Specifics of fixed assets write-off of the federal state unitary enterprise the Federal Penitentiary Service of Russia and recording results in accounting books
Importance Due to specifics and complexity of applying the legislation on federal property writing-off, the issues of fixed assets write-off and their recording in accounting books of federal state unitary enterprises of the Federal Penitentiary Service of Russia have recently become more relevant. The existing accounting methodology for operations related to transfer of fixed assets from the balance sheet of one federal state unitary enterprise to the balance sheet of another federal state unitary enterprise based on the decision of the property owner does not allow to exercise control over the process of property transfer on the part of the General Analytical Subdivision of the Accounting Department of the Federal Penitentiary Service of Russia. Therefore, there is a need to develop a special technique of generating accounting entries in accounting books of the federal state unitary enterprises of the Federal Penitentiary Service of Russia. Objectives The objective of the paper is to define the procedure for writing-off federal property, the specifics of documenting economic operations, as well as a method of their recording in accounting books. Methods Using the methods of economic research, I analyzed the current legislation and existing practice of accounting records maintenance. On the basis of the analysis, I developed recommendations related to the technique of federal property write-off and recording the results in the accounting books of the federal state unitary enterprises of the Federal Penitentiary Service of Russia. Results I defined a clear-cut sequence and procedure for documenting economic operations related to federal property write-off. I present two options of recording written-off fixed assets from the balance sheet of federal state unitary enterprises of the Federal Penitentiary Service of Russia, when a fixed asset is withdrawn by the property owner and transferred to the balance sheet of another federal state unitary enterprise. Conclusions and Relevance For the purpose of more reliable reflection of the results of property transfer between federal state unitary enterprises of the Federal Penitentiary Service of Russia and strengthening control functions of the General Analytical Subdivision of the Accounting Department of the Federal Penitentiary Service of Russia, I propose to introduce a new account in the Chart of Accounts, i.e. Account 78 "Settlements in respect of allocated assets". I also propose the main accounting entries related to the new account application.
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