International Accounting

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To some complex aspects of financial and tax accounting for transactions with fixed assets

Vol. 22, Iss. 10, OCTOBER 2019

Received: 3 October 2019

Received in revised form: 8 October 2019

Accepted: 10 October 2019

Available online: 15 October 2019

Subject Heading: Tax and taxation

JEL Classification: H25, H26, K34

Pages: 1111–1123

Serebryakova T.Yu. Cheboksary Institute of Cooperation, branch of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation

Subject The article focuses on issues of financial and tax accounting for transfer of a fixed asset as a payout to a stakeholder when he/she withdraws from their company. In such circumstances, accounting, aspects of tax and corporate laws get intertwined, causing ambiguity and difficulties understanding and accounting for certain aspects. Taxation appears to be the most challenging task, which is quite understandable due to the complexity of tax laws, which often leads to collisions.
Objectives The research outlines correct approaches to accounting for transfers of fixed assets to stakeholders of limited liability companies, when they leave them.
Methods The study relies upon general scientific methods of research. Based on the systems approach and logic generalization, I systematized priority viewpoints on legal relations arising from financial and tax accounting for transfers of fixed assets to stakeholders, when they leave the company. I conducted the analysis to identify the specifics of tax laws in such circumstances. Synthesizing the outcome and modeling the situation, I formulated my methodological guidelines for enforcement of accounting and tax laws.
Results Some rules for financial and tax accounting should be amended to make taxation treatment logic and exclude those provisions which imply double taxation and cause errors in assessment of tax base or liabilities.
Conclusions and Relevance There exist such business transactions that are beyond tax laws. Hence, there should be legislative initiatives for introducing special clauses governing the tax treatment of such transactions, concurrently with amendments to the existing laws in order to avoid collisions. The findings will be useful to accountants, tax advisers, auditors, researchers of tax matters and law-makers so as to initiate amendments to regulatory documents.

Keywords: initial contribution, payout of share, fixed asset, disposal, accounting, tax accounting, withdrawal, stakeholder


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