Features and differences in accounting for fixed assets according to national and international accounting standards
Journal Title: Економіка. Фінанси. Право - Year 2019, Vol 1, Issue
Abstract
Introduction. In the process of economic activity, the fixed assets of the enterprise occupy a prominent place, since they have a direct and significant influence on the efficiency of activities and financial results of economic entities. Integration processes in the economy are the transition to the improvement and modernization of the national economy and the active implementation of international accounting standards. Purpose. The purpose of this work is to study the features of accounting for fixed assets in accordance with national and international accounting standards and the allocation of common rules and differences between them. Results. The methodology for accounting for fixed assets and the presentation of accounting information in the financial statements of enterprises is regulated by the standard of accounting 7 "Fixed assets". General accounting rules for fixed assets are reflected in International Accounting Standard 16 "Fixed Assets". In this work, the research and analysis of the features and differences of the accounting of fixed assets in accordance with national and international accounting standards was conducted. In the course of the study, it was found that these provisions have similar rules and are different. International standards are the basis for national standards. Their difference is due to the peculiarities of the national economy. The international activity of companies leads to a gradual transition to international accounting and financial reporting standards. It helps to increase the competitiveness of companies and the high level in the world market. Therefore, continuous improvement of accounting is important. Consequently, their rational use, the correctness of accounting and the implementation of international practice is a guarantee of achieving high financial performance. Conclusion. Each state has certain economic features. Therefore, the accounting of fixed assets differs from international practice as well. Consequently, the transition to international standards will improve the quality of accounting information and enhance its usefulness.
Authors and Affiliations
Olena Valeriivna Kostiunik, Tetiana Serhiivna Chaikovska
Keywords
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