From January 1, 2003, organizations are required to apply the Accounting Regulation "Accounting for Financial Investments" PBU 19/02, approved by Order of the Ministry of Finance of Russia dated December 10, 2002 No. 126n (registered with the Ministry of Justice of Russia on December 27, 2002 No. 4085) (hereinafter - PBU 19 / 02).
PBU 19/02 is intended for use by legal entities established under the law Russian Federation(excluding credit institutions and budget institutions), as well as professional participants in the securities market, insurance companies, non-state pension funds when establishing the features of accounting for financial investments.
Currently, organizations to protect temporarily free Money from inflation, they place them on deposits in banks, acquire state and municipal securities, as well as securities of other organizations. In addition, organizations themselves act as founders of other organizations.
The accounting methodology considers such placement of funds as an independent object of accounting.
This approach is based on cost sharing associated with the main activity and investments in assets in order to generate income.
The concept of financial investments
In accordance with clause 3 of PBU 19/02, financial investments include:
- state and municipal securities;
- securities of other organizations, including debt securities (bonds, promissory notes), in which the date and cost of redemption are determined;
- contributions to the authorized (share) capital of other organizations (including subsidiaries and affiliates);
- loans granted to other organizations;
-deposits V credit organizations;
-accounts receivable acquired on the basis of an assignment claim rights, etc.;
- contributions of the organization - a partner under a simple partnership agreement.
Financial investments additionally include deposits in credit institutions, receivables acquired on the basis of assignment of the right to claim.
At the same time, PBU 19/02 defines those types of investments of the organization's funds that do not belong to the financial category:
own shares redeemed by joint-stock companies from shareholders for subsequent resale or cancellation;
promissory notes issued by the bill issuer to the seller (supplier) in settlements for goods sold, products, work performed, services rendered;
immovable and other property that is supposed to be used for transfer for a fee for temporary use (possession), i.e. accounted for as profitable investments in material assets;
precious metals, jewelry, works of art and other similar valuables acquired not for the purpose of common species activities.
In addition, financial investments do not include assets that have a material form, such as fixed assets, inventories and intangible assets(clause 4 PBU 19/02).
In order for assets to be accepted for accounting as financial investments, the following conditions must be simultaneously met:
1. The right of the organization to financial investments and to receive funds or other assets associated with the possession of this right is documented.
2. An organization that has made financial investments simultaneously acquires financial risks (the risk of price changes, the risk of the debtor's insolvency, liquidity risk, etc.).
3. Financial investments are able to bring economic benefits (income) to the organization in the future in the form of interest, dividends or an increase in their value.
Acceptance of financial investments for accounting
Financial investments are recorded on account 58 "Financial investments" and are accepted for accounting at their original cost. However, they can be obtained by organizations in the following ways:
purchased for a fee;
made on account of contribution to the authorized (share) capital;
financial investments in the form of securities can be received free of charge;
acquired under agreements providing for the fulfillment of obligations (payment) in non-monetary means;
received as a contribution of an organization - a partner under a simple partnership agreement.
Consider the procedure for determining the initial cost of financial investments for each method of their receipt in the organization.
Acquisition of financial investments for a fee
The initial cost of financial investments purchased for a fee is the sum of the actual costs of their acquisition, excluding value added tax and other reimbursable taxes (except for cases provided by law Russian Federation on taxes and fees).
Actual costs include the amounts paid to the seller under the contract, the amounts paid for information and consulting services, payment for intermediary services, and other costs directly related to the acquisition of assets as financial investments.
Note! PBU 19/02 establishes a special procedure for recording the costs of information and consulting services related to the decision to purchase financial investments.
The costs associated with the acquisition of financial investments, including paid information and consulting services, form the initial cost of the acquired shares.
In our opinion, the amounts of such expenses may be preliminarily accumulated on account 97 "Deferred expenses".
If the amount of costs for information and consulting services is insignificant relative to the amount paid to the seller of securities, such costs are recognized as other operating expenses of the organization, including reporting period in which the acquired securities were accepted for accounting.
Example 1. The company has entered into an agreement with a specialized organization for the provision of information services for the purpose of the subsequent acquisition of shares of JSC. 15,000 rubles were paid for the services rendered.
Based on the information received, the company entered into an agreement and acquired 1,500 shares at a price of 100 rubles. per piece for a total amount of 150,000 rubles.
Since, on the basis of the provided information services, the enterprise acquired shares, the cost of these services is included in the actual costs of acquiring shares.
1. Debit 97 Credit 76
2. Debit 76 Credit 51
3. Debit 76 Credit 51
- 150,000 rubles. - the price of the shares under the contract was paid to the seller.
4. Debit 58/1 Credit 76
- 150,000 rubles. - received shares.
5. Debit 58/1 Credit 97
- 15,000 rubles. - the cost of information services is included in the initial cost of shares.
In cases where information and consulting services related to the decision to purchase financial investments are paid for, but a decision is made not to purchase such investments, the cost of the services rendered is charged to the financial results as operating expenses. Costs are included in operating expenses in the reporting period when the decision was made not to make financial investments.
Example 2. The enterprise entered into an agreement with a specialized organization for the provision of information services for the purpose of the subsequent acquisition of shares in OJSC and in March 2003 paid 15,000 rubles for the services rendered.
In April 2003, based on the information received, the company decided not to make financial investments.
March 2003
1. Debit 97 Credit 76
- 15,000 rubles. - reflects the amount of information services rendered.
2. Debit 76 Credit 51
- 15,000 rubles. - paid the cost of information services.
April 2003
3. Debit 91/2 Credit 97
- 15,000 rubles. - on the basis of the decision not to make financial investments, the amount of costs is included in operating expenses.
For the purposes of taxation of profits, the costs incurred for paying for information services are not taken into account in this case.
Receiving financial investments in the form of a contribution to the authorized capital
Financial investments made to the account of the contribution to the authorized (stock) capital of the organization, are accepted for accounting at their original cost, which is their monetary value, agreed by the founders (participants) of the organization, unless otherwise provided by the legislation of the Russian Federation (clause 12 PBU 19/02).
Cases where the legislation of the Russian Federation provides for special rules for evaluating such investments are provided for by Federal Law No. 14-FZ of February 8, 1998 "On Companies with limited liability"and the Federal Law of December 26, 1995 No. 208-FZ "On joint-stock companies Oh".
Thus, in accordance with paragraph 2 of article 15 of the Law "On Limited Liability Companies", the monetary value of non-monetary contributions to the authorized capital of the company made by the company's participants is approved by the decision of the general meeting of the company's participants, adopted by all the participants of the company unanimously.
At the same time, if the nominal value of the share of a company member in the authorized capital of the company, paid by a non-monetary contribution, is more than two hundred minimum dimensions wages established by federal law as of the date of submission of documents for state registration society, such contributions should be valued independent appraiser.
Paragraph 3 of Article 34 of the Law "On Joint Stock Companies" also provides that in cases of payment for shares by non-monetary means, an independent appraiser must be involved to determine the market value of the contributed property. The value of the monetary valuation of property made by the founders of the company and the board of directors (supervisory board) of the company cannot be higher than the value of the valuation made by an independent appraiser.
In accordance with the Chart of Accounts and the Instructions for its application, information on the state and movement of the authorized capital of the organization is reflected on account 80 " Authorized capital". Contributions made by participants are reflected in the credit of account 80 and the debit of account 75 "Settlements with founders", subaccount 1 "Settlements on contributions to the authorized (share) capital". The receipt of contributions from the founders in the form of financial investments is recorded in the credit of account 75, subaccount 1, in correspondence with account 58 "Financial investments".
Example 3. When establishing a joint-stock company, the founder contributed 1,000 shares of another enterprise with a nominal value of 150 rubles as payment for shares. each for a total amount of 150,000 rubles, which is agreed upon by all the founders and confirmed by an independent appraiser. This cost corresponds to the size of the contribution of this participant.
The following entries must be made in accounting.
1. Debit 75/1 Credit 80
- 150,000 rubles. - the formation of the authorized capital is reflected in accordance with the constituent documents.
2. Debit 58 Credit 75/1
- 150,000 rubles. - the shares contributed by the founder are accepted for accounting as part of financial investments.
Free receipt of financial investments
Securities received by the organization free of charge are accepted for accounting at their original cost, which is formed as follows.
The initial cost of securities circulating on the securities market is their current market value as of the date of acceptance for accounting. At the same time, under the current market value yu is understood as their market price calculated by the organizer of trade in the securities market.
For securities for which the trade organizer does not calculate the market price, the initial cost will be the amount of money that the organization could receive as a result of the sale of these securities as of the date of their acceptance for accounting.
