DOMESTIC AND EUROPEAN EXPERIENCE IN ACCOUNTING AND TAXATION OF BIOLOGICAL ASSETS

Abstract

In modern conditions, domestic agricultural products are not inferior in quality to other countries in the world that export similar goods. In addition, in recent years, Ukraine has been a leader in world rankings in the number of exported goods from the agricultural industry, which indicates an increase in agricultural potential. Thus, the main assets of enterprises engaged in the cultivation of agricultural products of crop and / or livestock are biological assets. Whereas comprehensive, objective and timely information about their condition in the enterprise is necessary for the successful development of the enterprise economy in market conditions. This study is designed to analyze the theoretical aspects of accounting (valuation, recognition) of biological assets in Ukrainian enterprises and to assess a similar area abroad. Thus, for the analysis of domestic experience, the works of scientists who determined the genesis of the concept of "biological assets", classified biological assets by individual characteristics, investigated the advantages and disadvantages of recognizing biological assets at fair or original value, etc. were evaluated. While the source for determining the specifics of taxation of biological assets were regulations, in particular the Tax Code of Ukraine. With regard to the study of foreign experience, for the representativeness of the study was a selection of scientific papers based on the scientometric database Scopus. This analysis will highlight the most cited articles in the field of "biological assets", which in turn indicates the quality of work and the practical significance of the presented results. As a result of such a study, it became known that the most relevant topic among foreign scientists is the assessment of biological assets, while the taxation of such assets is reflected in the overall set of financial results for the calendar year. Based on the analysis of foreign experience, it was determined that the problems with the accounting and taxation of biological assets are not unique to Ukrainian accounting, various problem areas can be traced in Latvia, Estonia, the Czech Republic, etc. Based on the study, the problematic aspects of the application of fair value in Ukraine and alternative options for taxation of agricultural activities were identified. While the analysis of foreign experience confirmed the need to comply with regulatory requirements in order to increase the financial condition of the enterprise.