Accounting and taxation of land assets

Back in the spring of this year, on our site we announced the development of methodical recommendations for the accounting of land assets by enterprises of agro-industrial complex. We are pleased to announce that this work has been completed and a practical guide on "Accounting and Evaluation of Agricultural Land and Leasing Rights" has been issued to the 25th anniversary of the International Institute of Audit DFK.

The methodical recommendations for accounting and valuation of land set forth in the manual take into account the requirements of the Tax and Land Code of Ukraine, the Law "On Land Lease", NAS 7 "Fixed Assets", NAS 8 "Intangible Assets", NAS 14 "Leases". The recommendations are also consistent with the principles and approaches of international financial reporting standards, in particular, new IFRS 16 "Leases",

In the manual you will find answers to the questions of:

  • the legal basis of land use
  • valuation of land plots and rights to use them
  • accounting of operations with land and rights of its use
  • payments for rent
  • taxation of land as an asset and operations with it.

The manual will be useful in the day-to-day work of practicing accountants, specialists of finance departments, auditors, as well as government officials, teachers and students.

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