Disclosure of the accounting and valuation of live asset classes by uniform, BOBI FRS-7 and TMS-41

The aim of this study is to explain the similarities and differences of the Uniform Accounting System, TAS-41 and BOBI FRS-7 Agricultural Activities Card in accounting and valuation of living assets, and to reveal these similarities and differences with numerical data on hypotetical firm producing broiler. The most important difference between these three systems is the measurement of living assets. Accordingly, while the measurement of live assets in TAS-41 is based on the principle of realistic value method, in BOBI FRS-7 the realistic value method or cost method can be used in measurement of living assests as an accounting policy. On the other hand, in the uniform accounting system, biological assets are valued at cost, but are valued at the precedent price when the cost cannot be calculated. According to the results obtained from study, it was determined that the period profit of TDMS was higher than the other systems, because In TDMS, living assets are measured at cost, and maturities are not differentiated when calculating raw material expenses and revenue, and therefore TDMS does not take into account the increase or decrease in the initial recognition and valuation periods of living assets. When the operational results are compared according to TAS and BOBI FRS set, since the maturities are not differentiated in the calculation of the the living assets' costs and profits of raw materials and supplies in the BOBİ FRS set because the maturity differences are less than one year and. the maturity differences are not included in the cost or revenue, the period profit of BOBI FRS set is higher than TAS.