Current Status and Enhancing Revaluation Capital Accounting

Ihor Tsyutsyak ()
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Ihor Tsyutsyak: Ivano-Frankivsk University of Law named after King Danylo Galician

Oblik i finansi, 2014, issue 1, 64-70

Abstract: The article covers the changes made to the Chart of Accounts and Instructions for its use concerning the accounting of non-current tangible and intangible assets and financial instruments revaluation (markdown). The concept and order of economic resources revaluation accounting have been substantiated, as well as its importance in bringing the book value of such objects to their fair value available in the active market. The focus has been made on the fact that the change of long-term nonfinancial assets objects value as a result of the revaluations depends on the institutional environment and the ability of individual institutions to control the order of assets valuation (revaluation) at the economic entities level. The appropriateness of vesting professional property evaluators with the exclusive right to determine the fair value of long-term fixed assets to be revaluated has been grounded. As to the expenses incurred as the payment for the services rendered by professional valuators from specialized agencies it has been proposed to identify them as the operation coordinating costs.

Keywords: valuation; revaluation; revaluation capital; fair value; fixed assets; intangible assets; financial instruments; operation coordination costs (search for similar items in EconPapers)
JEL-codes: M41 (search for similar items in EconPapers)
Date: 2014
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