Financial Reporting Standard for Large and Medium-Sized Enterprises in Regard to Agricultural Activities

Abstract

The operations of turning biological asset such as animals and plants into agricultural products ordifferent biological asset by harvesting them are called agricultural activities. The Financial Reporting Standardfor Large and Medium-sized Enterprises had been prepared by Public Oversight, Accounting and AuditingStandards Authority and has come into effect. According to the latest changes, businesses that are not subject toindependent audit will be able to apply financial reporting standard for large and medium-sized enterprisesupon request.This study examines agricultural activities taking place in The Financial Reporting Standard for Largeand Medium-Sized Enterprises. Accounting practices related to agricultural activities are explained withexemplary applications and similarities and differences other application are explained. The similaritiesbetween the Financial Reporting Standard for Large and Medium-Sized Enterprises and Turkish FinancialReporting Standards are noteworthy. Therearedifferentsbetweenthe Financial Reporting Standard for Large andMedium-Sized Enterprises and General Communique on Accounting System Application and Tax ProcedureLaw.