The issues of low-value material object accounting

Abstract

Subject. This article discusses the problems associated with the accounting of low-value tangible objects. Objectives. The article aims to identify the prospects for solving the problems of accounting for low-value tangible objects. Methods. For the study, I used a critical analysis, synthesis, comparison, observation, and the analogy approach. Results. The article reveals areas of concern of statutory regulation of accounting of low-value tangible objects and particularities of the methodology of their accounting in the IFRS system. It presents the results of a study of the evolution of approaches to the recognition and accounting of low-value tangible objects in the Russian Accounting Standards for accounting for stocks and fixed assets, and proposals for improving the methodology of their accounting. The article also substantiates the rational and debatable aspects of various approaches to the accounting of low-value tangible objects. Conclusions and Relevance. The adoption of the Russian Accounting Standards FSBU 5/2019 and FSBU 6/2020 introduces significant changes in the approach to the recognition, accounting and reporting of low-value tangible objects. The study of the IFRS regulations shows the difference between the approach to accounting for low-value tangible objects presented in them and the regulations of the Russian Accounting Standards. Further reform of the Russian Accounting Standards will contribute to the improvement of accounting for low-value tangible objects. The results obtained have both applied and theoretical applications in the field of financial accounting.