FAS 6/2020: Resolved Issues of Accounting for Property, Plant and Equipment and Ongoing Controversial Aspects
The recently approved Federal Accounting Standard (FAS) 6/2020 “Property, plant and equipment” (FAS 6/2020) changes the accounting rules for these assets significantly. New regulations of this standard allow solving a significant part of the problematic issues currently taking place in the above-men...
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| Format: | Article |
| Language: | Russian |
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Government of Russian Federation, Financial University
2021-02-01
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| Series: | Учёт. Анализ. Аудит |
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| Online Access: | https://accounting.fa.ru/jour/article/view/367 |
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| author | T. Yu. Druzhilovskaya E. S. Druzhilovskaya |
| author_facet | T. Yu. Druzhilovskaya E. S. Druzhilovskaya |
| author_sort | T. Yu. Druzhilovskaya |
| collection | DOAJ |
| description | The recently approved Federal Accounting Standard (FAS) 6/2020 “Property, plant and equipment” (FAS 6/2020) changes the accounting rules for these assets significantly. New regulations of this standard allow solving a significant part of the problematic issues currently taking place in the above-mentioned area. However, there should be emphasized that some controversial aspects of accounting for property, plant and equipment still persist despite the adoption of FAS 6/2020. This paper describes the study of these resolved and unresolved issues of accounting for property, plant and equipment. The purpose of the study is to represent a detailed analysis of the current and future Russian regulations on accounting for property, plant and equipment, identification of persisting, as well as emerging problematic and debatable issues and determination of their solution ways. The methodological base of the study includes a critical analysis of the new regulations of the FAS 6/2020, as well as the rules of the still valid regulatory documents on accounting for the abovenassets. The results of the research are the identification of the most important problematic issues in the field of modern accounting for property, plant and equipment, as well as the development and substantiation of proposals for their solution. At the same time the authors identified problematic issues related to the recognition of objects in property, plant and equipment, with the initial and subsequent measurement, as well as the depreciation of these assets. The theoretical and practical significance of the study lies in the possibility of its use to improve the regulatory regulation of Russian accounting and additionally, in the possibility of applying some of the proposals substantiated here in the practical work of the accounting departments of organizations. As a research perspective, first of all, it should be noted a critical analysis of the implementation in practice of regulations approved by the FAS 6/2020, the identification of new problems in this field and looking for solving ways. |
| format | Article |
| id | doaj-art-03f1ffc41e4c479585c593fd6f54b98a |
| institution | Kabale University |
| issn | 2408-9303 2619-130X |
| language | Russian |
| publishDate | 2021-02-01 |
| publisher | Government of Russian Federation, Financial University |
| record_format | Article |
| series | Учёт. Анализ. Аудит |
| spelling | doaj-art-03f1ffc41e4c479585c593fd6f54b98a2025-08-20T03:57:39ZrusGovernment of Russian Federation, Financial UniversityУчёт. Анализ. Аудит2408-93032619-130X2021-02-0181486110.26794/2408-9303-2021-8-1-48-61344FAS 6/2020: Resolved Issues of Accounting for Property, Plant and Equipment and Ongoing Controversial AspectsT. Yu. Druzhilovskaya0E. S. Druzhilovskaya1Lobachevsky State University of Nizhny NovgorodLobachevsky State University of Nizhny NovgorodThe recently approved Federal Accounting Standard (FAS) 6/2020 “Property, plant and equipment” (FAS 6/2020) changes the accounting rules for these assets significantly. New regulations of this standard allow solving a significant part of the problematic issues currently taking place in the above-mentioned area. However, there should be emphasized that some controversial aspects of accounting for property, plant and equipment still persist despite the adoption of FAS 6/2020. This paper describes the study of these resolved and unresolved issues of accounting for property, plant and equipment. The purpose of the study is to represent a detailed analysis of the current and future Russian regulations on accounting for property, plant and equipment, identification of persisting, as well as emerging problematic and debatable issues and determination of their solution ways. The methodological base of the study includes a critical analysis of the new regulations of the FAS 6/2020, as well as the rules of the still valid regulatory documents on accounting for the abovenassets. The results of the research are the identification of the most important problematic issues in the field of modern accounting for property, plant and equipment, as well as the development and substantiation of proposals for their solution. At the same time the authors identified problematic issues related to the recognition of objects in property, plant and equipment, with the initial and subsequent measurement, as well as the depreciation of these assets. The theoretical and practical significance of the study lies in the possibility of its use to improve the regulatory regulation of Russian accounting and additionally, in the possibility of applying some of the proposals substantiated here in the practical work of the accounting departments of organizations. As a research perspective, first of all, it should be noted a critical analysis of the implementation in practice of regulations approved by the FAS 6/2020, the identification of new problems in this field and looking for solving ways.https://accounting.fa.ru/jour/article/view/367federal standardproperty, plant and equipmentaccountingmeasurementreporting information |
| spellingShingle | T. Yu. Druzhilovskaya E. S. Druzhilovskaya FAS 6/2020: Resolved Issues of Accounting for Property, Plant and Equipment and Ongoing Controversial Aspects Учёт. Анализ. Аудит federal standard property, plant and equipment accounting measurement reporting information |
| title | FAS 6/2020: Resolved Issues of Accounting for Property, Plant and Equipment and Ongoing Controversial Aspects |
| title_full | FAS 6/2020: Resolved Issues of Accounting for Property, Plant and Equipment and Ongoing Controversial Aspects |
| title_fullStr | FAS 6/2020: Resolved Issues of Accounting for Property, Plant and Equipment and Ongoing Controversial Aspects |
| title_full_unstemmed | FAS 6/2020: Resolved Issues of Accounting for Property, Plant and Equipment and Ongoing Controversial Aspects |
| title_short | FAS 6/2020: Resolved Issues of Accounting for Property, Plant and Equipment and Ongoing Controversial Aspects |
| title_sort | fas 6 2020 resolved issues of accounting for property plant and equipment and ongoing controversial aspects |
| topic | federal standard property, plant and equipment accounting measurement reporting information |
| url | https://accounting.fa.ru/jour/article/view/367 |
| work_keys_str_mv | AT tyudruzhilovskaya fas62020resolvedissuesofaccountingforpropertyplantandequipmentandongoingcontroversialaspects AT esdruzhilovskaya fas62020resolvedissuesofaccountingforpropertyplantandequipmentandongoingcontroversialaspects |