INTERNATIONAL PRACTICE OF FIXED ASSET ACCOUNTING: COMPARATIVE ASPECT
Journal Title: Причорноморські економічні студії - Year 2018, Vol 28, Issue 2
Abstract
The main provisions of national accounting standards (NR(S)AU), international accounting standards (IFRS/IAS) and US Generally Accepted Accounting Principles (US GAAP), defining the accounting approach to fixed assets, have been analyzed in comparative perspective to improve the accounting of fixed assets. The analysis results show both common and distinctive accounting aspects of representing the information about fixed assets. They concern the definition and recognition of fixed assets, expenditures for their initial value formation, and expenditures for the maintenance, re-evaluation, depreciation and retirement of fixed assets. The authors recommend using principle-based standards supplemented by rule-based standards.
Authors and Affiliations
T. I. Dolishnia, I. B. Medvid
Keywords
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