Paragraph 47 methodological recommendations on the procedure for the formation of indicators financial statements organizations (approved by Order of the Ministry of Finance of Russia dated June 28, 2000 No. 60n), it is stipulated that the value of assets received free of charge is previously reflected in the credit of account 98 "Deferred income", subaccount 2 "Grant-free receipts", in correspondence with the accounts of these assets (in our case with account 58 "Financial investments").
The value of assets received free of charge recorded on account 98 is credited to account 91 "Other income and expenses" as the value of these assets is written off to the accounts of production costs (sales expenses).
Based on the above rules, accounting for securities received free of charge should be kept as follows.
If the securities are supposed to be resold, then their value should be included in non-operating income with crediting account 91 of the organization in the reporting period when these securities are sold by it.
If the securities are long term investment, then the organization can include their cost in non-operating income as of the date of obtaining ownership of these securities.
Example 4. 20 shares with a nominal value of 1000 rubles each, which the organization received from an individual, are traded on the organized securities market. According to the conclusion of a professional participant in the securities market, the current market value of one share on the date of their acceptance for accounting amounted to 1200 rubles. The organization has no intentions to sell securities in the near future
The following entry must be made in the accounting records:
Debit 58/1 Credit 91/1
- 24,000 rubles. - reflects the market value of shares received free of charge.
Property received free of charge for the purpose of taxation of profits in accordance with paragraph 8 of Article 250 of the Tax Code of the Russian Federation is recognized as non-operating income, except for the cases specified in Article 251 of the Tax Code of the Russian Federation.
Such income is estimated on the basis of market prices, determined taking into account the provisions of Article 40 of the Tax Code of the Russian Federation. At the same time, information on prices must be confirmed by the recipient of the property documented or by conducting independent evaluation(Clause 8, Article 250 of the Tax Code of the Russian Federation).
The date of receipt of non-operating income in the form of property received free of charge is the date of signing by the parties of the act of acceptance and transfer of such property (clause 1, clause 4, article 271 of the Tax Code of the Russian Federation).
Receipt of financial investments in the performance of obligations by non-monetary means
In accordance with clause 14 of PBU 19/02, the initial cost of financial investments received by an organization under an agreement providing for the fulfillment of obligations by non-monetary means is determined based on the value of the assets transferred or to be transferred by it.
The value of the transferred assets is established based on the price at which the organization receiving financial investments as payment, in comparable circumstances, usually determines the value of similar assets.
If it is impossible to determine the value of the transferred assets, the value of the financial investments received by the organization is established on the basis of the price at which similar financial investments can be acquired in comparable circumstances.
Such a procedure for assessing property received in the performance of obligations under an agreement with non-monetary funds is also fixed in other PBUs (for example, clause 10 PBU 5/01 "Accounting for inventories", clause 11 PBU 6/01 "Accounting for fixed assets") .
Example 5. In payment for shipped products, the contract price of which is 252,000 rubles. (including VAT - 20% in the amount of 42,000 rubles), the organization, under a compensation agreement, received from the buyer bonds circulating on the organized securities market.
The nominal value of the bonds received was 280,000 rubles.
Under the terms of the example, the initial cost of financial investments is determined based on the contractual price of the shipped products, in payment of which the bonds were received.
In accounting, this transaction is reflected in the following entry:
Debit 58/2 Credit 62
- 252,000 rubles. - received bonds in payment for shipped products.
Receiving financial investments as a contribution under a simple partnership agreement
PBU 19/02 establishes the procedure for evaluating financial investments made as a contribution under a simple partnership agreement (Chapter 55 of the Civil Code of the Russian Federation).
Accounting records of operations under a simple partnership agreement are maintained in accordance with the Guidelines for the reflection in accounting of operations related to the implementation of a simple partnership agreement (approved by Order of the Ministry of Finance of Russia dated December 24, 1998 No. 68n).
According to paragraph 3 of the Instructions, the property contributed by the participants is accounted for on a separate balance sheet with a friend who is entrusted with the management of the common affairs of the participants in the agreement. At the same time, the data separate balance sheet are not included in the balance sheet of a partner organization conducting common business.
The initial cost of the financial investments received in this case is their monetary value, agreed by the partners in the simple partnership agreement (clause 15 PBU 19/02).
In this assessment, financial investments are taken into account by a partner who is entrusted with the duty of conducting common affairs.
Example 6. By agreement of a simple partnership, the conduct of common affairs is entrusted to the organization.
As a contribution to common property partnership, it accepts shares circulating on the organized securities market, the value of which, according to the agreement, is 100,000 rubles.
In the separate accounting of a simple partnership, this operation is reflected in the following entry:
Debit 58/1 Credit 80
- 100,000 rubles. - received shares in valuation under a simple partnership agreement.
Revaluation of financial investments
Financial investments, for which the current market value can be determined, must be periodically revalued at the current market value.
An organization can do such a revaluation on a monthly or quarterly basis (paragraph 20 of PBU 19/02).
The difference between the valuation of such financial investments at reporting date and the previous estimate relates to financial results as part of operating income (expenses) in correspondence with account 58.
Example 7. On February 10, 2003, the organization purchased at a price of 200 rubles. 300 shares apiece, which are traded on the organized securities market.
In accordance with accounting policy revaluation of financial investments is made quarterly.
According to the official data of the organizer of trade, as of the reporting date (March 31), the market value of the share amounted to 205 rubles.
The amount of adjustment of the market value amounted to 1500 rubles. (300 pieces x 205 rubles/piece - 300 pieces x 200 rubles/piece)
In accounting on March 31, you must make the following posting:
Debit 58/2 Credit 91/1
- 1500 rub. - reflects the difference between the current market value of shares and their previous valuation.
If financial investments were valued at the current market value, and as of the reporting date the current market value is not determined, such an object of financial investments is reflected in the financial statements at the cost of its last valuation.
Please note that for the purposes of calculating income tax, the purchase price of securities is not adjusted.
Financial investments, for which the current market value is not determined, are reflected in accounting and reporting at their original cost.
For debt securities for which the current market value is not determined, organizations can evenly, as they recognize the income due on them (in accordance with the terms of issue), attribute the difference between the initial and nominal value to financial results as part of operating income (expenses) during the period of their circulation. The chosen method of income recognition must be recorded in accounting policy organizations.
Example 8. On January 10, 2003, the organization acquired for 400,000 rubles. the bank has a bill of the same bank with a face value of 450,000 rubles. The maturity of the promissory note is April 10, 2003 (90 days). The difference (discount) between the original and face value of the bill is 50,000 rubles. (450,000 rubles - 400,000 rubles).
In accordance with the accounting policy, the discount is recorded as part of operating income (expenses) on a monthly basis.
In accounting, the recognition of income is reflected in the following entries.
1. As of January 31, 2003 (for 22 days):
Debit 58/2 Credit 91/1
- 12 222 rubles. - the difference between the initial and nominal value is reflected (50,000 rubles: 90 days x 22 days).
2. As of February 28, 2003 (for 28 days):
Debit 58/2 Credit 91/1
- 15 555 rubles. - the difference between the initial and nominal value is reflected (50,000 rubles: 90 days x 28 days).
3. As of March 30, 2003 (for 30 days):
Debit 58/2 Credit 91/1
- 16,667 rubles. - the difference between the initial and nominal value is reflected (50,000 rubles: 90 days x 30 days).
4. As of April 10, 2003 (for 10 days) - maturity of the bill:
Debit 58/2 Credit 91/1
- 5556 rubles. - the difference between the initial and nominal value is reflected (50,000 rubles: 90 days x 10 days).
Note that for tax purposes when using the accrual method, the discount amount is accounted for in a similar manner.
Expenses related to the provision of loans by the organization to other organizations and the servicing of financial investments (for example, payment for the services of a bank and (or) depository for the storage of financial investments, provision of an extract from a depo account, etc.) are recognized as operating expenses of the organization. Such expenses are reflected in the debit of account 91/2 "Other expenses" and in the credit of the accounts for accounting for the corresponding calculations.
For tax purposes, such expenses of organizations are included in non-operating expenses.
Disposal of financial investments
Financial investments accepted for accounting can be sold, redeemed, transferred free of charge, contributed to the authorized capital of other organizations, transferred as a contribution under a simple partnership agreement. Disposal of investments is recognized in accounting on the date of the one-time termination of the conditions for their acceptance for accounting.
Proceeds from the sale of financial investments in accordance with PBU 9/99 are recognized as other operating income or income from ordinary activities. The amount of income is determined based on the price established by the agreement between the organization and the buyer (clause 6.1 PBU 9/99).
Operating income is reflected in the credit of account 91/1 "Other income" in correspondence with the accounts of cash or settlements. At the same time, the cost of realized investments in correspondence with account 58 "Financial investments" is written off to the debit of account 91/2 "Other expenses".
