Land reclamation as an object of accounting: The current state and development prospects

Abstract

Subject. The article focuses on the issues related to the implementation of reclamation measures that contribute to improving the quality of agricultural land and accordingly, food security in Russia. Objectives. The article aims to study the current state and prospects for the development of land reclamation as an object of accounting in connection with the approval of the Federal Accounting Standards (FSBU) 6/2020 – Fixed Assets and 26/2020 – Capital Investments. Methods. For the study, I used analysis, synthesis, and comparison. Results. Based on the results of the analysis of land reclamation work accounting, the article proposes to exclude contradictions in the Federal Accounting Standard (FSBU) 6/2020 related to the acceptance of land reclamation works for accounting. To eliminate inconsistencies in the industry document on accounting for fixed assets, the article recommends developing industry standards for accounting for capital investments and fixed assets. Conclusions. The article concludes that the methodology of accounting for land reclamation measures, the cost of which increases the valuation of land assets, will contribute to the provision of reliable information about their qualitative characteristics.