TRANSFORMATION OF ACCOUNTING FOR NON-FINANCIAL ASSETS IN THE PUBLIC SECTOR: ANALYSIS OF INNOVATIONS

Abstract

Objective. To identify and analyze key innovations in federal accounting standards for non-financial assets, as well as to assess their impact on the organization of analytical accounting, reporting, and the work of accounting services in the public sector. Materials and Methods. The study is based on an analysis of regulatory acts of the Russian Ministry of Finance, including Federal Standard No. 133n, as well as current and repealed instructions on budget accounting. Methods of comparative analysis, generalization, and systematization were used. The study compares old and new approaches to the recognition, measurement, transfer, and disposal of non-financial assets, and examines typical account correspondences and the structure of analytical categories. Results. It has been established that the transition to a consolidated accounting model is accompanied by an expansion of the list of transactions involving fixed assets, intangible assets, and non-produced assets, including revaluation, impairment, biotransformation, and internal transfers. It has been shown that the abandonment of strict regulation allows institutions to independently generate analytics, but this complicates the data migration process and reduces the comparability of reporting. The main problems of the transition period have been identified: a lack of clarification, an increased workload for accountants, the need to adapt software products, and the need to strengthen internal control. Conclusion. Ultimately, it has been established that the introduction of new standards changes not individual elements, but the entire methodology of budget accounting. The increased role of professional judgment and the local regulatory framework requires a restructuring of accounting policies and internal procedures. This increases the transparency and flexibility of non-financial asset accounting, but at the same time increases the responsibility of accounting services for the quality and reliability of reporting information.