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Disclosure of Assets of the Agricultural Enterprises in the Financial Reporting under International Financial Reporting Standards

Year 2016, Volume: 6 Issue: 2, 172 - 178, 01.04.2016

Abstract

The subject of the research is the set of theoretical and practical approaches to the recognition of assets of the agricultural enterprises of the Omsk region in the accounting under IFRS. The research objective is the development of an optimal testing model of assets of the agricultural enterprises for compliance with IFRS. The study was conducted on the basis of financial statements prepared under the Russian Financial Reporting Standards. The three asset items with the largest share were allocated in the statements: fixed assets, inventories and accounts receivable. The most essential items were allocated as part of fixed assets: machinery and equipment and agricultural products respectively. Accounts receivable were tested for compliance with IFRS. The calculation of market price taking into account the correction factor in question considering the technical condition of vehicles was performed upon testing of machinery and equipment. The calculation of net realizable value based on market prices for the products was performed upon testing of machinery and equipment. The market-value appraisal of the receivable by discounted cash flows was performed upon testing. The proposed testing method has a practical value. It can be used in the preparation of financial statements under IFRS, on the basis of financial statements prepared in accordance with the Russian Financial Reporting Standards. It has been established that the machinery and equipment and agricultural products are reflected in the financial statements in accordance with IFRS. Because of overdue accounts the accounts receivable are substantially overstated.

Year 2016, Volume: 6 Issue: 2, 172 - 178, 01.04.2016

Abstract

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Details

Other ID JA22CY89HU
Journal Section Research Article
Authors

Oksana Viktorovna Shumakova This is me

Oleg Anatolyevich Blinov This is me

Sergey Leonidovich Khrabrykh This is me

Tatyana Gennadyevna Mozzherina This is me

Olga Nikolaevna Kryukova This is me

Publication Date April 1, 2016
Published in Issue Year 2016 Volume: 6 Issue: 2

Cite

APA Shumakova, O. V., Blinov, O. A., Khrabrykh, S. L., Mozzherina, T. G., et al. (2016). Disclosure of Assets of the Agricultural Enterprises in the Financial Reporting under International Financial Reporting Standards. International Journal of Economics and Financial Issues, 6(2), 172-178.
AMA Shumakova OV, Blinov OA, Khrabrykh SL, Mozzherina TG, Kryukova ON. Disclosure of Assets of the Agricultural Enterprises in the Financial Reporting under International Financial Reporting Standards. IJEFI. April 2016;6(2):172-178.
Chicago Shumakova, Oksana Viktorovna, Oleg Anatolyevich Blinov, Sergey Leonidovich Khrabrykh, Tatyana Gennadyevna Mozzherina, and Olga Nikolaevna Kryukova. “Disclosure of Assets of the Agricultural Enterprises in the Financial Reporting under International Financial Reporting Standards”. International Journal of Economics and Financial Issues 6, no. 2 (April 2016): 172-78.
EndNote Shumakova OV, Blinov OA, Khrabrykh SL, Mozzherina TG, Kryukova ON (April 1, 2016) Disclosure of Assets of the Agricultural Enterprises in the Financial Reporting under International Financial Reporting Standards. International Journal of Economics and Financial Issues 6 2 172–178.
IEEE O. V. Shumakova, O. A. Blinov, S. L. Khrabrykh, T. G. Mozzherina, and O. N. Kryukova, “Disclosure of Assets of the Agricultural Enterprises in the Financial Reporting under International Financial Reporting Standards”, IJEFI, vol. 6, no. 2, pp. 172–178, 2016.
ISNAD Shumakova, Oksana Viktorovna et al. “Disclosure of Assets of the Agricultural Enterprises in the Financial Reporting under International Financial Reporting Standards”. International Journal of Economics and Financial Issues 6/2 (April 2016), 172-178.
JAMA Shumakova OV, Blinov OA, Khrabrykh SL, Mozzherina TG, Kryukova ON. Disclosure of Assets of the Agricultural Enterprises in the Financial Reporting under International Financial Reporting Standards. IJEFI. 2016;6:172–178.
MLA Shumakova, Oksana Viktorovna et al. “Disclosure of Assets of the Agricultural Enterprises in the Financial Reporting under International Financial Reporting Standards”. International Journal of Economics and Financial Issues, vol. 6, no. 2, 2016, pp. 172-8.
Vancouver Shumakova OV, Blinov OA, Khrabrykh SL, Mozzherina TG, Kryukova ON. Disclosure of Assets of the Agricultural Enterprises in the Financial Reporting under International Financial Reporting Standards. IJEFI. 2016;6(2):172-8.