The separation of variables approach to formulate the averaged models of DC-DC switch-mode power converters is presented in the paper. The proposed method is applied to basic converters such as BUCK, BOOST and BUCK-BOOST. The ideal converters or converters with parasitic resistances, working in CCM and in DCM mode are considered. The models are presented in the form of equation systems for large signal, steady-state and small-signal case. It is shown, that the models obtained by separation of variables approach differ in some situations from standard models based on switch averaging method.