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Improving the accounting for cost capitalization transactions on biological assets

Vugar Mehdiyev Mukhtar, Ph.D., docent

vugarmehdiyev@yandex.ru

5577 ­ ­ 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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Natig. Mirzayev

Lankaran State University

   

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Sevil. Maharramova

PhD student of the Scientific Research Institute of Agromechanics

   

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Saadat. Hajiyeva

Ph.D. student of the Agricultural Economics Research Center

   

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Orkhan. Balayev

Education Center of Tax Ministry of Azerbaijan Republic

   

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Tural. Mammadzade

Ph.D. student of

   

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Farman. Karimov

Research Institute of Plant Protection and Technical Plants

   

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Said. Mustafayev

Ph.D. student of the Agricultural Research Center

   

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Gulsum. Badirzade

Ph.D. student of the Azerbaijan Cooperation University

   

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Isak. Hasanov

Head of Shamkir Support Point

   

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Elnur. Alakbarov

Dissertant of the Agricultural Economics Research Center

   

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Manzar. Nasibova

Senior researcher

   

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Rashad. Huseynov

Center for Analysis of Economic Reforms and Communication

  Doctor of Philosophy in Economics  

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Rafiz. Ismayilli

student of the Agricultural Economics Research Center

   

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Savalan. Seyfaddinov

Senior researcher at the Scientific Research Institute of Agriculture Ministry of Agriculture of the Republic of Azerbaijan

  Ph.D. in Agrarian Sciences  

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Yusif. Akhundov

Ph.D. student of the Agricultural Research Center

   

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Maarif. Yusiphov

Vegetable Research Institute