Subject The article considers the whole set of theoretical, methodological and practical issues of reporting the information about fixed assets at various stages of their life cycle under the requirements of International Financial Reporting Standards. Objectives The study aims to review the organization and methods of accounting and measurement of fixed assets at various life cycle stages based on IFRS approaches. Methods The study employs general scientific principles and research methods, i.e. analysis and synthesis, induction and deduction, systematization of conceptual framework for reporting the information about fixed assets in accounting books and financial statements. We also use methods of observation, grouping and comparison as part of an integrated approach. Results We developed a grouping of facts of economic life by basic stages of fixed assets' life cycle; offered the systematization of the types of valuation by stages of Property, Plant and Equipment life cycle considering the IFRS requirements. This will significantly expand the possibilities of using the information about the target of research, and improve the quality of financial reporting in general to make effective decisions. Conclusions One of the most important problems of Russian companies functioning on the market is a relatively high degree of physical and moral depreciation of fixed assets, the need for their timely replacement, maintenance cost saving and investment policy optimization. Therefore, it is necessary to perfect the information base by keeping records of fixed assets by stages of their life cycle to be consistent with the general management concept.
Keywords: fixed assets, life cycle, IFRS
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