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Current Conditions and Development of Cost Accounting for Repairs and Improvement of Fixed Assets

Author

Listed:
  • Borys Zanko

    (National University of State Tax Service of Ukraine, Irpin, Ukraine)

Abstract

The article investigates theoretical and methodological aspects of cost accounting for repairs and improvement (upgrade, modification, finishing, retrofit, renovation) of fixed assets. The purpose of the article is to highlight the existing procedure of cost accounting for repairs and improvement of fixed assets and to develop recommendations for enhancement of legislation concerning such expenses in accounting. The object of the study is the set of theoretical and methodological issues of operations accounting of repairs and improvement of fixed assets. The attention also paid to the norms of the tax laws governing the interpretation of costs in tax accounting associated with the repairs and improvement of fixed assets. The study proposed to amend the legislation that will reduce the number of differences between the value of fixed assets represented in the bookkeeping (financial) accounting after concluding repairs and improvements of fixed assets and their value taken into account in tax accounting.

Suggested Citation

  • Borys Zanko, 2014. "Current Conditions and Development of Cost Accounting for Repairs and Improvement of Fixed Assets," Oblik i finansi, Institute of Accounting and Finance, issue 4, pages 24-28, December.
    • Handle: RePEc:iaf:journl:y:2014:i:4:p:24-28
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    File URL: http://www.afj.org.ua/pdf/218-stan-ta-udoskonalennya-obliku-vitrat-na-remonti-i-polipshennya-osnovnih-zasobiv.pdf
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    File URL: http://www.afj.org.ua/en/article/218/
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    More about this item

    Keywords

    costs; fixed assets; fixed assets repairs; improvement of fixed assets; fixed assets acquisition cost;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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