FEATURES OF ACCOUNTING AND AUDIT OF FIXED ASSETS IN ACCORDANCE WITH THE REQUIREMENTS OF INTERNATIONAL STANDARDS

Abstract

The features of fixed assets and a technique of audit of fixed assets in accordance with international standards have been considered in the article. Review of regulatory framework of accounting and audit of fixed assets has been conducted. Fixed assets' criteria and features of recognition have been considered. The principles and requirements IAS 16 «Fixed Assets» were outlined in article. The objectives, objects, resources and consistency of fixed assets audit were revealed. The essence of the category “fixed assets” is defined in this research work. Discusses ways to determine the original value depending on how the proceeds of fixed assets. The features of the audit of fixed assets, formed a task and generalized source the audit of fixed assets have been explored. Instructional techniques and stages have been provided and the typical errors found during the audit of fixed assets have been singled out. The necessity of conducting the audit of fixed assets is revealed, which allows to establish their existing and quantitative status, accounting in the accounts, repairs and improvements, correctness of accrual of depreciation and elimination of their shortcomings, which will allow to achieve a high level of qualitative characteristics of the financial statements of the enterprise. The task and the information base used during the audit of fixed assets have been formed. The methodology of audit of fixed assets is presented and its influence on the quality of audit is determined. The stages of verification are determined. The criteria of the quality of the audit are established and the requirements for the process of preparation of the accounting information are established. This will allow to improve the quality and systematic carrying out of the audit of fixed assets at the enterprise. The general methods of cognition were used: analysis, synthesis, generalization and induction. It was found that the optimal option for accounting of selfdeprecated object of fixed assets, if the enterprise plans its further use, is its quantitative accounting without accrual of depreciation, and in the case of application of IFRS and the revaluation method – its revaluation, although this is associated with additional difficulties and costs. The results of research will help enterprises to reflect properly such objects of fixed assets in accordance with the current legislation.