The Procedure of Diminishing Utility of Fixed Assets: Organizational-Methodical Aspects
Journal Title: Бізнес Інформ - Year 2016, Vol 8, Issue
Abstract
The article is concerned with studying existing approaches to formalization of the procedure of depreciation of assets, in particular fixed assets, and their further developing. It is found that the proposed approaches to formalizing the procedure of diminishing utility are largely duplicative and don't solve the problems (obstacles) specified, which prevent implementation the of P(S)A 28 «Diminishing utility of assets» into practice. The author's own approach to organization and methodology of implementing the procedure of devaluation has been proposed. This approach is provided in form of a structurally-logical schema, where the basic and interconnected four stages are allocated and substantiated. The need to refine and harmonize the domestic terminology of accounting concerning definiendum and definiens of the definition of «book (net book) value» has been specified that will make possible to overcome a certain inconsistency and observe the requirement of internationality when building up terms, and will also appear as progress towards convergence of national and international standards. The necessity of amending the feature of the bill 13 «Wear and tear (depreciation) of non-current assets» and its supplementing by the second order bill 136 «Losses from diminishing utility» with correspondence on the loan with the debit of the bill 97 «Other expenses» has been substantiated.
Authors and Affiliations
Olesia Iatsunska
Keywords
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