Accounting procedure for property related to capital investments in accordance with Federal Accounting Standard 26/2020

Vernikov V.A.1, Konovalenko I.E.2
1 Институт социальных наук, Russia
2 Российский экономический университет имени Г.В. Плеханова, Russia

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Journal paper

Economics and society: contemporary models of development (РИНЦ)
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Volume 11, Number 3 (July-september 2021)

Citation:

Vernikov, V. A., & Konovalenko, I. E. (2021). Accounting procedure for property related to capital investments in accordance with Federal Accounting Standard 26/2020. Economics and society: contemporary models of development, 11(3), 293-301. https://doi.org/10.18334/ecsoc.11.3.113988

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=48250104
Cited: 1 by 28.06.2023

Abstract:
By order of the Ministry of Finance of Russia of September 17, 2020 No. 204n, the Federal Accounting Standard 26/2020 "Capital Investments" was approved. This federal standard defines the requirements for information on the capital investments of an organization in accounting. The application of the new federal standard is mandatory for all organizations. Prior to the adoption of this federal standard, there was no separate accounting object in the form of capital investments in accounting. The development of this standard was based on IAS 16 "Property, plant and equipment", which was introduced in the Russian Federation. The federal standard solves one of the most pressing problems. This problem has been faced by accountants for many years in terms of recognizing one or another future object as a fixed asset at the initial stage of investment. With the entry of the Federal Accounting Standard 26/2020, the accountant has been given the right to rely on his professional judgment, as well as information on similar situations that took place in the organization for previous reporting periods.

Keywords: fixed assets, capital investments, costs, federal accounting standard, impairment, estimated cost, liquidation, elements of depreciation, material values

Funding:
Работа выполнена при финансовой поддержке ФГБОУ ВО «РЭУ им. Г.В. Плеханова», АНОВО «Институт социальных наук»

JEL-classification: G31, G33, D57

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References:

Konovalenko I.E, Vernikov V.A. (2015). Uchet stroitelnyh materialov v stroitelnyh organizatsiyakh [The accounting of construction materials in the construction organizations]. Journal of Economy and Entrepreneurship. (3-2(56)). 634-638. (in Russian).

Malitskaya V.B., Chirkova M.B., Kuznetsova I.V. (2021). Kontseptsiya razvitiya bukhgalterskogo uchyota sovmestnoy deyatelnosti v sootvetstvii s MSFO [Elaboration of the concept of development of joint ventures accounting according to the IFRS]. Vestnik of Voronezh state agrarian university. 14 (2(69)). 123-130. (in Russian). doi: 10.53914/issn2071-2243_2021_2_123 .

Vernikov V.A., Konovalenko I.E., Kornilova E.S. (2021). Uchetnaya politika kak klyuchevoy faktor, sposobstvuyushchiy realizatsii effektivnoy biznes strategii khozyaystvuyushchego subekta [Accounting policy as a key factor promoting the implementation of an effective business strategy of a business entity]. Scientific Herald: finance, banks, investments. (2(55)). 221-227. (in Russian).

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