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International Accounting
 

FSBU 26/2020 – Capital Investments, and FSBU 6/2020 – Property, Plant and Equipment: The issues of application

Vol. 25, Iss. 4, APRIL 2022

Received: 16 December 2021

Received in revised form: 5 March 2022

Accepted: 17 March 2022

Available online: 15 April 2022

Subject Heading: NATIONAL STANDARDS OF ACCOUNTING AND REPORTING

JEL Classification: М41

Pages: 366–386

https://doi.org/10.24891/ia.25.4.366

Irina A. LISOVSKAYA Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russian Federation
lisovskaya_ia@mail.ru

https://orcid.org/0000-0001-8693-9729

Natal'ya G. TRAPEZNIKOVA Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russian Federation
nata-trapeznikova@yandex.ru

ORCID id: not available

Subject. This article considers certain aspects of accounting for fixed assets, the implementation of which may cause certain difficulties in accounting.
Objectives. The article aims to identify and analyze the ambiguous provisions of Federal Accounting Standards FSBU 6/2020 and FSBU 26/2020, which may cause practical difficulties at the stage of transition to the application of these standards, and find possible ways to solve the problems.
Methods. For the study, we used a systems analysis and generalization of legislative and regulatory documents, and research literature on the study subject.
Results. The article highlights the controversial issues in the field of fixed assets accounting caused by the conciseness or absence of separate regulations of FSBU 6/2020 and FSBU 26/2020, highlights the aspects of accounting that require the use of professional judgment, and formulates provisions that should be enshrined in internal accounting standards.
Conclusions and Relevance. Effective development of new methodological approaches to the recognition and subsequent reflection of capital investments and fixed assets will require expanding the scope of use of professional judgment. To solve this problem, it is necessary to improve the competencies of domestic specialists in the field of IFRS and expand the experience of applying professional judgment. The results of the study can be used in scientific and practical activities, training specialists in the field of accounting, and for the development of proposals for improving the Russian accounting methodology, focused on convergence with modern international practice.

Keywords: property, plant and equipment, capital investment, cost limit, inventory item

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