Disposal of financial investments for which the current market value is determined
The cost of disposal of financial investments, for which the current market value is determined, is calculated based on the latest assessment.
Example 9. In January 2003, the organization purchased 1,000 shares traded on the organized securities market for 102 rubles. per piece at a nominal price of 100 rubles.
In accordance with the accounting policy, the subsequent assessment is carried out quarterly and as of March 31, 2003 amounted to 120 rubles. Proceeds from the sale are included in operating income.
In accounting, these transactions are reflected in the following entries.
In January:
Debit 76 Credit 51
- 102,000 rubles. - paid to the seller the cost of the shares according to the contract;
Debit 58/1 Credit 76
- 102,000 rubles. - received shares are taken into account.
In March:
Debit 58/1 Credit 91/1
- 18,000 rubles. - reflects the difference between the current market value of the shares and their previous valuation (120 rubles / piece x 1000 pieces - 102,000 rubles).
In April:
Debit 76 Credit 91/1
- 37,200 rubles. (300 pieces x 124 rubles/piece) - the debt on payment for shares is reflected;
Debit 51 Credit 76
- 37,200 rubles. - received funds;
Debit 91/2 Credit 58/1
- 36,000 rubles. (300 pieces x 120 rubles/piece) - the value of the shares sold was written off at the last valuation;
Debit 91/9 Credit 99
- 1200 rub. - The balance of other income and expenses was written off by the closing turnovers of April.
Features of the definition tax base for income tax on operations with securities, Article 280 of the Tax Code of the Russian Federation is established.
Income from transactions for the sale of securities is determined based on the price of their sale (clause 2, article 280 of the Tax Code of the Russian Federation).
The market price of securities circulating on the organized securities market is the actual price of the sale or other disposal of securities, if this price is in the interval between the minimum and maximum prices of transactions (price interval) with the specified security, registered by the trade organizer on the date of the relevant transactions (clause 5, article 280 of the Tax Code of the Russian Federation).
At the same time, in the case of the sale of securities circulating on the organized market at a price below the minimum transaction price financial results calculated from the minimum transaction price on the organized securities market.
Disclosure of information in financial statements
Subject to the requirement of materiality, the financial statements shall disclose at least the following information:
- methods for evaluating financial investments upon their disposal by groups (types);
- the consequences of changes in the methods of valuation of financial investments upon their disposal;
- the cost of financial investments, for which the current market value is determined, and financial investments, for which the current market value is not determined;
- the difference between the current market value as of the reporting date and the previous valuation of financial investments for which the current market value was determined;
- for debt securities for which the current market value was not determined, - the difference between original cost and nominal value during the term of their circulation;
- value and types of securities and other financial investments pledged;
- the amount of reserves created for the depreciation of financial investments, indicating: the type of financial investments; the amount of the reserve created in reporting year; the amount of the reserve recognized as operating income of the reporting period; reserve amounts used in the reporting year;
- for debt securities and granted loans - data: on their valuation at a discounted value; on the value of their discounted value; on the applied methods of discounting (disclosed in the notes to the balance sheet and income statement).
Because in balance sheet information on financial investments is presented in a limited format, then the rest necessary information they should be reflected in explanatory note and with the subdivision of financial investments, depending on the term of circulation (repayment), into short-term and long-term.
In connection with the adoption of PBU 19/02, the following additions must be made to the accounting policy of the organization for accounting purposes:
1) on the frequency of revaluation of financial investments at the current market value (monthly or quarterly);
2) on methods for calculating the cost upon disposal of financial investments, for which the current market value is not determined (by the initial cost of each unit, by the average initial cost, by the FIFO method);
3) on recognition of income from financial investments as income from ordinary activities or other income;
4) on the frequency of checking for depreciation of financial investments (as of December 31 of the reporting year or on the reporting dates interim reporting);
5) on the procedure for applying the discount to financial results for debt securities for which the current market value is not determined.
The Ministry of Finance of the Russian Federation previously recommended that receivables acquired under an assignment agreement be taken into account as financial investments in the account (see letter of the Ministry of Finance of Russia dated 03.02.2000 N 04-02-05 / 1, etc.).
PBU 19/02 (p. 41) provides that in the financial statements, financial investments should be presented with a subdivision, depending on the circulation (repayment) period, for short-term and long-term. At the same time, no criteria are named, using which investments can be classified as such. It is traditionally considered that short-term is a period that does not exceed 12 months.
The chart of accounts provides that all investments in financial assets, regardless of the period of placement of funds, should be reflected in the active account "Financial investments" without a special division into long-term and short-term.
Therefore, when reporting, the organization must analyze all assets and determine, as of the reporting date, which of them are long-term and which are short-term financial investments. When classifying urgency, it is advisable to understand not the period of circulation of securities (the time from the moment of issue to the moment of redemption), but the degree of their liquidity, i.e. the ability, if necessary, to easily turn them into cash in the shortest possible time. With this approach, short-term investments should include investments in marketable securities, the purchase of which is made in the interests of a profitable placement of temporarily free cash before the need for cash arises, and also in order to generate additional income.
Long-term financial investments represent the placement of capital in legally independent organizations on long term(at least more than a year) and are carried out in order to maintain certain business activities or commercial relations.
Building analytical accounting should provide an opportunity to obtain information about short-term and long-term assets, for which purpose sub-accounts can be opened on the account to account for short-term and long-term financial investments.
PBU 19/02 does not divide securities into those circulating on the organized securities market (hereinafter referred to as OSM) and those not circulating. It divides financial investments into those for which the current market value can be determined, and those for which it is not determined. But, since in Chapter 25 of the Tax Code of the Russian Federation all securities are divided into two categories: circulating and not circulating on the OSM, such accounting can be maintained through sub-accounts of the second order.
Due to the wide variety of types of assets that are classified as financial investments, the Ministry of Finance of the Russian Federation in paragraph 5 of PBU 19/02 determined that the organization independently chooses the unit of accounting for financial investments, based on the specifics of the organization's activities. The choice of such a unit should ensure the formation of complete and reliable information about these investments, as well as proper control over their presence and movement. As a unit, depending on the nature of the investment, a series, batch, etc. can be selected. homogeneous collection. In the context of analysts should be reflected (clause 6 PBU 19/02) and the name of the organizations in which these investments were made (issuers of securities, borrowing organizations, organizations in which the organization is a member, etc.).
PBU 19/02 does not require keeping a Book of Accounting for Securities, as prescribed by clause 6 of Order No. 2 of the Ministry of Finance of the Russian Federation. However, the information it contained must be obtained from analytical accounting (clause 6 PBU 19/02). For government and other securities in analytical accounting, at least the following information must be formed: the name of the issuer and the name of the security, number, series, etc., nominal price, purchase price, expenses associated with the acquisition of securities, the total number, date of purchase, date of sale or other disposal, place of storage. Equity securities are best taken into account in the context of individual issues, each of which has its own registration number, indicated in extracts from the register of shareholders and other documents.
In what form and how to keep analytical records, the organization must decide on its own. One may come to the conclusion that it is better to keep such a Book of Accounts for securities.
For the accounting various kinds financial investments in accordance with the Chart of Accounts, sub-accounts can be opened for the account "Financial investments":
58-1 "Shares and shares";
58-2 "Debt securities";
58-3 "Granted loans";
58-4 "Contributions under a simple partnership agreement", etc.
The working chart of accounts is approved in the order on the accounting policy of the organization.
4. How to account for securities
4.1 Which securities are securities
Civil Code Russian Federation (Clause 1, Article 142 of the Civil Code of the Russian Federation) establishes that a security is a document certifying in compliance with prescribed form and mandatory details property rights, the exercise or transfer of which is possible only upon its presentation. With the transfer of a security, all the rights certified by it are transferred in aggregate.
The existence of non-documentary securities for which the obligation of issuers is expressed in the form of an entry in a special account is allowed. The exercise and transfer of rights, certified by such a security, are carried out by fixing the right in non-documentary form in a special register (regular or computerized) by a person who has received a special license from the FCSM. This may be a depository, in which case the rights are registered on a "depo" account, or a specialized registrar, in which case registration is carried out on a personal account in the system of maintaining the register of securities holders. Promissory note under Art.4 federal law dated 11.03.97 N 48-FZ "On a promissory note and a bill of exchange" cannot be non-documentary.
Securities include: government bond, bond, promissory note, check, deposit and savings certificates, banking savings book bearer, bill of lading, shares, privatization securities and other documents that are classified as securities by securities laws or in the manner prescribed by them (Article 143 of the Civil Code of the Russian Federation). A detailed definition of each type of securities is given by Federal Law No. 39-FZ of April 22, 1996 "On the Securities Market".
