Repair and maintenance of fixed assets

Federal Accounting Standard 26/2020 “Capital investments” has established rules for reflecting the cost of repairing fixed assets — if the repair is of a capital nature, the cost of it increases the cost of the repaired object, i.e. it is capitalized, and in the case when the repair is of a current nature or relates to the ongoing maintenance of fixed assets (when it is carried out with a frequency not exceeding 12 months), the costs of conducting them are not included in capital investments, but are written off as expenses of the current period. The non-governmental accounting regulator “Accounting Methodological Center” in its Recommendations sets out its position on the reflection of repair and maintenance costs. During the research, we used such methods as analysis and synthesis, comparison, grouping method, analogy method, logical approach, systematic approach. As a result of the conducted research, this article, in particular, presents additional proposals clarifying the wording of both the FSB 26/2020 and the Recommendations of the NBU BMC. In addition, in this paper, suggestions are made to improve the content of accounting statements. The results of this study will be of interest to a wide range of readers studying various problems of modern Russian and foreign accounting, and can also be used in the educational process of higher educational institutions.