Fixed assets in their material form exist for a relatively long time, supporting the production process. Over time, they wear out physically, become morally old and gradually transfer their value to manufactured products./The cost of fixed assets changes after a certain time. All this is reflected in the valuation of fixed assets.
The following types are distinguished:
Initial cost of fixed assets (C p) - reflects the costs of creating fixed assets and bringing them into a state suitable for use in prices of the corresponding period.
Depending on the source of receipt of fixed assets, their initial cost is understood as:
1) The cost of the means of labor contributed by the founders to account for their contribution to the authorized capital of the enterprise - by agreement of the parties;
2) The cost of labor tools manufactured at the enterprise itself or purchased for a fee from other organizations and individuals - based on the actual costs of construction or acquisition of these objects (C), including costs of delivery (C tr), installation, installation (C mouth) and other expenses (C).
S p = S pr + S tr + S mouth + S prch.
Example. Determine the initial cost of the machine. Actual costs were:
1. Purchase cost (excluding VAT) - 800 thousand rubles;
2. Transportation costs - 12 thousand rubles;
3. Customs duties - 1% of the cost;
4. Installation and assembly of the machine - 30 thousand rubles;
5. The remuneration of the intermediary organization through which the machine was purchased is 5 thousand rubles. 4
S p = S pr + + S mouth + s prch = 800 + 12+ 800 * 0.01 + 30 + 5 = 855 thousand rubles.
3) The cost of gratuitously received fixed assets, as well as funds allocated as government subsidies - by expert means or according to acceptance and transfer documents.
A change in the initial cost of fixed assets is allowed in the following cases:
· completion, additional equipment, reconstruction, modernization through capital investments or partial liquidation;
· after revaluation of objects, as a result of which the original cost of objects is replaced by their replacement cost.
The initial cost serves as the basis for accounting and control of fixed assets, determining the degree of depreciation and depreciation amounts.
Replacement cost( ) – reflects the costs of reproduction of fixed assets in modern conditions, i.e., it shows what funds would have to be spent at the prices and rates existing on this moment to acquire or construct fixed production assets similar to existing ones.
Currently, organizations have the right no more than once a year (usually at the beginning of the reporting year) to revaluate fixed assets at replacement cost by indexation or direct recalculation at documented prices prevailing at a given time and in a given region. The direct estimation method is the most accurate.
Residual value( ) – the difference between the original (replacement) cost of fixed assets and the amount of accrued depreciation (A).
Example: determine the residual value of a machine after 5 years of operation.
Source data:
· initial cost of the machine – 440 thousand rubles.
· annual amount of depreciation charges – 44 thousand rubles.
Solution:
Fixed assets of the enterprise in balance sheet are taken into account according to residual - replacement cost, which reflects their real value, i.e. shows the amount of the under-depreciated part of the cost of fixed assets. Residual value allows you to judge the degree of depreciation of fixed assets, plan their repair, write-off and renewal.
Liquidation value– this is the cost of selling worn-out and discontinued assets (useable Construction Materials, parts, components, scrap metal).
Liquidation value depends on the condition of fixed assets: for example, if a machine can be used longer, then it is sold at replacement cost, if not, then at the price of scrap metal.
Typically, the salvage value is set as a percentage of the original cost, and when determining the depreciation rate, an adjustment is made by this amount. The total amount of depreciation transferred to finished products, is defined as the difference between the initial (replacement) and liquidation value of fixed assets.
Fixed assets and their classification
Fixed assets statistics
Module 12. Lecture 2.
1. Fixed assets and their classification. 1
2. Types of valuations of fixed assets. 1
3. Depreciation of fixed assets. 3
4. Balance sheets of fixed assets. 5
5. Coefficients of condition and reproduction of fixed assets. 6
Literature. 7
Indicators of production capacity utilization.
