The research aims to improve the system of effective accounting of long-term assets of a railway transport enterprise in the context of industry transformation. In the course of the research, the author offers his own methodological approach to revaluating the value of fixed assets of railway transport depending on the situation affecting their value. The research applies pricing and revaluation models used in accounting for fixed assets. Nowadays, the organization of new work activities and the introduction of innovations into the field are considered as the main issues in all economic entities. Particularly, the economy will depend on the regular growth in the amount of production and sales of the subject, as well as their active policies in the investment and innovation system. In this case, economic entities pay great attention to updating the fixed assets in terms of quantity and quality. Achieving this goal will depend on providing advanced technologies to economic entities and the involvement of qualified specialists who can effectively use these technologies in production. It is necessary to form a new system for efficient accounting of fixed assets in railway transport enterprises. The research revaluates fixed assets in railway transport enterprises, provides models for this revaluation, highlights positive aspects of the revaluation of fixed assets, provides analytical data on the useful life of fixed assets, and presents separate depreciation calculation norms for fixed assets and their components in railway transport enterprises.