Importance The article considers the problem of observing the property, plant and equipment recognition criteria at all stages of their life cycle. The subject of the research is a set of criteria for fixed assets recognition and their impact on generating relevant reporting information. The article covers the study of the capability of fixed assets recognition to produce economic benefits. Objectives The objective of the study is to justify the need to confirm the ability of fixed assets to produce economic benefits as a condition of reporting information's relevance. Methods The paper presents a comparative study of draft RAS 6/01 "Fixed Assets Accounting" and the effective standard, accounting guidelines for fixed assets accounting and IAS 16 "Property, Plant and Equipment" using the methods of analysis, synthesis, logic, integrated approach, comparison, system and other cognitive methods. Results Based on the analysis of the current regulatory accounting framework of the Russian Federation, the authors have expanded the objectives of fixed assets accounting. The article includes the proposals to incorporate additional details into primary documents and accounting registers for fixed assets. In addition, the authors have developed an internal reporting form to assess the economic benefits of fixed assets usage. The formulated proposals may serve as the tools for building a mechanism of internal control over the observance of fixed assets recognition criteria. Conclusions and Relevance The authors conclude that impartial assessment of current and future economic benefits from the use of fixed assets at all stages of their life cycle is a basis of generating relevant accounting information.
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