ORGANIZATION OF ACCOUNTING FOR NON-CURRENT ASSETS OF PUBLIC SECTOR ENTITIES RECEIVED FOR GRANT FUNDS

Abstract

The publication highlights the issues of organizing accounting and accounting policy for non-current assets of public sector entities in terms of the most sensitive issues of today. Based on the analysis of scientific publications by scientists, the relevance of issues regarding the acquisition of non-current assets at the expense of various sources of financing has been proven. Different approaches to determining the factors influencing the formation of the initial cost of a non-current asset object received for international technical assistance have been identified. The dependence of the initial cost of a non-current asset object on the selected option for assessing additional cost elements incurred for the installation and commissioning of the object has been established. The main list of cost elements has been established, in particular, obtaining permits, technical audit for compliance, value added tax, which is not reimbursed by the grantor. The classification of non-current assets has been clarified in connection with the need for separate accounting and identification of objects received at the expense of international technical assistance. A solution has been proposed regarding the methodology for recording fixed assets received at the expense of international technical assistance on the balance sheet. In the case of applying the co-financing rule, which is provided for by most international grant contracts, it has been proposed to use two alternative options to choose from. The first option involves reflecting in the accounting accounts a separate part of the source of financing for each fixed asset object. The second option suggests identifying the sources of financing in terms of all purchased fixed assets, other tangible assets and services received within the framework of individual grant contracts. It is advisable to adhere to the uniform rules of the selected option, enshrined in the accounting policy. Prospects for further research in the direction of revising the estimates of fixed assets and other non-current assets of public sector entities, taking into account best practices that are widely used in international content.