Formation of the accounting policy for biological assets: theoretical and analytical aspects
ENLately, the consistency of accounting for biological assets, value measurement methods, and presentation in financial reports remain an evolving subject of scientific analytic discussion. There is no sufficient agreement among scientists and accounting practitioners regarding international and national accounting regulations. Analysis of latest accounting for biological assets regulations and most recent scientific literature gave rise to proposals on formation of accounting policy for biological assets. The authors made suggestions regarding most recent scientific literature gave rise to proposals on formation of accounting for biological asset refinement of the biological asset definition, biological asset classification features, and classification groups, and explored the need for, and practicability of such asset value measurement method selection and presentation in financial statements. The study created a methodological background for further empirical research into accounting policy for biological assets and practical implementation of its elements.
