Accounting treatment of biological assets according to IAS 41
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Abstract
Biological assets represent essential resources in agricultural and livestock activities, consisting of living organisms of plant or animal origin used in production, processing, and marketing processes. International Accounting Standard 41 (IAS 41) establishes specific accounting guidelines for their recognition, measurement, presentation, and disclosure, with the aim of ensuring transparent, consistent, and decision-making-friendly financial information. However, in countries such as Colombia, its implementation has been gradual due to local regulatory gaps, the informality of the sector, and the difficulties in determining fair values in highly volatile environments. This article critically analyzes the accounting criteria of IAS 41 and their relationship with Colombian regulations, incorporating a sustainability and business management perspective, examining the economic impact of biological assets and their relevance to the competitiveness and resilience of the agricultural sector. Based on a comprehensive documentary review of academic literature, technical reports, and recent studies (2018–2022), guidelines are proposed that promote accounting standardization, the adoption of sustainable practices, and the strengthening of management capabilities in agricultural organizations.
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