Comparison of agricultural activities under TDHP, TMS/TFRS and BOBI FRS: An application

The subject of agricultural activities is biological assets and agricultural products. Biological assets and agricultural products have biological transformation features such as birth, growth, maturation, reproduction, aging and death. Because of these features, valuation and accounting transactions are important. However, there are different regulations regarding the recording, valuation and reporting of agricultural activities in our country. The TPL, which all businesses must comply with and accordingly Uniform Accounting System Application Communiqué are the at the beginning of these regulations. In addition, there are regulations on the accounting of agricultural activities in TAS/TFRS and FRS for LMEs, which some businesses have to comply with. Provisions regarding agricultural activities in TAS are regulated in TAS 41 Agricultural Activities standard. In addition, for businesses that are subject to independent audit but do not have to apply full set TAS/TFRSs, recording and reporting transactions related to agricultural activities are carried out according to the Agricultural Activities standard in FRS for LMEs 7th Chapter. In this context, the aim of the study is to identify the similarities and differences that arise in the accounting of agricultural activities in terms of TPL, TAS and FRS for LMEs regulations and to reveal these similarities and differences with numerical data on an business operating in the cattle breeding sector. In the application part of the study, the Uniform Chart of Accounts was used in the accounting records made according to the TPL, and the Draft Account in accordance with the Financial Reporting Standards published by the POA in the accounting records made according to the standards. As a result of the application, differences were determined among the legal regulations in terms of first measurement, valuation, depreciation applications and calculation of production costs. Key Words: Agricultural Activities, Livestock Assets, Tax Procedure Law, TAS 41, FRS for LMEs Agricultural Activities