The article proves the necessity of the requirements of international and domestic accounting standards to meet in an open economy, due to some differences in the procedure for determining the value of fixed assets, in order to improve the quality of accounting information needed for interested users to make rational economic decisions. The article gives evaluation of existing approaches for the formation of fixed assets in the accounting system. It also offers a science-based classification of costs for accounting purposes forming the initial cost of fixed assets. The article divides these costs into the initial and final, which include those allocated by their specific types. It supports the view of the order of inclusion of the cost value into fixed assets at initial recognition in the organization. It is recommended that the practical application of this order should be based on the professional judgment of an accountant on the composition of the costs that form the value of the asset. The modelled processes of developing the original value of fixed assets can more accurately determine the costs that make up the cost of the project, and relate them to the corresponding revenue expected to be derived from its use.