Types of fixed assets valuation

In the management of fixed assets, a differentiated system of cost estimates is used, which is determined by the target setting for measuring the cost of fixed assets: for intra-production activities and for evaluating results, for calculating depreciation and calculating taxes, for sale and lease, pledge operations, etc. Basic types of fixed assets are: original, replacement and residual value.

Full initial cost fixed assets is the sum of actual costs in current prices for: the acquisition or creation of means of labor; erection of buildings and structures, purchase, transportation, installation and installation of machinery and equipment, etc. At the full initial cost, fixed assets are accepted on the balance sheet of the enterprise, and it remains unchanged throughout the life of the means of labor and is revised when revaluating the fixed assets of the enterprise or is specified when modernization or overhaul. Depreciation of fixed assets is also charged at full historical cost. The initial cost of the main production assets can be calculated using the following formula:

PS = P + TP + M + KP (1.1), where

PS - the initial cost of the OPF, rubles;

Р - costs for the acquisition and construction of a production facility of this type, rubles;

TR is the cost of delivery (transportation), rubles;

M is the cost of their installation and installation, rubles;

KR - the cost of major repairs, rubles.

Replacement cost expresses the assessment of the reproduction of fixed assets in modern conditions at the time of revaluation. It reflects the costs of acquiring and creating revalued items in prices, tariffs and other regulations in force at the specified date. Full replacement cost - it is the amount of estimated costs of the acquisition or construction of new means of labor, similar to the revalued ones.

Residual value fixed assets is the difference between the full original or full replacement cost and the depreciation charge, i.e. it is the monetary expression of the value of the means of labor, not transferred to the manufactured product, on a specific date. The residual value allows you to judge the degree of depreciation of labor tools, plan their renewal and repair.

Book value - the cost at which, fixed assets are accounted for in the balance sheet of the enterprise according to accounting data on their availability and movement. On the balance sheet of the enterprise, the cost of fixed assets is listed in a mixed assessment: the objects for which the revaluation was made are accounted for at the replacement cost as of the established date, and new means of labor acquired (or erected) after the revaluation are recorded at their original cost. In the practice of enterprises and in teaching materials the carrying amount is often regarded as historical, as the replacement cost at the time of the last revaluation is the same as the cost at that date.

Liquidation value of OPF Is the cost of liquidation (write-off) of the OPF. The write-off of OPF is mainly carried out at the disposal price.

Average annual cost of OPF is calculated as follows:

- the average annual cost of fixed assets;

- the initial cost at the beginning of the year;

Фвв - the cost of the funds introduced during the year;

Fvyb - the value of the retired funds during the year;

T is the number of months of operation of the introduced fixed assets until the end of the year;

The number of months of inactivity of retired fixed assets until the end of the year.

1.2 Depreciation and amortization of fixed assets.

Fixed assets located at enterprises are gradually wearing out.

Depreciation of fixed assets - partial or complete loss of consumer properties and value by fixed assets, both during operation and during their inactivity. Distinguish between physical and obsolescence of fixed assets.

Physical wear and tear of fixed assets occurs both as a result of their use in the production process and during the period of inactivity. Inactive fixed assets wear out if they are exposed to natural processes (atmospheric phenomena, internal processes occurring in the structure of metals and other materials from which fixed assets are made). As for the existing fixed assets, their physical wear depends on a number of factors, including the quality of fixed assets (materials from which they are made, from the technical perfection of structures, from the quality of construction and installation), from the degree of load (the number of shifts and hours work per day, duration of work per year, intensity of use in each unit of working time), from the characteristics technological process and the degree of protection of fixed assets from the influence of external conditions, including aggressive environments (temperature, humidity, etc.), from the quality of care (timeliness of cleaning, lubrication of paint, regularity and quality of repairs), from the qualifications of workers and their relationship to fixed assets.

Fixed assets, subject to physical wear and tear in the production process, annually lose part of their value, equal to the value transferred to the products manufactured during this year.

To characterize depreciation, the coefficient of physical depreciation is used, which is calculated by the ratio of the amount of depreciation of fixed assets to their original cost.

(1.3), where

- cost of OPF depreciation (i.e. accrued depreciation) for the entire period of their operation, rubles;

- initial cost.

