Importance The problems of application and measurement of such accounting objects as non-current assets held for sale are the most relevant for both the present-day Russian and international accounting practices. Objectives The objective of the research is to substantiate the areas of improvement of Russian and international regulations to the extent applicable to use and measurement of the said accounting object. Methods On the basis of a critical analysis of the existing Russian and International Accounting Standards, I identified the present-day problems related to application and measurement of non-current assets held for sale, and the ways of their solution. Results The study substantiates the need and the possibility to introduce a new accounting object in the Russian accountancy, i.e. non-current assets held for sale. The article includes a definition of the real economic substance of the said accounting object. I provide a rationale for necessary changes in the national Chart of Accounts of financial and economic activity of organizations and in other Russian accounting regulations, and offer proposals on improving regulations on International Financial Reporting Standards relating to valuation of non-current assets held for sale. I also substantiate recommendations on developing the Russian Federal Accounting Standard, which will include all necessary requirements to these assets valuation, and comply with the provisions of Federal Law "On Accounting" of December 06, 2011 ? 402-FZ. Additionally, I propose to develop federal accounting standards that will meet the requirements of the above-cited law and relate indirectly to the valuation of non-current assets held for sale. The article provides recommendations for creating a full set of rules for these assets valuation in Russian accounting practice. Conclusions and Relevance I substantiated the conclusions that the presented proposals aim at improving the regulations on Russian and International Financial Reporting Standards to increase the reliability of accounting and reporting information of organizations generated on their basis. The proposals formulated in the article may serve as a tool for developing and improving respective statutory documents on accounting. Accounting organizations may use the proposals in their practical work, and higher educational institutions may apply them in the training process.
Keywords: non-current assets held for sale, new accounting object, valuation, Russian accounting regulations, International Financial Reporting Standards
References:
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