The paper focuses on the possible ways of biological as-sets measurement in financial reporting of SMEs. Accord-ing to IFRS for SMEs, the entity uses the fair value model for biological assets with readily determinable fair values, and the cost model for all other biological assets. The na-ture of all kinds of biological assets differs significantly, especially that of bearer plants and living animals. The au-thors evaluated the application of the above-mentioned methods to the representatives of both kinds of biological assets (an apple orchard and dairy cows). According to the study the way of biological assets measurement af-fects the financial position and performance of SMEs in-volved in the agricultural sector. The cost model is a more suitable way of measurement for bearer plants reporting, while the fair value measurement is more suitable for living animals in respect to fundamental principles of financial reporting.
Hana Bohušová works as associate pro-fessor in Finance at the department of accounting and taxation. She has been a lecturer in Accounting and Managerial Accounting. She is the author of several books and textbooks from the area of IFRS and harmonization of accounting. She is a successful solver of the project GA ČR P403/11/0849 „US GAAP and IAS/IFRS Convergence with respect to the ad-justment of methodical procedures of the financial analysis“. Currently she partic-ipates in solving the project GA ČR no. 15-24867S „Small and medium size enter-prises in global competition: Development of specific transfer pricing methodology reflecting their specificities“.
Patrik Svoboda was appointed as asso-ciate professor in Finance. As a member of the research team he participated into completed research projects founded by Czech Science Foundation (The Impact of Financial Reporting Harmonization for Small and Medium-sized Enterprises in Relation to the Income Tax Base Construc-tion and Convergence of U.S. GAAP and IAS/IFRS as a base for the development of a single financial reporting system and for the changes in methodological proce-dures of financial analysis). Currently he participates in solving the project GA ČR no. 15-24867S „Small and medium size enterprises in global competition: Deve-lopment of specific transfer pricing metho-dology reflecting their specificities”.