Comparative characteristics of accounting of fixed assets according to national and international standards

Abstract

The article examines the existing accounting approaches to determining the essence, assessment, order of reflection in the accounting records of companies and disclosure in financial statements of information on fixed assets as a component of non-current (long-term) assets according to national and international accounting standards (international financial reporting standards).

The purpose of the study is to compare the existing requirements of the national and international practice of the accounting policy of fixed assets of the enterprise: definition of fixed assets, the structure of the formation of the initial cost, maintenance costs, methods of calculating depreciation and the order of disposal, identifying common features and differences in the accounting system in order to achieve harmonization of accounting in the world spacious

A comparison of the requirements of domestic legislative norms with international standards regarding the recognition and determination of fixed assets, the procedure for forming the initial value of objects, revaluation methods, the procedure for writing off fixed assets from the company's balance sheet, methods for calculating the depreciation of fixed assets and displaying information about fixed assets in the company's financial statements was carried out . The dependence of the separation of low-value non-current material assets from the composition of fixed assets on the established criterion of "materiality" and their write-off for enterprise expenses is established. The absence of the concept of "non-production fixed assets" in the international standards, which is common in national legislation, of the division of fixed assets into classes for accounting purposes was revealed. The division of the object of fixed assets into components for the purpose of calculating depreciation is considered. Differences in methods of calculating depreciation according to national and international accounting standards, revaluation methods and features of determining fair value according to international practice are analyzed.

Ways of harmonizing national and international standards in terms of fixed assets, which require clarification and detailing in order to improve the efficiency of operations and the financial condition of the enterprise, are proposed. The results of the conducted research have theoretical and practical value, because in the conditions of youth mobility, workload of practicing accountants and other specialists, there is a need for a wider coverage of practical aspects of accounting according to international standards and can be used in the accounting process of enterprises making the transition to international accounting practice.