Application of international accounting standard-16 in a public company with predominantly agricultural activities

Abstract

This work suggests the existence of a number of advantages for companies that have opted for the application of International Accounting Standards. Their application allows fair reporting, which is extremely important for countries in transition, as well as for those countries that have not applied IAS. The authors carried a study related to full application of IAS 16 to 114 companies, of which 10 are public and 104 other companies are from the wider area of Novi Sad, in the period 2010–2015. In addition, the study of the case of public companies is done in order to demonstrate the situation before and after the valuation of assets and equipment as at 30 June 2012. The state after 3 years is fairly shown on 30 June 2015, all in order to make valid conclusions regarding fair reporting of the public enterprises. It can be concluded that the application of IAS 16 has multiple benefits by companies that fully apply fair reporting in its operations.

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