IMPROVEMENT OF CLASSIFICATION OF NON-CURRENT TANGIBLE ASSETS IN BUDGET INSTITUTIONS OF UKRAINE

Keywords: fixed assets, non-current tangible assets, special purpose assets, classification of non-current tangible assets

Abstract

The object of research: This article explores the necessary ways to improve the classification of non-current tangible assets on the example of non-current tangible assets for special purposes.

Solved problem: bringing the classification of non-current tangible assets to the accounting needs of the institution will improve the structure, quality of accounting information reflected in the accounting registers and allow the application of uniform methodological provisions of accounting to such tangible assets.

Investigated problem: structuring the classification features of non-current tangible assets of budgetary institutions of Ukraine, which listen to modern requirements for the accumulation of information and the needs of internal and external users for the adoption of administrative management.

The main scientific results: The proposed approaches to the classification of non-current tangible assets, namely the attribution of non-current tangible assets for special purposes to fixed assets, will bring the accounting information of budgetary institutions to the economic essence of these assets. This, in turn, will improve the quality of accounting information for management decisions, reduce the number of errors in the reflection of business transactions with these assets. The ability of the existing classification of non-current tangible assets to structure the tangible assets according to their properties and technical characteristics is proved. To confirm the opinion about the inconsistency of the modern classification of non-current tangible assets, a comparative description of the properties of fixed assets, other non-current tangible assets, and non-current tangible assets for special purposes is given.

The area of practical use of the research results: the practical results of this study are primarily aimed at application in the activities of budgetary institutions of Ukraine. But it is also expedient to apply the obtained scientific achievements at the enterprises and establishments of the public sector.

Innovative technological product: approaches to the classification of non-current tangible assets in budgetary institutions with the simultaneous possibility of implementing the results obtained in existing software products for automation of settlement processes and budget accounting in general.

Scope of the innovative technological product: the results presented in this study are relevant and recommended for use in all budgetary institutions. It will be especially useful for implementation by senior fund managers whose functions are related to defense or law enforcement measures

Downloads

Download data is not yet available.

Author Biography

Oleksandr Chereshnevyi, Vinnytsia National Agrarian University

Department of Audit and State Control

References

Koval, N. (2020). Budget system and accounting in budgetary institutions. Three Seas Economic Journal, 1 (1), 7–13. doi: http://doi.org/10.30525/2661-5150/2020-1-2

Chukwu, G. J., Egbuhuzor, C. A. (2017). Tangible Assets and Corporate Performance: Evidence from the Manufacturing Industry in Nigeria. Research Journal of Financial Sustainability Reporting, 2 (1), 271–277. Available at: https://www.researchgate.net/publication/336241796 Last accessed: 20.01.21

Hurieva, I. M. (2014). Economic and Accounting Substance of the Non-Current Tangible Assets. Biznes Inform, 10, 312–317. Available at: http://nbuv.gov.ua/UJRN/binf_2014_10_52 Last accessed: 20.12.2020

Stepanenko, O. (2020). Non-current tangible assets in the enterprise’s depreciation policy. Scientific Opinion: Economics and Management, 1 (67), 186–192. doi: http://doi.org/10.32836/2521-666x/2020-67-30

Yaremenko, L. M. (2015) Theoretical approaches to the nature and classification of fixed assets. Ekonomichnyi visnyk universytetu, 27 (1), 144–148. Available at: http://nbuv.gov.ua/UJRN/ecvu_2015_27%281%29__24 Last accessed: 20.12.2020

Dreghiciu, A. E. (2015). The Aspects of Revaluation of Tangible Assets. Ovidius University Annals, Economic Sciences Series, 15 (2), 428–433. Available at: https://ideas.repec.org/a/ovi/oviste/vxvy2015i2p428-433.html

Loredana, E. M. (2016). Dynamic and Structural Analysis of Tangible Assets. Annals-Economy Series, 1, 223–228. Available at: https://www.utgjiu.ro/revista/ec/pdf/2016-Special%20ECOTREND%20Vol%201/39_ECOBICI%20MIHAELA%20LOREDANA.pdf Last accessed: 10.01.2021

Radu, D., Marius, D. (2011). Issues related to the accounting treatment of the tangible and intangible assets depreciation. Annals of the University of Oradea, Economic Science Series, 20 (2), 498–502.

Frendzel, M. (2011). The use of fair value in measurement of non-current tangible assets by listed companies in Poland. Folia oeconomica, 257, 187–202. Available at: https://dspace.uni.lodz.pl/bitstream/handle/11089/740/187-202.pdf Last accessed: 12.01.2021

Glebocka, M., Mackowiak, E. (2020). Valuation and classification of fixed assets in selected local government. Economic and Social Development. Rabat, 47–61. Available at: https://bib.irb.hr/datoteka/1057353.Book_of_Proceedings_esdRabat2020_Online.pdf#page=56 Last accessed: 20.01.2021

Pro zatverdzhennia natsionalnykh polozhen (standartiv) bukhhalterskoho obliku v derzhavnomu sektori 121 "Osnovni zasoby" (2010). Nakaz Ministerstva finansiv Ukrainy No. 1202. 12.10.2010. Available at: https://zakon.rada.gov.ua/laws/show/z1017-10#n18 Last accessed: 15.01.2021

Pro zatverdzhennia Metodychnykh rekomendatsii z bukhhalterskoho obliku dlia subiektiv derzhavnoho sektoru (2015). Nakaz Ministerstva finansiv Ukrainy No. 11. 23.01.2015. Available at: https://zakon.rada.gov.ua/rada/show/v0011201-15 Last accessed: 15.01.2021

Pro zatverdzhennia Instruktsii shchodo zastosuvannia ekonomichnoi klasyfikatsii vydatkiv biudzhetu ta Instruktsii shchodo zastosuvannia klasyfikatsii kredytuvannia biudzhetu (2012). Nakaz Ministerstva finansiv Ukrainy No. 333. 12.03.2012. Available at: https://zakon.rada.gov.ua/laws/show/z0456-12 Last accessed: 15.01.2021

Dombrovska, N. R. (2012) The economic essence fixed assets and their classification. Ekonomichni nauky. Seriia: Oblik i finansy, 9 (1), 340–349. Available at: http://nbuv.gov.ua/UJRN/ecnof_2012_9(1)__51 Last accessed: 16.01.2021


👁 73
⬇ 60
Published
2021-02-27
How to Cite
Chereshnevyi, O. (2021). IMPROVEMENT OF CLASSIFICATION OF NON-CURRENT TANGIBLE ASSETS IN BUDGET INSTITUTIONS OF UKRAINE. ScienceRise, (1), 62-68. https://doi.org/10.21303/2313-8416.2021.001666
Section
Development of national economies