Open AccessNOVATIONS OF LEGISLATION IN ACCOUNTING FIXED ASSET
Author(s) -
S.A. Polukhina
Publication year - 2022
Publication title -
vestnik udmurtskogo universiteta. èkonomika i pravo
Language(s) - English
Resource type - Journals
eISSN - 2413-2446
pISSN - 2412-9593
DOI - 10.35634/2412-9593-2022-32-1-56-61
Subject(s) - fixed asset , accounting , depreciation (economics) , historical cost , international financial reporting standards , fixed capital , accounting information system , business , gross fixed capital formation , financial accounting , mark to market accounting , balance sheet , working capital , finance , economics , production (economics) , financial capital , macroeconomics , capital formation , foreign direct investment , economic growth , human capital
Innovations and changes of approaches in accounting of fixed assets in accordance with the new Federal Accounting Standards of the Russian Federation (FSB) are considered. Fixed assets (OS) represent a non-current assets including the material form of modern technologies and innovations used in the production process and directly affects the cost of manufactured products. Adequate reporting of fixed assets is important for users. The innovations of legislative are contained in two new standards - FSB 6/2020 «Fixed Assets» and FSB 26/2020 «Capital Investments», and represent current steps to harmonize the domestic accounting of fixed assets with international financial reporting standards (IFRS). The article analyzes in detail the current PBU 6/01 "Accounting of fixed assets", legislative innovations and the main approaches of IFRS in terms of accounting and reporting of fixed assets. Legislative changes are structured and analyzed. Special emphasis is placed on the elements of harmonization of accounting and financial reporting for determining the limit of the cost of fixed assets, revaluation of fixed assets, the procedure for calculating depreciation of fixed assets. The main conclusion based on the results of the study allows us to assert that the financial statements formed according to the new rules will be significantly closer to the financial data of the organization's financial statements presented under IFRS.