Accounting Of Assets Research Articles

Analysis of Selling Price Determination in Maju Sejahtera Cooperative Beef Cattle Farming Business: Implementation of Accretion Accounting

Aims: This study aims to analyze the accounting for biological assets and the determination of selling prices in the Maju Sejahtera Livestock Production Cooperative (KPT) based on PSAK 69. Study Design: This study uses a qualitative descriptive method to describe how the accounting treatment of biological assets and the determination of the selling price in the Maju Sejahtera Livestock Production Cooperative (KPT) is based on PSAK 69. Place and Duration of Study: Determination of the research location was carried out purposively, namely at the Maju Sejahtera Livestock Production Cooperative, Tanjung Sari District, South Lampung Regency. This research was carried out from February to July 2024. Methodology: The data collection method in this study used semi-structured interviews and literature studies. Respondents were determined using purposive sampling. These criteria are that respondents must be involved in preparing financial reports and determining the selling price of cattle. Based on these criteria, the respondents of this research are the treasurer and marketing department who are members of KPT Maju Sejahtera, totaling 3 people. Meanwhile, secondary data was obtained through the documentation method, namely from the financial report data of KPT Maju Sejahtera. Results: KPT Maju Sejahtera at the end of each period did not require re-measurement of biological assets using fair value. KPT Maju Sejahtera has not grouped biological assets into productive and non-productive groups and has not reconciled changes in biological assets either narratively or quantitatively in presentation in the financial statements. In addition, KPT Maju Sejahtera discloses increases or decreases in the value of biological assets in the inventory account in the Balance Sheet, which should be disclosed in the Income Statement. Conclusion: The accounting treatment of KPT Maju Sejahtera's biological assets is in the form of recognition of biological assets, measurement of biological assets, presentation of biological assets, and mapping of biological assets are not in accordance with PSAK 69. In addition, the selling price set by KPT Maju Sejahtera is based on market prices, not based on costs incurred.

Accounting of intangible assets: innovations, discussions and prospects

Starting with the financial statements for 2024, the new federal accounting standard FSBU 14/2022 “Intangible Assets” comes into effect. This standard introduces significant changes to the accounting of intangible assets. The article analyzes and evaluates the innovations of FSBU 14/2022 “Intangible Assets”. The new rules of this standard are compared with the regulations of its predecessor PBU 14/2007 “Accounting for Intangible Assets”, as well as with the rules of IAS 38 “Intangible Assets”. A comparison is made of the methodological approaches of FSBU 14/2022, PBU 14/2007 and IAS 38 regarding the qualification of objects as intangible assets, the initial and subsequent assessment of these assets, and the specifics of their accounting. The advantages and controversial issues of the new rules for accounting for intangible assets in FSBU 14/2022 “Intangible Assets” are substantiated. Recommendations for resolving controversial issues of accounting for intangible assets in the process of further development of accounting are substantiated.

Methodological approaches to accounting for long-term assets held for sale in medical organizations

The article delineates methodological approaches for accounting long-term assets held for sale within medical organizations. The author meticulously emphasizes the accurate classification of these assets, elucidating the complexities inherent in their subsequent valuation, particularly in scenarios where the probability of a sale within the fiscal year diminishes. A comprehensive analysis is provided on the processes involved in the disposal of long-term assets held for sale, including the recognition and writeoff of impairment losses when applicable. The discourse extends to a comparative examination of the accounting and tax treatment of such assets in medical organizations. Furthermore, the article elucidates the principal directions for disclosing pertinent information in the financial statement notes, which are critical for informed decision-making by stakeholders.

The influence of human resource quality and superiors support on the usability of the accounting and management information system of state-owned asset