Fixed assets- these are produced assets that are used repeatedly or continuously for a long time, at least one year, for the production of goods, provision of market and non-market services. The composition of fixed assets is determined on the basis of the All-Russian Classifier of Fixed Assets (OKOF), introduced in 1995. According to which, they distinguish: fixed production assets and fixed non-productive assets.
TO fixed production assets include those fixed assets that are directly involved in the production process (machines, equipment, etc.) or create conditions for production process(industrial buildings, structures, etc.). Basic non-productive assets - These are cultural and community facilities (clubs, canteens, etc.). Fixed assets are also called non-current, or low-current assets, as well as immobilized funds; in terms of value, they constitute a significant part of the authorized capital of the enterprise
Typical composition of fixed production assets manufacturing enterprises are: buildings, structures, transmission devices, machinery and equipment, instruments, laboratory equipment, computer equipment, vehicles, tools and devices, production and household equipment, and other fixed assets. There are active and passive parts of fixed assets. Those funds (machines, equipment, etc.) that are directly involved in the production process are classified as active part fixed assets. Others (buildings, structures) that ensure the normal functioning of the production process are classified as passive part fixed assets.
The OKOF provides detailed composition fixed assets grouped by sections, subsections, classes, subclasses, types. The means of obtaining information about fixed assets are forms of statistical observation based on accounting, primary and tax accounting data.
Accounting and evaluation of fixed assets are carried out in kind and in cash. The natural form of accounting for fixed assets is necessary to determine their technical condition, the production capacity of the enterprise, the degree of use of equipment and other purposes. Monetary (or cost) valuation of fixed assets is necessary to determine their total volume, dynamics, structure, value transferred to finished products, as well as for calculations economic efficiency capital investments. The monetary form of accounting for fixed assets is maintained according to the following:
ü initial cost;
ü replacement cost,
ü residual value,
ü liquidation value,
ü book value,
ü market value.
Initial cost fixed assets includes the cost of purchasing equipment (structures, buildings), transportation costs for delivery and installation costs. Funds are registered at their original cost, their depreciation and other indicators are determined.
Replacement cost - these are the costs of reproduction of fixed assets in modern conditions. It is established, as a rule, during the revaluation of fixed assets.
Residual value represents the difference between the original or replacement cost of fixed assets and the amount of their depreciation.
Liquidation value- the cost of selling worn-out or decommissioned individual fixed assets.
Book value- this is the cost of objects taking into account the revaluation at which they are listed on the balance sheet of the enterprise. It is a mixed valuation: for some objects the replacement cost is used as the book value, for others - the original value.
Market price- the most probable sale price of fixed assets, taking into account their real condition, the relationship between supply and demand.
Revaluation of fixed assets - this is the determination of the real value of fixed assets (fixed assets) of organizations for modern stage establishment of a market economy and creation of prerequisites for normalization investment processes in the country. Revaluation allows you to obtain objective data on fixed assets, their total volume, industry structure, territorial division and technical condition.
To determine the full replacement cost of fixed assets, two methods are used - index and direct valuation. Index method provides for indexation of the book value of individual objects using indices of changes in the value of fixed assets, differentiated by types of buildings and structures, types of machinery and equipment, vehicles, etc. by region, production (purchase) period. The base is taken as the full book value of individual fixed assets, which is determined based on the results of their inventory as of January 1 of the corresponding year.
Direct assessment method replacement cost of fixed assets is more accurate and allows you to eliminate all errors accumulated as a result of previously carried out revaluations using average group indices. Replacement cost of fixed assets at this method determined by direct recalculation of the cost of individual objects based on documented market prices for new objects prevailing on January 1 of the corresponding year. When revaluing equipment intended for installation and unfinished objects using the direct recalculation method, their physical and moral obsolescence is additionally taken into account.
