Budgetary institution: costs of renovation and repair of fixed assets

A budget institution owns real estate (fixed asset) in which renovations have been carried out and the following has been completed: the roof has been replaced, the building has been insulated and repairs have been made to individual rooms. The renovations were started in 2023 and completed in 2024. The costs are recorded in account 1240 Construction of fixed assets and construction in progress. Do all costs increase the carrying value of the fixed asset — real estate — in 2024?

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In the magazine “Bilance” No. 8 (2024), pp. 24-26 - ISSN 1407-5709