Improvement of Organizational and Methodological Aspects of Identification and Accounting of Biological Assets in Livestock Based on International Standards

Abstract

In accordance with international standards, this research discusses ways to improve the organizational and methodological aspects of the identification and accounting of biological assets in animal husbandry. The authors studied definitions of the concept of biological assets in regulatory legal documents, including in International Accounting Standard (IAS) No. 41 “Agriculture” and the budget accounting standard of the Republic of Uzbekistan (BAS No. 5) “Agriculture.” Moreover, the authors considered the definitions and approaches of foreign and Uzbek economists. Based on these studies, the authors formed their approach to the concept of biological assets. The research also studies and examines the issues of recognizing and determining the true value of a biological asset. Based on the research, the authors recommend the forms of primary accounting documents for recording the movement of biological assets for farms specializing in livestock production. A system of accounts is proposed for recording biological assets in livestock farms, their correspondence to other accounts is shown, and the need to use these accounts in practice is scientifically substantiated.

Citation

Menglikulov, B.Y., Davletov, I.R. and Yusupova, M.B. (2024), "Improvement of Organizational and Methodological Aspects of Identification and Accounting of Biological Assets in Livestock Based on International Standards", Eshov, M.P., Abdurakhmanova, G.K., Burkhanov, A.U., Abdusalomova, N.B. and Ergasheva, S.T. (Ed.) Development of International Entrepreneurship Based on Corporate Accounting and Reporting According to IFRS (Advanced Series in Management, Vol. 33A), Emerald Publishing Limited, Leeds, pp. 31-38. https://doi.org/10.1108/S1877-63612024000033A004