Obsolescence has two forms. The first form of obsolescence is that with the introduction of new machines, with the improvement of technology, technology, organization of production and labor, the cost of manufacturing, for example, machinery and equipment, while maintaining their structural properties and performance indicators, is steadily decreasing. The same applies to buildings, the value of which is declining as a result of the industrialization of construction. Consequently, this form of obsolescence expresses a decrease in the cost of machinery or equipment due to the reduction in the cost of their reproduction. In accordance with the decrease in the cost of production of machinery, equipment and other elements of fixed assets, the prices for them are also revised accordingly.

The second form of obsolescence occurs when the design and performance of new machines change. Their use makes it possible to increase the volume of production, increase labor productivity, reduce the consumption of operating materials (fuel, electricity, lubricants, etc.), and in some cases of basic materials, reduce the cost of producing a unit of output and ensure a higher quality of processing. Thus, the second form of obsolescence occurs when the machine is technically outdated and replaced by a more perfect one. In this case, society, using outdated technology, spends more working time on the production of the same amount of products.

It is known that during the operation of fixed assets there comes a period when they need to be repaired, improved or replaced with new ones. You need money to repair an old car or buy a new one. They are created and accumulated during the operation of the machine, since in the process of labor, part of its value is transferred to the newly created product. The specified part of the cost of the machine is included in the cost of production in the form of depreciation.

Depreciation and amortization are not identical concepts. Depreciation in monetary form expresses the depreciation of fixed assets. It may not coincide with the amount of depreciation in certain periods of the year, since fixed assets are worn out unevenly, and depreciation is charged in equal shares throughout the year.

Depreciation in industry is the planned repayment of the cost of fixed assets (as they wear out) by transferring it to manufactured products. It performs the following main tasks:

1) allows you to determine the total social costs of production. In this role, depreciation is necessary to calculate the volume and dynamics of national income in a country;

2) characterizes in generalized form the degree of wear and tear of fixed assets, which is necessary for planning the process of their reproduction;

3) creates a monetary fund to replace worn out means of labor and their overhaul.

From this it is clear that depreciation is directed both to the past (thanks to it, the cost of production and the degree of depreciation of fixed assets are calculated), and to the future (creates a compensation fund). Its first side is calculated, passive, and the second is active, influencing the process of reproduction of the technical base.

In this regard, we note that depreciation is closely related to the implementation of scientific and technological progress through the establishment of scientifically grounded rates of depreciation of fixed assets. Therefore, one of the tasks in the field of scientific and technological progress is the development and gradual introduction of new, shorter depreciation periods for production equipment with a limitation on the volume of ineffective capital repairs and an increase in the share of depreciation charges allocated to replace worn out and obsolete equipment.

The amount of value included in production costs through depreciation is depreciation expense.

Depreciation deductions are made on the basis of depreciation rates, which are set for each type of fixed assets. They are determined by referring the amount of annual depreciation deductions to the cost of fixed assets and are expressed as a percentage, which can be seen from the formula:

H - annual rate depreciation;

A - the amount of depreciation deductions for the year;

Ф - the cost (initial or replacement) of fixed assets.

Average annual cost of fixed assets is the sum of the value of fixed assets at the beginning and end of the period, divided by 2.

Average annual cost of fixed assets formula

Average annual cost of fixed assets = (Fixed production assets at the beginning of the period + Fixed production assets at the end of the period) / 2

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In construction, to measure the level of efficiency in the use of fixed assets (OPF), the capital productivity indicator F op is used, which is characterized by the output per 1 ruble. the cost of fixed assets. The F op indicator is determined by the ratio of the estimated annual cost of construction and installation work to the average annual cost of fixed assets.

To assess the level of equipment for the construction of OPF and their technical condition, indicators of the capital ratio of products are used, which is the value inverse to the return on assets, shows the cost of the OPF per each ruble of manufactured products, and the capital-labor ratio, calculated by the ratio of the cost of OPF to the average number of workers.

2.3.2. Calculation of the average annual cost of fixed assets

The average annual cost of fixed assets of the FRSG is determined by the formula

million rubles

where Ф НГ is the cost of OPF at the beginning of the year in the base year, rubles; Ф КГ - cost of OPF at the end of the year, rubles.

The cost of OPF at the end of the year is determined by the formula

Mln. rub.

where Ф BB, Ф VYB is the cost of fixed assets, respectively, introduced and retired during the year, rubles.

2.3.3. Calculation of the rate of return on assets

The return on assets (F OTD) is determined by the formula

Mln. rub.

2.3.4. Calculation of the capital intensity indicator

The capital intensity of F EMK construction products is determined by the formula

where О DC is the volume of construction and installation work at contractual prices, carried out on its own; F SRG - the average annual cost of fixed assets.

