Accounting for revaluation

Abstract

Introduction. Fixed assets and other non-current assets play an important role in the economic activity of enterprises. Without their presence the process of manufacturing, services and works becomes impossible. To form a complete and accurate information about the financial and economic activity of the enterprise resource specifications, evaluation of balance sheet items of property, it is necessary to have a clear understanding of the value of its assets, the share of which usually constitutes the fixed assets.

Purpose. The purpose of the study is a theoretical justification and development of recommendations and proposals on accounting revaluation of fixed assets, further improvement to ensure the effective functioning of businesses in today's environment.

Method (methodology). The process of revaluation is important but also difficult and time consuming. This is due to the complexity of the methodology of recording the results of revaluation. The reasons include the use of new and economic terms, and complexity of the wording of the provisions of regulations, as well as the contradiction between their  standards.

Results. Although the current methodology is designed with the features of foreign tax law, but it is rather complicated and confusing. So the issue of the completion of the regulatory settlement of all the weaknesses of the process accounting revaluation of fixed assets, taking into account the proposals of the leading scientists of the country, is urgent.