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Improving the accounting for cost capitalization transactions on biological assets

Vugar Mehdiyev Mukhtar, Ph.D., docent

vugarmehdiyev@yandex.ru

17423 ­ ­ AZ ­ ­ 43. April 2023 ­ ­­ ­ biological assets capitalization of costs

 

UOT: 338.43, 338.512: 636/637

The article explains the economic nature of biological assets, analyzes the current state of their accounting, and examines the issues of improving this area of accounting based on them. As biological assets are a part of the long-term assets of the enterprise, a number of characteristic business operations related to them may occur.Taken as a whole, the accounting issues of biological assets have been examined in the context of accounting and analytical procedures typical for other types of long-term assets existing in the enterprise and their characteristic features have been shown. The author pointed out that there are not enough scientific studies on the accounting of business transactions related to biological assets, as well as the capitalization of costs related to them, and it was emphasized that there is a serious need for research in this area of accounting. Here, the economic nature, characteristic features of capitalization operations related to biological assets, the content of business operations that may occur in this area, and the rules for their reflection in accounting are explained. At this time, new accounting correspondences for separate business operations were drawn up, and the issues of using the relevant provisions of international standards in these processes were explained. At the end, the results obtained from the research work were shown, and also suggestions were given for the improvement of this area of accounting.

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AUTHORS

 

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Bahruz. Nuriyev

Chief consultant in Ministry of Agriculture of Azerbaijan Republic

   

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Nneka. Osadolor

Department of Economics, University of Benin, Nigeria Department of Economics, University of Ibadan, Nigeria

   

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Ruhiyya. Mammadrzayeva

Research Institute of Plant Protection and Technical Plants

   

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Javad. Gojamanov

Ph.D. student of Baku State University

   

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Yusif. Abayev

Ph.D. student of the İnstitute of Economics of ANAS

   

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Ayaz. Museyibov

Center for Analysis of Economic Reforms and Communication

   

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Elchin. Khalilov

Research Institute of Plant Protection and Technical Plants

   

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Firidun. Taghiyev

Head of department of Ministry of Agriculture of Azerbaijan Republic

   

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Boyukxanum. Abdulkarim

Baku State University

   

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Samir. Akhmedov

Ph.D. student of the Agricultural Economics Research Center

   

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Ulker. Mammadova

Ph.D. student of the Azerbaijan Cooperation University

   

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Fuad. Ibrahimov

Economic issues expert of the Center for Socio-Economic and Ecological Research Public Union

  Doctor of Philosophy in Economics  

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Huseynaga. Asadov

Ministry of Science and Education of the Republic of Azerbaijan, Institute of Dendrology

  Ph.D., ass, pr  

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Murad. Hajiyev

Ph.D. student of the Agricultural Research Center

   

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Tural. Mammadzade

Ph.D. student of

   

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Narmin. Sattarova

Ph.D. student of the Odlar Yurdu University