinio turto ir žemės ūkio produkcijos normatyvinių kainų 2016 metais sąrašo patvirtinimo Ministry of Agriculture of the Republic of Lithuania. (Nov. 2015). [On approval of the list of normative prices for biological assets and agricultural produce in 2016]. http://www.bitininkusajunga.lt/lt/Teises_aktai/Biologinio_turto_ir_zemes_ukio_produkcijos_normatyviniu_kainu_sarasas_/ http://www.bankrotodep.lt/assets/Veiklos-sritys/Apskaita/VAS/Priimti-standartai/17-VAS-5-redakcija.pdf
Search via ReFindit
Vooro. A. 2011. Bioloogiliste varade kajastamine raamatupidamises. Tartumaa Põllumeeste Liit. [Accounting of biological assets in accounting]. Tartumaa Farmer's Union http://www.rmp.ee/epood/tasutaraamatud/raamatupidamine/1018
Search via ReFindit
RSS 1.0