This study aims to investigate the influence of human resource quality and superior support on the effectiveness of the Accounting and Management Information System for State-Owned Assets (SIMAK-BMN) at Universitas Terbuka. The study's results, which provide empirical evidence that the quality of human resources significantly and positively impacts the usability of SIMAK-BMN, as demonstrated by the t-test, are significant. Employing a quantitative research approach, the study's population comprises leaders and users of the Accounting and Management Information System for State-Owned Assets, totaling 57 respondents distributed between the Central Universitas Terbuka and various regional offices. The sampling method utilized in this research is nonprobability sampling, specifically purposive sampling, to ensure that participants possess relevant experience with the system. Primary data were collected through structured questionnaires distributed to respondents and analyzed using various statistical techniques. These included correlation analysis and multiple regression, descriptive statistics and reliability testing. To ensure the robustness of the findings, validity testing was conducted alongside classical assumption tests, encompassing multicollinearity testing, hypothesis testing, and comprehensive discussion. On the other hand, the variable of superior support does not significantly influence the use of the Accounting and Management Information System for State-Owned Assets. These findings have significant implications, suggesting that while enhancing human resource quality can improve the system's usability, efforts to bolster superiors support may yield a different level of effectiveness. The study underscores the importance of focusing on human resource development to optimize the utilization of management information systems within the academic environment.

JUSTIFICATION OF THE BASIC THEORETICAL DEFINITIONS OF THE ACCOUNTING OF BIOLOGICAL ASSETS OF ORGANIC PRODUCTION

It was determined that there is currently no systematic accounting of objects of organic production, particularly biological assets, in Ukrainian and in international accounting practice. The conducted research revealed the inconsistency of the terms and categories related to the accounting of biological assets of organic production of the natural and economic essence of this type of property and discrepancies and ambiguity in the interpretation of terminology in regulatory legal acts. The peculiarities of agricultural lands as the main component of the agroecosystem are considered; as property that does not have a period of use and which, unlike other fixed assets, does not wear out; as a specific asset in which biological processes and transformations occur, on which its fertility depends; as parts of natural capital capable of biological assimilation. The expediency of classifying agricultural lands as biological assets is substantiated, which will make it possible to develop the methodology for evaluating this type of property and other biological assets, taking into account their positive impact on the agroecosystem and the natural environment as a whole. The need to standardize the accounting of organic production and the formation and approval of a separate accounting standard "Organic production" has been established, where, in particular, the definition of the main terms, the procedure for recognizing biological assets of organic production, and the development of a methodology for their assessment and accounting should be formed. A proper definition of biological assets of organic production is proposed as a set of biological elements of the agroecosystem (land, plants, animals), which are controlled by the operator of organic production and in the process of biological transformations are capable of producing finished agricultural products and/or additional biological assets that meet the principles and requirements of organic production. Criteria for recognition of biological assets of organic production have been determined, including: implementation of control over them by the operator of organic production; biological transformations taking place with them meet the requirements of the legislation in the field of organic production; management of biological transformations by the economic entity; the probability of receiving economic and other benefits associated with their use in the future; the possibility of their reliable assessment.

Analisis Pengelolaan dan Perlakuan Akuntansi Aset Tetap di Desa Jatiwangi Kecamatan Cikarang Barat Kabupaten Bekasi

This research aims to determine the implementation of village asset management and the application of fixed asset accounting in Jatiwangi Village, West Cikarang District, Bekasi Regency. Data analysis in this research was guided by Permendagri No. 01 of 2016 and PP No. 71 of 2010 Statement No. 07. This research is a type of qualitative research with a descriptive approach, used primary data by conducting direct interviews with six informants, and secondary data in the form of documents owned by Jatiwangi Village related to village asset management and fixed asset accounting. The results of this research show that Jatiwangi Village has managed village assets quite well, there are six appropriate stages, namely planning, utilization, security, maintenance, assessment, and guidance and supervision, and four stages are not appropriate, namely procurement, use, administration and reporting, while the transfer and deletion stages have never been carried out. The results of research on the application of fixed asset accounting are not fully in accordance with the aspects contained in PSAP No. 07, recognition of fixed assets is not appropriate, initial assessment is appropriate, subsequent measurements have not been carried out, and disclosures have not been made.

Accounting of infrastructure assets of state institutions as an element of sustainable development goals

The purpose of this study was to evaluate these principles with a special focus on their interaction with the achievement of sustainable development goals. The main research methods used in this study were modelling and forecasting. The study showed that the valuation of infrastructure facilities is one of the main components for ensuring the efficient functioning of the economy. The paper describes a significant number of problems observed in the country in the management of such assets, which indicates the need to create a more efficient system of accounting and auditing. It was also concluded that the life cycle approach is important, as it is more focused on achieving the principles of sustainable development than others. This is due, in particular, to the fact that this approach makes it possible to estimate the total cost of an asset over its lifetime, including a significant number of its various components. This allows for a better assessment of the true value of the asset. In addition, the study briefly assessed the state of infrastructure losses as a result of Russia's full-scale invasion of Ukraine, which once again confirmed the existing relevance of developing more effective standards for accounting for such assets in public institutions. The conclusions drawn in this study can be applied both to the management of public institutions and to the creation of policies in the field of accounting principles development.

