Tax Accounting of an Organizations Fixed Assets

Abstract

The article discusses the main elements of the depreciation policy of an organization, since the new Federal Accounting Standard FSB 6/2020 “Fixed Assets” became mandatory for application starting from January 1, 2022. Fixed assets are part of the non-current assets of an organization, they are used for a long period of time as work equipment of the enterprise and are an integral part of the production and economic activities of the organization, taking into account the analysis of the effectiveness of their use. Therefore, this topic is very relevant and topical in the light of the current import restrictions in the country. The comparative characteristics of depreciation accrual according to the rules of accounting and tax accounting are considered. The methods of depreciation calculation are described in detail in specific cases, taking into account all the innovations in accounting and tax accounting in 2022. A definition of the concept of non-current assets, namely fixed assets and depreciation charges is given. The methods used to calculate depreciation charges are described, the useful life of non-current assets: how to establish it and what it can depend on is also considered. The interpretation of the concepts of evaluation of fixed assets, namely initial, restorative, fair and liquidation evaluation, is given. Despite the fact that the topic has been studied, some issues in the treatment of fixed assets in the current standard remain debatable.