Innovations in fixed asset accounting

Keywords: recognition, valuation, revaluation, depreciation, disposal of fixed assets


Subject. Fixed assets provide for various types of activities and make up a significant part of the assets of corporations. The growth and improvement of fixed assets characterise the quantitative and qualitative development of a corporation's technical equipment capacity and ensure its sustainable operation.
The requirements for the presentation and disclosure of accounting information are changing due to the challenges of the global and market economy. Therefore, it is important to consider issues related to the recognition, classification, evaluation, and presentation of economic activities related to the flow of fixed assets.
Methodology. The problems related to fixed asset accounting have been studied by many economists from Russia and abroad. A significant number of theoretical works that provoke discussions indicate the need for new approaches to the development of accounting policies and methods of fixed asset accounting in particular. Since corporations use the provisions of the Federal Accounting Standard No. 6/2020 “Fixed Assets”, FSBU 26/2026 “Capital Investments”, and international accounting standards and develop independently their own accounting methods, the accounting policy should be developed with the participation of specialists and people responsible for the presentation and disclosure of information.
Results and discussion. Recognition of a fixed asset item in accounting requires the expertise of specialists who can confirm that this item can be used in the ordinary activities of the company for a period exceeding 12 months and that it can deliver economic benefits. Groups of specialists and documents developed by a corporation to outline the conditions for the recognition of fixed asset items are established by bylaws. When recognising a fixed asset item, it is particularly important to determine inventory items and to group them. This is performed by the units of the organisation that ensure the ability of this item to bring economic benefits. If the items meet the conditions for the recognition of fixed asset items, the accountant determines the historical cost of the item. The application of the revalued cost of fixed asset items in accounting, based on the International Financial Reporting Standards (IFRS) 13 “Fair Value Measurement” and (IAS) 36 “Impairment of Assets”, ensures the reliability of financial statements. In case of assets that meet the recognition requirements, but whose value is below the limit established by a corporation, the control of the asset's availability and flow is also regulated by a bylaw.
Conclusions. The results of the study can be used by corporations to develop accounting policies related to the systematisation and disclosure of information on fixed assets.


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Author Biographies

Natalia G. Sapozhnikova, Voronezh State University

Dr. Sci. (Econ.), Full Prof.

Natalia S. Ponomarenko, Donetsk State University

Dr. Sci. (Econ.), Assoc. Prof.

Maria V. Tkacheva, Voronezh State University

Cand. Sci. (Econ.), Assoc. Prof.


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How to Cite
Sapozhnikova, N. G., Ponomarenko, N. S., & Tkacheva, M. V. (2023). Innovations in fixed asset accounting. Proceedings of Voronezh State University. Series: Economics and Management, (4), 128-143.
Accounting, statistics