2.3.5. Capital-to-labor ratio calculation

The capital-labor ratio of FW is determined by the formula

million rubles / person

where is the average annual number of workers in construction and installation work.

Indicators of the use of OPF are summarized in table. 4.

Table 4

Efficiency of using OPF

Conclusion: Based on 1 ruble, 2.74 rubles are issued. products. The capital-labor ratio indicates that the cost of the OPF is more than 2 times less than the number of workers.

2.4. Calculation of indicators of the efficiency of using the working capital of the enterprise

Working capital is a set of funds invested in working capital and circulation funds.

For the planned and reporting years, the following indicators of the use of working capital are calculated.

Turnover of working capital (duration of turnover). It characterizes the time during which a complete circulation of circulating assets takes place, is determined in days and calculated by the formula

where OS is the average balance of working capital, rubles; T - the period of time for which the turnover is calculated, days; В - proceeds from the sale of products, rubles. (the volume of construction and installation work at contractual prices, carried out on our own).

Direct turnover ratio. It characterizes the return of working capital and shows the number of revolutions that they pass over a period of time T. Calculated by the formula

The inverse turnover ratio, or the ratio of the working capital utilization. Characterizes the capital intensity of working capital, is determined in relative terms by the formula

The indicators of the efficiency of using the working capital of the enterprise are summarized in table. five.

Table 5

Efficiency of using working capital

Index	Meaning
Scope of work made on their own, thousand rubles
Average balance of working capital, thousand rubles
The period of time for which the turnover is calculated, days
Turnover of working capital
Direct turnover ratio
Reverse turnover ratio

Conclusion: The period of turnover of working capital is 100 days, 3.6 turnover takes place per year, the capital intensity of working capital is 0.27.

	The name of indicators	Legend	Units	Period value
					reporting
	Construction and installation work volume		million rubles
	Cost price		million rubles
	OPF cost		million rubles
	Received OPF Price		million rubles
	Retired OPF cost		million rubles
	Average balances of working capital		million rubles
	Average monthly salary for the period		thousand roubles.

1.1. Calculation of the cost of fixed assets.

The cost of the OPF in the base period is shown as an average annual and is taken in calculations of equal value at the beginning of the reporting period.

The average annual cost of OPF in the reporting period is determined by the formula:

, (1.1)

where:
- cost of OPF at the beginning of the year;

- the cost of the received OPF;

- the cost of retired OPF;

n- the number of months in a year with production assets in operation;

m - the number of months of deregistration of retired OPF in the reporting year.

In the example:

million rubles

Cost of OPF at the end of the reporting year:

In the example:

million rubles

1.2. Calculation of indicators of the use of opf.

	The name of indicators	Conditional designation	Period values
				Reporting
	Return on assets
	Capital intensity
	OPF update ratio
	Retirement rate of OPF
	Reproduction rate of OPF
	Capital-labor ratio

Conclusion:

Return on assets- a decrease in the rate of return on assets by 6.61% in the reporting year in relation to the base year indicates a decrease in the volume of construction and installation work, which could have occurred due to the low degree of implementation and not rational use received equipment, as well as due to insufficient time spent on production assets in operation.

Capital intensity- an increase in the capital ratio by 6.61% in the reporting year in relation to the base year indicates a decrease in production efficiency, since the manufacture of these construction products is provided with high costs of the OPF.

Update rate- the main indicator characterizing the rate of reproduction of fixed capital.

Retirement rate- reflects the intensity of renewal of production assets.

Reproduction rate- reflects the relative increase in fixed assets due to their renewal.

The insignificant difference between the retirement rate and the renewal rate () suggests the presence of a significant amount of outdated and insufficient equipment with new (as indicated by the reproduction rate) technology, which leads to negative economic consequences: an increase in repair costs, a decrease in production and profit, a decrease in product quality ...

Capital-labor ratio- characterizes the equipment of workers of OPF enterprises. The invariability of this coefficient indicates that in the reporting year, compared with the base period, there were no changes in the shares of manual and mechanized labor.

1.3. Determine the shares of intensive (due to changes in capital productivity) and extensive (due to changes in the size of OPF) factors of changes in the volume of cm

1.3.a. Dynamics of construction and installation work in the reporting year due to changes in capital productivity:

In the example:

million rubles

1.3.b. Dynamics of the volume of construction and installation work due to the change in the size of the OPF:

In the example:

million rubles

Dynamics of the volume of construction and installation works:

;
(1.3)

million rubles.

million rubles

2. Calculation of indicators related to the level of labor productivity

2.1. Definition of production.

Production – economic indicator, which characterizes labor efficiency and is determined by the volume of products produced by one worker per unit of time.

