One of the main aspects of fixed assets accounting is studied as the process of fixed assets acquisition, their internal movement, depreciation and disposal. Fixed assets accounting is considered to ensure proper documentation and timely reflection in primary documents and in bookkeeping and tax accounting register, as well as control over the safety and proper use of each object.
This paper discusses theoretical and practical research of the national federal accounting standard titled «Fixed assets». This discussion is particularly related to the most significant rulings that affect bookkeeping and tax accounting and such corporate reporting aspects as revaluation, impairment, reclassification of fixed assets and other types of assets. It should be especially noted that the Federal Accounting Standard "Fixed Assets" is moving to the IFRS by introducing new norms and concepts, for instance, the disposal value. It has been proved that the complexity of the depreciation calculation scheme is unjustified and that the transition and adaptation of new rules is largely based on subjective evaluation.
Non-current assets, that are mostly fixed assets, are one of the main objects of accounting in organizations, so it is difficult to overestimate the importance of the issues related to their evaluation, since this affects the timeliness, reliability and completeness of information in accounting documentation and in the accounting financial statements of economic entities. The processes of accounting reform have had a significant impact on the change in the accounting rules of fixed assets. Non-current assets are designed to serve in the business sphere for a long time and have a significant impact on the financial results of the organization's activities. Currently, there are major problems in fixed asset accounting that prevent receiving complete, real, objective, and reliable reporting information. This conclusion has been confirmed by the research results of those contemporary academics who have analyzed various issues related to the regulatory norms of fixed assets accounting as well as the application of new rules for the evaluation of these assets. Thus, there is an obvious convergence of rules in accounting with international financial reporting standards.