Pyrizhok S. Accounting for and control over the transactions with usage and disposal of fixed assets

Thesis is dedicated to the scientific grounding of theoretical statements and working out of practical recommendations on improving accounting for and control over the transactions with usage and disposal of fixed assets. The concept of "fixed assets" has been clarified and defined as a part of property which has material form, belongs to a company on ownership rights and is used as a means of labor during a certain period of time, which exceeds one operational cycle or one calendar year. Moreover, the author suggests a number of amendments to Accounting Standards 7 "Fixed assets" in the context of concepts' definitions, approaches to evaluation and depreciation of fixed assets, stating the level of object's obsolescence, its writing off in the result of extraordinary events etc. Classification of transactions with usage and disposal of fixed assets by their technological characteristics as well as physical and technical features has been made. The aforementioned classification serves as a basis for improving methodical statements concerning the usage of company's fixed assets. The following issues have been improved: methods of accounting reflection of transactions with disposal of fixed assets in the part of improving blanks of source documents, procedure of applying valuation methods in the process of assets' disposal, reflection of such kind of transactions in the suggested forms of internal reports, as well as the procedure of accounting reflection of transactions with disposal of fixed assets in the result of extraordinary events taking into consideration the outcomes and the impact of such kind of events on the state of availability of company's fixed assets. Organizational and methodical statements on internal control over the transactions with the usage and disposal of fixed assets have been improved and as a result have become the basis for developing the system of efficient management of company's non-current assets.