This part of the accounting policy defines the features of reflecting accounting objects in the accounting and financial statements of an organization (entrepreneur), within the framework of the current accounting legislation, national (FSBU) and international (IFRS) standards.

1. Fixed assets

1.1. Composition and cost limit

Fixed assets include objects intended for use in the production of products (when performing work or providing services), for the management needs of the organization, or for provision by the organization for a fee for temporary possession and use or for temporary use for a long time (over 12 months or normal operating cycle if it exceeds 12 months).

As part of fixed assets, an organization has the right to take into account objects intended for:

1. for use in the production of products, when performing work or providing services;
2. for the management needs of the organization;
3. for provision by an organization for a fee for temporary possession and use or for temporary use;
4. for use over a long period of time (over 12 months or the normal operating cycle if it exceeds 12 months).

An important requirement for accounting for an object as part of fixed assets is that there is no intention of its subsequent resale.

In addition, a necessary condition is the ability of an item of fixed assets to bring economic benefits (income) to the organization in the future. This condition is closely related to the fixed asset.

Non-profit organizations should accept an object for accounting as fixed assets if it is intended:

• for use in activities aimed at achieving the goals of creating this non-profit organization, including business activities;
• for the management needs of a non-profit organization.

It is also necessary to fulfill other requirements established in paragraphs. "b" and "c" clause 4 PBU 6/01

The organization has the right to set a cost limit in relation to fixed assets in any amount but not more than 40,000 rubles per unit (inventory item

At the same time, it is important to determine the procedure for accounting for objects costing less than the limit established by the organization, as well as to establish measures to ensure the safety of these objects in production or during operation and to organize proper control over their movement.

Objects with a cost less than the limit established by the organization may be reflected in accounting and financial reporting:

• as part of inventories;
• as part of fixed assets with 100% depreciation (simultaneously with commissioning);
• by writing off the cost of the fixed asset and reflecting it as part of the costs (simultaneously with commissioning).

1.2. Inventory object

The minimum accounting unit for fixed assets is an inventory item.

If one object has several parts whose useful lives differ significantly, each such part is accounted for as an independent inventory item. In this case, materiality criteria should be established.

If the component does not form a separate inventory item, then the question arises of how to technically organize separate depreciation charges, etc., in accounting.

If the component is an inventory item, then a fixed asset item may consist of multiple inventory items.

There is a need to provide more detailed guidance on the following issues:

• component accounting,
• reserve for dismantling and liquidation,
• determination of liquidation value taking into account regular audits and major repairs.

And also for questions? How:

1. Use of the term “at historical” or “at cost” or “at cost” to refer to the accounting model at historical cost less accumulated depreciation and accumulated impairment losses.
2. Checking for impairment (if any) of fixed assets: mandatory standard or choice of the organization.
3. Options for transferring additional capital to retained earnings are similar to IFRS or a specific established uniform procedure. If there is a single order, then determine the option.
4. Exclusion of the depreciation method based on the sum of numbers of years from PBU. The ability for an organization to independently develop its own depreciation methods to most accurately reflect the pattern of consumption of benefits from an asset.
5. Accrual of depreciation from the month following the date of commissioning, or accrual of a monthly rate in the first month of use, regardless of the specific date of commissioning, according to the IFRS approach.

1.3. Main groups of OS objects

In order to ensure accounting and reporting, control over the operation and movement of fixed assets, their timely renewal, as well as rational calculation of depreciation, determine the following groups of homogeneous objects of fixed assets of the organization:

1. Buildings, structures.
2. Working and power machines and equipment, measuring and control instruments and devices.
3. Computer Engineering.
4. Other fixed assets.

1.4. Useful life

The useful life is the period during which the use of an item of fixed assets brings economic benefits (income) to the organization. For certain groups of fixed assets, the useful life is determined based on the quantity of products (volume of work in physical terms) expected to be received as a result of the use of this object

The useful life of fixed assets (by main groups) is determined based on:

Expected physical wear and tear, depending on the operating mode (number of shifts), natural conditions and the influence of an aggressive environment, repair system - according to group: 1. Buildings, structures, 2. Workers and power machines and equipment, measuring and control instruments and devices.

The expected period of use of this object in accordance with the expected productivity or power - according to gr. 3. Computer technology and 4. Other fixed assets.

1.5. Depreciation of fixed assets

In accounting, when calculating depreciation for a group of similar fixed assets throughout their entire useful life, use the following methods:

• Linear method - according to group: 1. Buildings, structures, 2. Working and power machines and equipment, measuring and control instruments and devices.
• Declining balance method - according to gr. 3. Computer technology.
• The method of writing off the cost by the sum of the numbers of years of useful life - according to gr. 4. Other fixed assets.

1.6. OC assessment, under contracts with non-monetary payment

The initial cost of fixed assets received under agreements providing for the fulfillment of obligations (payment) in non-monetary means shall be recognized as the value of assets transferred or to be transferred by the organization. The value of assets transferred or to be transferred by an organization is established based on the price at which, in comparable circumstances, the organization usually determines the value of similar assets. At the same time, due to the current economic situation in the country, only transactions of the current year can be compared.

If it is impossible to determine the value of assets transferred or to be transferred by the organization, the value of fixed assets received by the organization under contracts providing for the fulfillment of obligations (payment) in non-monetary means is determined based on the cost at which similar fixed assets are acquired in comparable circumstances. At the same time, in accordance with the characteristics of the organization’s activities, only transactions of the previous quarter are subject to comparison.

Acceptance for accounting of fixed assets received under agreements providing for the fulfillment of obligations (payment) in non-monetary funds is reflected in the debit of the fixed assets account in correspondence with the credit of the account for investments in non-current assets.

1.7. Low value assets

Low-value assets in respect of which the criteria for classifying them as fixed assets are met, while their value is less than the limit established in the accounting policy of the organization, but not more than 40,000 rubles. per unit, reflected in accounting and financial statements as part of inventories.

2. Intangible assets

2.1. Composition of the organization's intangible assets

As part of the organization's intangible assets, take into account: works of science, literature and art; programs for electronic computers; inventions; utility models; breeding achievements; production secrets (know-how); trademarks and service marks. as well as business reputation arising in connection with the acquisition of an enterprise as a property complex (in whole or part thereof).

The composition of intangible assets also takes into account business reputation that arose in connection with the acquisition of an enterprise as a property complex (in whole or part thereof).

In this case, the conditions established in paragraph 3 of PBU 14/07 must be simultaneously met.

2.2. Main groups of intangible assets

For the purposes of accounting and reporting, as well as ensuring control over the movement of intangible assets, determine the following main groups of homogeneous intangible assets of the organization:

1. Works of science, literature and art.
2. Programs for electronic computers and inventions.
3. Utility models.
4. Other intangible assets

2.3. Unit of accounting for intangible assets

The accounting unit for intangible assets is an inventory item.

It is necessary to specifically determine the features of accounting for complex intangible assets, including several protected results of intellectual activity, and establish materiality criteria.

.

2.4. Useful life of an intangible asset

The useful life of an intangible asset, the period expressed in months during which the organization expects to use it for the purpose of obtaining economic benefits, is determined based on:

The validity period of the organization’s rights to the result of intellectual activity or a means of individualization and the period of control over the asset.

The expected life of an asset over which the entity expects to receive economic benefits.

Responsibilities for determining the useful life of fixed assets are assigned to a permanent commission.

2.5. Amortization of intangible assets

Determination of the monthly amount of depreciation deductions for intangible assets is carried out in the following ways:

• linear - according to group: 1. Works of science, literature and art, 4. Other intangible assets;.
• reducing balance - according to gr. 3. "Utility models" and 2. "Programs for electronic computers and inventions."

2.6. Valuation of intangible assets acquired not for cash

The initial cost of an intangible asset acquired under an agreement providing for the fulfillment of obligations (payment) not in cash is determined based on the value of the assets transferred or to be transferred by the organization.

The value of assets transferred or to be transferred by an organization is established based on the price at which, in comparable circumstances, the organization usually determines the value of similar assets.

If it is impossible to determine the value of assets transferred or to be transferred by an organization under such agreements, the value of an intangible asset received by an organization is established based on the price at which similar intangible assets are acquired in comparable circumstances.

At the same time, due to the current economic situation in the country, only transactions of the current year are subject to comparison.

3. Inventories (inventories)

3.1. Composition of the organization's inventories

As part of the organization's inventories, take into account the following assets:

• used as raw materials, materials, components in the production of products intended for sale (performance of work, provision of services);
• intended for sale;
• used for the management needs of the organization.

At the same time, finished products are part of inventories intended for sale.

Part of inventories also includes goods purchased or received from other legal entities or individuals and intended for sale.

3.2. Main groups (types) of inventories

For the purpose of accounting and reporting, as well as ensuring control over the movement of inventories, determine the following main groups and types of homogeneous inventories of the organization:

1. Raw materials and supplies.
2. Purchased semi-finished products, components.
3. Designs and details.
4. Other inventories.

3.3. Inventory accounting unit

In order to generate complete and reliable information about inventories and ensure proper control over their availability and movement, as well as, taking into account the nature of inventories, the procedure for their acquisition and use, the following units of accounting for inventories are established:

1. for group 1. Raw materials and materials - the consignment;
2. for groups 2. Purchased semi-finished products and 3. Components - item number;
3. for group 4. Other inventories - homogeneous group.

3.4. Method for assessing inventories when released into production and other disposal

When releasing inventories (except for goods accounted for at sales value) into production and otherwise disposing of them, they are assessed by groups and types of inventories during the reporting year in the following ways:

1. at average cost:
   - according to gr. 1. Raw materials and materials;
2. at the cost of each unit:
   - according to gr. 2. Purchased semi-finished products and 3. Components;
3. at the cost of the first acquisition of inventories (FIFO method):
   - according to gr. 4. Other inventories.

