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Improving the accounting for cost capitalization transactions on biological assets

Vugar Mehdiyev Mukhtar, Ph.D., docent

vugarmehdiyev@yandex.ru

10632 ­ ­ AZ ­ ­ 43. April 2023 ­ ­­ ­ biological assets capitalization of costs

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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Maharram. Huseynov

Azerbaijan State Agricultural University

  prof, dr  

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Firidun. Taghiyev

Head of department of Ministry of Agriculture of Azerbaijan Republic

   

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Irada. Huseynova

Vice-president of Azerbaijan National Academy of Sciences Director of the Institute of Molecular Biology and Biotechnology, ANAS

  academician  

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Jahani. Nusretzade

Scientific Research Institute of Fruit-growing and Tea-growing

   

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Gulnar. Bashirova

Master of Azerbaijan State University of Economics (UNEC)

   

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Arastun. Jalilov

  Doctor of Philosophy in Economics  

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Islam. Ibrahimov

Baku Business University

  prof, dr  

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Natig. Javadov

Azerbaijan State Agrarian University

  prof, dr  

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Alizamin. Guliyev

Azerbaijan Technical University, Ph.D.

   

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Khayyam. Javadzadeh

Azerbaijan State University of Economics, UNEC

  Ph.D., docent  

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Yusif. Humbatov

Azerbaijan University of Technology

   

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Alizamin. Guliyev

Ph.D. candidate of the Azerbaijan Technical University

   

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Israfil. Ismayilov

Member of the Russian Academy of Natural Sciences

  Prof. Dr.  

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Yegane. Abbasova

Azerbaijan State Agrarian University

  Doctor of Philosophy in Economics  

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Vahid. Abbasov

Head of the Department of Economics, Baku State University

  prof, dr  

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Mekhman. Rzayev

Sumgait Chemical-Industrial Park

  doctor of agrarian sciences