Wearcharacterizes the aging process of existing fixed assets, both physically and economically. Depreciation of fixed assets is determined and accounted for buildings and structures, transmission devices, machinery and equipment, vehicles, production and household equipment, draft animals, perennial plantings that have reached operational age, and intangible assets. Depreciation of fixed assets is determined for a full calendar year (regardless of what month of the reporting year they were acquired or constructed) in accordance with established standards. Depreciation is not charged in excess of 100% of the cost of fixed assets. Accrued depreciation in the amount of 100% of the cost of objects (items) that are suitable for further use cannot serve as a basis for writing them off due to wear and tear.
There are two types of wear and tear - physical and moral
In practice economic activity enterprises quite often use such a concept as valuation of fixed assets. The vast majority of companies acquire property in the course of their activities. Sometimes its service life is calculated in months, after which it is written off from the balance sheet, sometimes more than a year.
In the latter case, it is already. They sometimes have to be assessed along with the rest of the property.
When is such an assessment necessary?
This procedure is necessary in following cases:
For tax purposes;
During privatization events;
For the purchase of individual objects of the property complex;
When registering a rental relationship;
When concluding a loan agreement with property as collateral;
When setting the price for sale;
When assessing the authorized capital;
In case of property disputes.
However, what is most needed is the assessment of fixed assets in current work. If the management of an enterprise has this information at a certain point in time, this is significant. In this case, efficiency in management is much easier, and production and financial risks become easier to identify. Naturally, provided that the entire assessment process is carried out correctly.
Types of assessment
In modern accounting and economic practice, the valuation of fixed assets can be carried out in several ways. Let's bring them brief description.
1. Full or inventory - represents the cost of fixed assets at the time of their acquisition. This includes all delivery and installation costs.
3. The restoration assessment determines the cost of these funds taking into account their depreciation, but on a basis, therefore, can sometimes exceed the full cost.
4. reflected in the reporting documents of the enterprise, on its basis taxes are calculated. It is calculated according to a mixed scheme, since some objects are taken into account in full and some are taken into account in full.
5. Market valuation perhaps most clearly reflects the price of fixed assets. Everything is taken into account here - the initial cost, wear and tear, the market situation and even the existing financial position companies. It is this indicator that appears in all agreements and contracts when making transactions.
How it is produced
The valuation of fixed assets is carried out in monetary terms and is a rather complex procedure. To carry it out for the internal needs of the enterprise and current accounting, they usually use their own specialists. They have all the tools for accurate and thorough calculations in their hands. It is enough to take into account existing data and add new ones. Moreover, accounting workers now have perfect software products, requiring only the timely entry of certain information. The program will give the result itself.
However, when required independent assessment, the services of a third party become simply necessary. Most often, such circumstances arise when controversial situations: exit of participants from joint stock company, debt restructuring, bankruptcy and so on. Despite the high fees that such firms charge, this option has several positive features. Objectivity and competence are recognized as the most important. These factors, coupled with licensed services, should ensure that the assessment results are accepted by all parties. However, the participation of one or another organization can be agreed upon in writing in advance.
Valuation of fixed assets or means consists of a methodology for valuing means of labor that have a natural form and are to be used for production. Fixed assets are used in statutory activities for more than one year.
The concept of depreciation or value transfer in the cost of the final product is reflected in accounting through depreciation. Types of assessment of fixed assets are carried out at any enterprise and are regulated by approving accounting regulations.
Fixed assets of an enterprise include assets that provide the opportunity to generate income and are used in the main activities for the needs of the enterprise. These funds are spent over time. The characteristic of fixed assets is that the owner should not plan to sell them. Key objects, which consist of fixed assets for assessment, include buildings, vehicles, on-farm roads, power machines, perennial plantings, etc.
Initial cost
Types of valuation of fixed assets primarily include their original cost. In accordance with the attitude to the paid acquisition of assets, the initial cost is reflected through the costs of entities for their acquisition, construction or release. When calculating the cost of fixed assets, their purchase price does not take into account VAT and refundable duties.