3.5. Accounting for transport and procurement work

The organization's costs directly related to the process of procurement and delivery of materials to the organization constitute transportation and procurement costs (TPC). They are taken into account by directly (directly) including material and equipment in the actual cost of inventories.

When carrying out trading activities, the costs of procuring and delivering goods to central warehouses (bases), incurred until they are transferred for sale, are included in the composition of sales expenses, with them reflected in account 44 “Sales expenses”.

3.6. Container accounting

The presence and movement of all types of containers (except for those used as household equipment), as well as materials and parts intended for the manufacture of containers and their repair (parts for assembling boxes, barrel staves, hoop iron, etc.) should be reflected in the subaccount "Containers and container materials" "account 10 "Materials".

Keep records of containers according to the following types:

1. Wood containers
2. Plastic containers and glass containers
3. Cardboard containers
4. Other types of containers

Due to the presence in the organization of a significant range of products and the high turnover rate of containers and (or) container materials, synthetic and analytical accounting of containers is carried out in accounting prices.

Reusable packaging, for which deposit amounts are established in accordance with the terms of the contract, should be taken into account at deposit prices.

3.7. Valuation of goods in retail trade

When an organization carries out retail trade, the purchased goods are assessed at sales prices. In this case, the difference between sales and purchase prices is taken into account in account 42 “Trade margin”.

4. Other accounting objects

7. Cost accounting

7.1. Cost classification

Costs incurred by the organization, depending on their nature, are divided into production and non-production (commercial, related to the sale of products).

Depending on the method of including costs in the calculation when creating costs for the corresponding type of product (work, service), divide them into direct and indirect.

In order to generate the necessary information to identify the actual costs of manufacturing and selling certain types of products, work performed, services rendered, determine the actual cost of production of the finished product, unit of product, as well as for the purposes of planning (forecasting), costs are grouped by cost items (calculation cost items ). The basis for grouping is the economic homogeneity of costs according to their intended purpose (place of origin, cost carrier - a specific type (group of products, works, services).

See "Classification of costs for the production of products and their sale, performance of work, provision of services"

7.2. Direct costs

In the accounting work of an organization, direct costs include those that are subject to direct inclusion in the costs associated with the production of a specific type of product, work, service (technological process).

Costs of raw materials, materials, fuel, energy, natural resources, etc. Material and production resources, when they are used simultaneously for the manufacture of several types of products, performance of work, provision of services, are also considered as direct costs.

Provide the following grouping of direct cost items:

1. Returnable waste (subtracted);
2. Fuel and energy for technological purposes;
3. Costs of remuneration of workers directly involved in the process of production, performance of work, provision of services;
4. Contributions for social needs;
5. Expenses for preparation and development of production;
6. General production expenses;
7. General running costs;
8. Losses from marriage;
9. Other production costs.

7.3. Indirect costs

Under indirect costs refers to costs that cannot be directly included in the costs of the relevant types of products, works, services:

• costs associated with maintenance and management of production of products, works, services
• sales of products,
• management of the organization as a whole, etc.

Indirect costs are included in cost calculations by type of product (work, service) using special methods determined by the organization.

See Methods of accounting for production costs and calculating the cost of products (works, services)"

By decision of the organization, indirect costs related to the sale of products, goods and management may not be distributed, but written off in full at the end of the reporting period (month) as expenses for ordinary activities in the cost of sold products, goods, works, services (as expenses of the period ).

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3.1. Fixed Asset Accounting

Aircraft;

Other vehicles;

Table 3.1

by subject

According to IFRS 16	According to PBU 6/01
production equipment; aircraft; other vehicles; furniture and other accessories; administrative equipment institutions	structures; working and power machines and equipment; measuring and regulating instruments and devices; Computer Engineering; vehicles; tool; inventory and accessories; worker, productive and breeding stock; perennial plantings; on-farm roads and land improvement; capital investments in land plots and objects environmental management

Purchase price;

Import duties;

Non-refundable taxes;

Delivery costs;

A number of other signs.

Depreciation of fixed assets

Uniform accrual;

Declining balance;

Product amounts.

Table 3.2

straight-line accrual method	linear method
reducing balance method	reducing balance method; method of writing off cost use
sum of items method	write-off method

Method of revaluation;

Date of revaluation;

Result of revaluation.

Table 3.3

comparisons	Unity	Differences
Definition fixed assets	Similar definitions fixed assets
Criteria confessions fixed assets		Absence from PBU 6/01 recognition criteria fixed assets
Assessment of the main	Use in quality of assessment fixed assets original and restorative cost	Absence from PBU 6/01 fixed asset valuations fair and recoverable amount
Initial price fixed assets	Almost identical lists of costs, formative original price	Some difference in cost accounting credits and loans
Revaluation fixed assets	1. Assumption of revaluations fixed assets 2. Requirement regularity revaluations	1. Absence in PBU 6/01 requirements markdowns of objects fixed assets with their impairment 2. Difference in order distribution revaluation results by objects compensation
Useful life use	Overall compliance rules for determining useful life use	Absence from PBU 6/01 requirements periodic revision of the deadline beneficial use fixed assets
Depreciation fixed assets	Overall compliance accrual methods depreciation	1. Difference in definition depreciable cost of basic 2. Introduction to PBU 6/01 cost criterion in 10,000 rub. For non-depreciable objects 3. Absence in PBU 6/01 requirements periodic revision of the method depreciation charges fixed assets 4. Absence in PBU 6/01 regulation about a separate definition depreciation deductions for each significant object fixed assets
Disclosure information in reporting	Match series financial indicators reporting on main means	Absence from PBU 6/01 disclosure requirements information about losses from depreciation, revaluation methods, dates of revaluation of the main means, facts attracting independent appraiser

The accounting procedure for fixed assets under IFRS is regulated by standard 16 “Fixed Assets” (hereinafter referred to as IFRS 16). This standard provides for the conditions for property to be classified as fixed assets, the criteria for their recognition in financial statements, the composition of initial and subsequent estimates, the procedure for calculating the useful life, depreciation methods, and the generation of financial statements information.

In domestic regulatory documents on accounting of fixed assets, PBU 6/01 “Accounting for fixed assets” is in effect (with subsequent additions and changes, hereinafter referred to as PBU 6/01).

Definition, recognition criteria,

classification of fixed assets

According to IFRS 16, fixed assets include tangible assets used for more than one reporting period (year) in the processes of production, sale of goods and services, management activities or for rental.

Like any asset, an item of property, plant and equipment must provide economic benefits in the future. If the economic benefits are not obvious, then the costs associated with its acquisition are expensed in the current period. IFRS 16 introduces criteria for recognizing an item of property, plant and equipment as an asset, which are as follows:

It is highly probable that economic benefits associated with the asset will be generated;

The initial cost of an asset accepted for accounting can be reliably estimated.

The likelihood of economic benefits flowing must be assessed based on the facts available at the time the item of property, plant and equipment is initially recognized as an asset. Typically, the presence of a sufficient probability of obtaining economic benefits is due to the transfer to the enterprise of economic benefits, as well as the risks associated with the asset, since before this moment the transaction for its acquisition may be canceled.

The classification of individual objects as fixed assets in accordance with IFRS 16 is determined on the basis of the objective professional judgment of an accountant, depending on the specific conditions of their use and specific types of companies. Despite the use of a one-year temporary criterion for classifying objects as fixed assets, the mentioned standard allows for the accounting of small spare parts and small tools not as fixed assets, but as inventories. Large spare parts, standby equipment, and parts and equipment intended to service a specific item of property, plant and equipment should be accounted for as property, plant and equipment. The standard also provides for the possibility of combining individual minor assets, for example, templates, tools, stamps into one inventory object. Units of large objects that have different useful lives should be accounted for as independent assets. For example, an aircraft and its engines are accounted for as separate items of property, plant and equipment if they have different useful lives.

Fixed assets can be grouped according to their subject characteristics. IFRS 16 recommends the following classification groups of property, plant and equipment:

Aircraft;

Other vehicles;

Equipment for administrative institutions.

PBU 6/01 defines fixed assets as assets that are used for a period of more than 12 months (or the normal operating cycle, if it exceeds 12 months) in the production of products, in the performance of work, in the provision of services or for management needs (but not for resale) and are capable of bringing economic benefits to the enterprise in the future.

Obviously, the definition of fixed assets in PBU 6/01 is similar to IFRS 16. It also includes the condition for the ability of an item of fixed assets to bring economic benefits in the future. However, recognition criteria that require verification of the presence of a sufficient degree of probability of obtaining economic benefits and the reliability of the assessment of an item of fixed assets accepted for accounting are not included in PBU 6/01. This is the difference between the domestic standard and its international counterpart. In accordance with IFRS 16, despite satisfying the characteristics of property, plant and equipment included in their definition, an item should not be reported as an asset if at least one recognition criterion is not met. According to PBU 6/01, due to the absence of recognition criteria, an object that meets the definition of fixed assets must be recognized as an asset.

The classification of fixed assets by subject, given in PBU 6/01, differs from the recommendations of IFRS 16, which is confirmed by the data in Table 3.1.

Table 3.1

Classification groups of fixed assets

by subject

According to IFRS 16

According to PBU 6/01

production equipment; aircraft; other vehicles; furniture and other accessories; administrative equipment institutions

structures; working and power machines and equipment; measuring and regulating instruments and devices; Computer Engineering; vehicles; tool; industrial and economic inventory and accessories; worker, productive and breeding stock; perennial plantings; on-farm roads and other relevant facilities; capital investments in indigenous land improvement; capital investments in leased fixed assets; land plots and objects environmental management

The definition of what is an independent inventory item in PBU 6/01 corresponds to the regulations of IFRS 16: an inventory item of fixed assets is a separate structurally isolated item intended to perform independent functions, or a separate complex of structurally articulated items. Similarly, IFRS 16 PBU 6/01 regulates the accounting as independent objects of those parts of one object that have different useful lives.