Modern Aspects of Accounting for Intangible Assets: Analysis of Key Risks

Modern Aspects of Accounting for Intangible Assets: Analysis of Key Risks

ACCOUNTING AND TAXATION FOR DEPRECIATION OF FIXED ASSETS

ACCOUNTING AND TAXATION FOR DEPRECIATION OF FIXED ASSETS

Issues and Challenges in Accounting for Infrastructure Assets in the Malaysian Government and the Way Forward

Purpose: The current study seeks to examine the issues and challenges encountered by the Malaysian government accounting staff in recognising and measuring infrastructure assets. Additionally, recommendations for further actions by the Accountant General’s Department of Malaysia (AGD) and suggestions for future research were delineated. Design/ Methodology/ Approach: This study employed a qualitative approach through archival search and semi-structured interviews. Interviews were conducted with 52 government staff representing 10 ministries, three state governments, and three local governments. The respondents were selected through purposive sampling and snowballing techniques. Findings: Accounting for infrastructure assets in Malaysia adheres to Malaysian Public Sector Accounting Standards (MPSAS) 17 and several other government guidelines. Several ministries experienced difficulties in identifying the infrastructure assets due to lack of clarity in the definition and flexibility of the current accounting standards and guidelines. Moreover, the unique features of infrastructure assets, namely a long useful life and being part of an asset system or network, led to challenges in recognition and measurement. Practical Implications: The findings provided several practical recommendations for the AGD’s understanding of the issues and challenges encountered by the accounting staff, which would assist in formulating policies and guidelines for infrastructure asset accounting. Originality/ Value: The present study significantly contributed to the existing body of literature on accounting for infrastructure assets which remains scarce in Malaysia.

Issues and Challenges in Accounting for Infrastructure Assets in the Malaysian Government and the Way Forward

Purpose: The current study seeks to examine the issues and challenges encountered by the Malaysian government accounting staff in recognising and measuring infrastructure assets. Additionally, recommendations for further actions by the Accountant General’s Department of Malaysia (AGD) and suggestions for future research were delineated. Design/ Methodology/ Approach: This study employed a qualitative approach through archival search and semi-structured interviews. Interviews were conducted with 52 government staff representing 10 ministries, three state governments, and three local governments. The respondents were selected through purposive sampling and snowballing techniques. Findings: Accounting for infrastructure assets in Malaysia adheres to Malaysian Public Sector Accounting Standards (MPSAS) 17 and several other government guidelines. Several ministries experienced difficulties in identifying the infrastructure assets due to lack of clarity in the definition and flexibility of the current accounting standards and guidelines. Moreover, the unique features of infrastructure assets, namely a long useful life and being part of an asset system or network, led to challenges in recognition and measurement. Practical Implications: The findings provided several practical recommendations for the AGD’s understanding of the issues and challenges encountered by the accounting staff, which would assist in formulating policies and guidelines for infrastructure asset accounting. Originality/ Value: The present study significantly contributed to the existing body of literature on accounting for infrastructure assets which remains scarce in Malaysia. Keywords: Infrastructure assets, recognition, measurement, IPSAS 17, MPSAS 17.