(2.1)

In the example:

We calculate the output in the base and reporting periods:

million rubles /people;

million rubles /people;

2.2. Conditional release of the number of workers:

(2.2)

In the example:

people

A negative value of this indicator indicates that additional workers are being attracted.

2.3. Determination of the share of intensive (due to changes in production) and extensive (due to changes in the number) factors of changes in the volume of construction and installation work:

a) the dynamics of the volume of construction and installation work in the reporting year due to changes in production:

(2.3.a)

In the example:

million rubles

b) the dynamics of the volume of construction and installation work due to changes in the number of employees:

In the example:

million rubles

Dynamics of the volume of construction and installation works:

;

In the example: million rubles.

million rubles

- therefore, the calculations are correct.

3. Summary analysis of intensive and extensive factors of changes in the volume of construction and installation work

The analysis of the factors of changes in the volume of construction and installation work is carried out in a tabular form.

Analysis of the factors of changes in the volume of construction and installation work

Table 3.1.

		The name of indicators	Base period, billion rubles		Reporting period, billion rubles			Rate of change,%
		Construction and installation work volume
		OPF cost
		Return on assets
	Change in the volume of construction and installation work
	including due to return on assets
	including due to the value of the OPF
	Average number of employees
	Production per worker
	Change in the volume of construction and installation work
	including due to the production
	including due to the number. workers
	Average change in the volume of construction and installation work based on the total impact of capital productivity and production
	by intensive factors
	by extensive factors

The summary analysis of intensive and extensive factors of changes in the volume of construction and installation work is carried out in a graphical form:

Rice. 3.1. Analysis of intensive and extensive factors of changes in the volume of construction and installation works

Conclusion:

The overall decline in construction and installation work by 4.05% in the reporting year was due to the intensive factors of the use of OPF. The decrease in capital productivity (by 6.61%) and production (by 6.59%) significantly exceed the increase in construction and installation work due to an increase in the number (by 1.65%) and the size of the production fund (by 1.67%). To improve the intensive use of fixed assets, it is recommended to increase the degree of equipment utilization per unit of time by modernizing existing machines and mechanisms, or by establishing an optimal mode of their operation, which will ensure an increase in production volumes without changing the composition of the OPF and without increasing the number of employees while reducing the consumption of construction and installation work per unit products.

The intensity of the use of OPF can also be increased by technical improvement of tools and technologies of construction production, reduction of the time required to achieve project management productivity, advanced training and professional excellence workers.

OPF - material and material elements that repeatedly participate in production process, do not change their original appearance, and their cost is transferred in parts to the cost of manufactured products.

The average annual cost of OPF in the reporting period is determined by the formula:

Where: - cost of OPF at the beginning of the year;

- the cost of the received OPF;

- the cost of retired OPF;

m is the number of months of deregistration of retired OPF in the reporting year.

million rubles

Cost of OPF at the end of the reporting year:

Mln. rub.

1.2 Calculation of indicators of the use of OPF

Return on assets is an indicator that expresses the ratio of the cost of construction and installation work performed in one year (or another period of time) to the average annual cost of the OPF. Shows how much production (in monetary terms) is received from each ruble of the effective capital.

Capital intensity - the inverse indicator of capital productivity. Shows what share of OPF is in 1 ruble of construction and installation work performed on its own.

The renewal factor is the ratio of the cost of the received OPF to the cost of the OPF at the end of the reporting year.

The labor-to-labor ratio is an indicator characterizing the cost of the active part of the OPF per one worker employed in construction.

Table 2. Calculation of indicators of the use of OPF

P / p No.	The name of indicators	Conditional designation	Period values
Base	Reporting
1.	Return on assets		2,007846	-
	-	1,912368
2.	Capital intensity		0,4982	-
	-	0,5228
Continuation of table 2
3.	OPF update ratio		-	2,18
4.	Retirement rate of OPF		-	2,121
5.	Reproduction rate of OPF		-	0,069
66.	Capital-labor ratio		62,22	-
	-	60,72

Conclusion: as can be seen from the calculation of the indicators of the use of OPF:

The decrease in the rate of return on assets in the reporting year in relation to the base year indicates a decrease in the volume of construction and installation work, which could have occurred due to the ineffective and inefficient use of new equipment, as well as due to the short time spent on production assets in operation.

