Accounting Policy for Accounting for Fixed Assets in accordance with the RAS Draft “Fixed Assets”

• Main Author: VALENTINA A. Sitnikova
• Format: Article
• Language: Russian
• Published: Government of Russian Federation, Financial University 2019-01-01
• Series: Учёт. Анализ. Аудит
• Subjects: проект рсбу «основные средства»; проект федерального стандарта бухгалтерского учета «основные средства»; основные средства; учетная политика; учетная политика в целях бухгалтерского учета; rsa draft “fixed assets”; fsa draft “fixed assets”; fixed assets; accounting policies; accounting policies for accounting purposes
• Online Access: https://accounting.fa.ru/jour/article/view/159

For the reporting for 2019 and further periods it is planned to put into practice the Federal Accounting Standard (FSA) “Fixed Assets”. The draft standard was then revised to take into account the results of examination of the Council on Accounting Standards of the Ministry of Finance of the Russian Federation. The impact of the above document’s provisions on the internal regulations of organizations is obvious, underscoring the relevance of the article. The article analyzes the provisions of the FSA draft “Fixed assets” from the standpoint of the formation of the accounting policy’s provisions for accounting of fixed assets. It identifies the provisions which should be developed by organizations themselves to be incorporated in their internal documents. The article suggests some options for solutions that can be taken into account when forming the organization’s accounting policies for 2019.