Assessment of non-financial assets in federal and international accounting and reporting standards

The reform of the accounting regulatory system, the methodological concept of which is the convergence of the national system of normative documents on public sector accounting with the International Public Sector Accounting Standards (IPSAS), has been going on in Russia for two decades. During this time, accounting in the public sector has undergone significant changes, now entering a qualitatively new stage of reform. Since January 1, 2018, accounting in public sector organizations is based on the provisions of federal standards. In this regard, a comparative analysis of the regulations of international and national standards is of great interest. The article presents the results of a study of the provisions on the assessment of non-financial assets of public sector organizations contained in federal and international accounting and reporting standards. The article contains similarities and differences in the assessment of assets when they are at different stages of the life cycle in the institution. The assessment of the innovation of expanding the scope of application of fair value is given.