Journal article Open Access

IAS 41 Implementation Challenges – The Case of Romania

Liliana Feleagă; Niculae Feleagă; Vasile Răileanu


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  <identifier identifierType="DOI">10.5281/zenodo.1057361</identifier>
  <creators>
    <creator>
      <creatorName>Liliana Feleagă</creatorName>
    </creator>
    <creator>
      <creatorName>Niculae Feleagă</creatorName>
    </creator>
    <creator>
      <creatorName>Vasile Răileanu</creatorName>
    </creator>
  </creators>
  <titles>
    <title>IAS 41 Implementation Challenges – The Case of Romania</title>
  </titles>
  <publisher>Zenodo</publisher>
  <publicationYear>2012</publicationYear>
  <subjects>
    <subject>Accounting Agricultural</subject>
    <subject>Biological Assets</subject>
    <subject>Fair
value</subject>
    <subject>IAS 41</subject>
  </subjects>
  <dates>
    <date dateType="Issued">2012-03-24</date>
  </dates>
  <language>en</language>
  <resourceType resourceTypeGeneral="Text">Journal article</resourceType>
  <alternateIdentifiers>
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    <relatedIdentifier relatedIdentifierType="URL" relationType="IsPartOf">https://zenodo.org/communities/waset</relatedIdentifier>
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  <version>2508</version>
  <rightsList>
    <rights rightsURI="http://creativecommons.org/licenses/by/4.0/legalcode">Creative Commons Attribution 4.0 International</rights>
    <rights rightsURI="info:eu-repo/semantics/openAccess">Open Access</rights>
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  <descriptions>
    <description descriptionType="Abstract">Although agriculture is an important part of the world
economy, accounting in agriculture still has many shortcomings. The
adoption of IAS 41 "Agriculture" has tried to improve this situation
and increase the comparability of financial statements of entities in
the agricultural sector. Although controversial, IAS 41 is the first
step of a consistent transition to fair value assessment in the
agricultural sector. The objective of our work is the analysis of IAS
41 and current accounting agricultural situation in Romania.
Accounting regulations in Romania are in accordance with European
directives and, in many respects, converged with IFRS referential.
Provisions of IAS 41, however, are not reflected directly in
Romanian regulations. With the increase of forest land transactions,
it is expected that recognition and measurement of biological assets
under IAS 41 to become a necessity.</description>
    <description descriptionType="Other">{"references": ["IASB, IFRS: International Financial Reporting Standards IFRS -\nConsolidated without early application, LexisNexis Butterworths, 2011,", "J. M. Argil\u00e9s, J. G. Bladon, and T. Monllau, \u00d4\u00c7\u00d7Fair value versus historic\ncost Valuation for Biological assets: Implications for the quality of\nfinancial information\", Working Papers in Economics 215, Universitat\nde Barcelona. Espai de Recerca en Economia, 2009,", "K. Koiv, L. Lobjakas, V. Parts , and A. E. Visberg , \u00d4\u00c7\u00d7International\naccounting standard agriculture\", Proceedings of International Scientific\nConference dedicated to 50th Anniversary of the Estonian Agricultural\nUniversity, Tartu (Estonia), 1-2 June, pp. 93-101, 2001,", "E. Grege-Staltmane, \"Challenges in accounting the forests - a Latvian\ncase Study\", Annals Of Forest Research, vol. 53, no. 1, pp. 51-58, 2010,", "A. Burnside and S. Schiller, IAS 41 and the forest industry - A study of\nthe forest products companies' perception of the IAS 41 today. Bachelor\nThesis, Department of Business Administration, G\u00f6teborg