Ministry of Justice of Ukraine
December 5, 2005
of November 18, 2005 No. 790
About approval of the National provision (standard) of the financial accounting 30 "Biological assets"
According to article 6 of the Law of Ukraine "About financial accounting and the financial reporting in Ukraine" I order:
1. Approve the National provision (standard) of the financial accounting 30 "Biological assets" approved by Methodological council on financial accounting under the Ministry of Finance of Ukraine it is applied.
2. To provide to management of methodology of financial accounting (Parkhomenko V. M.) submission of this order on state registration in the Ministry of Justice of Ukraine.
3. To department of ensuring activities of the Minister (foster service) (Marnenko I. I.) after state registration of this order to provide its publication in mass media.
5. To impose control over the implementation of this order on the deputy minister of Reguretsky V. V.
V. M. Pinzenyk
Approved by the Order of the Ministry of Finance of Ukraine of November 18, 2005 No. 790
1. This National provision (standard) 30 determines the methodological principles of forming in financial accounting of information on biological assets and about the additional biological assets received in the course of their biological transformations and agricultural products during harvesting and disclosure of information on them in the financial reporting.
2. Regulations of the National provision (standard) 30 are applied by the companies, the organizations and other legal entities (further - the companies) all patterns of ownership (except budgetary institutions, budgetary institutions and the companies which according to the legislation constitute the financial reporting under International Financial Reporting Standards) to agricultural activities.
3. The national provision (standard) 30 does not extend on:
3.1. The agricultural products which are stored after its primary recognition.
3.2. Products of conversion of agricultural products.
3.3. The biological assets which are not connected with agricultural activities.
Examples of biological assets and agricultural products are given in appendix to the National provision (standard) 30.
3.4. The fructifying plants connected with agricultural activities which features of accounting are determined by other provisions (standards) of financial accounting, except products of such fructifying plants.
4. The terms used in National provisions (standards) of financial accounting have the following value:
Biological asset - live animal or plant which in the course of biological transformations is capable to give agricultural products and/or additional biological assets.
Biological transformations - processes of growth, degeneration, production and reproduction which cause high-quality and/or quantitative changes of biological assets.
Costs to sell - the expenses connected with sale of biological assets and agricultural products (commission fees to sellers, brokers, the indirect taxes paid in case of sales of products, except for finance costs).
Group of biological assets - set similar (according to characteristics and/or appointment and/or conditions of cultivation) live animals or plants.
Harvesting - department of products from biological asset or product receipt as a result of the termination of vital processes of biological asset.
Non-current biological assets - all biological assets which are not the current biological assets.
Additional biological assets - the biological assets received in the course of biological transformations.
The fructifying plants - live plants which are used in production process of agricultural products and systematically provide agricultural products and/or additional biological assets, on expectations, during the period exceeding 12 months.
The current biological assets - the biological assets capable to give agricultural products and/or additional biological assets during the period which is not exceeding 12 months and also animals on cultivation and sagination.
Agricultural products - the asset received as a result of harvesting held for sale, voluntary conveyance, conversion or intraeconomic consumption.
Agricultural activities - process of management of biological transformations for the purpose of receipt of agricultural products and/or additional biological assets.
Recognition and assessment of biological assets
5. The biological asset and/or agricultural products are recognized asset if the company controls them as a result of last events, there is probability of obtaining by the company in the future of the economic benefits connected with their use, and their cost can be authentically determined.
6. Object of financial accounting is the separate type of biological assets or their group.
7. Biological assets in case of their initial recognition are estimated at fair value, reduced by the expected costs to sell, except cases when fair value authentically cannot be determined.
If fair value authentically cannot be determined, the biological asset is enlisted on balance of the company for the original cost determined according to the National provision (standard) of the financial accounting 7 "Fixed assets" approved by the order of the Ministry of Finance of Ukraine of April 27, 2000 No. 92, registered in the Ministry of Justice of Ukraine on May 18, 2000 for No. 288/4509 (further - the National provision (standard) 7), or the National provision (standard) of the financial accounting 9 "Inventories" approved by the order of the Ministry of Finance of Ukraine of October 20, 1999 No. 246, registered in the Ministry of Justice of Ukraine on November 02, 1999 for No. 751/4044 (further - the National provision (standard) 9).
8. Gratuitously the received biological assets including as contribution to the authorized capital, in case of their initial recognition are estimated according to Item 7 of the National provision (standard) 30.
9. Additional biological assets in case of primary recognition are estimated at fair value, reduced by the expected expenses on sales or on production cost according to the National provision (standard) of the financial accounting 16 "Expenses" approved by the order of the Ministry of Finance of Ukraine of December 31, 1999 No. 318, registered in the Ministry of Justice of Ukraine on January 19, 2000 for No. 27/4248 (further - the National provision (standard) 16). Primary recognition of additional biological assets is displayed in that accounting period in which they are separated biological asset.
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