Recording the Costs of Restoring and Improving the Enterprise's Property, Plant and Equipment: Issues of Valuation, Accounting and Documentation

This article examines the methodological aspects of reflecting the costs of restoration for the improvement of property, plant and equipment of an enterprise, as well as proposals for improving the accounting and documentation of such processes. The article analyses the interpretation of the concept of ‘property, plant and equipment’ provided in accounting regulations, considers the criteria for recognising property, plant and equipment as an enterprise asset. The methodology of accounting for the costs of restoring the efficiency and various types of improvement of property, plant and equipment is considered, the criteria for capitalising costs associated with the improvement of non-current tangible assets are presented. Recommendations for improving the analytical accounting of costs for the improvement of property, plant and equipment of an enterprise are proposed and documentary support for the calculation and generalisation of such costs is developed.