The difference from the recommendations of IFRS 16 is that domestic enterprises do not have the ability to determine whether objects belong to fixed assets based on the professional judgment of an accountant. Let us recall that in order to reduce the labor intensity of accounting for small equipment, IFRS 16 allows it to be taken into account as part of inventories. PBU 6/01 does not contain this regulation.

Initial valuation of fixed assets

In accordance with IFRS 16, an item of property, plant and equipment recognized as an asset is measured at actual costs. Based on this, when purchasing a fixed asset item, the initial cost includes:

Purchase price;

Import duties;

Non-refundable taxes;

Delivery costs;

The costs of bringing the asset into working condition (for example, the costs of site preparation and installation of the facility, the cost of professional services of architects and engineers, etc.).

The initial cost does not include administrative and other general overhead costs unless they are directly attributable to purchasing the item or bringing it to working condition.

Any trade discounts are deducted from the original cost.

If fixed assets are purchased on credit, the initial cost may include interest on the loan. The conditions for including interest on loans and borrowings in the initial cost of an asset are regulated by IFRS 23 “Borrowing Costs”, according to which there are two options for recognizing these costs in accounting: attributing them to expenses of the period in which they were incurred, or capitalization, i.e. . inclusion in the initial cost of objects that require a long time to prepare for use. In the latter case, capitalization stops after the facility is ready for operation (IFRS 23 is discussed in more detail in Chapter 4).

The cost of fixed assets produced or built by an organization for itself is determined on the basis of the same principles as when acquiring assets: their initial cost includes the actual costs of production or construction.

The initial cost of an item of property, plant and equipment acquired through exchange is determined at the fair value of the asset received. Fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties. In general, the fair value of the asset received is equal to the fair value of the asset exchanged plus or minus the amount of cash received or paid in the transaction. If similar items of fixed assets that have the same fair value and are used in the same business activities are exchanged (for example, the exchange of aircraft, hotels, service stations), then the initial cost of the acquired item is assumed to be equal to the carrying amount of the transferred item. For such an exchange transaction, neither profit nor loss is determined.

According to PBU 6/01, the initial cost of fixed assets acquired for a fee is the sum of the actual costs of their acquisition, construction and production, with the exception of refundable taxes. The list of costs included in the initial cost of an object in accordance with PBU 6/01 includes amounts paid to suppliers, contractors and intermediary organizations, enterprises providing information and consulting services for the acquisition of fixed assets, registration fees, customs duties and non-refundable taxes. This list complies with the regulations of IFRS 16.

Some differences in the formation of the initial cost of fixed assets in Russian and international standards arise in the case of the acquisition of fixed assets on credit. According to PBU 6/01, interest on loans and borrowings directly related to the acquisition of fixed assets is included in the increase in the initial cost of the object if they were accrued before it was accepted for accounting. This contradicts the norms of IFRS 23, which allows the inclusion of interest on loans and borrowings in the initial cost of an item of fixed assets only if this item requires a long time to prepare for use. PBU 6/01 does not include this condition. Accounting for interest on loans and borrowings in the Russian Federation is regulated by PBU 15/01 “Accounting for loans and credits and the costs of servicing them,” which, unlike PBU 6/01, prescribes verification of this condition when including interest on loans and borrowings in the initial cost of fixed assets . However, PBU 15/01 does not comply with the requirements of IFRS 23 in this matter, since it allows capitalization of interest on loans and borrowings only if depreciation is accrued on this asset (the issues of accounting for costs of loans and borrowings are discussed in more detail in Chapter 4 ).

The initial cost of fixed assets received in exchange for other assets, according to PBU 6/01, is determined by the price of the assets transferred as a result of the exchange. The value of the transferred assets is established based on the price at which the value of similar objects is determined in comparable circumstances. This assessment, in our opinion, can be considered some analogy to fair value in IFRS 16. However, the term “fair value” is not used in PBU 6/01, and therefore the relevance of developing its interpretation in Russian accounting should be recognized.

Subsequent valuation of fixed assets

IFRS 16 provides two approaches to the subsequent valuation of property, plant and equipment:

Basic, according to which fixed assets should be accounted for at their original cost less accumulated depreciation;

A valid alternative is that property, plant and equipment should be accounted for at the revalued amount, which is their fair value at the date of revaluation less accumulated depreciation.

The basic approach reflects the principle of historical cost and is preferred in accordance with IFRS 16. However, the standard takes into account the fact that one of the essential conditions in determining fixed assets is the duration of their use, which results in possible changes in the market price and a discrepancy between the original and fair value. the cost of the object. In cases where such a discrepancy cannot be ignored, IFRS 16 allows an alternative approach to determining the subsequent measurement of property, plant and equipment. The subsequent valuation is usually the current market value, or the replacement cost taking into account accumulated depreciation if information on the market value is not available. Under the alternative approach, revaluations of fixed assets should be carried out regularly so that their carrying amount does not differ significantly from the fair value at the reporting date. The frequency of revaluations is not limited and depends on changes in the fair value of fixed assets. The fair value of some categories of property, plant and equipment can fluctuate significantly and therefore require annual revaluation. Property, plant and equipment with significant changes in fair value may be revalued every three to five years.

An increase in the carrying amount of an item of property, plant and equipment resulting from a revaluation is recognized as an increase in equity unless it can be recognized as income to the extent that it offsets the decrease in value of the same asset previously recognized as an expense. The amount of a decrease in the carrying amount of an item of property, plant and equipment as a result of a revaluation shall be recognized as an expense unless it can be deducted directly from the relevant item of equity, to the extent that it does not exceed the amount of that item resulting from a previous revaluation of the same item of property, plant and equipment. funds.

IFRS 16 provides for mandatory write-down of fixed assets in the event of impairment. The procedure for determining the amount of impairment of an item of property, plant and equipment is regulated by IFRS 36 “Impairment of Assets”, according to which the carrying amount of an asset must be reduced to its recoverable amount if the latter is less than its carrying amount. Recoverable amount is defined as the higher of the asset's net selling price and its value in use. In this case, value in use is defined as the discounted value of cash flows expected from the continued use of the asset and from its disposal at the end of its useful life.

The decline in asset value may be affected by:

Significant changes in technology;

Significant changes in economic conditions;

Obsolescence of an asset;

Physical damage to the asset;

Changes in market conditions, etc.

IFRS 36 requires an entity to assess at each financial statement date whether there are any indications that items of property, plant and equipment may be impaired, which include:

During the reporting period, the market value of the asset decreased significantly more than expected;

During the reporting period, significant changes in technological, economic or legal conditions have occurred or are expected in the near future;

There have been significant changes to the discount rate used to determine the asset's recoverable amount;

There is evidence that the asset is obsolete or physically damaged;

A number of other signs.

The presence of any of the above indicators indicates that the company's financial statements should reflect an impairment of the asset. According to IFRS 36, the amount of impairment of an asset is determined by comparing its carrying amount and recoverable amount. Book value refers to the amount at which an asset is carried on the balance sheet after deducting accumulated depreciation. Recoverable amount is the higher of the asset's net selling price and its value in use. Net realizable price is determined by adjusting the market price (or other fair value) by the cost of selling the asset. Value in use is calculated based on an estimate of future cash flows from the continued use of the asset in the organization's activities. In turn, the estimate of future cash flows from the use of the asset is based on forecasts. Due to the fact that the forecast is made for a fairly long period (usually up to 5 years), estimates of future cash flows must be discounted. The discount rate should reflect an assessment of the time value of money and the risks specific to the asset.

If the recoverable amount is less than the carrying amount, an impairment of the asset is recognized in the financial statements and its carrying amount is reduced to its recoverable amount. The amount of a decrease in the book value when an item of fixed assets is depreciated should be recognized as an expense in the current period, unless it can be attributed to a decrease in additional capital formed due to a previously revalued item.

Let us comment on the IFRS 36 regulations on accounting for impairment of assets using the following example. Let the balance sheet of Alliance OJSC include computer equipment, the initial cost of which is 100,000 rubles, the accrued depreciation is 10,000 rubles. Certain signs (significant changes in technology, obsolescence compared to other similar fixed assets) indicate obvious impairment. Let's say Alliance OJSC can sell the specified computer equipment for 72,000 rubles. (excluding VAT), while incurring additional costs associated with its sale - 2000 rubles. Based on forecasts of cash receipts from the further use of this equipment, Alliance OJSC calculated the value of its use, which amounted to 60,000 rubles.

The net selling price of computer equipment will be 70,000 rubles. (RUB 72,000 - RUB 2,000).

The recoverable amount of computer equipment, calculated as the greater of the net selling price (RUB 70,000) and the value in use of the asset (RUB 60,000), will be RUB 70,000.

The book value of the object (initial cost minus accumulated depreciation) is 90,000 rubles. (100,000 rub. - 10,000 rub.).

Since the recoverable amount of an item of property, plant and equipment was less than its carrying amount, an impairment of the computer equipment should be recognized in the financial statements. The carrying amount of the specified asset must be brought to the recoverable level, with the amount of the writedown applied to expenses.

