Accounting policy of economic entities in the conditions of application of Federal Accounting Standard (FSBU) 6/2020 – Fixed Assets

Abstract

Subject. This article discusses the development of the accounting policy provisions in accordance with the requirements of the Federal Accounting Standard (FSBU) 6/2020 – Fixed Assets, for the identification of fixed assets, their valuation, depreciation, write-off of objects from accounting, disclosure of information about fixed assets in accounting (financial) statements. Objectives. The article aims to analyze the provisions of the Federal Accounting Standard (FSBU) 6/2020 – Fixed Assets in the context of its sections for the need for local regulation of certain issues of accounting for fixed assets, and develop options for internal regulations to include them in the accounting policy of an economic entity for the purpose of accounting for fixed assets. Methods. For the study, we used the methods of analysis and synthesis, comparison, generalization, and modeling. Results. The article identifies issues in respect of which local regulation is necessary on the basis of the requirements of the Federal Accounting Standard (FSBU) 6/2020 – Fixed Assets, and offers options for the provisions of the accounting policy in order to form information on fixed assets of economic entities. Conclusions and Relevance. The article concludes that it is necessary to adapt the accounting policy of economic entities to the requirements of the Federal Accounting Standard (FSBU) 6/2020 – Fixed Assets in connection with the need for its mandatory application, starting with the accounting (financial) statements for 2022. The proposed recommendations may be useful for further research on the formation of information on fixed assets of economic entities and for practical application by economic entities in drawing up the provisions of accounting policy for the purpose of fixed assets accounting.