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International Accounting
 

Contemporary issues of subsequent measurement of fixed assets in accounting practices of the Russian entities

Vol. 18, Iss. 35, SEPTEMBER 2015

Received: 9 November 2015

Received in revised form: 3 December 2015

Accepted: 13 December 2015

Available online: 16 January 2016

Subject Heading: NATIONAL STANDARTS OF ACCOUNTING AND REPORTING

JEL Classification: 

Pages: 2-14

Druzhilovskaya T.Yu. Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation
tdruzhilovskaya@yandex.ru

Dryginkina V.A. Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation
tdruzhilovskaya@yandex.ru

Importance The article focuses on issues of fixed assets measurement.
     Objectives The research aims at systematizing the current challenges of subsequent measurement of fixed assets.
     Methods The research involves methods of analysis and comparison of principles for subsequent measurement of fixed assets as set forth in the Russian and international standards and various scientific views on the subject.
     Results We compared approaches to subsequent measurement of fixed assets as prescribed in the Russian and international standards. The research systematizes similarities and differences of methods for measuring fixed assets as stipulated in the Russian standards and new draft regulations on accounting of fixed assets. We explained trends in the development of approaches to measurement of fixed assets and identified relevant difficulties.
     Conclusions and Relevance There are similarities and differences in approaches to measurement of fixed assets as stipulated in the Russian and international standards. Specialists face certain difficulties in applying IFRS approaches to subsequent measurement of fixed assets as they require professional judgment. The draft regulation on accounting of fixed assets aligns methods for subsequent measurement of fixed assets and IFRS. However, there are still challenging aspects that induce comprehensive changes in the approach to measurement of assets under the Russian Accounting Standards. The findings are of applied and theoretical significance for financial accounting.

Keywords: fixed assets, subsequent measurement, accounting

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