Issues of Accounting and Valuation of Disposed Assets Kuzieva Dinora Bahodirovna

Аннотация

This article presents the criteria for recognizing long-term assets held for sale based on international standards. Also, proposals are developed for disclosing information on long-term assets held for sale and disposal groups in financial statements. Keywords: Long-term asset, disposal group, financial statement, selling expenses, depreciation, impairment. monopoly over the property of an enterprise from Introduction: Long-term assets play an important role certain individuals or to obtain additional income by in the organization of business entities. The selling the purchased private shares when their market multifaceted problem of accounting for long-term price increases. Therefore, we consider it appropriate assets has been studied by many researchers to recognize the purchase of their own private shares throughout almost the entire history of the formation by enterprises as a type of financial investment.”[4] and development of accounting. However, at present, According to I.N. Ismanov, equity and debt securities the complex processes of forming market relations in should be revalued periodically in accordance with the economy require a deep reconsideration of the market conditions. Positive differences in the views of accountants and economists. revaluation of these securities are reflected in the debit In international practice, there are specific features of of the property revaluation adjustment account.[5] accounting for long-term assets. In particular, At the same time, IFRS 5 does not provide clear international financial reporting standards provide for instructions on the specific section of the financial a separate category of long-term assets intended for statements in which a long-term asset should be sale, and it is relevant to study the procedure for their presented, which leads to some disagreement among recognition and valuation. specialists on this issue. For example, Yu.A. Vasiliev Review of Literature emphasizes that "long-term assets held for sale (or Theoretical and practical aspects of the outflow and disposal groups)" should be presented as part of valuation of long-term assets, in particular, the view current assets, since Step 3 of this standard provides for that in the economic literature the term "capital their reclassification to current assets when they meet investments" includes expenses for the formation and the criteria for classification as held for sale[6]. restoration of fixed assets, were expressed in a number J. Richard discusses the accounting principles for the of scientific works by A.Abdullaev, I.A. Zavalishina,. [1], valuation of long-term assets. In his opinion, "static [2], [3]. accounting is an accounting system that allows you to Some economists put forward the idea that the determine whether the proceeds from the sale of all purchase of one's own shares should be recognized as assets of an enterprise are sufficient to cover its an investment activity. In particular, Dr. Phil., Prof. K.B. payables or not. Static accounting contradicts the Urazov, in his treatise “Conceptual Issues of Accounting principle of continuity of the enterprise's activities"[7]. in the Conditions of Economic Liberalization,” There is another point of view on this matter. For emphasizes that “Enterprises purchase private shares example, V. Borisenko emphasizes that the specified for various purposes, for example, to obtain a assets should be shown separately in the statement of American Journal Of Social Sciences And Humanity Research 24 https://theusajournals.com/index.php/ajsshr American Journal Of Social Sciences And Humanity Research (ISSN: 2771-2141) financial position. The basis of this position is the rules on such operations in accordance with the of paragraph 38 of IFRS 5, which establish an obligation requirements of International Financial Reporting for companies to show long-term assets classified as Standard (IFRS) No. 5, “Non-current Assets Held for Sale held for sale (assets and liabilities of the disposal group) and Discontinued Operations”. separately from other assets (liabilities)[8]. Business entities may decide to dispose of individual In our opinion, none of the methods indicated long-term assets (fixed assets, intangible assets), as contradicts the requirements of IFRS 5, namely the well as a group of assets and associated liabilities. IAS 5 presentation of long-term assets (disposal groups) held provides for the concept of a “disposal group” for this for sale in the report. situation. However, the results of the analysis showed that, According to IFRS 5, “a disposal group is a group of although the above economists have comprehensively assets and liabilities directly attributable to those studied the accounting for long-term assets, we believe assets that are disposed of together in a single that some aspects were not taken into account. In transaction, whether through sale or otherwise.” A particular, the issues of disposal of long-term assets disposal group c