A new look at property, plant and equipment and approaches to their valuation in accounting and reporting of modern organizations

Abstract

The development of society inevitably affects the development of accounting and reporting. At present, the development of technology is accelerating, society is increasingly moving to electronic products and services and to remote space. All this, in our opinion, makes it necessary to take a fresh look at such an accounting object as property, plant and equipment. Due to the above changes, it would be advisable to review the approaches to the valuation of these assets in the accounting and reporting of modern organizations (including healthcare organizations). This article is devoted to presenting a new look at property, plant and equipment and approaches to their valuation in accounting and reporting that meet the requirements of modern times and the future development of society. When conducting research, such methods as analysis and synthesis, the method of analogies, comparison, the grouping method, the logical approach, the systematic approach were used. The research results obtained in this article can be applied in the practical work of the accounting departments of modern organizations, in the educational process of higher educational institutions and in the development and reform of relevant regulatory documents on accounting and reporting in various countries. The results presented in this paper will also be useful to a wide range of readers interested in modern problems of accounting and reporting of domestic and foreign organizations (including healthcare organizations).