University,\n2005,", "C. Elad and K. Herbohn, Implementing fair value accounting in the\nagricultural sector, The Institute of Chartered Accountants of Scotland,\n2011,", "PricewaterhouseCoopers, \u00d4\u00c7\u00d7Forest Industry: Application Review of IAS\n41, Agriculture: The Fair Value of Standing Timber\", Global Forest,\nPaper &amp; Packaging,\nhttp://www.pwc.com/cl/es/publicaciones/assets/forest-industry.pdf,\n2009,", "K. Herbohn and J. Herbohn, \u00d4\u00c7\u00d7International Accounting Standard (IAS)\n41: what are the implications for reporting forest asstes?, Small-scale\nForest Economics\", Management and Policy, vol. 5, no. 2, pp. 175-189,\n2006,", "C. Elad, \"Fair value accounting in the agricultural sector: some\nimplications for international accounting harmonization\", European\nAccounting Review, vol. 13, no. 4, pp. 621 - 641, 2004,\n[10] V. Lefter and A. G. Roman, \u00d4\u00c7\u00d7IAS 41 Agriculture: Fair Value\nAccounting\", Theoretical and Applied Economics Review no. 5, pp. 15-\n22, 2007,\n[11] D. Mates and V. Grosu, \u00d4\u00c7\u00d7Evaluating and recognizing biological assets\nand agricultural activities according to IAS 41\", Lucr\u00e2ri \u253c\u00d7tiin\u0163ifice, seria\nAgronomie no.51, pp. 457-462, 2008,\n[12] A. Svensson, A. Nyl\u00e9n, and A.Gunnevik, How fair is fair? The Swedish\nForest Industry-s Application of the IAS 41- Agriculture, Master-s\nThesis, Stockholm School Of Economics, 2008,\n[13] A. M. Jansson and A. Fagerstr\u00f6m, \"Accounting for forest assets: the\ncase of IAS 41 and fair value\", Proceedings of Business And\nInformation, Bangkok, July 4-6, 2011,\n[14] J. M. Argil\u00e9s and E. J. Slof, \"New opportunities for farm accounting\",\nEuropean Accounting Review, vol. 10, no. 2, pp. 361-383, 2001,\n[15] A. E. Visberg and V. Parts, \u00d4\u00c7\u00d7Farm Accounting: the Present Situation and\nthe Future in Estonia\", Farm Management. Proceedings of NJF Seminar\nNo. 345, 2-4 October, pp. 7-16, 2002,\n[16] B. Booth and R. Walker, \u00d4\u00c7\u00d7Valuation of SGARAs in the wine industry:\nTime for sober reflection\", Australian Accounting Review, vol. 11 no.\n23, pp. 52-60, 2001,\n[17] D. Aldea (Romanescu), \u00d4\u00c7\u00d7Inability credibly evaluation of just value in\nanimal husbandry. Limits and developments\", Scientific Papers\nManagement, Economic Engineering in Agriculture and Rural\nDevelopment, vol. 9, no. 2, pp 5-6, 2009,\n[18] C. Elad, \"Fair value accounting and fair trade: an analysis of the role of\nInternational Accounting Standard No. 41 in social conflict \", Socio-\nEconomic Review, Vol. 5, No. 4 , pp. 755-777, 2007,\n[19] M. Penttinen, A. Latukka, H. Meril\u251c\u00f1inen, O.Salminen, and E. Uotila,\n\u00d4\u00c7\u00d7IAS fair value and forest evaluation on farm forestry\", Proceedings of\nHuman dimension of family, farm and community forestry international\nsymposium, March 29-April 1, 2004,\n[20] C. Dowling and J. Godfrey, \u00d4\u00c7\u00d7AASB 1037 sows the seeds of change: a\nsurvey of SGARA measurement methods\", Australian Accounting\nReview, vol. 11, no. 1, pp. 45-51, 2001,\n[21] Y. H. Aryanto, \u00d4\u00c7\u00d7Theoretical Failure of IAS 41: Agriculture\",\nhttp://ssrn.com/abstract=1808413, 2011,\n[22] B. Barlev and J. R. Haddad, \u00d4\u00c7\u00d7Fair value accounting and the management\nof the firm\", Critical Perspectives on Accounting, vol. 14, no. 4, pp. 383-\n415, 2003\n[23] M. Vuta, N. Vintil\u00e2, P. Lazar and Mh. Vuta, \u00d4\u00c7\u00d7The impact of the fiscal\nregulations upon small and medium businesses sector in the context of\nfiscal competition\", Metalurgia International, vol. 14, no. 8, pp. 160-165,\n2009"]}</description>
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