Abstract
The content
- Introduction
- 1. Theme urgency
- 2. Goal and tasks of the research
- 3. The essence and content of fixed assets as an accounting object
- Conclusion
- References
Introduction
The production and economic activities and financial position of enterprises are formed under the influence of various factors and conditions, which include the level of supply of fixed assets, the effectiveness of their use, the degree of depreciation, the correctness of the assessment.
Rational exploitation of fixed assets is an important factor in the cost of production, that is, the total costs of production, and the taxation of the enterprise, directly affects the final financial result of the activity.
1. Theme urgency
The relevance of the topic is the need to properly reflect the transactions associated with fixed assets in the accounting, in the conditions of a sharp change in the legislative base of accounting and tax accounting. In our region, the topic is especially relevant for coal industry enterprises, where it is possible to ensure certain rates of development and increase production efficiency on the condition of intensification of reproduction and better use of existing fixed assets and production capacities of mines.
2. Goal and tasks of the research
The purpose of the work is to show the specifics of the organization and technology of the accounting process of operations with fixed assets in the conditions of the state enterprise of mine them. Zasyadko. Identify problems, shortcomings and contradictions in their accounting, as well as develop recommendations for eliminating identified problems and clarifying concepts in accounting for fixed assets. And also to show the procedure for auditing the accounting of fixed assets.
To achieve the goal, the following tasks are set:
1.To reveal the essence of fixed assets as an accounting object;
2.Show legislative regulation of accounting of fixed assets;
3.No clarify the state of the problem in the accounting of fixed assets and give recommendations on improving the accounting;
4.To show how the primary, analytical and synthetic accounting of fixed assets is organized in the conditions of the state enterprise of mine them. Zasyadko.
The subject of the work is a set of theoretical, methodological and practical issues related to accounting for fixed assets at the enterprise.
3. The essence and content of fixed assets as an accounting object
Accounting is regulated by the Law of the Donetsk People's Republic on accounting and financial reporting, which was adopted by the People's Council Decree of 27.02.2015 [7].The law defines the main terms, the scope of the law, the basic principles of accounting and financial reporting, the currency of accounting and reporting, the state regulation of accounting and reporting, the organization and management of accounting, primary accounting documents and accounting registers, also regulates the forms of financial statements and the procedure for preparing consolidated statements and international reporting.
Economic entities maintain accounting records and compile financial statements in the monetary unit of the DPR. Unless otherwise established by law, the value of accounting objects, expressed in foreign currency, is to be recalculated into the currency of the DPR.[7]
The order of accounting for fixed assets in the DPR is regulated by the Accounting Regulation 7 "Fixed Assets", adopted on May 18, 2000. During the existence of the standard, a number of changes were made to it
In accordance with Regulation (standard) accounting 7 "fixed assets" - the tangible assets that the enterprise contains for the purpose of using them in the production or supply of goods, the provision of services, leasing to others or for the performance of administrative and socio-cultural functions, the expected period the useful use (operation) of which is more than one year (or the operational cycle, if it is more than a year).[8]
The item of fixed assets is a complete device with all accessories and accessories for it, or a separate structurally separate object intended for performing certain independent functions, or a separate complex of constructively connected objects of one or a different purpose, having for their service common devices, accessories, controls and a single foundation , due to which each object can perform its functions, and the complex - a certain work only as part of the complex, and not yourself.
Picture 1 – Fixed assets
If one item of fixed assets consists of parts that have different useful life (operation), then each of these parts can be recognized in accounting as a separate item of fixed assets.
One of the conditions for the correct organization of accounting for fixed assets is their classification.
There are many approaches to the classification of fixed assets:
In accordance with the Chart of Accounts: OS: investment property; land; capital costs for land improvement; buildings and constructions; cars and equipment; means of transport; tools, instruments and inventory; animals; perennial plantations; other fixed assets. MNMA: library funds; low-value non-negotiable tangible assets; temporary (non-title) structures; Natural resources; inventory; articles of hire; other non-negotiable tangible assets.[9]
By appointment in the business of activity: Production; non-productive.
By branches of the national economy: Industry, agriculture, forestry, transport, communications, construction, trade, housing and communal services, supply and sale, health care, etc.
By the degree of use in production and economic activities: OS, in reserve, in operation, for conservation, in leasing.
By ownership: Own and leased.
Depending on the degree of impact on the subject of work: Active and passive.