The main costs in the acquisition of fixed assets, which are included in the initial cost, consist of the following costs:
- suppliers for the object,
- payment to carriers for transportation,
- payments to contractors and developers for construction,
- payment for information services to consulting companies,
- payments to intermediaries who help buy the property,
- remuneration of persons who carry out commissioning and adjustment of equipment,
- payments to the state in the form of taxes and deductions.
Revaluation of fixed assets
Fixed assets are revalued at replacement or current cost. Types of valuation of fixed assets, which include replacement or current value, relate to groups of similar objects and are determined at the end of the calendar year. Further, these fixed assets must be regularly revalued and this fact reflected in the accounting department. IN in this case the price cannot differ significantly from current prices.
Revaluation of assets is carried out using a mathematical recalculation of depreciation at original or current cost. Accounting reflects the result of any revaluations separately. When, during a period, the value of a fixed asset increases or the amount of revaluation increases additional capital, the financial result is included in other income. This is done when registering a markdown as other expenses or an assessment that is equal to that calculated in the previous tax period.
The concept of depreciation
Types of valuation of fixed assets are intended for calculating depreciation. Depreciation consists of a generally accepted method of paying off the cost of fixed assets; it cannot be charged on mothballed assets excluded from the production cycle. Also, depreciation is not charged on assets of non-profit institutions.
In addition, on off-balance sheet accounts, information on depreciation amounts is calculated using the linear method. Assets with permanent consumer properties are not subject to depreciation, including natural objects and earth. Types of valuation of fixed assets are calculated in accordance with various depreciation methods. Methods include the linear method, the declining balance method, a gradual decrease in value in proportion to the period beneficial use, write-off of cost in accordance with the volume of products manufactured or works produced, services rendered.
When a certain depreciation method is selected in accordance with homogeneous fixed assets, it cannot be replaced during the year. This method used during the use of funds that are included in the corresponding group.
Fixed assets are means of production used in production over many cycles and while maintaining their initial form gradually wearing out, they transfer their value in parts to newly created products. Fixed assets include land, industrial buildings, structures, machinery, equipment, instruments, tools, that is, the entire physical production capital of the enterprise.
As a rule, fixed assets include funds with a service life of more than one year and a value of more than 100. The volume of fixed assets is calculated in monetary terms, i.e. in the form of their monetary value. Thus, fixed assets are sometimes characterized as funds invested in fixed assets of production.
Types of fixed assets
Fixed assets are divided into production and non-production assets. Production assets are involved in the process of manufacturing products or providing services (machines, machines, instruments, transmission devices, etc.). Non-productive fixed assets are not involved in the process of creating products (residential buildings, kindergartens, clubs, stadiums, clinics, sanatoriums, etc.).
There are the following groups and subgroups of fixed production assets:
Buildings (architectural and construction facilities for industrial purposes: workshop buildings, warehouses, production laboratories, etc.).
Structures (engineering and construction facilities that create conditions for the production process: tunnels, overpasses, highways, chimneys on a separate foundation, etc.).
Transmission devices (devices for transmitting electricity, liquid and gaseous substances: electrical networks, heating networks, gas networks, transmissions, etc.).
Machinery and equipment (power machines and equipment, working machines and equipment, measuring and control instruments and devices, computer technology, automatic machines, other machines and equipment, etc.).
Vehicles (diesel locomotives, wagons, cars, motorcycles, cars, trolleys, etc., except for conveyors and transporters included in production equipment).
Tools (cutting, impact, pressing, compacting, as well as various devices for fastening, mounting, etc.), except for special tools and special equipment.
Production equipment and accessories (items to facilitate production operations: work tables, workbenches, fences, fans, containers, racks, etc.).
Household equipment (office and household supplies: tables, cabinets, hangers, typewriters, safes, duplicating machines, etc.).
Other fixed assets. This group includes library collections, museum values, etc.
Specific gravity (percentage) various groups fixed assets in their total value at the enterprise represents the structure of fixed assets. At mechanical engineering enterprises, the largest share in the structure of fixed assets is occupied by: machinery and equipment - on average about 50%; buildings about 37%.
