ASSESSMENT OF THE CURRENT LEGISLATION ON ACCOUNTING AND TAXATION OF FIXED ASSETS OF THE ENTERPRISE

Abstract

The article examines and analyzes the views of domestic and foreign scientists regarding the essence of the concept of “fixed assets” as an accounting and analytical category. The main differences in the interpretation of the term “fixed assets” in the current legal acts have been identified. On the basis of the conducted analysis, the concept of “fixed assets” is generalized. The system of normative legal acts on the regulation of accounting of fixed assets in Ukraine, a number of laws and normative acts regulating the organization of accounting at enterprises were considered. The goal of state regulation of accounting and financial reporting has been studied. Features of accounting and tax accounting of fixed assets are defined. Order № 73 of the Ministry of Finance of Ukraine “On approval of the National Regulation (standard) of accounting 1” General requirements for financial reporting was analyzed in comparison with Regulations (standards) of accounting 1–5. Order № 73 dated February 7, 2013 introduced new forms of financial reporting that are as close as possible to IFRS. Also, the difference between Regulation (standard) of accounting 7 “Fixed Assets” and IAS16 “Fixed Assets” is clarified and shown. It is found that the difference lies in the scope of application, the objects of assessment and the details of the cost assessment taken into account in these two normative documents, depending on the scope of the organizations that use them. It was determined that Regulation (standard) of accounting 7 “Fixed Assets” defines the methodological principles of forming in accounting information about fixed assets and other non-current assets, their classification, as well as disclosure of information about them in financial reporting. According to the results of the identified discrepancies, which prevent companies that keep records according to national standards, it is easier to enter the international market. it is proposed to bring national standards closer to international ones, and especially Regulation (standard) of accounting 7 “Fixed Assets”, this will allow to harmonize domestic accounting with international standards and reduce inconsistencies and problematic issues of accounting for fixed assets.