Measurement And Disclosure Of Biological Assets In Accordance With Local Bases And International Standards

Abstract

The research aims to clarify the measurement and disclosure of biological assets in the light of local bases according to accounting base 11 (Accounting in Agricultural Activity), and in light of international standards in accordance with the International Accounting Standard IAS41 (Agriculture), and biological assets are characterized by a set of characteristics that distinguish them from other assets such as growth, reproduction and decay, This distinguishes led to the specificity of measurement and disclosure of these assets, which need continuous valuation, and the International Accounting Standard IAS41 addressed the problems of measurement and disclosure of these assets based on fair value, and with Iraq's Attention to adoption international accounting standards in all sectors, including the agricultural sector, so it stands out The research problem is that the accounting base 11 approved by the Accounting and Oversight Standards Board in 1998 does not meet the requirements of measurement and disclosure of these important assets. These assets are going through, as it takes into account all the quantitative and qualitative changes that occur in the biological assets, in addition to Market price changes and thus this measurement provides accounting information with honest representation, while the most important recommendations reached by the researcher, the adoption of international accounting standards has become an urgent need, especially the adoption of the IAS41 standard in the measurement and disclosure of biological

Assets at fair value in Iraqi agricultural economic units.