Depending on the degree of direct impact on the objects of labor and the production capacity of the enterprise, fixed production assets are divided into active and passive. The active part of fixed assets includes machinery and equipment, vehicles, and tools. The passive part of fixed assets includes all other groups of fixed assets. They create conditions for normal operation enterprises.
Accounting and valuation of fixed assets
Fixed assets are accounted for in physical and monetary terms. Accounting for fixed assets in physical terms is necessary to determine the technical composition and balance of equipment; to calculate the production capacity of the enterprise and its production divisions; to determine the degree of wear, use and renewal timing.
The source documents for accounting for fixed assets in kind are passports of equipment, workplaces, and enterprises. Passports provide detailed technical specifications all fixed assets: year of commissioning, capacity, degree of wear, etc. The enterprise passport contains information about the enterprise (production profile, material and technical characteristics, technical and economic indicators, equipment composition, etc.) necessary for calculating production capacity.
The cost (monetary) valuation of fixed assets is necessary to determine their total size, composition and structure, dynamics, the amount of depreciation charges, as well as assessing the economic efficiency of their use.
Monetary valuation of fixed assets:
Valuation at original cost, i.e. at actual costs incurred at the time of creation or purchase (including delivery and installation), at prices of the year in which they were manufactured or purchased.
Valuation at replacement cost, i.e. at the cost of reproduction of fixed assets at the time of revaluation. This cost shows how much it would cost to create or acquire in given time previously created or acquired fixed assets.
Valuation based on initial or restoration taking into account wear and tear (residual value), i.e. at a cost that has not yet been transferred to finished products.
The residual value of fixed assets Fost is determined by the formula:
Fost = Fnach*(1-Na*Tn)
where Fnach is the initial or replacement cost of fixed assets, rub.; Na - depreciation rate, %; Tn - the period of use of fixed assets.
When assessing fixed assets, a distinction is made between the value at the beginning of the year and the average annual value. The average annual cost of fixed assets FSRG is determined by the formula:
Fsrg = Fng + Fvv*n1/12 - Fvyb*n2/12
where Fng is the cost of fixed assets at the beginning of the year, rub.; Fvv - cost of introduced fixed assets, rub.; Fvyb - cost of retired fixed assets, rub.; n1 and n2 are the number of months of operation of introduced and retired fixed assets, respectively.
To assess the condition of fixed assets, indicators such as the depreciation rate of fixed assets are used, which is defined as the ratio of the cost of depreciation of fixed assets to their total cost; fixed assets renewal coefficient, calculated as the cost of introduced fixed assets during the year attributable to the value of fixed assets at the end of the year; fixed assets retirement ratio, which is equal to the value of retired fixed assets divided by the value of fixed assets at the beginning of the year.
In the process of operation, fixed assets are subject to physical and moral wear and tear. Physical depreciation means the loss of fixed assets of their technical parameters. Physical wear can be operational or natural. Operational wear and tear is a consequence of production consumption. Natural wear occurs under the influence of natural factors (temperature, humidity, etc.).
Obsolescence of fixed assets is a consequence of scientific and technological progress. There are two forms of obsolescence:
A form of obsolescence associated with a reduction in the cost of reproduction of fixed assets as a result of improving equipment and technology, the introduction of advanced materials, and increasing labor productivity.
A form of obsolescence associated with the creation of more advanced and economical fixed assets (machinery, equipment, buildings, structures, etc.).
The assessment of obsolescence of the first form can be defined as the difference between the original and replacement cost of fixed assets. The assessment of obsolescence of the second form is carried out by comparing the reduced costs when using obsolete and new fixed assets.
Depreciation of fixed assets
Depreciation refers to the process of transferring the cost of fixed assets to manufactured products. This process is carried out by including part of the cost of fixed assets in the cost of manufactured products (work). After selling products, the enterprise receives this amount of funds, which it uses in the future for the acquisition or construction of new fixed assets. The procedure for calculating and using depreciation charges in the national economy is established by the government.
