
IMPROVEMENT OF METHODOLOGICAL ASPECTS OF RECOGNITION AND ASSESSMENT OF BIOLOGICAL ASSETS
Abror S. Boltaev , Doctor Of Philosophy In Economics (Phd) Head Of Department Of The “Accounting And Audit” Fiscal Institute, Tashkent, UzbekistanAbstract
In accordance with the decision of the President of the Republic of Uzbekistan dated February 24, 2020 No. PQ-4611[1] “On additional measures for the transition to international financial reporting standards”. From January 1, 2021, joint-stock companies, commercial banks, insurance organizations and legal entities belonging to the category of large tax payers are required to organize accounting based on international financial reporting standards (IFRS) and prepare financial statements based on IFRS from the end of the year. There are a large number of large taxpayers engaged in agricultural activities in Uzbekistan, and for them, the issues of recognizing biological assets as assets in accounting, evaluating them and reflecting them in financial statements are important in the context of transferring the current accounting system to IFRS.
Keywords
Agriculture, Accounting Standard, economic benefits
References
Resolution PQ-4611 of the President of the Republic of Uzbekistan dated February 24, 2020 “On additional measures for the transition to international financial reporting standards”. https://lex.uz/docs/4746047
Appendix 26 to the order of the Minister of Finance of the Republic of Uzbekistan dated November 10, 2022 No. 61 “On recognition of the text of international financial reporting standards and explanations for use in the territory of the Republic of Uzbekistan”. https://lex.uz/uz/docs/6312360
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No. 13 “Estimation of fair value” was developed by the author in accordance with IFRS.
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