18 december 2014
Restated Instruction for revaluation of fixed assets, construction in progress and uninstalled equipment came into force on 18 May 2014
. The Decree of the Ministry of Economy, Ministry of Finance, Ministry of Architecture and Construction № 24/13/9 dated 14.03.2014 "On introduction of amendments and additions into the Decree of the Ministry of Economy of the Republic of Belarus, Ministry of Finance of the Republic of Belarus and Ministry of Architecture and Construction of the Republic of Belarus № 162/131/37 dated November 5, 2010" is published on the National Legal Internet Portal of the Republic of Belarus
on May 17, 2014.
Instruction for revaluation of fixed assets, income-bearing investments in tangible assets, equipment to be installed (it’s a new name of the document) prescribes a procedure for revaluation of the assets recorded in the books (ledger of income and expenditure of companies and individual entrepreneurs applying simplified tax system), starting from revaluation of assets as of January 1, 2015 following the accounting year of 2014.
According to the Instruction, where companies have the right under the legislative acts to carry out a revaluation of assets, such companies may take a decision to carry out a revaluation with respect to:
• all assets;
• items of fixed assets, income-bearing investments in tangible assets, falling into a certain category or sub-category or with specific code numbers in the fixed assets classification;
• certain items of fixed assets, income-bearing investments in tangible assets;
• equipment to be installed, as well as installed equipment and equipment not requiring assembly within construction in progress, which will be recorded in the books as specific inventory items of fixed assets, income-bearing investments in tangible assets and will be included into a certain category, sub-category or given specific code numbers in the fixed assets classification.
The following methods will be applied by companies during revaluation of assets: direct estimation, currency recalculation, and indexation.
A company itself chooses which of the revaluation methods to apply with respect to each item of its assets.
Only applying direct estimate method will enable your company to reflect the fair market value of your fixed assets and put your property to good use.
Revaluation of fixed assets by Valuers’ Collegia specialists will enable your company:
- to form the cost of goods and services in the optimal way;
- to ensure attractiveness for investors due to the fair value of assets;
- to optimize taxation;
- to prepare the annual financial statements timely and confidently.
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