The

The article deals with biological assets accounting in accordance with International Accounting Standard (IAS) 41; a list of physical indicators of organization activities for each group of biological assets, tabular presentation of information about the fair value of agricultural products and biological assets, as well as about the profits and losses in fur farming

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The urgency of the given research is defined by the fact that the improvement of financial reporting quality which is the basic source for the conduction of enterprise's financial state and results of activity analysis is continuously connected to the efficiency of assets and liabilities, their quantification and classification. The purpose of the research is to consider the basic approaches to the definition of financial reporting quality, to reveal interrelation between professional accounting judgment regarding accounting objects and forecast value of information introduced to users. Keywords: quality, limits the quality of financial reporting prognostic value of information, the discounted cost, qualitative characteristics of information for professional accounting judgment international standards

Abstract