Problems of Accounting for Investment Property according to both National and International Standards
Journal Title: Бізнес Інформ - Year 2016, Vol 3, Issue
Abstract
The article is aimed to analyze the theoretical and practical problems of accounting for investment property and formation on this basis of solutions tailored to the requirements of both national and international standards. The article examines the order of recognition, assessment and accounting in terms of investment property on the basis of domestic and foreign experience. Objective and subjective reasons have been identified, which contribute to the problems of accounting for investment property, namely: false reflection of objects as conventional fixed assets, complexity of the evaluation at fair value, difference between national and international accounting standards, etc. The article clarifies complexity of the practical implementation of ways to determine the fair value of investment property according to standards. Existence of differences between IFRS 40 and P(S)BU 32 has been identified in terms of accounting and reflecting in the reports investment property that leads to necessary transformation of financial statements. Solving of the allocated problems will allow more reliably reflect such assets in the financial statements in the future, generate relevant methodological recommendations for their accounting and to enhance the efficiency of their management.
Authors and Affiliations
Vitaliy Chudovets, Iryna Zhurakovska
Keywords
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