PROSPECTS FOR REGULATION OF ACCOUNTING AND TAXATION OF VIRTUAL ASSETS IN UKRAINE

Introduction. The advent of virtual assets has brought both challenges and opportunities, reshaping global financial systems and necessitating updated regulatory, accounting, and taxation frameworks. Ukraine stands at a critical juncture, integrating these digital innovations into its legal and financial infrastructure while aligning with global standards. Purpose. This article aims to provide a thorough examination of Ukraine’s developing frameworks for the regulation, accounting, and taxation of virtual assets. It assesses the effectiveness of current strategies and identifies areas for enhancement to ensure a robust integration of virtual assets into Ukraine's financial system. Methods. The research employs a comparative analysis method, juxtaposing Ukraine's frameworks with global standards. This approach is supported by a review of recent academic literature and regulatory reports, offering a comprehensive perspective on the adaptation processes and methodologies applied in the integration of virtual assets. Results. The findings reveal that while Ukraine has made significant progress, particularly with the adoption of the "Law on Virtual Assets," gaps remain in fully securing a stable and transparent virtual asset market. The study highlights the need for continual regulatory updates and the adoption of international accounting standards to manage the complexity and volatility of virtual assets. Conclusion. Ukraine’s proactive regulatory adaptations position it to potentially lead in the integration of virtual assets globally. Continued alignment with international standards and responsive updates to regulatory frameworks are essential to harness the economic benefits and mitigate associated risks. This ongoing evolution will support Ukraine's strategic positioning in the global digital economy and foster a stable environment for innovation and investment in virtual assets.

Business strategies to counter climate change risks to long lived production assets

The business community is concerned about how to account for long-lived production assets in an era of climate change. Globally, accounting standards and guidance are emerging but these are yet to provide the level of clarity required by the business and accounting profession on the uncertainty of future climate and how this can compromise some long-lived assets. Very few organisations have the necessary expertise and data to integrate climate change scenarios into their long-lived production asset accounting. This poses an additional risk to business and society. We explore different approaches for including risk and uncertainty in business accounting and reporting. Seven desk-based case studies of emerging practice in the food sector demonstrate how these varied climate risk and uncertainty models for infrastructure are being deployed around the world. Through review of data from company annual reports, documents and websites from 2021 to 2023, we find that specific climate-impacted long-lived asset accounting is relatively rare, notwithstanding that risk and uncertainty models are in effective use in other emerging areas. We provide recommendations on the development of data and modelling frameworks for climate-related financial data and an improved accounting discipline for climate-related financial impacts.

Model for improving organizational and methodological aspects of management accounting of intangible assets and goodwill

Model for improving organizational and methodological aspects of management accounting of intangible assets and goodwill

Analysis of Biological Asset Accounting Treatment of PT. FAP Agri Tbk

This study aims to determine the application of biological asset accounting (recognition, measurement, and disclosure) at PT. FAP Agri Tbk based on PSAK 69. Data obtained using content analysis method (content analysis) on the financial statements of PT. FAP Agri Tbk in 2021. The research results show that PT. FAP Agri Tbk, although it has just been registered on the IDX, its biological accounting reporting is in accordance with PSAK 69. The company recognizes biological assets based on their type, namely Immature Plants and Mature Plants. The measurement of biological assets uses the fair value basis according to market prices that were circulating that year. Biological assets are presented in the statement of financial position section in the fixed assets and current assets sections. Companies are also required to disclose details regarding the total assets up to accumulated depreciation as a whole.

Blockchain Technology and Virtual Asset Accounting in the Metaverse: A Comprehensive Review of Future Directions

Blockchain Technology and Virtual Asset Accounting in the Metaverse: A Comprehensive Review of Future Directions

DIGITAL FINANCIAL ASSETS AND THEIR OPERATORS IN THE RUSSIAN FEDERATION

The relevance of the research topic is to consider the genesis of the legislative consolidation of the legal status of digital intermediaries, namely, the operator of the information system and the operator of the exchange of digital financial assets. The purpose of the study is to determine the role of an information system operator and a digital financial assets exchange operator in the Russian Federation. The scientific novelty of the article is manifested in the formulation of the provision that one of the main advantages of an information system based on a distributed registry is that the very technical properties of such a system allow for the issuance, accounting and circulation of digital financial assets without the participation of digital intermediaries due to the fact that this digital system already contains records of all changes being made, and therefore a priori is valid. Materials and methods. The paper presents an analysis of the current legislation, judicial practice and scientific doctrine on the problematic issue of the legal status of digital intermediaries – the operator of the information system and the operator of the exchange of digital financial assets. In addition, it provides comments on the relevant provisions of the digital financial assets Law. Results. In accordance with the legislation on the digital financial assets, the operator of an information system where digital financial assets are issued is recognized as a legal entity whose personal law is the Russian law and who is included in the register of information system operators by the Bank of Russia. The tasks of the information system operator mainly include ensuring the proper uninterrupted functioning of information systems. To complete the tasks, the information system operator must approve the rules of its information system and coordinate them with the Bank of Russia. Transactions permitted by the Russian law with the digital financial assets are made through the digital financial assets exchange operator, which collects and compares applications for such transactions or participates at its own expense in the transaction as a party in the interests of third parties. Digital financial assets exchange operators are credit organizations, trade organizers, as well as other legal entities that meet the requirements and are included by the Bank of Russia in the register of digital financial assets exchange operators. The theoretical and practical significance of the study consists in the identification by the authors of such a fundamental feature of the digital financial assets as non-mediation, which is a priori inherent in the digital financial assets, but, unfortunately, the Russian legislator rejected the corresponding legal regime of the digital financial assets. In this regard, third parties – digital intermediaries, namely the operator of the information system and the operator of the exchange of digital financial assets, are actually involved in the relations that are developing regarding the issuance, accounting and circulation of digital financial assets. Conclusions. The authors concluded on the basis of judicial practice that the viability of the legal norms considered in the article is questionable, since at the moment there are no disputes around the digital financial assets.

