ACCOUNTING ISSUES IN AGRICULTURE ACCORDING TO RUSSIAN AND INTERNATIONAL STANDARDS

Abstract

In the context of global processes, the importance of the agricultural sector of the economy is becoming more and more obvious. This sector plays a leading role not only in providing food products, but also in strengthening the nation's food security. Given the increasing risks associated with international economic pressure, political conflicts and geopolitical instability, the importance of agriculture is steadily increasing.

Agriculture transforms natural resources into valuable food products, which are the basis for maintaining and growing the population. In addition, the development of this industry stimulates other sectors of the economy, such as manufacturing, transport and services, contributing to the holistic economic development of the country [4].

Agriculture around the world is currently facing many challenges, including continued climate change, price instability for agricultural products, changing consumer preferences, and others.

The International Financial Reporting Standard (IFRS) 41 «Agriculture» addresses the need to regulate financial accounting in the field of agribusiness. The central purpose of this standard is to establish sound accounting and reporting principles for agricultural activities, more specifically for products derived from biological assets such as plants and animals. This standard is specifically designed for agricultural enterprises and forms the rules for displaying the financial results of their work in financial statements.

The application of IAS 41 should be considered as a serious step in the convergence of the Russian accounting system (RAS) and international standards (IFRS). It offers mechanisms to improve the transparency and comparability of financial information, which will make it easier for accountants in Russia to analyze and solve specific problems in the agricultural sector.

The worldwide distribution of IAS 41 is of strategic importance for the global economy. The countries adopting this standard strengthen their financial stability and increase reliability in aspects related to the agricultural industry.