Valuation of Biological Assets Using Fair Value Under IAS "41" and its Impact on the Fundamental Qualitative Characteristics of Accounting Information (An Exploratory Study of the Opinions of a Sample of Academics in the Field of Accounting at Erbil Polytechnic University)
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Abstract
The aim of the research is to test the effect of evaluating biological assets at fair value on the basic qualitative characteristics of accounting information represented by relevance and honest representation. The research reached a set of conclusions, the most prominent of which is that the accounting information contained in the financial statements based on the fair value for the evaluation of biological assets is more appropriate to the needs of the users of that information, and is also more representative of the economic reality because it takes into account the multiplication and growth of biological assets, and that there is a direct relationship And a strong link between the evaluation of biological assets at fair value and the basic characteristics of accounting information represented by appropriateness and honest representation, and in light of this research recommends the necessity of evaluating biological assets at fair value, because the fair value reflects the changes that occur in agricultural assets due to their nature, and the need to activate an active market in the Kurdistan Region to determine fair values for those assets.