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Improving the accounting for cost capitalization transactions on biological assets

Vugar Mehdiyev Mukhtar, Ph.D., docent

vugarmehdiyev@yandex.ru

12271 ­ ­ 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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Fariz. Suleymanov

Ph.D. student of the Azerbaijan State Agrarian University

   

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Akram. Hasanzada

Ph.D. student of the Agricultural Research Center

   

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Nurida. Gasimova

Ph.D. student of Azerbaijan University of Cooperation

   

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Nazrin. Ramazanova

Master of Azerbaijan State University of Economics (UNEC)

   

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Vuqar. Namazov

Ph.D. candidate of the Azerbaijan State Economic University (UNEC)

   

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Mehman. Rzayev

Azerbaijan RPA Hydrotechnics and Melioration

  doctor of agrarian sciences  

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Khayyam. Javadzadeh

Azerbaijan State University of Economics, UNEC

  Ph.D., docent  

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Farman. Guliyev

Scientific Research Institute of Fruit-growing and Tea-growing

   

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Abrehet. Mehari

Lecturer in Ethiopia Civil Service University, Ethiopia, Addis Ababa; Ph.D. candidate in Azerbaijan State University of Economics

   

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Натиг. Гаджиев

Doctor of Science Program of Agricultural Research Center

  Ph.D., docent  

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Izzat. Talibov

Chief consultant in Ministry of Agriculture of Azerbaijan Republic

   

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Esmira. Latifova

Director Adviser, Agricultural Economics Research Center

   

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Aygul. Salimova

PhD student of the Agricultural Economics Research Center

   

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Farman. Karimov

Research Institute of Plant Protection and Technical Plants

   

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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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Elchin. Khalilov

Research Institute of Plant Protection and Technical Plants