PRACTICAL APPLICATION ISSUES OF FEDERAL ACCOUNTING STANDARD 25/2018 “LEASE ACCOUNTING”
With the advent of year 2022, it has become mandatory to apply norms of new Federal Accounting standard (FAS) 25/2018 [25], which establishes and regulates new ways of lease transactions recording in accounting. Since this FAS is only a brief “squeeze” of International Financial Reporting Standard 16 “Lease” [8] accountants of both parties of the lease agreement (both operating and financial (leasing)) face several difficulties with reflecting of respective transactions in accounting books. At the same time, the issue with determine the taxpayer for property tax on objects, the tax on which is paid not at the cadastral value (according to the art. 374 of the Tax Code [10] of the Russian Federation), but at the average annual cost, remains not fully resolved. FAS proposes to reflect leased objects on account 01 “Fixed assets” and property tax should be paid by all organizations which registered object as fixed asset in books. The Ministry of Finance and Department of Federal Tax Service clarified this issue in its letters [11, 17, 19], but taxpayers may face undesirable consequences if these letters are not considered by the regulatory authorities. In this article, the authors analyze the current problems of the practical application of FSBU 25/2018 and suggests ways to eliminate them.