Соціально-правові студії (Dec 2023)
Non-current asset restoration costs upon cancellation of martial law in Ukraine
Abstract
The need to conduct a study on accounting for the costs of restoring non-current assets after the lifting of martial law in Ukraine is urgent. This need has arisen as a result of the extensive destruction and damage that the military conflict has caused. The end of the war will lead to the need to restore these assets in order to alleviate the humanitarian situation and facilitate economic recovery, and this is of great legal importance to ensure proper accounting. The study aims to develop a model to systemise and predict the process of accounting for costs associated with the restoration of non-current assets. The following methods of scientific cognition were used: comparison, description, modelling, analysis, and synthesis. Thus, the main factors that destroy certain non-current assets were formulated in the course of this study. Each of the proposed stages of this accounting process has been thoroughly researched, analysed, and explained, which ultimately demonstrated its holistic mode of operation. It also proposed a classification of costs that should be recorded, supported by specific examples, and tracked the entire document flow process, including its preparation, receipt, registration, and retention, which made it possible to specify the implementation of the steps involved. Emphasis is placed on the importance of maintaining company records, listing necessary documents. Evidence of proper fund utilization for non-current asset restoration is deemed vital for addressing stakeholder concerns effectively. In terms of practical implications, this paper should be useful for accountants, auditors, government officials and all those involved in the cost accounting mechanism, as the study will contribute to a better understanding of the implementation of all accounting steps, which in turn will allow identifying and eliminating problems that may arise at each stage
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