2. An increase in the capital ratio in the reporting year in relation to the base year indicates a decrease in production efficiency, since the manufacture of these construction products is provided with high costs of the OPF.

3.Update rate- the main indicator characterizing the rate of reproduction of fixed capital. It is calculated as the ratio of the value of the physical capital injected to the total value at the end of the year. By construction organization is equal to 2.18%. This value indicates a certain proportion of the renewal of the OPF in the construction organization. The leading directions of renovation are an increase in the scale of disposal of physically and morally worn out labor instruments and a corresponding increase in the share of new ones aimed at replacing the former.

4.Retirement rate- the value reflecting the intensity of the renewal of production assets is calculated as the ratio of retired capital investments to the total value at the beginning of the year (taking into account the capital retired due to physical and moral deterioration, since it is retired for reasons not related to its aging). It is equal to 2.121%. This value means that the organization is updating outdated technology to some extent. An increase in the degree of renovation is possible by attracting new equipment or major repairs (modernization) of old ones, provided that the costs for this should not lead to an increase in the cost of production.

5.Reproduction rate- reflects the relative increase (decrease) of the OPF due to their renewal (disposal). It is equal to 0.069%, which indicates that the disposal of OPF does not exceed their renewal. The perceived difference between the retirement rate and the renewal rate suggests that the OPF is being updated more than it is retired.

6. Capital-labor ratio- characterizes the equipment of workers of OPF enterprises. The decrease in this coefficient indicates that in the reporting year, in comparison with the base one, the share of manual labor increased and the share of mechanized labor decreased.

1.3 Determine the shares of intensive (due to changes in capital productivity) and extensive (due to changes in the size of OPF) factors of changes in the volume of construction and installation work.

The successful functioning of fixed assets depends on how fully extensive and intensive factors for improving their use are realized.

Intensive factors changes in the volume of construction and installation work are factors of development production activities a construction organization through a fuller use of each unit of resource potential due to an increase in labor productivity, a fuller use of materials, an increase in the return on fixed assets, and a better use of working time.

Extensive factors changes in the volume of construction and installation work are factors involved in the development of construction production, an increase in the output of finished construction products by attracting additional resources without increasing the efficiency of their use.

Extensive path development involves a way to increase production through quantitative factors while maintaining its previous technical basis: additional attraction of labor, the number of enterprises, workshops, sites, an increase in the construction of new facilities. With this development path, a large amount of resources (natural, labor, material) are involved in production, but there are no significant changes in technology and technology, labor organization, workers' qualifications.

Intra-production reserves for improving the use of existing production facilities are subdivided into extensive and intensive reserves.

TO extensive factors include reserves for increasing the useful operating time of equipment within the regime fund. These include the elimination of in-shift and day-to-day equipment downtime, as well as reducing the duration of scheduled repairs.

Group intensive reserves includes measures for a more complete load of equipment per unit of time, advanced training of workers and, on this basis, a more complete use of the productivity of machines, an increase in the output of finished construction products, etc.

Extensive Improving the use of fixed assets implies that, on the one hand, the operating time of the existing equipment in the calendar period will be increased, and on the other hand, the proportion of the operating equipment in the composition of all equipment available at the enterprise will increase.

Although the extensive way to improve the utilization of fixed assets has not yet been fully exploited, it has its limits. The possibilities of the intensive path are much wider.

Intensive improving the use of fixed assets presupposes an increase in the degree of equipment utilization per unit of time. This can be achieved by modernizing existing machines and mechanisms, establishing the optimal mode of their operation. Working under the optimal mode of the technological process ensures an increase in output without changing the composition of fixed assets, without increasing the number of employees and with a decrease in the consumption of material resources per unit of output.

Intensity the use of fixed assets is also increased through the technical improvement of tools of labor and the improvement of production technology, elimination of "bottlenecks" in the production process, reduction of the timing of achieving the design productivity of technology, improvement scientific organization labor, production and management, the use of high-speed methods of work, advanced training and professional skills of workers.

The development of technology and the related intensification of processes are not limited. Therefore, the possibilities of intensively increasing the use of fixed assets are not limited either.

1.3.а Dynamics of construction and installation work in the reporting year due to changes in capital productivity:

Mln. rub.

1.3.b. Dynamics of the volume of construction and installation work due to the change in the size of the OPF:

Mln. rub.

Dynamics of the volume of construction and installation works:

;
(1.3)

Mln. rub.

Mln. rub.

- therefore, the calculations are correct.

2. CALCULATION OF INDICATORS RELATED TO LABOR PRODUCTIVITY LEVEL