Consider the criteria for recognition of fixed assets in accounting. An item of property, plant and equipment is recognized as an asset if: it is probable that the entity will receive future economic benefits associated with the use of the facility; the value of the asset can be reliably determined; materiality (they have a material form); purpose (are for the purpose of using them in the production or supply of goods, the provision of services, leasing to others or for the implementation of administrative and socio-cultural functions); the useful life of more than a year (or the operational cycle, if it is more than a year).
According to Regulation (standard) accounting 7 "fixed assets" the acquired (created) fixed assets are transferred to the balance of the enterprise at the initial cost. The unit of fixed assets accounting is the item of fixed assets.
The historical cost is the historical (actual) cost of non-current assets in the amount of cash or the fair value of other assets paid (transferred) expended for the acquisition (creation) of non-current assets.
Figure 1 - Classification of fixed assets (animation: 13 frames, 88.7 kilobytes)
The initial value of the item of fixed assets consists of the following costs:
the amounts paid to suppliers of assets and contractors for the performance of construction and installation works (without indirect taxes);
expenses on insurance of risks of delivery of fixed assets;
other costs directly related to the transfer of fixed assets to the state in which they are suitable for use for planned purposes.
Financial expenses are not included in the initial value of fixed assets purchased (created) in full or in part from borrowings (excluding financial expenses included in the cost of qualifying assets in accordance with Regulation (standard) accounting 31 "Financial Expenses").[10]
The procedure for reassessing fixed assets and other non-negotiable tangible assets is established by Regulation (standard) accounting 7 "fixed assets".
Revaluation of fixed assets - bringing the residual value of the item of fixed assets in accordance with its fair value.
Revaluation of an item of property, plant and equipment may be carried out provided that its residual value (according to the accounting records) is significantly different from the fair value at the balance sheet date. Enterprises have the right to independently determine the size (boundary) of materiality and, accordingly, to decide on the appropriateness of revaluation. It is advisable to establish the size of materiality separately for each group of fixed assets in the Regulation on the accounting policy of the enterprise (for example, 10% deviation of the residual value of fixed assets from their fair value or 1% of net profit).
The liquidation of fixed assets by the decision of the enterprise occurs, as a rule, as a result of a mismatch of an item of fixed assets to the established criteria for recognizing an asset, for example - due to physical and moral aging, unfitness to subsequent exploitation.
In the event of the liquidation of fixed assets in accordance with the decision of the enterprise or on circumstances independent of it (fixed assets (their parts) are stolen, destroyed or liquidated) or the enterprise is forced to refuse to use these fixed assets as a result of threat or inevitability of their replacement, destruction or liquidation , in the reporting period in which such circumstances arise, the enterprise increases costs by the amount of the depreciated value, less the amount of accumulated depreciation of the particular OS object. The depreciation is not subject to depreciation and is fully included in expenses for the reporting period, expenses for the liquidation of fixed assets.
Elimination is possible under the following circumstances:
at the initiative of the enterprise;
for reasons independent of the enterprise.
The law of the NDP on accounting and financial reporting provides for the possibility of maintaining reports in accordance with IFRS.
IAS 16 "Property, Plant and Equipment" is the main international standard governing the accounting of fixed assets [11]. It also regulates the procedure for identifying cases of impairment of assets and the approach to recording impairment of assets in accounting and reporting, the international standard of IAS 36 "Impairment of assets" [12].
The standards of IAS 16 and Regulation (standard) accounting 7 "fixed assets" apply the same criteria to the recognition of an object as an asset and a fixed asset. In determining the term "fixed assets" in Regulation (standard) accounting 7 "fixed assets", socio-cultural functions have been added to the purposes of use.
Conclusion
Fixed assets are one of the most important economic categories, the essence of which scientific thought has been exploring for many centuries. Fixed assets are tangible assets that the enterprise holds for the purpose of using them in the production process, the supply of goods, the provision of services, leasing to others, or for the performance of administrative and socio-cultural functions, the expected lines of useful use (operation) of which are more than one year (or the operating cycle, if it is more than a year).
Fixed assets are an integral part of the organization and operation of any enterprise. At the time of the establishment of the enterprise, its starting capital is embodied in the assets invested by the founders (participants) and represents the value of the enterprise's property.
To date, there are a number of unresolved problems and issues related to a clear legal regulation of the accounting of financial and economic activities of enterprises, including fixed assets, recently legislative and regulatory regulation is undergoing significant changes in order to improve all systems. Enterprises need to closely monitor all legislative and regulatory changes regarding accounting and financial reporting in order to prevent violations of accounting and reporting requirements.
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