Currently, securities include:
Simple and double warehouse certificate (Article 912 of the Civil Code of the Russian Federation);
Housing certificate as a special type of bonds (clause 2 of the Regulation on the issue and circulation of housing certificates);
Mortgage (clause 2, article 13 of the Federal Law of July 16, 1998 N 102-FZ "On Mortgage (Pledge of Real Estate)";
Investment share (clause 2 of the Decree of the President of the Russian Federation of June 26, 1995 N 765);
Option certificates for shares and bonds (clause 1 of the Decree of the Federal Securities Commission of the Russian Federation dated 09.01.97 N 1).
Issuable security- any security, including non-documentary, which is simultaneously characterized by the following features:
Secures the totality of property and non-property rights subject to certification, assignment and unconditional exercise in compliance with the form and procedure established by this Federal Law;
Placed by issues;
It has an equal scope and terms for the exercise of rights within one issue, regardless of the time of purchase of the security (Article 2 of the Federal Law of April 22, 1996 N 39-FZ).
Stocks, bonds, housing certificates, investment shares, option certificates correspond to these signs.
Option certificates for shares and bonds (excluding government bonds and bonds municipalities) are derivative (secondary) securities (Clause 1 of the Resolution of the Federal Commission for the Securities Market dated 09.01.97 N 1 "On the option certificate, its application and approval of the standards for issuing option certificates and their prospectuses"). Transactions with such securities are transactions with financial instruments futures deals. According to paragraph 1 of Article 280, in this case, the taxpayer independently chooses the procedure for taxing such an operation.
Futures are a special type of transactions not specified in the Civil Code of the Russian Federation, but not prohibited current legislation. Futures is neither a security, nor property, nor any kind of property rights. This is a transaction that creates or terminates property rights. Therefore, futures are not entered on the balance sheet as a financial asset that generates income, but are reflected through the account as receivables.
The moment of transfer of ownership of securities is established in accordance with Articles 28, 29 of the Federal Law of April 22, 1996 N 39-FZ "On the Securities Market". The right of ownership to issuance securities (shares, bonds) passes at the moment of their transfer from one personal account in registers or from depo accounts in depositories to other personal accounts or depo accounts. If a security is issued in paper form, then the ownership of it passes at the time of reissuing its certificate to a new owner.
The Tax Code defines tradable securities (clause 3, article 280). Securities circulating on the organized securities market for income tax purposes are recognized as securities provided that the following conditions are simultaneously met:
1) if they are admitted to circulation by at least one trade organizer who has the right to do so in accordance with national legislation;
2) if information about their prices (quotations) is published in the mass media (including electronic ones) or can be provided by the trade organizer or other authorized person to any interested person within three years after the date of transactions with securities;
3) if a market quotation is calculated on them, when it is provided for by the relevant national legislation.
The market quotation of a security means the weighted average price of a security for transactions made during a trading day through a trading organizer. If transactions for the same security were made through two or more trade organizers, then the taxpayer has the right to independently choose the market quotation that has developed with one of the trade organizers. If the trade organizer does not calculate the weighted average price, then half of the sum of the maximum and minimum prices of transactions made during the trading day through this trade organizer is taken as the weighted average price (clause 4, article 280 of the Tax Code of the Russian Federation).
4.2. Acquisition of securities:
PBU 19/02 introduces a new concept - the initial cost of financial investments (clause 8). It is in it that financial investments are accepted for accounting. PBU provides various ways determining the initial cost of financial investments, depending on the order of their acquisition or receipt by the organization.
Financial investments can be:
Purchased for a fee;
Purchased with borrowed money;
Contributed to the account of a contribution to the authorized (share) capital of another organization;
Received by the organization free of charge;
Acquired under agreements that provide for the fulfillment of obligations by non-monetary means;
Contributed to the account of the contribution under the simple partnership agreement.
The author will consider the features of the formation of the initial cost of financial investments using the example of the acquisition of securities due to the greatest prevalence of variations in the acquisition of this particular type of financial investment.
for a fee
The initial cost of securities purchased for a fee includes (clause 9) the amount of the organization's actual costs of acquiring them (excluding VAT and other reimbursable taxes).
The actual costs for the acquisition of these types of financial investments are (clause 9):
Amounts paid in accordance with the contract to the seller;
Amounts paid for information and consulting services, as well as intermediary fees, under a contract of commission, agency or guarantee to a third party or organization, which are paid upon the acquisition of financial investments.
The list of actual costs is open and provides for the possibility of including other similar costs, with the exception of general business and other expenses that are not directly related to the acquisition of assets as financial investments.
Organizations are given the right to independently determine the materiality of the amount of additional costs associated with the acquisition of an asset (clause 11). If, compared with the amount to be paid to the seller under the contract, the organization considers other costs to be insignificant, it has the right to take them into account as other operating expenses in the reporting period in which the securities were accepted for accounting. The level of materiality should be fixed in the accounting policy of the organization. Usually it is 5% of the corresponding indicator.
It happens that an organization has used information or consulting services in connection with the decision to acquire financial investments, but has not acquired these assets. Then these costs are taken into account as part of operating expenses and are charged to financial results. commercial organization of the reporting period when it was decided not to purchase financial investments (clause 9 PBU 19/02). The non-profit organization charges these costs as an increase in the expenses of the non-profit organization.
There is no list of expenses for the acquisition of securities in the Tax Code of the Russian Federation. The breakdown of expenses was given in the Guidelines for the Application of Chapter 25 "Corporate Income Tax" of Part Two tax code of the Russian Federation, as amended by the Order of the Ministry of Taxation of Russia dated February 26, 2002 N BG-3-02/98. The direct costs associated with the acquisition and sale of securities included the costs of paying for the services of specialized organizations and other persons for consulting, information and registration services; remuneration paid to intermediaries (including fees for the services of depositories related to the transfer of ownership), and remuneration paid to organizations that ensure the conclusion and execution of transactions; other justified and documented direct costs associated with the acquisition and sale of securities.
The Tax Code of the Russian Federation (Clause 8, Article 280), in principle, provides that the taxpayer can independently choose the types of securities for which, when determining the tax base, other income and expenses provided for by Chapter 25 of the Tax Code of the Russian Federation may be included in income and expenses.
With regard to the "input" VAT associated with services for the purchase of securities, the clarity in this moment there is no legislation on this issue. And the opinions of experts on this issue differ.
VAT amounts paid to a consultant or intermediary for their services are not deductible, since the securities acquired by the organization are not used in the production and sale of goods (works, services) or other transactions recognized as subject to VAT.
If the purchased goods (works, services) are used in activities that are not subject to taxation (exempted from taxation) in accordance with paragraphs 1-3 of Article 149 of the Tax Code of the Russian Federation, then " input VAT" is taken into account in composition of expenses accepted for deduction when calculating corporate income tax (clause 1 clause 2 article 170 of the Tax Code of the Russian Federation). And the turnover on the sale of securities is exempt from VAT in accordance with paragraph 12 of paragraph 2 of Article 149 of the Tax Code of the Russian Federation. Therefore, the input VAT should be taken as part of the expenses when determining the tax base for profit.
A similar opinion was expressed earlier by the Ministry of Finance of Russia, in particular in letters dated January 27, 1999 N 04-02-05 / 1, dated December 29, 1997 N 04-03-11. VAT on services related to the purchase of securities is included in the book value of the security as part of "actual costs".
When should the input VAT on expenses directly related to the acquisition of securities be included in expenses?
It is obvious that the validity of these expenses will arise when the sale (disposal) of the securities themselves.
Example 1
In 2003, the enterprise purchases OAO "Gazprom" shares on the stock exchange through a broker (intermediary) in the amount of 100,000 rubles. The intermediary remuneration to the broker is 1,200 rubles, including VAT of 200 rubles. The organization incurred the costs of re-registering shares in the register of shareholders in the amount of 600 rubles, including VAT of 100 rubles.
IN this case There are two options for accounting for the initial cost of securities. Considering that the cost of additional expenses in comparison with the value of securities is less than 5% (1800/100000), the organization can take into account additional expenses as part of operating expenses.
RUB 101,800 - funds were transferred to pay for securities and services of intermediaries;
RUB 101,800 - securities were capitalized after receiving documents on the transfer of ownership of them by actual cost in view of VAT.
100 000 rub. - securities were capitalized after receiving documents on the transfer of ownership of them at their actual cost;
1 800 rub. - the cost of intermediary services is accounted for as operating expenses (including VAT).
