ELEMENTS OF THE ACCOUNTING POLICY OF THE ENTERPRISE REGARDING OTHER NON-CURRENT MATERIAL ASSETS
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Abstract
Introduction. The issues of the accounting policy of the enterprise in terms of other non-negotiable tangible assets, the definition of elements and the analysis of options for alternative solutions remain insufficiently illuminated.
Purpose. The purpose of the article is to determine the main elements of the accounting policy of the enterprise with respect to other non-negotiable tangible assets and to formulate recommendations for the selection of options for the purpose of inclusion in the document on the accounting policy of the business entity.
Results. The formation of an accounting policy with respect to non-negotiable tangible assets is one of the important and fundamental steps in the preparation of a document on accounting policy, on which the quality of information depends and its conformity with the needs of consumers. The variety of groups of other non-negotiable tangible assets, due to their characteristics and functional purpose, influences the organization and methodology of their accounting, which made it possible to make a recommendation on the entity's choice of the order of accounting for the said objects, depending on whether they determine which assets they are - negotiable or non-negotiable. Accordingly, accounting for the availability, receipt and disposal of different groups of other non-negotiable tangible assets can be carried out both as fixed assets and as inventories.
The accounting policy of the enterprise is formed on the basis of national standards and other regulatory legal acts from the accounting records, in agreement with the owner or authorized body, respectively, statutory documents. When determining the objects and elements of accounting policy, it is necessary to take into account the organizational and legal form of the enterprise, industry characteristics, production volumes and other. Taking into account the possibility of choice, the elements of the accounting policy of the organizational, technical and methodological components are defined: the determination of the objects of accounting for other non-negotiable tangible assets; term of their useful use; the size of the cost-based criterion for the ownership of a tangible asset to low-value non-negotiable assets; methods for calculating depreciation; methods of valuation of other non-negotiable tangible assets in related party transactions; The method of valuation of other non-negotiable tangible assets obtained through targeted financing; the date of initial recognition of non-current assets or groups of assets that are held for sale; approaches to their reevaluation and approaches to the frequency of crediting the sum of a supplementary assessment of non-current assets to retained earnings; objects and frequency of inventory; Criteria of the essence when disclosing information from the balance sheet and notes before the annual financial statements.
Originality. The scientific novelty of the research results lies in the recommendation and changes in approaches to accounting for other non-negotiable tangible assets in Ukraine, and the advisability of the enterprise submitting an independent choice of the accounting for certain objects within the boundaries of the company's accounting policies, depending on whether they determine the assets they represent - fixed assets or reserves.
Conclusion. It was proposed to change the domestic principle approach to accounting for other non-negotiable tangible assets. The main elements of the accounting policy of the enterprise relative to other non-negotiable tangible assets are determined.
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