There is a distinction between depreciation amount and depreciation rate. The amount of depreciation charges for a certain period of time (year, quarter, month) represents the monetary value of depreciation of fixed assets. The amount of depreciation charges accumulated by the end of the service life of fixed assets must be sufficient for their complete restoration (purchase or construction).
The amount of depreciation charges is determined based on depreciation rates. The depreciation rate is the established amount of depreciation charges for full recovery for a certain period of time for a specific type of fixed assets, expressed as a percentage of their book value.
The depreciation rate is differentiated by certain species and groups of fixed assets. For metal-cutting equipment weighing over 10 tons. a coefficient of 0.8 is applied, and weighing over 100 tons. - coefficient 0.6. For manually operated metal-cutting machines the following coefficients are applied: for machines of classes accuracy N, P- 1.3; for precision machines of accuracy class A, B, C - 2.0; for metal-cutting machines with CNC, including machining centers, automatic and semi-automatic machines without CNC - 1.5. The main indicator that determines the depreciation rate is the service life of fixed assets. It depends on the physical durability of fixed assets, on the obsolescence of existing fixed assets, on the availability in the national economy of the ability to replace obsolete equipment.
The depreciation rate is determined by the formula:
Na = (Fp - Fl)/ (Tsl * Fp)
where Na is the annual depreciation rate, %; Фп - initial (book) value of fixed assets, rub.; Fl - liquidation value of fixed assets, rub.; Tsl - standard service life of fixed assets, years.
Not only means of labor (fixed assets), but also intangible assets are depreciated. These include: rights of use land plots, natural resources, patents, licenses, know-how, software products, monopoly rights and privileges, trademarks, trademarks, etc. Depreciation on intangible assets is calculated monthly according to the standards established by the enterprise itself. The property of enterprises subject to depreciation is combined into four categories:
Buildings, structures and their structural components.
Passenger vehicles, light commercial vehicles, office equipment and furniture, computer equipment, Information Systems and data processing systems.
Technological, energy, transport and other equipment and material assets not included in the first and second categories.
Intangible assets.
Annual depreciation rates are: for the first category - 5%, for the second category - 25%, for the third category - 15%, and for the fourth category depreciation charges are made in equal shares during the life of the corresponding intangible assets. If it is impossible to determine the useful life of an intangible asset, then the amortization period is set at 10 years.
In order to create economic conditions for the active renewal of fixed assets and acceleration of scientific and technological progress, it has been recognized that it is advisable to use accelerated depreciation of the active part (machinery, equipment and vehicles), i.e. complete transfer of the book value of these funds to created products in a more short time than is provided for in the depreciation rates. Accelerated depreciation may be applied to fixed assets used to increase output computer technology, new progressive types of materials, instruments and equipment, expansion of product exports.
In the case of write-off of fixed assets before their book value is fully transferred to the cost of output, underaccrued depreciation charges are reimbursed from the profits remaining at the disposal of the enterprise. These funds are used in the same manner as depreciation charges.
Use of fixed assets
The main indicators reflecting final result use of fixed assets are: capital productivity, capital intensity and production capacity utilization rate.
Determined by the ratio of the volume of output to the cost of fixed production assets:
Kf.o. = N/Fs.p.f.
where Kf.o. - capital productivity; N - volume of produced (sold) products, rub.; Fs.p.f. - average annual cost of fixed production assets, rub.
Capital intensity is the inverse value of capital productivity. The production capacity utilization rate is defined as the ratio of the volume of output to the maximum possible release products per year. The main directions for improving the use of fixed assets are:
Technical improvement and modernization of equipment;
Improving the structure of fixed assets by increasing the share of machinery and equipment;
Increasing the intensity of equipment operation;
Optimization of operational planning;
Improving the qualifications of enterprise employees.
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