55. REVIEW OF FIXED ASSETS

In most organizations, fixed assets make up a fairly significant part of the assets, and in many cases they are exactly the asset, the use of which is the main source of income for the organization and without the existence of which further profit on the same scale is impossible.

A good example is the transport company. The presence of vehicles is the main condition for the existence of the business itself. Of course, you can rent cars and retake them, but this is a completely different kind of activity. Therefore, fixed assets, especially those that are the basis of the organization's activities, are subject to verification.

There are two main types of misstatements in property, plant and equipment accounting:

▪ the value in the reporting is overestimated compared to the real one (an error in accounting or fixed assets lost - destroyed, stolen, etc.);

▪ the value in the reporting is underestimated compared to the real one (an accounting error or there are unaccounted fixed assets).

The presence of unrecorded objects is also detected by the inventory method. However, the inventory in this case is hampered by the lack of information about the object to be found, which reduces the effectiveness of this method, especially if the object is geographically remote from the organization.

When identifying objects that are not accepted for accounting, as well as objects for which there are no data in the accounting registers or incorrect data characterizing them are indicated, the commission must include in the inventory the correct information and technical indicators for these objects. For example, for buildings - indicate their purpose, the main materials from which they are built, volume (by external or internal measurement), area (total usable area), number of floors (without basements, semi-basements, etc.), year of construction and others; along channels - length, depth and width (along the bottom and surface), artificial structures, materials for fastening the bottom and slopes; on bridges - location, type of materials and main dimensions; on roads - type of road (highway, profiled), length, pavement materials, roadway width, etc.

Evaluation of unrecorded objects identified by the inventory is carried out by experts.

If the commission establishes that capital works (building up floors, adding new premises, etc.) or partial liquidation of buildings and structures (demolition of individual structural elements) are not reflected in the accounting records, it is necessary to determine the amount of increase or decrease in the book value of the object using the relevant documents and provide information about the changes made in the inventory. Experts are involved for these purposes.

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