Current Conditions and Development of Cost Accounting for Repairs and Improvement of Fixed Assets

The article investigates theoretical and methodological aspects of cost accounting for repairs and improvement (upgrade, modification, finishing, retrofit, renovation) of fixed assets. The purpose of the article is to highlight the existing procedure of cost accounting for repairs and improvement of fixed assets and to develop recommendations for enhancement of legislation concerning such expenses in accounting. The object of the study is the set of theoretical and methodological issues of operations accounting of repairs and improvement of fixed assets. The attention also paid to the norms of the tax laws governing the interpretation of costs in tax accounting associated with the repairs and improvement of fixed assets. The study proposed to amend the legislation that will reduce the number of differences between the value of fixed assets represented in the bookkeeping (financial) accounting after concluding repairs and improvements of fixed assets and their value taken into account in tax accounting.