In accordance with PBU 6/01, the initial cost of fixed assets is not subject to change, except in cases established by the legislation of the Russian Federation. Changes in the initial cost of fixed assets are allowed in cases of completion, additional equipment, reconstruction, partial liquidation and revaluation of fixed assets. Commercial organizations have the right to revalue fixed assets at current replacement cost no more than once a year. Thus, PBU 6/01 allows for the revaluation of fixed assets, therefore, the approach to their subsequent valuation in the domestic regulatory document corresponds to the permissible alternative approach in IFRS 16. Similarly, IFRS 16 PBU 6/01 provides for the regularity of revaluations, without limiting their maximum period. At the same time, in contrast to IFRS 16, PBU 6/01 establishes a minimum period for revaluation of fixed assets of one year.

The procedure for accounting for the revaluation of fixed assets established in PBU 6/01 differs somewhat from the regulations of IFRS 16. According to PBU 6/01, the amount of depreciation of an item of fixed assets is credited to the account of retained earnings (uncovered loss), unless it can be attributed to the reduction of additional capital formed due to the previously revalued item. IFRS 16 recognizes in the first case the amount of the writedown as an expense of the current period. The amount of revaluation of an object of fixed assets is credited to additional capital, however, in the case of a previously made markdown, this amount is attributed to PBU 6/01 to retained earnings. IFRS 16 recognizes in the latter case the amount of the revaluation as income for the current period.

The difference from IFRS 16 is the absence in PBU 6/01 of the requirement to account for the depreciation of fixed assets. PBU 6/01 does not provide for the procedure for calculating and accounting for the write-down of fixed assets in the event of their impairment, and the category of recoverable value is not used. When independently deciding on the revaluation of fixed assets, the head of the enterprise has the right not to reduce their book value even if they are obviously impaired.

Useful life of fixed assets

According to IFRS 16, the useful life of an item of property, plant and equipment is determined depending on the following conditions:

The expected use of the facility in accordance with its estimated capacity or actual performance;

Estimated physical wear and tear due to the influence of production factors, such as the number of shifts, repair programs, as well as the conditions for servicing the fixed asset during downtime;

Obsolescence resulting from various changes in the production process or market demand for labor products produced using an item of fixed assets;

Legal and similar restrictions on the use of the property, such as, for example, rental periods.

In accordance with IFRS 16, the useful life of fixed assets is determined by estimation based on operating experience of similar objects. During the period of use of the asset, the estimate of its useful life may be inaccurate. Therefore, it is recommended to periodically review the useful life if there are prerequisites for significant changes to previous estimates. At the same time, the amount of depreciation charges must be adjusted.

In accordance with PBU 6/01, the useful life of fixed assets is determined based on the following conditions:

The expected life of the facility in accordance with the expected productivity or capacity;

Expected physical wear, depending on the operating mode;

Regulatory and legal restrictions on the use of the facility.

The conditions for determining the useful life of an item of fixed assets according to PBU 6/01 practically do not differ from IFRS 16. However, PBU 6/01, unlike IFRS 16, does not contain recommendations for periodic review of the useful life. According to PBU 6/01, the useful life of a fixed asset item is revised only in the case of reconstruction or modernization with an improvement in the initially adopted standard indicators of the functioning of the fixed asset item. IFRS 16 emphasizes that the actual useful life during which an item of property, plant and equipment brings economic benefits may be either longer or shorter than expected due to numerous factors, such as changes in the market for its products, the enterprise's policy in the field of maintenance of the asset, morale obsolescence of a fixed asset item, etc.

Depreciation of fixed assets

According to IFRS 16, depreciation is the allocation of the depreciable cost of an asset between accounting periods over its useful life.

The depreciable cost is the original or replacement cost of the item minus the salvage value. Liquidation value is the difference between planned revenue receipts (for example, the cost of materials and spare parts from dismantling an object) and the costs associated with the disposal of an object (for example, the cost of disassembly, liquidation, dismantling, etc.).

Uniform accrual;

Declining balance;

Product amounts.

The straight-line method involves charging a constant amount of depreciation evenly over the useful life of the asset.

The declining balance method involves accruing the largest amounts of depreciation in the initial periods of use of an object and gradually reducing the amount of depreciation over its useful life.

The sum of products method consists of calculating the amount of depreciation depending on the expected production of labor products at the operated fixed asset facility.

The method used must be consistent with the scheme for obtaining economic benefits from the fixed asset item. If income from the operation of a fixed asset is distributed evenly over its useful life, it is recommended to use the straight-line depreciation method. If, over the course of its service life, the return from the use of an object gradually decreases, it is advisable to use the declining balance method. The sum of items method is recommended to be used if the decrease in the depreciable cost of an object is proportional to the volume of products produced or work performed.

Depreciation charges must be determined separately for each significant component of property, plant and equipment.

The method of calculating depreciation of fixed assets must be reviewed periodically. If there have been significant changes in the expected pattern of obtaining economic benefits from an asset, the method of calculating depreciation should be changed accordingly.

Those fixed assets whose consumer properties do not change over time, for example land, are not subject to depreciation.

A significant change to IFRS 16 introduced by the IASB Board in 2004 was the requirement for a component approach to account for depreciation of property, plant and equipment. The component approach (or component requirement) regulates the separate accounting of each element of a fixed asset item in the case when its cost is significant in the total cost of this item. Once components have been identified and their useful lives have been determined, their salvage value must be determined and the appropriate depreciation method selected. If individual elements of an item of property, plant and equipment have the same useful life, they can be grouped for depreciation purposes.

Let us illustrate the component approach to fixed asset accounting using the example of an airplane. Aircraft airframes and engines are often purchased from different manufacturers and have different repair and maintenance requirements. The lifespan of an aircraft engine is much shorter than that of the airframe; The engine must be replaced regularly to keep the aircraft airworthy. Classifying an engine as a component allows depreciation to be charged over its useful life and fully depreciates the cost of the engine to zero or salvage value at the replacement date. The component is then derecognised and the cost of the replaced component is capitalized when a new engine is installed.

The practical implementation of the component approach requires the active participation of the company's engineers and operational personnel, as well as employees involved in accounting and finance. It is necessary to evaluate the elements of the system, especially those that include expensive operating equipment. For example, in a water supply company, the components include wastewater treatment plants, main pumping stations, main water lines and reservoirs. An essential sign of the presence of individual components is the purpose of the equipment for replacement or dismantling for repair. A necessary source of information in such a situation may be the company's capital investment budget.

Company management can then attempt to identify similar groups of assets that can be combined for depreciation purposes. This could be groups of similar high-voltage power lines or a long-distance gas pipeline consisting of pipes of the same size and production date. Then, for each identified component (an asset or group of similar assets), a method for calculating depreciation and calculating its useful life, including technological wear and tear, is determined. Component identification can be carried out at the level of individual fixtures and accessories.

This is the essence of the component approach, regulated in the new edition of IFRS 16. However, IFRS 16 does not provide this level of detail for most small companies, since the costs of identifying and providing this level of detail may make this procedure economically unprofitable for such companies. However, the requirement for a component approach applies to most capital-intensive companies whose fixed assets include gas pipelines (components - compressors), steel mills (components - steel melting furnaces), ships (components - engines and equipment), refineries and chemical refining plants (components - substances that cause corrosion) and specialized factory buildings (components - rooms with a particularly clean atmosphere).

IFRS 16 requires some research work from companies that have not previously used the component approach. Management must also ensure that the accounting and internal controls for newly acquired assets are adequate and that depreciation is calculated for all identifiable components.

In accordance with PBU 6/01, the cost of fixed assets is repaid by depreciation. Objects of fixed assets, the consumer properties of which do not change over time, are not subject to depreciation - land plots and environmental management objects. This regulation complies with IFRS 16. At the same time, PBU 6/01 provides a list of fixed assets that is not included in IFRS 16, for which depreciation is not charged: housing facilities, external improvements, productive livestock and perennial plantings that have not reached their operational age. In addition, PBU 6/01 allows objects worth up to 10,000 rubles to be written off as production costs as they are put into operation without depreciation. (or other limit specified in the accounting policy), as well as books, brochures, etc. edition, which also does not comply with IFRS 16. IFRS 16 is not characterized by the use of specific numerical criteria, since such criteria may not simultaneously satisfy the activities of organizations of different types. At the same time, the problem of preventing large expenses for depreciation of small objects is solved by IFRS 16 differently than PBU 6/01, since the international standard allows, at the discretion of the accountant, to take into account such objects as part of inventories.

The depreciation calculation methods regulated by PBU 6/01 comply with IFRS 16 (Table 3.2).

Table 3.2

Methods of depreciation of fixed assets

straight-line accrual method	linear method
reducing balance method	reducing balance method; method of writing off cost the sum of the numbers of years of useful life use
sum of items method	write-off method proportional to production volume

The reducing balance method and the method of writing off value by the sum of the numbers of years of useful life in PBU 6/01 can be considered a mechanism for implementing the reducing balance method in IFRS 16, since both Russian methods provide for a reduction in the amount of depreciation accrued over the useful life of the object.

At the same time, the depreciable cost of fixed assets, determined by domestic legislation, does not comply with IFRS 16. According to PBU 6/01, the original replacement cost of fixed assets or the replacement cost of fixed assets adjusted as a result of revaluation is subject to depreciation. In accordance with IFRS 16, depreciation is carried out at original or replacement cost less salvage value. Let us give an example illustrating the difference between the approaches of the standards under consideration. Let the initial cost of an item of fixed assets be equal to 100 thousand rubles, the salvage value is determined as the difference between the estimated cost of spare parts that will be obtained from disassembling the object (10 thousand rubles) and the estimated costs of dismantling (5 thousand rubles) . According to PBU 6/01, the depreciable cost of the object in this example will be 100 thousand rubles. According to IFRS 16, to determine the depreciable cost, the liquidation value is subtracted from the original cost: 100 thousand rubles. - (10 thousand rubles - 5 thousand rubles) = 95 thousand rubles.