Бухгалтерский аутсорсинг как инновационный инструмент деятельности современных предприятий

This article analyzes the problems and prospects for using outsourcing, considers the possibilities of developing IT outsourcing as an effective tool for the successful functioning of an economic entity, allowing to increase the level of competitiveness, optimize costs and achieve economic advantages. In modern realities, many enterprises in the process of their activities are faced with the problem of maintaining accounting operations. This necessitates the search and use of promising forms of business management, taking into account innovative trends. One of the methods of managing and optimizing costs is to attract external specialists to solve accounting problems, which allows for additional competitive advantages in the development and stabilization of their activities. In this regard, of particular interest is the study of the main aspects of accounting outsourcing, which allows enterprises to find opportunities to save money, taking into account the fact that it is one of the most popular management methods in the field of finance and enterprise development. This allows you to delegate rights and accounting of assets to a third party, namely an outsourcer. The purpose of the study is to analyze the problems and prospects for the development of accounting outsourcing as an innovative tool, to substantiate the positive aspects and risks of transferring accounting operations to outsourcing at the micro level.

Assessing the state and need for standardization of accounting for biological assets and results of their biotransformation

Subject. The article addresses the need to standardize the requirements (rules) of organization and accounting for biological assets and harvested (derived) agricultural products. Objectives. We focus on developing a draft standard for accounting for biological assets and agricultural products, exploring the regulations and specifics of the practice of valuation, accounting for biological assets and agricultural products, underpinning the sections and provisions of draft standard "Biological Assets and Agricultural Products". Methods. The study employs general scientific and special methods, like analysis, synthesis, modeling, abstraction, systematization, and generalization of obtained outcomes. Results. Based on the results of the study, we developed a draft standard "Biological Assets and Agricultural Products". The findings can be applied by the regulator in the field of accounting, as well as by economic entities for proper organization of accounting for biological assets and agricultural products at fair value. Conclusions. To ensure the reliability of accounting data and accounting (financial) statements, the proposed draft standard "Biological Assets and Agricultural Products" should be critically reviewed, comments and recommendations should be made to improve the draft standard for its further promotion.

Penerapan akuntansi aset biologis berdasarkan PSAK No. 69 pada PT Astra Agro Lestari Tbk

In the agribusiness industry, biological assets emerge as the most crucial assets with significant value. Within this sector, PT Astra Agro Lestari Tbk stands out as a company engaged in various activities, including palm oil plantation. Palm oil serves as a biological asset managed by PT Astra Agro Lestari Tbk, encompassing recognition, measurement, and disclosure aspects. This research aims to examine the implementation of biological asset accounting in accordance with PSAK No. 69 at PT Astra Agro Lestari Tbk. Employing a qualitative research approach rooted in postpositivism philosophy, the study investigates natural phenomena or events. The finding reveal that PT Astra Agro Lestari Tbk adheres to the provisions outlined in PSAK No. 69 concerning the recognition, measurement, and disclosure of biological assets. The company exercises control over biological assets through activities such as planting, maintenance, and upkeep of oil palm trees over time. Biological assets are measured based on fair value less costs to sell. Moreover, PT Astra Agro Lestari Tbk discloses gains and losses incurred during the reporting period in the profit and loss statement, while distinguishing between producing and non-producing plants.