Economic Frameworks of Land Resources as Accounting Object

In the development of environmental economy the need for information increases that, allowing for quantitative and qualitative limits of natural resources, will enable the optimization of production process and minimization of negative effect on land as their main component. Therefore, the urgent is the issue of working out an adequate accounting system for use of land and other natural resources. The first step in this direction is enhancing the theoretical and methodological base of accounting, including that through the implementation of evidence-based identification of its objects. The article provides the summary of main approaches to the concept of 'land resources' as an accounting object based on their specific characteristics (bounded territories, fertility and renewal ability). The necessity of identifying the land as an integrated system (natural capital) data which is complexly formed in accounting and that contains the land parcels information, capital expenditure on land improving, perennial plants, biological assets and rights to usage of natural resources has been grounded. According to the author, this approach will allow enhance of accounting information quality, which would consequently provide effective decision-making on land use.