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Theoretical considerations about implementation of IAS 41 in Romania

Author

Listed:
  • Liliana FELEAGĂ

    (Bucharest Academy of Economic Studies)

  • Niculae FELEAGĂ

    (Bucharest Academy of Economic Studies)

  • Vasile RĂILEANU

    (Bucharest Academy of Economic Studies)

Abstract

Although agriculture is an important part of the world economy, accounting in agriculture still has many shortcomings. The adoption of IAS 41 „Agricuture” 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 and foreign investments in animal farms, it is expected that recognition and measurement of biological assets under IAS 41 to become a necessity.

Suggested Citation

  • Liliana FELEAGĂ & Niculae FELEAGĂ & Vasile RĂILEANU, 2012. "Theoretical considerations about implementation of IAS 41 in Romania," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(567)), pages 31-38, February.
    • Handle: RePEc:agr:journl:v:2(567):y:2012:i:2(567):p:31-38
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    Citations

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    Cited by:

    1. Saverio BOZZOLAN & Enrico LAGHI & Marco MATTEI, 2016. "Amendments to the IAS 41 and IAS 16 - implications for accounting of bearer plants," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 62(4), pages 160-166.
    2. Monica Laura ZLATI & Cristian MIRICA, 2021. "Biological Assets Accounting In The Agricultural Sector," European Journal of Accounting, Finance & Business, "Stefan cel Mare" University of Suceava, Romania - Faculty of Economics and Public Administration, West University of Timisoara, Romania - Faculty of Economics and Business Administration, vol. 15(25), pages 1-7, February.
    3. Camelia-Cătălina M1HALCIUC, 2020. "The Role Of Agriculture In The Romanian Economy," European Journal of Accounting, Finance & Business, "Stefan cel Mare" University of Suceava, Romania - Faculty of Economics and Public Administration, West University of Timisoara, Romania - Faculty of Economics and Business Administration, vol. 14(24), pages 139-145, October.
    4. Fathi Maurits Muhamada & Erna Harnawati & Satria Yudhia Wijaya, 2021. "Accounting treatment analysis of agricultural activities in presenting financial statements based on PSAK 69 IN PT IJ," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 10(4), pages 255-263, June.
    5. Georgiana Burlacu & Ioan-Bogdan Robu & Ionela Munteanu, 2024. "Exploring the Influence of Earnings Management on the Value Relevance of Financial Statements: Evidence from the Bucharest Stock Exchange," IJFS, MDPI, vol. 12(3), pages 1-20, July.

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