It seems that the tax authorities will insist on the exclusion of these costs from the current income tax base for tax purposes, since the securities themselves remain on the balance sheet, and intermediary services are not related to the current production activities of the organization. Therefore, in the author's opinion, it is better to reflect the operation of the first type, so that in the future, when the securities are disposed of, all expenses for its acquisition, including intermediary fees, should be taken into account as the initial cost of the retiring securities in tax accounting.
The contract for the purchase of securities may stipulate that their cost or intermediary services for their acquisition are paid in rubles in an amount equivalent to an amount of foreign currency(conditional monetary units). PBU 19/02 (clause 10) describes the rules for accounting for financial investments in this situation. Actual acquisition costs can be determined (decrease or increase) taking into account the amount differences that arise before the assets are accepted as financial investments for accounting.
An example can be given with the acquisition of securities on the terms of partial payment, when the transfer of ownership of the paper occurs before the moment of their full payment.
Example 2
The enterprise in 2003 acquires shares in the amount of 1200 USD. on the terms of 50% prepayment. Payment is made in rubles at the exchange rate set by the Central Bank of the Russian Federation for $ 1 on the day of transfer.
The transfer of ownership of the shares is carried out on the day the seller receives the advance payment. The exchange rate on the date of transfer of the advance payment amounted to 27 rubles. / USD, on the date of final settlement 29.2 rubles. /USD. Income and expenses for income tax purposes are determined on an accrual basis.
16 200 rub. (1200 USD x 50% x 27 rubles / USD) - an advance payment was transferred based on the seller's invoice;
32400 rub. (USD 1,200 х 27 rubles / USD) - received securities are capitalized at the exchange rate of the Central Bank of the Russian Federation as of the date of capitalization;
16,200 rubles - the amount of the advance payment has been credited;
RUB 17,520 (1200 USD x 50% x 29.2 rubles / USD) - the balance of the debt to the seller is transferred;
1 320 rub. (32 400 - 16 200 - 17 520) - based on accounting statement the negative amount difference formed after the securities were accepted for accounting is reflected.
through borrowed funds
Paragraph 9 of PBU 19/02 determines how the initial assessment of financial investments should be formed if they are acquired at the expense of borrowed funds. In this case, paragraph 11 of PBU 10/99 and paragraphs 14 and 15 of PBU 15/01 should be followed.
This means that the interest accrued by the organization on the borrowed funds provided to it before the acceptance of financial investments for accounting are included in the initial cost of these investments. For example, in the case of using borrowed funds for prepayment of financial investments, receivables increase by the amount of interest (clause 15 of PBU 15/01).
Interest accrued by the organization after the registration of financial investments is accounted for as part of operating income and is subject to inclusion in the financial result of the organization.
Example 3
In March 2003, the organization received a loan from a bank for the purchase of shares in another company in the amount of 400,000 rubles. for a period of 4 months. According to the agreement, the interest on the loan at a rate of 24% per annum is monthly debited by the bank from the organization's current account. Received loan funds were transferred by the enterprise to the broker. In April, a broker purchased a block of shares for the organization for 400,000 rubles. The broker's remuneration amounted to 12,000 rubles, including VAT of 2,000 rubles.
The following entries will be made in accounting:
400,000 rubles - received a bank loan;
400,000 rubles - funds were transferred to the broker for the purchase of shares;
8 000 rub. - interest expenses are included in the actual costs of acquiring shares;
12,000 rubles - remuneration transferred to the broker;
420 000 rub. (400,000 + 8,000 + 12,000) rubles - shares were taken into account at their original cost.
In the future, after the capitalization of securities until the loan is repaid:
RUB 8,000 - accrued interest under the agreement is included in operating expenses.
free of charge
Securities are obtained free of charge, mainly under a donation agreement. Under a donation agreement, one party transfers property free of charge or undertakes to transfer property to the other party (Article 572 of the Civil Code of the Russian Federation). Commercial organizations can give each other property worth no more than 5 minimum wages (clause 4 of article 575 of the Civil Code of the Russian Federation), i.e. 500 rub. If at least one of the participants in the donation agreement is or individual, then the value of the gift is not limited to anything. If a commercial organization nevertheless received free of charge property from another similar firm in excess of 5 minimum wages, then this transaction may be declared invalid when one of the interested persons files a lawsuit in court. This can be done by interested parties (owners of the organization, shareholders, etc.) within 10 years from the date of the transfer of property free of charge (clause 1, article 181 of the Civil Code of the Russian Federation). If the transaction is declared invalid, the organization will be obliged to return to the donor all the property received from him. It happens that by this time such property is no longer listed in the organization. Then the company will have to reimburse the cost of the transferred property in money (clause 2, article 167 of the Civil Code of the Russian Federation).
The initial cost of securities received by the organization free of charge depends on whether these securities are quoted on the ORTB or not (clause 13 of PBU 19/02). If securities are quoted on the securities market, then when they are received free of charge, they are accepted for accounting at the current market value as of the date of acceptance for accounting.
Sources of information on market prices can be recognized:
Official information about exchange quotations (transactions) at the nearest exchange to the location (place of residence) of the seller (buyer);
In the absence of transactions on the specified exchange or in the event of sale (acquisition) on another exchange - information on exchange quotations (transactions completed) on this other exchange;
Information about international stock quotes;
Quotation of the Ministry of Finance of Russia on government securities and obligations.
For securities for which the market price is not calculated by the organizer of trading on the securities market, their initial value in the case of gratuitous receipt will be the amount of money that can be received as a result of their sale as of the date of their acceptance for accounting.
Example 4
The organization received shares in 2003 under a donation agreement. Their market value is confirmed in writing by the Moscow Stock Exchange in the amount of 1200 rubles.
The following entries will be made in accounting:
1200 rub. - the value of gratuitously received valuables is reflected in the composition of non-operating income.
For both accounting purposes and tax accounting the value of gratuitously received valuables refers to non-operating income (clause 8 of PBU 9/99 and clause 8 of article 250 of the Tax Code of the Russian Federation). The income tax base is increased by the entire current market value of assets received free of charge during the period of their receipt.
on account of the contribution of another organization to the authorized (share) capital
The initial cost of financial investments made as a contribution to the authorized (share) capital of the organization is their monetary value, agreed by the founders (participants) of the organization (clause 12 PBU 19/02). This assessment is usually fixed in the founding documents of the organization.
In cases established by law, the cost of financial investments made is confirmed by an independent appraiser. About the cases in which this is required by the Federal Law of December 26, 1995 N 208-FZ "On Joint Stock Companies", it is said in section 7 "How to take into account the contribution to the authorized capital and income from it."
As for limited liability companies, according to paragraph 1 of Article 15 of Law N 14-FZ, money, securities, other things or property rights or other rights having a monetary value can be a contribution to the authorized capital of a company.
The monetary value of non-monetary contributions to the authorized capital of the company, made by the company's participants and third parties accepted into the company, is approved by the decision of the general meeting of the company's participants, adopted by all participants of the company unanimously. In this case, if the nominal value of the share of the accepted participant, paid for by a non-cash contribution, is more than two hundred minimum wages established by federal law on the date of the relevant changes in the company's charter, such a contribution must be evaluated by an independent appraiser. The nominal value of the share of the new participant in this case cannot exceed the amount of the assessment of the specified contribution, determined by an independent appraiser (clause 2, article 15 of Law N 14-FZ).
under contracts providing for the fulfillment of obligations
non-monetary funds
The initial cost of securities acquired under agreements providing for the fulfillment of obligations (payment) in non-monetary means is the value of assets transferred or to be transferred by an organization (clause 14 of PBU 19/02). Assets transferred or to be transferred by an entity are valued at the price at which the entity would normally charge similar assets in comparable circumstances.
If it is impossible to establish the value of assets transferred or subject to transfer by the organization, the cost of financial investments is determined based on the cost at which similar financial investments are acquired in comparable circumstances.
Example 5
The organization, under an exchange agreement, transfers a computer with a residual value of 9,000 rubles in payment for shares. Its market price at the time of transfer is 12,000 rubles.
The following entries will be made in accounting:
12 000 rub. - reflects the value of the fixed asset transferred as payment for shares under an exchange agreement, based on the market value;
2000 rub. - VAT is charged on the cost of the transferred computer.
For simplicity, we will omit the operation of writing off the accrued depreciation and determining the residual value.
9 000 rub. - written off the residual value of the computer;
1 000 rub. - the financial result under the exchange agreement was determined;
12000 rub. - shares received under an exchange agreement at an initial cost equal to the value of the exchanged property are accepted for accounting;
12000 rub. - credited mutual demands parties in the performance of obligations under the exchange agreement.
4.3. Storage costs
Storage of securities is carried out at the organization's cash desk, in a depository or in a bank. Documentary securities are kept at the cash desk, the depository, as a rule, carries out accounting and storage of non-documentary securities.
