Methodological problems of accounting of fixed assets

Аннотация

Accounting practices started to integrate as foreign investments was introduced in
the practice of Uzbekistan. Current accounting system included new conditions and principles.
Moreover, new methods of accounting procedures, accounting records of transactions, and types
of statements were also introduced. Accounting has presently advanced to effectively take part
not as it were within the operations of economic entities but too within the checking, enlistment,
examination, and collection of data on activities happening inside companies. After introducing
new terminologies for accounting, and implementing new principles and methods, different types
of accounting evolved, like financial accounting, management accounting, and cost accounting.
This article focuses on one of the fundamental components of production accounting, which is
the enhancement of accounting of fixed asset. It examines issues related to the advancement of
accounting for unused non-current assets in Uzbekistan, considering the specific characteristics
of economic entities. Recommendations for enhancement of forming the accounting policy in
enterprises are provided. Additionally, a methodology for checking unused non-current assets and
identifying the tax base of property tax related in unused non-current assets is recommended. A new
accounts and a method to identify the book value of non-current assets for seasonal enterprises
are also proposed.