ACCOUNTING FEATURES OF REPAIRS AND IMPROVEMENT OF FIXED ASSETS

The performance of any business entity largely depends on the technical condition of fixed assets. The main tasks here are the premature prevention of fixed assets deterioration, upholding them in a state of constant readiness for exploitation, and among effective ways of maintaining them in working condition are repairs or enhancements. The purpose of the research is to determine the essence of improvements and repairs of fixed assets and to display them in accountancy. The analysis of scientific works, publications and legislative and regulatory framework, and the parallel between the regulatory acts of accountancy and tax legislation on the accounting of repairs and improvements in fixed assets were done. The results of the research provided an opportunity to review and systematize the specifications of accounting for current and capital repairs expenses of fixed assets, in particular, accountancy records are defined, which reflect the accounting for repairs and enhancements in fixed assets depending on the increase in economic benefits from the use of updated fixed assets in the future and the documentation of these operations by primary documents. The author has summarized and characterized the concept of current, capital repairs and improvement of fixed assets.