RECOGNITION OF AGRICULTURAL ACTIVITIES: THEORETICAL EXAMINATION IN THE FRAMEWORK OF BOBİ FRS AND TMS41

Abstract

The subject of this study consists of TMS41 standard that is necessary to be applied by agricultural enterprises in recognition of agricultural activities, Financial Reporting Standard for Large And Middle Sized Enterprises, and examination and comparison of the subject of the agricultural activities arranged in Section 7. Financial Reporting Standard for Large and Middle Sized Enterprises (BOBİ FRS) will be applied in the preparation of individual and consolidated financial tables of the enterprises subjecting to independent audit other than Agencies Concerning Public Interest (KYİK) applying Turkey Accounting Standards (TMS), and Financial Reporting Standards and, in order to apply in the accounting period beginning on the date of January 1, 2018 and after this date, came into force on the date of July 29, 2017, publishing in the official newspaper. In BOBİ FRS, in written with a simple language in compliance with TMS/TFRSs, recognition of agricultural activities were arranged. While in the scope of BOBİ FRS, in the measurement of living creature, cost method or the value methods that are compliance with the reality can be used, in TMS 41, living creatures will be measured by subtracting sale costs from the values that are compliance with the reality except for the cases, where the value that is compatible with the fact cannot be measured in reliable way. When compared to TMS TFRSs, although BOBİ FRSs present similarity from some aspects, they generally include simplified provisions