Depository is a professional participant in the securities market, which provides services for the storage of securities certificates or their accounting and transfer of ownership of securities. The activity of the depository is regulated by the depository agreement with the client (depo account agreement).
When securities are stored in a depository, they continue to be listed on the balance sheet of the organization, since the ownership of them does not transfer to the depository. At the same time, securities are accounted for by places of storage (depositories) or depo accounts.
Expenses for servicing the financial investments of the organization, such as payment for the services of a bank and / or depository for the storage of financial investments, provision of an extract from a depo account, etc. are recognized as operating expenses of the organization (clause 36 PBU 19/02). In accounting, they are reflected in the debit of the account and the credit of the settlement accounts with a particular organization. In the Profit and Loss Statement, expenses related to the servicing of securities are shown under the item "Other operating expenses". The services of depositaries and registrars for servicing bonds are not exempt from VAT. According to the explanation of the Ministry of Finance of Russia dated 06.10.98 N 04-02-05/3, the amount of VAT on services used during the period when the securities were on the balance sheet of the organization are charged to the account of operating expenses and are reflected in the financial statements under the item "Other operating expenses".
In tax accounting, the costs associated with servicing the acquired securities, including payment for the services of the registrar, depository, costs associated with obtaining information in accordance with the legislation of the Russian Federation, and other similar costs in accordance with subparagraph 4 of paragraph 1 of Article 265 Tax Code of the Russian Federation are non-operating.
Since the expenses themselves are accounted for as part of non-operating expenses, the VAT paid upon their acquisition must also be included in their composition at the time the expenses themselves are recognized, provided that the relevant documents are available that allow VAT to be included in the expenses.
4.4. Cost at disposal
PBU 19/02 establishes new order determining the cost of financial investments upon their disposal.
The disposal of securities takes place in cases of redemption, sale, gratuitous transfer, transfer in the form of a contribution to the authorized (share) capital of other organizations, transfer on account of a contribution under a simple partnership agreement, etc. (clause 25 PBU 19/02). The date of disposal of investments is determined as of the date when the ownership of financial investments is transferred to the new owner of financial investments, financial risks associated with financial investments (price change risk, debtor's insolvency risk, liquidity risk, etc.).
The procedure for determining the cost of retiring financial investments differs for "quoted" and "unquoted" financial investments. If financial investments are retired, for which the current market value is determined, then their value is determined by the organization based on the latest assessment (clause 30 of PBU 19/02).
Securities may be valued at disposal at an average historical cost and using the FIFO method.
It is difficult to say what the "last estimate" method is, and whether it is the "LIFO" method, which is also allowed in tax accounting. Taking into account the requirements of PBU 19/02, it seems to be the safest choice in both methods of accounting for the FIFO method, determined for each date of disposal of securities (the so-called rolling FIFO method), to constantly revalue quoted securities at the reporting date.
If financial investments are retired for which the current market value is not determined, then their value can be determined in one of three ways:
At the initial cost of each accounting unit of financial investments;
At the average initial cost;
At the initial cost of the first time acquisition of financial investments (FIFO method).
The choice of one of these methods is allowed for each group (type) of financial investments and must be fixed in the accounting policy as its element (clause 26 PBU 19/02).
Detailed examples of the use of each of the valuation methods for the disposal of financial investments are given in the Appendix to PBU 19/02, and the author does not consider it possible to dwell on this.
We only note that when using the FIFO methods and the average initial cost, two options are possible: their weighted or moving assessment. A rolling estimate makes it possible to use it for each date of transactions, which is very convenient when computer processing information in accounting software. These methods were earlier, but they were not officially described. The use of the sliding method gives more reliable results and has always been supported by the tax authorities during the audit. Indeed, for example, when displaying analytics for a specific type of securities, in most accounting programs you can see their specific number and total cost category for each day. By dividing the total amount by the quantity, it is convenient to check the cost of the retiring unit of this type of investment. This makes it possible to automate accounting program obtaining a financial result from the disposal of each type of financial investment for each date of its disposal.
Let's compare the methods of writing off securities with the methods allowed in tax accounting. When selling or otherwise disposing of securities, in accordance with the accounting policy adopted for tax purposes, the organization independently chooses one of the following methods of writing off the cost of retired securities as expenses (clause 9 of article 280 of the Tax Code of the Russian Federation):
1) by the cost of the first time acquisitions (FIFO);
2) by the cost of the most recent acquisitions (LIFO);
3) by unit cost.
In order not to keep separate tax records, for accounting for "unquoted" securities, it is better to choose the method of determining "by the cost of each unit", which is allowed for these types of investments in both tax and accounting.
5. Does the initial price of financial investments change?
PBU 19/02 introduced a new rule that allows quoting the initial cost of financial investments, according to which they were accepted for accounting (clause 18). To this end, PBU introduces a new concept of "post-assessment".
For subsequent evaluation, financial investments are divided into 2 groups (clause 19):
Financial investments by which the current market value can be determined;
Financial investments for which the current market value is not determined.
Each group has its own rules for changing the initial cost of financial investments.
for quoted
As a rule, financial investments in quoted securities are classified as financial investments, according to which the current market value can be determined.
These assets are reflected in the financial statements at the end of the reporting year at their current market value by quoting their valuation as of the previous reporting date (clause 20). At the request of the organization, such a quotation can be made monthly or quarterly.
This is a mandatory rule: quoted securities must be revalued in accounting, i.e. their initial value changes without fail. The choice of the organization can only be the frequency with which the initial value of quoted securities will change in the balance sheet.
The difference between the valuation of financial investments at the current market value as of the reporting date and the previous valuation of financial investments is credited to the financial results of a commercial organization. It is reflected in the credit (debit) of the account (as part of operating income or expenses) in correspondence with the account. For a non-profit organization, the difference is reflected as an increase in income or expenses in correspondence with the financial investment account.
If the trade organizer does not determine the current market value of previously quoted securities on a certain reporting date, it is necessary to reflect its value in accounting at the cost of its last valuation (clause 24).
The novelty of this rule is that without fail the initial cost of quoted securities must be changed and correspond to the market confirmed valuation. This procedure makes it possible to constantly reflect in the balance sheet the market value of the property owned by the organization at each reporting date.
And in tax accounting, both positive and negative differences obtained during the revaluation of securities at market value are not taken into account for the purpose of calculating income tax (subclause 24, clause 1, article 251 and clause 46, article 270 of the Tax Code of the Russian Federation). This provision applies to both professional and non-professional professional participants securities market.
Here we should recall the pre-existing position in accounting. Participants in the securities market were not required to revalue securities at market value on a mandatory basis. According to clause 3.5 of the Order of the Ministry of Finance of the Russian Federation N 2 and clause 5.1. FCSM Decree No. 40 quoted securities at the end of the year (quarterly for professional participants) were reflected in the balance sheet at market value if it was lower book value. The value of securities was adjusted by the amount of the reserve for depreciation of investments in securities, created at the expense of the financial results of the organization at the end of the reporting year. This was not a revaluation, the original cost of financial investments remained unchanged. And for the amount of the price fall, a reserve was created, minus which the quoted securities were reflected in the balance sheet as of the reporting date.
For non-professional market participants, the amount of deductions to the reserve and the restoration of the reserve for financial results were not taken into account for tax purposes.
However, for professional participants in the securities market engaged in dealer activities on the basis of licenses issued in the prescribed manner, such operations with a reserve could be taken into account for tax purposes (Article 300 of the Tax Code of the Russian Federation). To do this, they needed to determine income and expenses on an accrual basis.
Now PBU 19/02 speaks of a reserve for unquoted securities, which we will discuss below. And for quoted securities it is necessary to do their revaluation.
Therefore, if we strictly follow the wording of the Tax Code of the Russian Federation, then the revaluation of quoted securities, which must now be carried out without fail by all participants in the securities market, does not affect the tax base for profits. It turns out injustice. When the exchange rate for quoted securities falls, professional participants cannot take into account the revaluation for tax purposes, since it is called revaluation, and earlier they created a reserve for the same amount, which they could take into account when taxing profits. The essence, meaning of the operation remained the same, and due to the fact that this new procedure is not taken into account in the Tax Code of the Russian Federation, professional participants will not be able to use this benefit.
By the way, in accordance with paragraph 45 of the Regulations on Accounting and Accounting in the Russian Federation, the assessment of investments at market value is provided only for shares listed on the stock exchange or special auctions, the quotes of which are regularly published. Apparently, after the adoption of PBU 19/02, changes will be made to the Accounting Regulations.
for unquoted
Financial investments for which the current market value is not determined include investments in authorized capital, under a simple partnership agreement, in certain types securities, etc. They are reflected in accounting and reporting as of the reporting date at their original cost (clause 21 of PBU 19/02).
