Ways for Accounting Policy Improvement of Non-current Assets at Industrial Enterprises (by Ferroconcrete Structures Plant Example)

This Article provides the analysis of accounting policy development specifics for domestic industrial enterprises as per fixed assets accounting affecting the quality of the information disclosed in financial statements. The key elements of accounting policies have been highlighted with respect to non-current assets in compliance with the legislation. The extended list of non-current assets accounting methods and procedures has been proposed for cases where the National Accounting Regulations (Standards) - (NAR(S)) - and International Financial Reporting Standards (IFRS) provide more than one option. In particular, the Order on Accounting Policy of the company proposes to determine: the level of items materiality in financial statements, fixed assets accounting unit, tangible non-current assets classification, methods for determining useful life, depreciation method, the liquidating value, revaluation order, criterion for distinguishing between investment and operating realty, methods for determining the fair value of investment property using the revaluation model, procedure for determining the significant impact of an investor taking into account the long-term investment by the equity method. The recommended list of accounting policy elements will allow enhancement of financial statements accuracy in company's non-current assets management.