Assessment of live assets and accounting according to standard of agricultural activities (TMS 41)

Since agriculture is a sector that people always need, it maintains its place in our lives by changing and developing for the need. In order to meet the need for agricultural products, the activities in the field of agriculture continue professionally due to changes such as increasing population, urbanization, globalization and technological developments. Business structures in the professionalized agricultural sector also vary according to these developments. Changes in the growth of business structures reveal the need for accounting standards specific to agricultural activities. In 2005, the Accounting Standards of Turkey 41 which began to be implemented in Turkey Agriculture Standard. After 2005, several amendments were made in TMS 41. The last revision was made on 15/01/2019. As of 2011, the Company has kept compulsory books in compliance with TMS. In this study, Turkey Accounting Standards and Tax Procedure Law are discussed measures taken within the scope of the valuation. The conditions of application of TMS 41 are mentioned. Agricultural crop production classified under the types of production activities and production amounts of animal-based products increases and decreases are shown in Turkey. In order to record all types of agricultural activities under separate accounting accounts, it was suggested by academicians to add some accounts related to agricultural activities to the Uniform Chart of Accounts and the accounting procedures under these accounts were detailed. Key Words: TMS 41 Agricultural Activities Standard, Living Assets, Valuation, Accounting of Living Assets, Agricultural Activity