Kariev V. Fixed Assets Accounting, Control and Analysis

Research object: fixed assets facilities of industrial enterprises. Purpose of research: a theoretical and practical substantiation of provisions as well as a development of recommendations concerning the improvement of the methods and organization of fixed assets facilities accounting. Methods of research: induction, deduction, a theoretical generalization, grouping, comparison, observation and analysis. Theoretical and practical results: scientific-and-method approaches and practical recommendations concerning the improvement of formation and application of principles, standards and a professional opinion in accounting are investigated and developed in the work. The results of the research have been used in the authors’ publications and reports made at conferences as well as in the activities of business entities. The scientific novelty consists in a theoretic-and-method substantiation and solution of a complex of problems related to the improvement of the fixed assets accounting, control and analysis, in particular a new approach to the distribution of general production costs and administrative costs (including those that are directly related to the construction of fixed assets facilities) has been suggested for the first time for the purpose of determining investment amounts and the original cost of the built fixed assets facility; we have also suggested methods of calculation of individual types of depreciation of fixed assets after their improvement, revaluation and a partial liquidation which allows to exclude errors when calculating the depreciation by means of the methods that are specified in Accounting Provisions (Standards) 7; we have improved the definition of the term “fixed assets” and suggested that it should be replaced with the term “fixed means of labor” which permits to characterize them on the basis of their economic essence in a more precise manner and allows to use a more systematic approach with regard to the terms applied to the assets; we have also improved a formula of calculating the depreciation by means of the method that is provided for in the tax accounting, in accordance with the accounting requirements which allows to use it in accounting; the following items have been further developed: a procedure of distribution of costs among fixed assets facilities when purchasing them by means of a package building which allows to reliably determine the original cost of each fixed assets facility; a formula of determining the enterprise’s operational cycle which provides a clear idea of a procedure of calculating the operational cycle duration; methods of preliminary work analysis and a suggested method of its accounting which allow to fully and more reliably take into account all costs related to the construction of the fixed assets facilities. Introduction degree: the results of the research have been introduced into practical activities of Bilshovyk Machine-Building Enterprise and the training process of the State Academy of Statistics, Accounting and Audit of the Ukrainian State Committee of Statistics when teaching Financial Accounting I. Introduction efficiency: it allows to improve the reliability of accounting information concerning fixed assets in accordance with the requirements of the National legislation. Sphere (industry) of application: economic activities of enterprises and audit firms.