Rosstat recorded the lowest level of depreciation of business assets since 2014
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The depreciation of business economic assets in 2022 has become minimal since 2014, follows from Rosstat data, which drew attention to RBC. The depreciation of machinery and equipment amounted to 57%, although last year this figure was 63%. According to experts, during the sanction year, the companies managed to update their fixed assets.
At the end of 2022, the depreciation rate of fixed assets of commercial companies from Russia amounted to 48.3%. For the past six years, this figure has been above 50%, and now it has dropped to its lowest level since 2014. As Rosstat clarified to RBC, the rate of depreciation of fixed assets depends on the indicators of their renewal. Another possible reason for the decline is changes in the rules for accounting for depreciation of objects from 2022.
Statistical depreciation is an accounting concept. The average degree of depreciation reflects how much the value of assets at the reporting date has decreased from their original full carrying amount. The residual value of fixed assets in the balance sheets of companies reflects “the gradual loss of their consumer properties in the amount of accumulated depreciation.” Fixed assets include buildings, structures, machinery, equipment, vehicles, biological resources, intellectual property. Companies in the commercial sector and non-profit organizations submit depreciation reports annually, small businesses are checked for this indicator every five years, while it is not taken into account in general statistics.
As Rosstat explains, the degree of depreciation of assets decreases with an increase in the share of liquidated and put into operation new fixed assets in the reporting year. According to preliminary data from the department, in 2021 and 2022 fixed assets of commercial organizations were put into operation in the amount of 13.6 trillion rubles. At the same time, before the pandemic, in 2019, assets worth 12.1 trillion rubles were put into operation. In 2022, fixed assets of companies were liquidated for 1.34 trillion rubles, in 2021 – 1.09 trillion.
The second possible reason for the decrease in the depreciation rate is a change in the accounting for depreciation of assets from 2022, when the new accounting standard “Fixed Assets” came into force. If an asset is fully depreciated (with a residual value of zero), its useful life may be revised and depreciated again.
According to the Federal State Statistics Service, the largest wear and tear is typical for machinery and equipment: 57.3% in 2022 against 63.4% in 2021. At the same time, as follows from the statistics of Rosstat, investments in fixed assets of Russian enterprises in 2022 increased by 4.6% in real terms.
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