As a rule, their initial value does not change. When these types of investments are depreciated, provisions are created. In the financial statements, unquoted financial investments for which reserves have been created are reflected at their original cost minus the created reserve. The author will consider the procedure for the formation of reserves in section 6 Provisions for depreciation of unquoted financial investments.
An exception is made only for debt securities. If the current market value is not determined on them, then a commercial organization is allowed to attribute the difference between the initial and nominal value during the period of their circulation evenly to the extent of the income due on them in accordance with the terms of issue to be attributed to financial results (as part of operating income or expenses) (p .22 RAS 19/02). A non-profit organization may attribute this difference to a decrease or increase in expenses.
This rule applies when debt securities (such as bonds) are purchased at a price different from the par value (i.e., indicated on the bonds).
If the original cost of the purchased securities is higher than the nominal value, then at each accrual of the income due on them, a part of the difference between the initial and nominal value is written off.
If the initial cost is lower than the nominal value, then additional accrual of part of the difference is made accordingly.
In both cases, the part of the write-off (additional charge) of the difference is determined based on the total amount of the difference and the established frequency of payment of income. By the time of redemption, the book value reaches the nominal value.
Let us draw the reader's attention to the permissive procedure, which is not mandatory. This position is not new. According to paragraph 44 of the Accounting Regulations, the difference between the amount of actual acquisition costs and the nominal value of debt securities is allowed to be attributed to financial results evenly during the period of their circulation, as the income due on them accrues. Decision the organization must fix in the accounting policy.
Example 6
The organization purchased bonds for 109,000 rubles. The maturity of the bonds is 3 years. The nominal value of the bonds is 100,000 rubles. The bonds pay annual interest at the rate of 20% per annum. The organization has made a decision in the accounting policy for debt securities to reflect them at a changing cost (bringing to face value by adjusting the accounting value as income is received during the circulation period).
The following entries will be made in accounting:
109 000 rub. - reflected the initial cost of bonds in the amount of actual costs;
20 000 rub. (100,000 x 20%) - received interest income on bonds for the first year;
3 000 rub. (9,000 / 3) - 1/3 of the difference between the initial and nominal value of the bond for 1 year was written off;
15 000 rub. (20,000 - 5,000) - reflects the amount of net income on bonds for the first year.
Over the following years, until the maturity of the bonds, the organization repeats the last three postings. As a result, at the time of bond redemption, their book value will be brought to par - 100,000 rubles.
Similarly, the amount of additional accrual of the initial cost to face value is also reflected. For this reason, the current financial result will be higher.
In the financial statements for debt securities, for which the current market value was not determined, (clause 42 of PBU 19/02) is subject to disclosure, taking into account the requirement of materiality of information:
On the methods of their evaluation when they are retired;
The difference between the initial cost and the nominal value during the period of their circulation, accrued in accordance with the procedure, established paragraph 22 PBU 19/02;
Data on their valuation at a present value, on the amount of their present value, on the applied methods of discounting (disclosed in the notes to the balance sheet and income statement).
6. Provisions for depreciation of unquoted financial investments
RAS 19/02 introduces a new concept of "depreciation of financial investments". This concept applies only to financial investments for which the market value is not determined. Impairment (paragraph 37) is understood as a steady decline in value below the amount of economic benefits that the entity expects to receive from these financial investments in normal conditions her activities.
In order to recognize that investments are depreciating, the following conditions must be simultaneously present:
At the reporting date and at the previous reporting date, the carrying amount is substantially higher than their estimated cost;
During the reporting year, the estimated value of financial investments changed significantly only in the direction of its decrease;
As of the reporting date, there is no evidence that a significant increase in the estimated value of these financial investments is possible in the future.
PBU 19/02 calls concrete examples situations in which depreciation of financial investments may occur (clause 37):
The emergence of signs of bankruptcy in the issuing organization of securities owned by the organization, or in its debtor under a loan agreement, or declaring it bankrupt;
Making a significant number of transactions in the securities market with similar securities at a price significantly lower than their book value;
Absence or significant decrease in income from financial investments in the form of interest or dividends high probability further reduction of these revenues in the future, etc.
When such trends occur, the organization should conduct a test to determine whether conditions for a sustained decline in the value of financial investments exist. The organization shall provide confirmation of the results of this verification.
If the audit confirms a decrease in value, the organization creates an allowance for the impairment of financial investments. The reserve is created for the amount of the difference between the accounting and estimated value of these financial investments.
A commercial organization forms a reserve due to financial results (as part of operating expenses), and a non-profit organization - due to an increase in expenses.
In the financial statements, the value of such financial investments is shown at book value minus the amount of the formed reserve for their depreciation.
Checking for depreciation of financial investments is carried out at least once a year as of December 31 of the reporting year if there are signs of depreciation. The organization has the right to carry out the specified check at the reporting dates of the interim financial statements*(1).
The regulatory account "Reserves for depreciation of investments in securities" is intended for the formation of generalized information on the availability and movement of reserves.
It is possible that with the introduction of RAS 19/02 and the introduction of amendments by the Ministry of Finance of the Russian Federation into the Chart of Accounts, it will be referred to as "reserves for the depreciation of investments in financial investments."
Provisions have been created for depreciation of investments in unquoted financial investments.
A change in the amount of the reserve (adjustment) for the depreciation of investments in unquoted financial investments occurs in the event of a further change in their estimated value at the end of the reporting period by the accounting entry:
Increased (decreased) amount of the provision for depreciation of investments in unquoted financial investments.
The reserve is written off to financial results (as part of operating income) in two cases:
When selling or otherwise disposing of financial investments for which the reserve was created;
If there is no further sustainable significant reduction in the value of these investments.
The reserve is written off at the end of the year or the reporting period in which these financial investments were disposed of with an accounting entry:
A partial or full payment in cash of a contribution to the authorized capital of another legal entity has been made;
Accepted as part of financial investments are fully paid-up investments in the assessment according to the constituent documents.
If the contribution is transferred in non-monetary assets, such as fixed assets or an intangible asset, then between estimated value property and the value at which the property was acquired or is held by the transferor, there may be a difference (i.e. there will be a gain and loss). This difference in accounting will be reflected in operating income or expenses.
Example 7
In 2003, the organization transfers to the authorized capital as a contribution a fixed asset with an initial cost of 10,000 rubles. (without VAT). VAT in the amount of 2000 rubles. was taken for deduction from the budget earlier. The residual value of the fixed asset at the time of transfer is 6,000 rubles, the accrued depreciation is 4,000 rubles.
By agreement between the founders, the valuation of this facility is set at 8,000 rubles.
The following entries will be made in the accounting records of the transferring party (shareholder):
10 000 rub. - written off the initial cost of the acquired fixed asset;
8000 rub. the initial cost of financial investments in the authorized capital of another organization is reflected (in the monetary value of the fixed asset object, agreed by the founders) on the basis of an acceptance certificate.
This accounting entry is made when the full payment of the deposit has been made. If the property is transferred in the order of partial payment, then accounting entries are carried out using the account, as with partial cash payment.
In accordance with subparagraph 4 of paragraph 3 of Article 39 of the Tax Code of the Russian Federation, the transfer of property as a contribution to the charter capital of a business entity is not recognized for tax purposes as the sale of this property. Therefore, the value of fixed assets contributed as a contribution is not subject to VAT.
If new property is purchased and the "input" VAT deduction has not yet been made on it, but it is known that it will be transferred as a contribution to the authorized capital, then the VAT amounts are included in the initial cost of the property.
If the property has already been used in production activities, and the deduction of input VAT has already been made, then at that taxable period in which such property is transferred, the previously made deduction must be reduced, i.e. VAT restored to the budget. The reasons for this are as follows.
According to subparagraph 1, paragraph 2, article 171 of the Tax Code of the Russian Federation, the amounts of VAT presented to the taxpayer and paid by him when purchasing goods used to carry out transactions subject to VAT are subject to deductions. A prerequisite for accepting VAT amounts on acquired valuables for offsetting from the budget is their use in production activities or for other operations recognized as objects of VAT taxation. The transfer of property as a contribution to the authorized capital of other organizations is not production activities organization and is not subject to VAT. Therefore, the amount of VAT refunded from the budget for previously acquired fixed assets and goods and materials must be restored. The VAT amount attributable to the residual value of the specified fixed assets and goods and materials, which is not included through depreciation deductions in the cost of goods (works, services) or non-operating expenses taken into account when determining income tax. Indeed, this part property value will no longer be used in activities subject to VAT.
