Importance Currently, accounting for fixed assets is one of the most actual issues for the public sector in terms of keeping accounting records under the Russian GAAP and International Financial Reporting Standards. Objectives The objective of the research is to substantiate areas for improving the national and international principles for accounting of fixed assets in the public sector. Methods This research is based on comparison, synthesis, analysis, logic approach, systems approach, and analogies. Results I substantiate that the most vital issues of fixed assets accounting in the public sector constitute matters relating to depreciation of fixed assets, inability to recognize depreciation of the fixed assets at fair value in order to measure the above assets, accounting them within fixed assets held for sale. I recommend amending the rules for charging depreciation on fixed assets, mandatory recognition of depreciation on fixed assets, without posting assets held for sale to fixed assets. Furthermore, the article substantiates the proposals for developing and including regulatory documents on fixed assets accounting, i.e. standards on fair value measurement and requirements for accounting of non-current assets held for sale, into the Russian GAAP and IFRS. Conclusions and Relevance I prove the conclusions on the need to amend the regulations of the national and International Financial Reporting Standards in order to address the contemporary issues of fixed assets accounting. The proposals may be used to develop and improve the relevant accounting regulations. They also may prove useful for accounting departments in the public sector and in the educational process of higher educational institutions.
Keywords: fixed assets, Russian accounting regulations, draft federal standards, International Financial Reporting Standards, public sector entities
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