Challenges in accounting the forests - a Latvian case study
Forest has a long production cycle. Therefore forest bookkeepinghas specific characteristics. However accounting for forest activities has received little attention from accounting researchers. The release of International Accounting Standard 41 "Agriculture" (IAS 41) established a single...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
‘Marin Drăcea’ National Research-Development Institute in Forestry
2010-09-01
|
| Series: | Annals of Forest Research |
| Subjects: | |
| Online Access: | http://www.editurasilvica.ro/afr/53/1/05_grege.pdf |
| _version_ | 1818299093288484864 |
|---|---|
| author | Evija Grege-Staltmane |
| author_facet | Evija Grege-Staltmane |
| author_sort | Evija Grege-Staltmane |
| collection | DOAJ |
| description | Forest has a long production cycle. Therefore forest bookkeepinghas specific characteristics. However accounting for forest activities has received little attention from accounting researchers. The release of International Accounting Standard 41 "Agriculture" (IAS 41) established a single accounting system for forest assets. The paper analyzes application of IAS 41 which regulates forest accounting. Practice of international forestry companies is examined, and current forest accounting situation in Latvia is investigated. The main factors affecting valuation of a forest in its fair value are discussed and major problems in forest accounting are illuminated.The research indicates that land value and standing timber valueshould be recorded separately and standing timber should be estimated at its fair value. Despite the attempt of the International Accounting Standard Board to improve the accounting with IAS 41 for biological assets, much enhancement in forest accounting is still needed. |
| first_indexed | 2024-12-13T04:45:44Z |
| format | Article |
| id | doaj.art-10c9228d4ca043db85395a418036b076 |
| institution | Directory Open Access Journal |
| issn | 1844-8135 2065-2445 |
| language | English |
| last_indexed | 2024-12-13T04:45:44Z |
| publishDate | 2010-09-01 |
| publisher | ‘Marin Drăcea’ National Research-Development Institute in Forestry |
| record_format | Article |
| series | Annals of Forest Research |
| spelling | doaj.art-10c9228d4ca043db85395a418036b0762022-12-21T23:59:09Zeng‘Marin Drăcea’ National Research-Development Institute in ForestryAnnals of Forest Research1844-81352065-24452010-09-015315158Challenges in accounting the forests - a Latvian case studyEvija Grege-StaltmaneForest has a long production cycle. Therefore forest bookkeepinghas specific characteristics. However accounting for forest activities has received little attention from accounting researchers. The release of International Accounting Standard 41 "Agriculture" (IAS 41) established a single accounting system for forest assets. The paper analyzes application of IAS 41 which regulates forest accounting. Practice of international forestry companies is examined, and current forest accounting situation in Latvia is investigated. The main factors affecting valuation of a forest in its fair value are discussed and major problems in forest accounting are illuminated.The research indicates that land value and standing timber valueshould be recorded separately and standing timber should be estimated at its fair value. Despite the attempt of the International Accounting Standard Board to improve the accounting with IAS 41 for biological assets, much enhancement in forest accounting is still needed.http://www.editurasilvica.ro/afr/53/1/05_grege.pdfbiological assetsforest accountingforest fair value |
| spellingShingle | Evija Grege-Staltmane Challenges in accounting the forests - a Latvian case study Annals of Forest Research biological assets forest accounting forest fair value |
| title | Challenges in accounting the forests - a Latvian case study |
| title_full | Challenges in accounting the forests - a Latvian case study |
| title_fullStr | Challenges in accounting the forests - a Latvian case study |
| title_full_unstemmed | Challenges in accounting the forests - a Latvian case study |
| title_short | Challenges in accounting the forests - a Latvian case study |
| title_sort | challenges in accounting the forests a latvian case study |
| topic | biological assets forest accounting forest fair value |
| url | http://www.editurasilvica.ro/afr/53/1/05_grege.pdf |
| work_keys_str_mv | AT evijagregestaltmane challengesinaccountingtheforestsalatviancasestudy |