VALUATION AND CLASSIFICATION OF FIXED ASSETS IN SELECTED LOCAL GOVERNMENT

Fixed assets and intangible assets remain one of the most difficult accounting issues in the entities of the public finance sector. In private sector entities, the issue was regulated by the Accounting Act in 1995. In the public finance sector, on the other hand, it was addressed in the Regulation o...

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Bibliographic Details
Main Authors: Glebocka, Magdalena, Mackowiak, Ewa
Format: Conference Proceeding
Language:English
Subjects:
Accounting
Accounting policies
Budgets
Common Agricultural Policy
Deferred income
Depreciation
Economic life
Expenditures
Fees & charges
Finance
Fixed assets
Funds
Intangible assets
Local government
Principles
Private sector
Property damage
Provisions
Public finance
Regulation
State budgets
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Summary:Fixed assets and intangible assets remain one of the most difficult accounting issues in the entities of the public finance sector. In private sector entities, the issue was regulated by the Accounting Act in 1995. In the public finance sector, on the other hand, it was addressed in the Regulation of 28 July 2006 on detailed accounting principles and the chart of accounts for the state budget, budgets of local government units and certain units of the public finance sector. Changes in public finance resulting from the amendment to the Public Finance Act also led to an amendment to the Regulation. The new provisions were adopted by the Regulation of the Minister of Development and Finance as of 13 September 2017 on special accounting principles and the chart of accounts for the state budget, budgets of local government units, budgetary units, local government budgetary establishments, state special-purpose funds and state budgetary units based outside the borders of the Republic of Poland. Pursuant to the Regulation, entities of the public finance sector keep accounts in compliance with the provisions of the Accounting Act, taking into account the principles set out in the Act on Public Finance. In addition, paragraph 1 of Article 2 of the Accounting Act stipulates that the provisions also apply to: communes, poviats, voivodships and their associations, as well as to: a) state, communal, poviat and voivodship budgetary units, b) communal, poviat and voivodship budgetary establishments, c) state special-purpose funds The article aims to propose a different method for the recognition and depreciation offixed assets in local government units and their impact on the financial result of a local government unit.
ISSN:1849-6903
1849-6903