PBU 6/01 differs from IFRS 16 in that it does not require a revision of the depreciation method, which is necessary under IFRS 16. In addition, PBU 6/01 does not provide for the component approach to accounting for fixed assets introduced in the latest edition of IFRS 16, The determination of depreciation charges separately for each significant component of a fixed asset is also not regulated.

Accounting information

According to IFRS 16, financial statements must contain the following information for each group of fixed assets:

Methods for estimating book value before accumulated depreciation;

Depreciation methods used;

Applicable useful lives or depreciation rates;

Book value and accumulated depreciation at the beginning and end of the period;

Accumulated impairment losses.

If an item of property, plant and equipment is stated at a revalued cost, the following information must be disclosed:

Method of revaluation;

Date of revaluation;

The fact of engaging an independent appraiser;

Result of revaluation.

In accordance with PBU 6/01, the following are subject to disclosure in the financial statements:

Initial cost and accrued depreciation by groups of fixed assets;

Methods for assessing the book value of fixed assets received as a result of exchange;

Methods of calculating depreciation;

Useful life;

Changes in the value of fixed assets as a result of completion, reconstruction, partial liquidation, revaluation.

The above list of indicators must also be disclosed in accordance with IFRS 16. However, in addition, IFRS 16 requires the reflection of information not provided for in PBU 6/01, for example, impairment losses, revaluation methods, revaluation dates, facts of engaging an independent appraiser, etc. d.

As can be seen from Table 3.3, PBU 6/01 is a constructive contribution to bringing the accounting of fixed assets closer to the requirements of IFRS. Along with this, there are still differences that in practice cause discrepancies in reporting data compiled according to Russian and international accounting standards.

Table 3.3

Comparative characteristics of fixed asset accounting

according to international and Russian standards

comparisons	Unity	Differences
Definition fixed assets	Similar definitions fixed assets
Criteria confessions fixed assets		Absence from PBU 6/01 recognition criteria fixed assets
Assessment of the main	Use in quality of assessment fixed assets original and restorative cost	Absence from PBU 6/01 fixed asset valuations fair and recoverable amount
Initial price fixed assets	Almost identical lists of costs, formative original price	Some difference in cost accounting credits and loans
Revaluation fixed assets	1. Assumption of revaluations fixed assets 2. Requirement regularity revaluations	1. Absence in PBU 6/01 requirements markdowns of objects fixed assets with their impairment 2. Difference in order distribution revaluation results by objects compensation
Useful life use	Overall compliance rules for determining useful life use	Absence from PBU 6/01 requirements periodic revision of the deadline beneficial use fixed assets
Depreciation fixed assets	Overall compliance accrual methods depreciation	1. Difference in definition depreciable cost of basic 2. Introduction to PBU 6/01 cost criterion in 10,000 rub. For non-depreciable objects 3. Absence in PBU 6/01 requirements periodic revision of the method depreciation charges fixed assets 4. Absence in PBU 6/01 regulation about a separate definition depreciation deductions for each significant object fixed assets
Disclosure information in reporting	Match series financial indicators reporting on main means	Absence from PBU 6/01 disclosure requirements information about losses from depreciation, revaluation methods, dates of revaluation of the main means, facts attracting independent appraiser

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Accounting for fixed assets in RAS and IFRS is quite similar: the standards require them to be recognized at their residual value. However, there are also differences. Let's look at component accounting of fixed assets, why companies should switch to such accounting according to IFRS and how to implement it.

Component fixed asset accounting governed by IAS 16 Property, Plant and Equipment. In particular, paragraph 13, which prescribes considering subsequent costs for replacing elements of fixed assets with a service life of more than one year as separately depreciable items. However, the standard does not indicate how to make the transition to this component accounting, since it is assumed that the company applies this accounting for fixed assets from the very beginning of reporting according to international standards.

Prerequisites for the transition to component accounting of fixed assets

Many companies still do not use component accounting of fixed assets from the beginning of reporting under IFRS, because they assess the costs of major repairs and replacement of components as insignificant. For example, for trading companies, component accounting will be practically irrelevant, since they, as a rule, have a small share of fixed assets in the balance sheet structure, which means that component accounting will not have an impact on their reporting.

At the same time, a similar conclusion may be appropriate for large industrial enterprises with a large share of fixed assets in the balance sheet structure, if their costs for major repairs (replacement of components) are not high. Indeed, if there is no need for frequent major repairs, and most importantly, the company spends funds on them that are not significant for reporting, then this means that in fact fixed assets are the smallest components and there are no others that could be depreciated separately.

The need for component accounting of fixed assets arises from companies that are forced to invest intensively in existing fixed assets, including carrying out their planned overhauls. And then the question arises about starting to account for fixed assets using the component method.

Features of component accounting of fixed assets

So, let's look at what component accounting is and how it differs from the usual accounting of fixed assets.

Separate accounting of parts of fixed assets with different useful lives. The main difference between component accounting is the allocation of elements with different service lives within a fixed asset object (which leads to greater detail in accounting). A classic example is the separate accounting of an aircraft (fuselage) and its engine, since the service life of the latter is much shorter, which necessitates its periodic replacement.

The company must determine the level of detail of the components independently, based on the limit of amounts that, taken together for all fixed assets, does not constitute a distortion of reporting. For example, define the minimum component of fixed assets as an element costing more than 100 thousand rubles.

Capitalization of costs for major repairs. Another difference in component accounting of fixed assets arises from the separate accounting of elements of fixed assets and consists in the capitalization of costs for their replacement, that is, in the capitalization of major repairs. In the absence of component accounting, major repairs would be accounted for and depreciated as part of the fixed asset, and with component accounting, it is depreciated separately according to its useful life, and not the useful life of the entire object.

Capitalization of costs for technical inspections. Large-scale technical inspections of a fixed asset for defects, regardless of whether the elements of the object are replaced, should be taken into account in the same way as components. In other words, capitalize as part of a fixed asset and depreciate separately from the fixed asset itself for a period equal to the period until the next similar technical inspection. In practice, separating technical inspection into a separate component is not necessary if technical inspection is always carried out with the replacement of components, that is, when the depreciation coefficients of the component and technical inspection are equal. In addition, the costs of technical inspections are not always significant and may satisfy capitalization criteria, in particular, a useful life of more than one period.

Separate depreciation of components and the possibility of grouping them. In general, different components of fixed assets are depreciated separately, which is the purpose of component accounting. However, paragraph 45 of IAS 16 allows components to be combined for the purposes of calculating and calculating depreciation if they have the same useful life: the useful life and depreciation method of one significant component of an item of property, plant and equipment may be exactly the same as the useful life and depreciation method of another significant component of that asset. the same object. Such components can be combined into groups when determining the amount of depreciation.

In practice, it is advisable to combine components not only with the same service life, but also with the same replacement period. For example, if major repairs of equipment are carried out every three years and the same mechanisms or components are replaced, then it is advisable to combine them into one component of the fixed asset and depreciate it as a whole.

Spare parts accounting. Spare parts for upcoming major repairs should be classified as fixed assets (the “Construction in progress” group), and not as materials and supplies. Indeed, such spare parts do not meet the inventory criteria according to paragraph 6 of IAS 2 “Inventories”, that is, they are not subject to sale and will not be used in the form of raw materials in the process of production of goods or services. Such spare parts meet the criteria for recognition as part of property, plant and equipment in accordance with paragraph 7 of IAS 16:

a) it is probable that future economic benefits associated with the item will flow to the entity;

b) the cost of the item can be reliably estimated.

However, spare parts should not be depreciated because, according to paragraph 55 of IAS 16, they are not ready for use, that is, when their location and condition allow them to be used in accordance with management's intentions.

Accounting for accounts payable by components of fixed assets in the cash flow statement. Accounts payable arising as a result of the acquisition of elements of fixed assets and (or) the performance of major repairs of equipment must relate to investment activities. This assignment will allow you to correctly adjust the cash flow statement and prevent cash flows for major repairs from being reflected in operating activities.

Thus, if an enterprise switches to component accounting, then the expenses of the period will reflect the depreciation of these components over their entire service life. Therefore, component accounting allows for a more accurate transfer of the cost of fixed assets to the cost of manufactured products.

In addition, this accounting will allow the company to increase the value of EBITDA, which, although not mandatory for disclosure in IFRS reporting, is nevertheless important not only from the point of view of assessing the activities of the company’s management, but also from the position of investors and users of the statements. Moreover, this circumstance will be one of the incentives for organizing the transition to component accounting, of course, along with high-quality reporting.

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Preparation for the transition to component accounting of fixed assets

The transition to IFRS, in particular to component accounting of fixed assets, should be planned in advance, so that there is time to finalize internal information systems, resolve organizational issues and establish interaction between divisions of the enterprise.

At large enterprises, such a transition cannot be carried out simultaneously, due to the fact that it is not possible to select components from several thousand fixed assets worth billions of rubles. Such an array of data cannot be converted into components at a reasonable cost of money and time, which means a gradual transition to component accounting is necessary.

Where to start the transition to component accounting of fixed assets

A start could be an analysis of major repairs for next year. As a result, the first components identified in IFRS accounting will be those capital expenditures that will be capitalized as components. In subsequent years, when other types of capital repairs are carried out, new components of fixed assets will be allocated and, thus, within a few years the company will be able to completely switch to component accounting of fixed assets.

