Valuation of fixed assets after recognition in accordance with Federal Accounting Standard 6/2020 "Fixed assets": theoretical and practical aspects

From 01.01.2022, all commercial organizations, when accounting for fixed assets, must be guided by the provisions set out in the federal accounting standard «Fixed Assets» FAS 6/2020, approved by Order of the Ministry of Finance of the Russian Federation 17.09.2020 № 204н, which establishes that in the accounting of commercial organizations, fixed assets that are not related to investment real estate must be estimated or at their original cost or at an overpriced cost. But until now, many accountants, especially those who do not have a basic «accounting» education (for example, in the agricultural sector), this aspect of accounting for fixed assets raises many questions. The article considers the provisions of the FAS 6/2020 «Fixed Assets» concerning the subsequent assessment of fixed assets in commercial organizations. The article also provides illustrative practical examples of subsequent valuation of fixed assets, both at initial cost and at revalued cost.