Improving the accounting for cost capitalization transactions on biological assets

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.