NON-CURRENT ASSETS FOR SALE AS A NEW OBJECT OF ACCOUNTING: BASIC ISSUES OF RECOGNITION, VALUATION, ACCOUNTING AND REPORTING

The ongoing reform of the national accounting system in our country, due to the need for integration into the world economic community, adaptation and approximation to the requirements of international financial reporting standards (IFRS) has caused the need for a significant revision of a significant number of legal acts relating to accounting and accounting reporting. First of all, it affected at the Federal accounting standards (PBU). One of the latest changes adopted in PBU 16/02 “information on discontinued operations” led to the introduction of a new object into the Russian accounting system — non-current assets for sale. This document discloses the content of the concept of “non-current assets for sale” and establishes the rules for their evaluation at recognition and after it, describes the requirements for disclosure in the accounting (financial) statements. However, it does not provide a method of reflection of these objects on the accounts. This article is devoted to the study and critical analysis of key provisions of the document and other documents which, in varying degrees, will relate to accounting matters new assets of the organization but also the elaboration of possible requirements for reporting of long-term assets for sale in the accounts. The author established that the procedure for assessing non-current assets for sale in their recognition and subsequent accounting has no significant differences from the procedure provided for in international practice, and proposed options for the methodology that can be used by organizations to reflect transactions with these assets in accounting.

Federal accounting standard, measurement, non-current assets for sale, inventories, fixed assets, fair value, discontinued operations, book value, costs of purchase.

Yazykova S. V. Non-current assets for sale as a new object of accounting: basic issues of recognition, valuation, accounting and reporting. Business. Education. Law, 2020, no. 1, pp. 192–195. DOI: 10.25683/VOLBI.2020.50.127.