Fixed assets according to the Ukrainian and International standards: accounting, statements and taxation

Abstract

In the context of globalization and integration of national economies into international practice, there is a need to harmonize approaches to accounting for fixed assets between national standards and international requirements. Purpose of the study: The purpose of the article is to study the peculiarities of accounting for fixed assets within the framework of national accounting standards of Ukraine and international practice, as well as to assess the possibilities of integrating international approaches into national practice to improve the quality of financial reporting. Research methods: The study used comparative and analytical methods to analyze national and international accounting standards for fixed assets. The methodology of practical analysis was also used, which involved consideration of real examples of application of fixed asset accounting standards in Ukraine and the United States.

Results: The study found that national fixed asset accounting standards in Ukraine have significant differences from international standards, in particular in terms of valuation, depreciation and disposal of fixed assets. The authors of the study showed that American companies apply both IFRS and domestic GAAP accounting standards, which provides greater flexibility in applying different approaches to accounting for fixed assets. The results of the study emphasize the importance of adapting Ukrainian standards to international requirements to improve financial reporting and increase the transparency of management decisions. Conclusions: The considered features of accounting for fixed assets according to national standards and in international practice give a general idea of the specifics of accounting for this object on the relevant accounts. Comparison of the American practice with the national standards of Ukraine allows us to conclude that the application of international practice can contribute to the improvement of accounting policies of enterprises in Ukraine, providing more objective information for making management decisions. Separating information on losses due to extraordinary events, such as military operations, as well as income from their compensation, will increase the usefulness of financial statements.