Practical Aspects of Implementing the Accounting Policies Concerning the Further Expenses on Fixed Assets

The stable functioning of industrial enterprises can threatened by the risks associated with the formation of costs for the maintenance and operation of fixed assets. Therefore, they must be detected, evaluated and managed in a timely manner. There are significant features of the work of industrial enterprises that affect the size and composition of costs for repairs and maintenance of fixed assets, the content and specifics of such works, as well as the procedures for their accounting display. As the international accounting and reporting standards do not contain specific requirements regarding their impact on the formation of the initial cost of fixed assets and provide criteria for reliable assessment and increase the future economic benefit from the use of fixed assets, there is a need to develop a unified classifier of types of work performed during maintenance and repair of fixed assets taking into account technical requirements for operation and accounting standards. It should ensure an adequate reflection of such further costs of fixed assets of enterprises, in a timely manner, to receive information by the management in order to manage the changes. The emphasis is on gas transport companies that have a significant impact on the country's economy. Their contribution to the general budget is 7.8 % in 2017. The peculiarities of activity of enterprises of gas transportation enterprises have been considered and a specific composition of fixed assets, which require further expenses for the uninterrupted operation of such enterprises, has been outlined. The necessity of development of practical aspects of accounting for further expenses for fixed assets for the formation of reliable information on a scientifically substantiated basis has been proved. The methodical approaches to the formation of accounting policies are based on the classification of work performed for maintenance and repair of fixed assets, which provides for the naming of specific objects of the main means of transport of gas, and the corresponding type of work. The results of the study are aimed at increasing the reliability, efficiency and analytical accounting for the costs of operation, maintenance and restoration of fixed assets at the enterprises in accordance with the criteria for their recognition at book value or in the expenses of the period under IFRS, and enable the identification and use of internal reserves to improve the activities of enterprises.