In conformity with the resolution of the Council of Ministers of the U.S.S.R., December 25, 1956, "On Norms of Amortization, Deductions and Revaluation of Basic Funds," the State Planning Commission of the U.S.S.R. and the Central Statistical Administration of the U.S.S.R. Council of Ministers are carrying on important preparatory work for the expected revaluation of basic funds. It will allow us to define the actual volume of basic funds as of January 1, 1959, their replacement value in up-to-date prices, the real wear-and-tear, and will help to establish correct rates of deduction for amortization. All this presupposes the working out of a more correct classification of basic funds in consideration of the present level of development of the material-technological base of U.S.S.R. Also a most important task is the preparation of new, scientifically justified norms of amortization. The results of revaluation of basic funds and determination of new norms of amortization will play an important role in the matter of correct accountancy and the planning of reproduction of basic funds, and analysis of the processes of development of socialist economy.
