Fixed assets include assets whose service life is more than one year and which are used by the organization many times to carry out their activities, while they retain their tangible physical form.
For taxation of profits, under fixed assets are understood the property of the organization, which is used as a means of labor for the sale, provision of services, performance of work, production of goods, as well as for management purposes. Moreover, the initial value of assets should be more than 20 thousand rubles.
Initial value of fixed assets: calculation formula
In accordance with the law, the initial cost of fixed assets is determined in the form of the sum for their purchase, manufacture, construction, delivery and refinement to the state when they become suitable for use. It does not include the amount of excise tax and value added tax, except as provided for in the Tax Code.
The initial cost of fixed assets related to leasing is the sum of expenses borne by the lessor for their purchase, delivery, construction and bringing to a suitable condition. An exception is taxable amounts that are deductible, or which are recognized as an expense.
The initial cost also includes the lessor’s expenses for customs duties on the import of fixed assets for leasing into the territory of the state, which are associated with the direct acquisition of these assets.
The initial value of fixed assets that were identified during the inventory is calculated as the amount by which this property is valued. This cost includes the costs of delivery and bringing the funds to the state of suitability for use, excluding excise taxes and VAT.
In determining the initial value of the funds identified during the inventory, expenses do not include the costs of paying for the services of an appraiser. Payment for the services of companies that evaluate property is included in other expenses associated with the sale and production of goods.
The initial value of fixed assets obtained as a result of own production is calculated as the cost of products (finished) increased by excise taxes in the case when the fixed assets produced are classified as excisable goods.
The initial cost may change during completion, reconstruction, retrofitting, technical re-equipment, modernization, partial liquidation and in other cases.
The initial cost is the basis of calculations in calculating the replacement cost of depreciable assets acquired before the beginning of 2002, and all revaluations made before this time are taken into account. All accrued depreciation amounts are also subject to revaluation.
The residual value of fixed assets put into operation before 2002 is determined by the difference between the cost of replacement and accrued depreciation. And the estimated residual value of fixed capital used after 2002 is determined in the form of the difference in the initial cost of the objects and the depreciation calculated over the period of use. In this manner, the residual value of the assets is determined for which depreciation is charged using the linear method.
The residual value of objects for which depreciation is calculated by non-linear methods is calculated by multiplying the initial cost by the number of full months of the period between the inclusion and exclusion of assets in the depreciation group. The result obtained is multiplied by the difference of one and a tenth of the coefficient of depreciation rate.