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International Accounting
 

Identification of fixed assets: The accountant’s professional judgment

Vol. 19, Iss. 23, DECEMBER 2016

PDF  Article PDF Version

Received: 5 August 2016

Received in revised form: 7 September 2016

Accepted: 10 October 2016

Available online: 20 December 2016

Subject Heading: FINANCIAL ACCOUNTING

JEL Classification: E22, G01, G14, G17

Pages: 19-32

Tuyakova Z.S. Orenburg State University, Orenburg, Russian Federation
ogubua@mail.ru

Satalkina E.V. Orenburg State University, Orenburg, Russian Federation
elena.satalkina@mail.ru

Importance The article reviews issues of identifying items of fixed assets to be recognized in accounting records (for financial and tax purposes) and statistics.
Objectives The research systematizes issues and determines the scope of the accountant’s professional judgment when identifying accounting observation items as fixed assets.
Methods The research involves general scientific principles and methods, i.e. analysis, synthesis, systematization of theoretical principles and practices of identifying fixed assets in accounting.
Results We systematized approaches to authenticating fixed assets as items of accounting and statistical observation in terms of professional judgment. We analyzed its influence and determined its scope in the primary identification procedure in the contemporary accounting practice, indicating possible solutions to the current issues.
Conclusions and Relevance Primary identification of accounting observation items as fixed assets and relevant issues have not been sufficiently examined in terms of the professional judgment concept. Whereas there is no imperative definition of fixed assets in national and foreign practices, difference in terminology used in accounting and statistical observation, it becomes a good reason to form professional judgment to recognize items of fixed assets. The results can be used in accounting practices of various sectors.

Keywords: professional judgment, fixed assets, accounting

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