REFLECTION OF INFORMATION ON BIOLOGICAL ASSETS AND AGRICULTURAL PRODUCTS IN THE FINANCIAL STATEMENTS

This article discusses the practical application of the basic requirements and recommendations for the disclosure of information about biological assets in the financial statements of agricultural enterprises. Agricultural organizations, when switching to international standards, and in particular to IFRS 41 "Agriculture", face a number of problems. The proposed classification of IFRS 41 "Agriculture" is not suitable for the national accounting system in the Republic of Kazakhstan. This classification is general in nature, which contradicts the detailed reflection of information about biological assets in the accounting (financial) statements. In addition, this classification is focused more on the physiological state of biological assets (the ability of an asset to bring products or additional biological assets). Since there is no economic component in this classification. Recommended for accounting of biological assets and agricultural products at the current stage of implementation of international standards, to use the cost estimate, reflecting this cost in the profit and loss statement.