Subject. This article focuses on the issues of initial and subsequent valuation of non-financial assets at Russian higher education institutions. Objectives. The article aims to analyze the provisions of the accounting policy of educational institutions for higher education in relation to the valuation of non-financial assets, compare them with the Federal Accounting Standards, identify problematic aspects, and determine the areas for their solution. Methods. The regulations on the accounting policy of twenty six higher education institutions of Russia in relation to the valuation of non-financial assets are the basis of the study. For the study, I used observation, comparison, generalization, and interpretation. Results. The article presents the results of the analysis of the composition of costs incurred by institutions in the process of creating an object of fixed assets. It also offers recommendations on the inclusion of interest expenses on long-term liabilities in the initial cost of non-financial assets during their construction (creation) using own resources and options for assessing the value of replaced (disposed) parts of fixed assets, and a methodology for their calculation. A list of expenses included in determining the initial cost of intangible assets created by higher education institutions on their own is also presented. Conclusions. To improve the accounting of transactions for the acquisition and creation of fixed assets, it is advisable to establish the procedure for allocating the costs of delivery of several fixed assets in the accounting policy of educational organizations, determine the methods of attributing additional borrowing costs, as well as establish the criterion for the materiality of such expenses. It is concluded that higher education institutions should have a unified methodology for accounting costs when carrying out regular scheduled overhauls, technical inspections and maintenance of fixed assets.