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Improving the accounting for cost capitalization transactions on biological assets

Vugar Mehdiyev Mukhtar, Ph.D., docent

vugarmehdiyev@yandex.ru

12993 ­ ­ 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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Orkhan. Balayev

Education Center of Tax Ministry of Azerbaijan Republic

   

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Manzar. Nasibova

Senior researcher

   

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Elbrus. Akbarov

Azerbaijan State University of Economics (UNEC), senior lecturer

   

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Galib. Sharifov

Head of the Department of Quality Management of "Agro Procurement and Supply" OJSC, ISO standards expert

  Doctor of Philosophy in Economics  

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Aykhan. Gadashov

Head of the portal azexport.az Ph.D. student of the Agricultural Research Center

   

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Tamraz. Tamrazov

Vegetable Research Institute

   

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Nneka. Osadolor

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

   

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Narmin. Sattarova

Ph.D. student of the Odlar Yurdu University

   

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Aygun. Huseynova

Baku State University

   

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Lala. Jabbarlı

Ph.D. student of the Agricultural Economics Research Center

   

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Ruhiyya. Gambarova

Azerbaijan State Agrarian University

  Doctor of Philosophy in Economics  

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Ulker. Mammadova

Ph.D. student of the Azerbaijan Cooperation University

   

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Rashad. Ahmadov

Education Center of Tax Ministry of Azerbaijan Republic

   

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Said. Mustafayev

Ph.D. student of the Agricultural Research Center

   

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Elchin. Salahov

Azerbaijan State Agricultural University

  Doctor of Philosophy in Economics  

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Samir. Maharramov

Doctoral student of Azerbaijan Tourism and Management University