Concepts of the subsequent assessment of fixed assets

The article deals with issues reflected in the value of fixed assets in the accounting and reporting of business entities in accordance with Russian and International Financial Reporting Standards. The principles of valuation of fixed assets at cost and revalued amount are covered. The concepts of revaluation of fixed assets at replacement fair value in accordance with domestic and international regulations are considered. The signs of depreciation are formulated and rules of an assessment of the compensated cost of assets on the basis of which the depreciation sum is defined are revealed. The technique which reflects depreciation of fixed assets, adapted to domestic Plan of Accounts is proposed and instructions for its use are given. The recommendations on improving of the legal framework are given and also adaptation of accounting policy to changes in accounting standards legislation.