ASPECTS OF ACCOUNTING FOR INTANGIBLE ASSETS IN AGRICULTURAL FORMATIONS

Abstract

The task of accounting for intangible assets in agricultural formations is studied. The features of recognizing intangible assets in a business entity are identified. A systematic approach is defined as the basis for considering the problem of accounting for intangible assets. The reasons for the ambiguous understanding of the economic nature and legal content of intangible assets are identified. The definition of “intangible asset” specified in the National Accounting Regulation (Standard) 8 “Intangible Assets”, International Accounting Standard 8 “Intangible Assets” and the Tax Code of Ukraine are presented and compared. Groups of criteria for the appropriateness of recognizing intangible assets are analyzed. The units of accounting for intangible assets used by business entities in organizing their accounting are studied. Groups of intangible assets are presented in the following categories: accounting sub-accounts defined by the Instructions on the application of the Chart of Accounts for Accounting of Assets, Capital, Liabilities and Business Transactions of Enterprises and Organizations; groups of intangible assets in accordance with the Tax Code of Ukraine. It has been determined that Agrarian formations, taking into account the specifics of their activities, can detail the specified groups by applying additional sub-accounts to the accounts for accounting for intangible assets. The main types of intangible assets in the agricultural sector are characterized. The strategic importance of intangible assets in the agricultural sector has been detailed researched. It has been established that the correct identification of intangible assets and their proper assignment to the appropriate accounting groups is a key condition for both accounting and tax reporting.