New fixed assets

For newly acquired fixed assets, the possibility of initially separating components should also be provided. To do this, you need to comprehensively analyze the following parameters:

• useful life of an OS object. If it is longer than, say, 10 years, then it is likely that the asset will need major repairs during its service life, which means there will be some components replaced that need to be accounted for;
• cost of fixed assets in RAS. Here it is very important to quote the definition of an inventory item of fixed assets in PBU 6/01 “Accounting for fixed assets”: “An inventory item of fixed assets is an object with all fixtures and accessories or a separate structurally isolated item designed to perform certain independent functions, or a separate complex structurally articulated objects that represent a single whole and are intended to perform a specific job.” Thus, in RAS there is no criterion for allocating the smallest unit of a fixed asset item. On the contrary, the definition contributes to the grouping of fixed assets into complexes of objects. In practice, at an industrial enterprise, in accounting according to RAS, entire workshops with equipment worth several billion rubles can be recognized as one inventory item, since they represent a single complex of items and equipment. Therefore, when identifying components for IFRS purposes, it is worth paying close attention to the cost of objects in RAS;
• complexity of the OS object. It is necessary to find out how complex the object is, how many components and mechanisms there are in it, which will subsequently be replaced before the service life of the OS object itself expires. Technical specialists can help with the assessment.

Interaction between departments

When drawing up the budget for the next year (usually in the fall), the company will take into account the costs of major repairs. The final list - the title of capital repairs - will include the highest priority capital repairs for which funding will be approved. Thus, already in the fall of the year preceding the transition, accounting specialists will have a list of those major repairs that need to be considered for capitalization.

The company's technical specialists (engineers responsible for repairing and maintaining the technical condition of equipment) will require information about what each repair is:

• list of objects to be repaired;
• frequency of this type of repair;
• timing of repairs;
• what parts and mechanisms will be replaced;
• approximate amounts that need to be included in the budget for repairs.

At the stage of budget analysis, you can draw up a preliminary list of OS components, breaking down or, on the contrary, combining capital repairs depending on the timing and frequency of their implementation. Here you can also exclude major repairs that are not significant in terms of amounts for reporting, as well as those that are carried out every year or more often.

In the future, as major repairs are carried out and completed, technical specialists will be required to provide data on the dates of completion of major repairs, which is important to begin calculating depreciation for the component itself (clause 43 of IAS 16).

Improvement of accounting systems

It is likely that purchasing and warehousing systems will need to be reworked, from purchase requisitions that must include overhaul numbers for capitalization, to the inclusion of a separate line item for overhaul services and spare parts in contracts and invoices with suppliers.

The changes will also affect the accounting system if the company uses the method of transforming RAS reporting into IFRS. Additional data (analysts) on the accounting accounts will be required:

1. On the accounts for accounting for expenses for major repairs: at least on the debit of account 20 “Main production” (and ideally on accounts 23 and 44 if the company has auxiliary equipment and commercial equipment/transport) there should be the following analysts:

• “Repair number” - in order to be able to aggregate all costs related to this major repair and attribute them to the “Construction in progress” account in accounting under IFRS;
• “Inventory number of the OS object” - in order to make it clear which object has undergone major repairs and from which object the residual cost of major repairs should be written off.

2. On the inventory accounts for major repairs: in the analytics of account 10 “Materials” of RAS, analytics should be added indicating that spare parts are intended for major repairs (the issue of accounting for inventories for major repairs will be discussed in more detail below).

3. Accounts payable 60 and 76 RAS should be filled with analytics, which will also make it possible to understand that such debt is investment.

Isolating Components from Fixed Assets

Accounting for fixed assets in RAS is carried out using fixed asset cards. Moreover, if an object is entered into the card in stages, then several lines will appear in it. It is clear that the year the first line of the object was entered may even be earlier than the year the company transitioned to international standards. Therefore, it will be difficult for an IFRS specialist to understand which line of the card the repair is being carried out and from which line of the card to write off the residual value of the component. And in this case, it becomes necessary to develop an algorithm for writing off the residual value of a retired component.

According to paragraph 70 of IAS 16, if it is impracticable for an entity to determine the carrying amount of the replaced part, it may use the cost of the replacement part as an indication of the value of the replaced part at the time it was acquired or constructed. However, if replacement parts are written off at historical cost, the company's profit will be understated, as will the balance of fixed assets. In addition, it is necessary to take into account inflation, because the cost of repairs, say, three years ago would be lower than at the current moment.

Let's look at an example of how to determine the residual value of a replaced component to be written off from the card.

Example 1

There is an industrial facility with three lines on the card, the years of commissioning of which are 1997, 2003 and 2009 (see Table 1), for which major repairs are planned in 2014. The current cost of major repairs is 200 thousand rubles. The date of the company's transition to IFRS, and therefore the year of revaluation of all fixed assets in accordance with IFRS requirements, is 2003.

Let's create an algorithm for calculating the write-off from the lines of cards of failed components of a fixed asset in the context of the amounts of initial cost (IC) and accumulated depreciation (AC).

Stage 1. Working with the fixed assets card (see Table 1):

• the wear coefficient is calculated for each line of the card (NA/PS);
• year of inflation reduction: if the year of the line
• the PS of each line of the card is adjusted according to the accumulated inflation index based on the data from column 4 of Table 4 to the current date;
• Based on the adjusted PS, the share of each line for writing off major repairs is calculated.

TABLE 1. OS CARD DATA, THOUSAND. RUB.

Line no.	Year of entry	Initial cost (PV)	Accumulated depreciation (HA)	Residual value (RV)	Wear rate	Inflation adjustment year	Inflation-adjusted PS amount	Share of inflation-adjusted PS in the card
1	1997	150	80	70	0,533	2003	402 (150 × 2,681)	0,576 (402 / 699)
2	2003	70	30	40	0,429	2004	168 (70 × 2,394)	0,240 (168 / 699)
3	2009	100	20	80	0,200	2010	129 (100 × 1,286)	0,184 (129 / 699)
TOTAL		320	130	190	0,406	×	699	1

Stage 2. Calculation of amounts to be written off before inflation (see Table 2):

• PS to be written off from each line is calculated as the product of the repair amount and the share adjusted for PS inflation (last step of stage 1);
• the amount for capital repairs to be written off from each line is calculated as the product of the repair cost and the wear rate of the corresponding line.

TABLE 2. CALCULATION OF AMOUNTS TO BE WRITTEN FROM THE CARD BEFORE INFLATION, THOUSANDS RUB.

Line no.	PS repair amount	Repair amount	Amount of OS repair
1	115 (200 × 0.576)	61 (115 × 0.533)	54 (115 – 61)
2	48 (200 × 0.240)	21 (48 × 0.429)	27 (48 – 21)
3	37 (200 × 0.184)	7 (37 × 0.200)	30 (37 – 7)
TOTAL	200	89	111

TABLE 3. CALCULATION OF AMOUNTS TO BE WRITTEN FROM THE CARD, ACCOUNTING FOR INFLATION, THOUSAND. RUB.

Line no.	PS repair amount	Repair amount	Amount of OS repair
1	43 (115 × 0.373)	23 (61 × 0.373)	20 (43 – 23)
2	20 (48 × 0.418)	9 (21 × 0.418)	11 (20 – 9)
3	29 (37 × 0.778)	6 (7 × 0.778)	23 (29 – 6)
TOTAL	92	38	54

Stage 3. Calculation of amounts to be written off taking into account inflation: such amounts are calculated as the product of the data obtained at stage 2 and the accumulated total for each line of the inflation coefficient for the current date (see column 5 of Table 4).

TABLE 4. DIRECTORY WITH INFLATION INDICES

Inflation for the year	Inflation rate	Inflation index	Cumulative total inflation index (CIII) to the current date	Inflation rate(1/IINI)
1	2	3	4	5
2013	0,045	1,045	1,045	0,957
2012	0,066	1,066	1,114	0,898
2011	0,061	1,061	1,182	0,846
2010	0,088	1,088	1,286	0,778
2009	0,088	1,088	1,400	0,715
2008	0,133	1,133	1,584	0,631
2007	0,119	1,119	1,772	0,564
2006	0,090	1,090	1,932	0,518
2005	0,109	1,109	2,143	0,467
2004	0,117	1,117	2,394	0,418
2003	0,120	1,120	2,681	0,373

The formula for calculating the inflation index as a cumulative total to the current date is as follows:

Kinfld = 1/IINId;

X – current date;

d – year of entry of the line in the inventory card.

For example, IINI for 2012 was obtained by multiplying the inflation index for 2012 and 2013: 1.066 × 1.045 = 1.114. Index for 2011 - by multiplying the indices for 2011–2013: 1.061 × 1.066 × 1.045 = 1.182, etc.

As a reference book with inflation indices over the past years, you can use the data from the Economist Intelligence Unit magazine for Russia on the Producer Price Index, which reflects the annual increase in prices for industrial goods, which are fixed assets.

Another acceptable option is the price index for industrial goods for the year, which is published by Rosstat in January of each year.

Entering components of fixed assets

The cost of components of fixed assets is a set of costs for major repairs, which will include direct costs for major repairs, including the cost of spare parts, the work of engineering and operating personnel, services of contractors, etc.

The cost of major repairs, which will represent the cost of the introduced component, includes the same costs that are elements of the cost of an asset, according to paragraphs 16, 17 of IAS 16:

• purchase price of large spare parts;
• direct costs associated with major repairs;
• dismantling costs.

In general, if in RAS there is an article “Capital repair expenses”, which includes expenses other than modernization and reconstruction, and which collects the first two of the listed cost elements, despite the fact that dismantling costs are insignificant, then in IFRS the amount These costs will be reversed from the expense account and charged to the fixed assets account.

If we talk about organizing the accounting of components, then it seems very convenient to take into account the components of fixed assets objects in cards (similar to accounting by lines of an inventory item in RAS). In other words, the already selected component will be a separate line in the card indicating the date of commissioning, useful life, etc.

With the subsequent allocation of new components during major repairs, new lines will appear in the cards on which depreciation will be calculated.

Accounting for inventories for repairs as part of fixed assets

Above we looked at an example of a company that has invested significant funds in the acquisition of fixed assets and which will need to switch to component accounting. Such a company will likely spend some of its funds on spare parts for new equipment. Therefore, it may develop a certain level of inventories that will be used in capital repairs and which must be included in fixed assets.

Similarly, with component accounting of fixed assets, the approach to accounting for inventories for major repairs as fixed assets (construction in progress) should be applied initially, that is, from the date of preparation of the first financial statements under IFRS. If the company, along with the transition to component accounting, discovered that the amount of such inventories is significant, then the adjustment to inventories must be reflected as a reclassification of inventories into fixed assets. Accounting for inventories for major repairs as part of fixed assets will affect the following lines and reporting forms:

• “Property, plant and equipment”, “Inventories” in the statement of financial position;
• “Changes in inventories” and “Purchases of property, plant and equipment” in the statement of cash flows using the indirect method.

Accounting for accounts payable for major repairs

Despite the fact that IFRS does not require separate recognition of accounts payable for investing activities, separate accounting will be required to adjust cash flow for operating activities. Moreover, all accounts payable, which correspond with the accounts of costs and spare parts for major repairs, will require separate accounting. And although the presence of analytics on accounts 60 and 76 in RAS indicates that accounts payable relates to investment activities, payment of an invoice to a supplier may include payment for both spare parts for investment purposes, and for routine repairs, and even for materials for production purposes. In this case, it is necessary to make an adjustment in proportion to the amounts reflected in the invoice for major repairs and for current purposes.

Example 2

Company X on December 15, 2014 supplied components and mechanisms for major repairs in the amount of 500 thousand rubles, as well as consumable parts for routine repairs in the amount of 300 thousand rubles. According to the terms of the contract, payment is made according to the following scheme: 60 percent on the day of delivery and 40 percent within 45 days after delivery. As of December 31, 2014, accounts payable under the agreement with X amounted to RUB 320 thousand.

Due to the fact that the agreement is general for both capital and current repairs, it is impossible to determine exactly for what purposes the payment was made before December 31, 2014. Therefore, the payment amount is 480 thousand rubles. (500 + 300 – 320) must be divided in proportion to the invoice into investment and current accounts payable. The share of investment activities in the paid amount is equal to 300 thousand rubles. (500 thousand / 800 thousand × 480 thousand). Thus, accounts payable for investment activities as of December 31, 2014 will amount to 200 thousand rubles. (500 thousand – 300 thousand).

Subsequent accounting of components

After the replaced overhaul component is retired, a new overhaul component is introduced. It is advisable to reflect it on a separate line in the fixed asset card. The service life for calculating depreciation is determined based on the frequency of similar major repairs, that is, replacement of similar elements.

Important

Although a component of a fixed asset is a separately depreciable item, it is physically part of the fixed asset. Therefore, if a fixed asset is disposed of (sold, donated, etc.), then all its components must also be written off. The same applies to the impairment of components of fixed assets: analysis for impairment will be carried out for objects or complexes of fixed assets. When a fixed asset is depreciated, its component also depreciates, since separately from each other they cannot bring economic benefits.

It is clear that in the year when the transition to component accounting occurred, all components will be new and allocated for the first time from fixed assets. In subsequent years, similar or modified repairs may occur to the fixed asset item. This is why preparation for the transition to component accounting is so important, during which it is necessary, together with engineers and technical specialists, to assess what type of repairs are being carried out and what level of repairs will be determined as the basis for component accounting.

Let's consider options for subsequent modified major repairs:

• the overhaul does not in any way affect the already allocated OS components, that is, a completely different type of overhaul is being carried out. In this case, it is necessary to select from the fixed asset card a component of fixed assets for write-off according to the above algorithm, and then capitalize the amount of capital repairs, recognizing the component of the fixed asset;
• During a major overhaul, an already allocated component of a fixed asset item and another group of components that were not allocated earlier are replaced. In this case, such a major overhaul is broken down into components. Previously allocated components that are replaced during this repair are deregistered and replaced with new ones. In addition, new components are highlighted that are being overhauled for the first time;
• During a major overhaul, part of an already separated component is replaced. This situation should be rather an exception, since the level of materiality of the allocation of components in terms of cost and functionality should be determined at the beginning of the transition to component accounting. However, you will need to separate the child component from the already separated parent component, again according to the above algorithm. In the future, the amount of the new component will be reflected on the card as a separate line.

In conclusion, it should be noted that the article provides both general and specific recommendations for switching to component fixed asset accounting, since it is the same for all fixed assets, can be automated and does not lead to reporting distortions. However, the above algorithm uses a number of simplifications. If the company has a developed database of all elements of fixed assets, their historical cost and service lives, then this approach, especially with regard to writing off the residual value of a component, can be replaced by a more accurate method.

Component accounting

As part of the review of the application of international financial reporting standards in 2004, component accounting requirements were established to reflect depreciation of fixed assets. Component accounting (or component requirement) regulates the separate accounting of each element of a fixed asset object if its cost is significant in the total cost of this object. Once components have been identified and their useful lives have been determined, salvage value must be determined and the appropriate depreciation method selected. If individual elements of an item of property, plant and equipment have the same useful life, they can be grouped for depreciation purposes.

In accordance with the requirements of IFRS 16, depreciation is the distribution of the depreciable cost of an asset between accounting periods over its useful life.

The method used must be consistent with the scheme for obtaining economic benefits from the fixed asset item. If the income from the operation of a fixed asset is distributed evenly over its useful life, it is recommended to use the straight-line depreciation method. If, over the course of its service life, the return from the use of an object gradually decreases, it is advisable to use the declining balance method. The sum of items method is recommended to be used if the decrease in the depreciable cost of an object is proportional to the volume of products produced or work performed.

Currently, more and more enterprises are introducing component accounting in accordance with IFRS requirements.

As part of the review of the application of international financial reporting standards in 2004, component accounting requirements were established to reflect depreciation of fixed assets. Component accounting (or component requirement) regulates the separate accounting of each element of a fixed asset object if its cost is significant in the total cost of this object. Once components have been identified and their useful lives have been determined, salvage value must be determined and the appropriate depreciation method selected. If individual elements of an item of property, plant and equipment have the same useful life, they can be grouped for depreciation purposes.

The valuation of aircraft is a clear illustration of the application of the component approach to fixed asset accounting. Aircraft airframes and engines are often purchased from different manufacturers and have different repair and maintenance requirements. The service life of an aircraft engine is significantly shorter than that of the airframe; The engine requires regular replacement to keep the aircraft airworthy. Defining the engine as a component allows depreciation to be charged over its useful life and fully depreciates the cost of the engine to zero or salvage value at the replacement date. The component is then derecognised and the cost of the replaced component is capitalized when a new engine is installed.

In accordance with the requirements of IFRS 16, depreciation is the distribution of the depreciable cost of an asset between accounting periods over its useful life. There are several recommended methods for calculating depreciation of fixed assets under IFRS 16:

• straight-line accrual - uniform accrual of a constant amount of depreciation over the useful life of the object;
• declining balance - the accrual of the largest amounts of depreciation in the initial periods of use of the object and a gradual decrease in the amount of depreciation over its useful life;
• amount of products - calculation of depreciation amount depending on the expected production of labor products at the operated fixed asset facility.

The method used must be consistent with the scheme for obtaining economic benefits from the fixed asset item. If the income from the operation of a fixed asset is distributed evenly over its useful life, it is recommended to use the straight-line depreciation method. If, over the course of its service life, the return from the use of an object gradually decreases, it is advisable to use the declining balance method. The sum of items method is recommended to be used if the decrease in the depreciable cost of an object is proportional to the volume of products produced or work performed.

Depreciation charges should be determined separately for each significant component of property, plant and equipment, and the method of calculating depreciation of property, plant and equipment should be reviewed periodically. If there have been significant changes in the expected pattern of obtaining economic benefits from an asset, the method of calculating depreciation should be changed accordingly. Those fixed assets whose consumer properties do not change over time, for example land, are not subject to depreciation.

Currently, more and more enterprises are introducing component accounting in accordance with IFRS requirements.

Zalivalova Lyubov Ruslanovna, Pochekaeva Olga Vadimovna
1. Master's student in the direction 38.04.01 "Economics", profile Accounting, analysis and audit
2. Ph.D., associate professor
Volga State University of Water Transport

Zalivalova Lyubov Ruslanovna, Pochekaeva Olga Vadimovna
1. Graduate student in the Direction 04/38/01 “Economy”, section Accounting, analysis and audit
Volga State University of Water Transport
2. PhD in Economics, Associate Professor of Accounting and Auditing

Annotation: Currently, in conditions of stabilization of the economic situation in the country, enterprises are actively looking for ways to increase the efficiency of their production and economic activities. All fixed assets put into operation and accepted for accounting require additional costs to maintain them in working order. After all, maintenance of fixed assets is a significant cost item for many enterprises, and in order to rationally assess these costs, modern enterprises should consider accounting for major repairs from the point of view of international standards. In this article we will look at accounting for capital repairs of fixed assets from the point of view of Russian and international legislation, define the essence of component accounting of fixed assets and identify the positive aspects of accounting for capital expenditures in accordance with International Financial Reporting Standards.

Abstract: Currently, in the conditions of stabilization of the economic situation in the country, enterprises are actively seeking ways to increase the efficiency of their economic activities. All objects of fixed assets which are put into operation and accepted for accounting require additional expenses for maintaining them in working order. Service of fixed assets is an essential article of expenses for many enterprises. For a rational assessment of these expenses the enterprises should consider major repairs from the point of view of the international standards. In this article it deals with the accounting of major repair of fixed assets from the point of view of the Russian legislation and international. It is specially noted about the component accounting of fixed assets. It is reported all positive aspects of guiding the accounting of capital expenditure under International Financial Reporting Standards.

Keywords: Fixed assets, major repairs, component accounting of fixed assets, inventory item.

Keywords: Fixed assets, capital repairs, component accounting of fixed assets, inventory object.

In the modern world, enterprises must rationally evaluate all their costs. This also applies to the costs of maintaining fixed assets, which must be recognized as they arise. It is especially important to rationally assess the costs of major repairs of fixed assets, because fixed assets should be reflected in the balance sheet according to their real valuation. Russian legislation and International standards propose to take into account the costs of major repairs in different ways.

According to PBU 6/01 “Accounting for fixed assets”, repair is one of the types of restoration of fixed assets. In addition to repairs, PBU 6/01 also defines modernization and reconstruction as a type of restoration of a fixed asset. The difference between them is that repairs are current costs, while reconstruction and modernization are capital costs. This is where the peculiarities of reflecting repair costs in accounting arise. But PBU 6/01 does not spell out all the features associated with repairs.

More complete information regarding the restoration of fixed assets is presented in the Guidelines for accounting of fixed assets, approved by Order of the Ministry of Finance of the Russian Federation dated October 13, 2003 N 91n. Accounting for costs associated with modernization and reconstruction is carried out in the manner established for accounting for capital investments. The costs of modernization and reconstruction of a fixed asset increase the initial cost of this object if, as a result, the initially adopted standard indicators of the functioning of the fixed asset improve. In addition, according to PBU 1/08, if for a specific issue the regulatory legal acts do not establish accounting methods, then the application of these and other provisions, as well as International Financial Reporting Standards, is permitted. Therefore, accounting for the costs of repairing fixed assets requires detail in the accounting policy based on International Standards.

In IFRS, the costs of reconstruction and modernization of fixed assets are also classified as capital investments that increase the initial cost of fixed assets. But if in Russian accounting all repair costs are current, then in IFRS repair costs can be classified as both current expenses and capital. If the costs meet the criteria for recognizing them as fixed assets, these costs are capital and they increase the initial cost of the object. Such repairs are called capitalized, that is, repairs with the replacement of part of the object, in which the amount of new costs for repairing and replacing parts of the object is capitalized for the object, and the residual value of the replaced part is subject to write-off.

According to IFRS 16, the main aspect of accounting for fixed assets is the determination of their book value, while RAS standards apply only to the formation of the initial cost of fixed assets. IAS 16 includes the cost of regularly replacing parts of an item of property, plant and equipment in its carrying amount, and the cost of the replaced parts is written off. PBU 6/01 has a similar provision, according to which partial liquidation of a fixed asset item is implied when carrying out reconstruction work. Therefore, it would be correct to use a unified approach, according to which the value of disposed objects is subject to write-off, and new objects are capitalized.

It is also important to note that repair costs are aimed at restoring the useful properties of fixed assets and ensuring the flow of economic benefits in the future. If such costs are incurred with a frequency of more than 12 months, then the economic benefits will flow to the organization over several reporting periods. Therefore, it is advisable to recognize these costs in accounting as a non-current asset in the amount of costs incurred, with the subsequent write-off of this asset as expenses during the period of receipt of benefits. In other words, the costs of repairs must be taken into account as part of non-current assets, and not in current expenses.

As an illustrative example, let us assume that the initial cost of a dry cargo vessel is 5,000,000 rubles, and its useful life is 20 years. The vessel contains a part - an auxiliary engine, which, as a result of a breakdown, became unusable 10 years after the start of operation of the vessel (the service life of the engine according to the passport is 20 years). At the time of disposal, the market value of the new dry cargo vessel is 7,000,000 rubles, and the cost of the engine is 500,000 rubles. According to the passport of the newly purchased engine, its useful life is 15 years. The cost of engine installation services is 100,000 rubles.

Cost of the engine in the original cost of the vessel:

5,000,000×500,000/7,000,000 = 357,143 rubles.

At the time of disposal, depreciation of the fixed asset is 50%. The cost of the retiring part is: 357,143×50% = 178,571.50 rubles.

The residual (book) value of the vessel after repair is:

2,500,000 - 178,571.50 + 500,000 + 100,000= 2,921,428.50 rub. (including the cost of the engine 600,000 rubles)

On account 01 “Fixed Assets” the cost of the vessel is:

5,000,000-357,143 + 500,000 + 100,000 = 5,242,857 rub. (including the cost of the engine 600,000 rubles)

The amount of depreciation of the vessel on account 02 “Depreciation of fixed assets” is: 500,000-178,571.50 = 321,428.50 rubles.

Annual depreciation after engine replacement:

Dry cargo ship (without engine): 4,642,857/20 = 232,142.85 rubles.

Auxiliary engine: 600,000/15 = 40,000 rub.

Total: RUB 272,142.85

Thus, it is much more profitable to replace only part of the vessel than to buy a new one.

IFRS 16 “Fixed Assets” suggests maintaining component-by-component accounting of fixed assets. The standard recommends that the costs of replacing elements of fixed assets with a useful life of more than 1 year be considered as a separately depreciable item. The main difference between component accounting is that elements with different periods of use are distinguished within a fixed asset object. Another difference is the capitalization of capital repairs. With component accounting, capital repairs are depreciated separately according to their useful life, and in the absence of component accounting, they would be accounted for and depreciated as part of the entire fixed asset.

For example, a dry cargo ship with an initial cost of 5,000,000 rubles. and a useful life of 20 years, subject to scheduled repairs every 5 years. Repair costs amount to RUB 500,000.

When recognizing a vessel's fixed assets as part of an object, we will distinguish 2 components:

Dry cargo ship - 4,500,000 rubles. with a depreciation period of 20 years. The amount of depreciation for the year is 225,000 rubles.

Planned repairs RUB 500,000. with a depreciation period of 5 years. The amount of depreciation for the year is 100,000 rubles.

The total amount of depreciation of a dry cargo vessel is 325,000 rubles.

This example clearly shows how beneficial it is for an enterprise to consider major repairs as a separate inventory item. At the same time, costs have decreased, which will lead to a reduction in the cost of transportation, as a result of which the profit of the enterprise will increase.

Nowadays, component accounting of fixed assets is best used by enterprises that intensively invest in fixed assets and carry out their planned overhauls, as well as those enterprises that have a lot of fixed assets. Component accounting is especially important in water transport enterprises. Indeed, in the sea and river fleets, an inventory item is each vessel, including the main and auxiliary engines, a power plant, life-saving equipment, loading and unloading mechanisms, navigation and measuring instruments, and an on-board set of spare parts. And often one fixed asset item has components with different useful lives, so it is advisable to account for each such part as an independent inventory item. If an enterprise switches to component accounting, then the depreciation of these components will be reflected in period expenses over their entire service life. Therefore, component accounting allows for a more accurate transfer of the cost of fixed assets to the cost of manufactured products.

At large enterprises, the transition to component accounting cannot be carried out immediately, since it is impossible to select components from several thousand fixed assets. Therefore, a gradual transition to component accounting is necessary. To begin with, you can analyze the major overhaul for the next year and allocate capital costs to components. It is also rational to combine components with the same replacement period, and not just with the same service life. And in the future, it will be necessary to gradually combine fixed assets into new components, and only then will the company be able to completely switch to component accounting of fixed assets.

New fixed asset objects will need to be initially combined into components. To do this, you will need to analyze some of their parameters:

• Useful life. If it is more than 10 years old, then the object may require major repairs during its useful life, therefore, some components will be replaced that need to be highlighted in accounting;
• Complexity of the fixed asset object;
• The cost of a fixed asset item. According to PBU 6/01, an inventory item of fixed assets is a complete device with all fixtures and accessories, or a separately structurally isolated item that performs independent functions, or a complex of structurally articulated items that represent a single whole and together perform a certain job. In other words, in RAS, a single set of items and equipment is represented as one inventory item, and the smallest units of a fixed asset item are not allocated, therefore, when allocating components, you should pay close attention to the cost of fixed asset items.

Russian legislation does not provide for the division of one inventory item and, conversely, the combination of several inventory items, according to Letter of the Ministry of Finance of Russia dated June 20, 2012 N 03-03-06/1/313. But this prohibition is controversial, since tax accounting determines the inventory object of fixed assets by the functional unity of its component parts, and, at the same time, accounting says that parts with different useful lives should be separated into separate objects. Therefore, the replacement of a separate part of an item of property, plant and equipment should be accounted for as a disposal and recognized as a separate item of property, plant and equipment.

Bibliography

1. Bogachenko V.M. Accounting: textbook / V.M. Bogachenko, N.A. Kirillova. – Ed. 19th, erased. – Rostov n/d: Phoenix, 2015. – 510 p.
2. International Financial Reporting Standard (IAS) 16 “Property, Plant and Equipment”
3. International Financial Reporting Standard (IAS) 36 “Impairment of Assets”
4. Letter of the Ministry of Finance of Russia dated June 20, 2012 N 03-03-06/1/313
5. Accounting Regulations “Accounting for Fixed Assets” PBU 6/01
6. Accounting Regulations “Accounting Policy of the Organization” PBU 1/08
7. Order of the Ministry of Finance of the Russian Federation dated March 30, 2001 N 26n (as amended on December 24, 2010) “On approval of the accounting regulations “Accounting for fixed assets” PBU 6/01.”
8. Recommendation R-32/2013-KpR “Accounting for repair and maintenance of fixed assets” dated December 20, 2013