This procedure is explained in clause 3.3.3 of the Methodological Recommendations for the Application of Chapter 21 "Value Added Tax" of the Tax Code of the Russian Federation, approved by order of the Ministry of Taxes of Russia of December 20, 2000 N BG-3-03 / 447.
What is the source of this VAT recovery?
In the letter of the Ministry of Finance of Russia dated February 17, 1998 N 04-03-11, it was stated that when the fixed assets are transferred by the parent enterprise to the authorized capital of a subsidiary joint-stock company, the amounts of VAT paid to the suppliers of these fixed assets are restored to settlements with the budget at the expense of the profit remaining at the disposal of the organization.
In the light of the new RAS, it seems impossible to include this VAT in the initial cost of financial investments, since it must correspond to the assessment established in the constituent documents.
1200 rub. - VAT previously accepted for reimbursement from the budget is reduced by the amount of restored VAT (6000 x 20%);
1200 rub. - the restored VAT on the property transferred as a contribution was written off;
800 rub. - reflects the financial result (income) from the transfer of property.
This point of view of the Ministry of Taxation of the Russian Federation on the issue of restoring VAT is ambiguous. Yes, Federal arbitration court of the North-Western District, in a resolution dated 02.07.01 in case N 1544, indicated that the conclusion of the inspection of the Ministry of Taxes of the Russian Federation that at the time of transferring fixed assets to the authorized capital of another organization, the company must restore the amounts of VAT claimed for reimbursement from the budget upon their acquisition , and write them off at the expense of sources own funds, is not based on legislation on taxes and fees. The same opinion is shared by the Federal Arbitration Court of the Moscow District (ruling dated November 9, 2001 in case KA-A40/6389-01).
If the organization decides that the requirements of the tax authorities to restore the amounts of VAT previously accepted for deduction for fixed assets, which are subsequently realized, are unlawful, it will have to defend its position in the arbitration court.
A positive financial result formed in accounting will not be considered income in tax accounting (clause 2, clause 1, article 277 of the Tax Code of the Russian Federation).
retirement of a deposit
When a contribution to the authorized capital is retired in accounting, the retiring contribution is valued at the initial cost of each retiring unit (clause 27 of PBU 19/02).
In tax accounting, the value of property when transferred to the authorized capital of both parties is assessed not according to the valuation agreed upon by the founders, but according to the value of the property recorded in the tax accounting of the transferring party. The cost must be documented. Therefore, upon exit from the company or its liquidation, neither income nor expenses arise for both parties, if the property is returned precisely according to tax assessment. And, accordingly, the excess tax value, and not accounting, will be subject to income tax (clause 4, clause 1, article 251 of the Tax Code of the Russian Federation, clause 9 of Article 250 of the Tax Code of the Russian Federation).
The disposal of contributions to the authorized capital may also occur when they are sold. The sale of shares in the authorized capitals of other organizations is reflected in the accounting on the debit of the account and the credit of the account. At the same time, the book value of the objects recorded on the corresponding sub-account of the account is written off to the debit of the account. If there are sales expenses, they are reflected in the debit of the account.
contribution under a simple partnership agreement
The initial cost of financial investments made on account of the contribution of a partner organization is their monetary value, agreed by the partners in the simple partnership agreement (clause 15 PBU 19/02).
Confirmation of receipt of a property contribution will be an advice note on the receipt of property by a partner conducting common affairs, or an invoice on the transfer of property.
Accounting will be similar, with the only difference that instead of account 58-1 for a simple partnership, the contribution is recorded on sub-account 58-4 "Contributions under a simple partnership agreement":
The initial value of the contribution to the joint activity with property is reflected in the assessment provided for in the simple partnership agreement;
The deviation of the contractual value of the property (in the assessment provided for in the simple partnership agreement) from its accounting value is reflected.
The transfer of property as a contribution to a joint activity is not a sale (subclause 4, clause 3, article 39 of the Tax Code of the Russian Federation) and, therefore, is not subject to VAT (subclause 1, clause 2, article 146 of the Tax Code of the Russian Federation).
For the above reason, the amount of "input" VAT, accepted for deduction earlier, attributable to the accounting value of the transferred valuables, is subject to recovery with the payment of the corresponding tax amounts to the budget. In the VAT return, the amounts subject to recovery are reflected in line 11 (code 430) as tax deductions. Recall that line 11 reduces the total amount of tax deductions. Therefore, when filling in line 12 "Total VAT amount to be deducted", the indicators of lines 6-10 are added up, and the indicator of line 11 is subtracted from the amount received.
We repeat that in tax accounting, the value of property is assessed not according to the valuation agreed upon by the founders, but according to the value of property recorded in the tax accounting of the transferring party.
In an interview given to the "Accounting Supplement" to the newspaper "Economics and Life" (N 7, February 2003), the head of the Department of Profit Taxation of the Ministry of Taxation of the Russian Federation K.I. Ohanyan recognized the existing problem of reflecting contributions under a simple partnership agreement. He said that a joint position of the Ministry of Taxation of the Russian Federation and the Ministry of Finance of the Russian Federation on this issue is being prepared. Therefore, the reader needs to keep an eye on the emergence of new clarifications.
Profit from joint activities under a simple partnership agreement for accounting purposes, it is accounted for as part of operating income (clause 7 of PBU 9/99) with an accounting entry:
Profit receivable (distribution) between comrades is reflected.
For the purposes of tax accounting, the income received is taken into account as part of the non-operating income of the participants in the partnership and is taxed at the general income tax rate (Article 278 of the Tax Code of the Russian Federation). Losses incurred are not taken into account.
income on deposits
On financial investments in the authorized capital of other organizations or in the form of acquired shares of other organizations, the enterprise may receive income from equity participation in the form of dividends.
In accounting, they are reflected on an accrual basis as part of operating income, and in tax accounting at the date of receipt as part of non-operating income.
Consider specific examples of the reflection of "foreign" dividends and dividends received from Russian organizations.
A Russian organization may receive dividends from a foreign organization or through its permanent representative office in the Russian Federation. The taxation of these incomes is regulated by clause 1 of article 275 of the Tax Code of the Russian Federation. It says that the amount of tax in respect of received "foreign" dividends is determined by the taxpayer independently. The tax is paid at the rate of 15% (clause 2, clause 3, article 284 of the Tax Code of the Russian Federation) of the amount of accrued dividends.
Please note that the tax base includes all dividend amount receivable, whether or not tax has been withheld under the laws of the country of the non-resident entity paying the income.
On the amount of tax withheld abroad, a credit can be presented on a special declaration under certain conditions. With the country where the source of payment of dividends is located, the Russian Federation must conclude an international agreement on the avoidance of double taxation, and it must provide for such an offset. A special declaration is submitted in the reporting period following the receipt of income. The amount of tax allowed for exclusion is transferred to line 330 of Sheet 02 of the Income Tax Declaration.
The amount of creditable amounts of taxes paid abroad cannot exceed the amount of tax payable by the organization in the Russian Federation. An offset can be made upon presentation of a document confirming the payment (withholding) of tax outside the Russian Federation.
For taxes paid by the organization itself, certification of such a document is required. tax authority the respective foreign country. And for taxes withheld in accordance with the legislation of foreign states or an international agreement with tax agents, confirmation of the tax agent is sufficient (clause 3, article 311 of the Tax Code of the Russian Federation).
Currently, most international agreements provide for the use of reduced rates - 5 or 10%. However, in some states it is possible to apply a 15% rate and even 20%.
The amount of dividends receivable is reflected as part of non-operating income on line 030 in Sheet 02 "Calculation of income tax" of the Tax return for corporate income tax (approved by Order of the Ministry of Taxation of Russia dated 07.12.2001 N BG-3-02 / 542) and on line 030 Appendix 6 to sheet 02. Reflection occurs during the period of receipt of funds to the current account (to the cashier).
But dividends are taxed not at the general rate of 24%, but at a special rate (15%). Therefore, dividends should be excluded from the general tax base in line 060 of Sheet 02 and included in line 010 of section B of Sheet 04 "Calculation of income tax on income in the form of interest received on state and municipal securities, as well as on income in the form of dividends ( income from equity participation in foreign organizations)". Then line 030 of Appendix B reflects the amount of tax calculated at a rate of 15% and payable to the federal budget.
The amounts of tax on income in the form of dividends paid outside the Russian Federation and counted towards the payment of income tax on the basis of a special declaration adopted by the tax authority are reflected in line 050 of Appendix B.
Example 8
The Russian organization has a contribution to the authorized capital of the American organization. According to the results of profit distribution annual meeting shareholders of the issuer, held on 01.03.2003, the organization is entitled to dividends for 2002 in the amount of 1,000 US dollars. From this amount, according to the legislation of a foreign state, the amount of tax in the amount of 10% - 100 US dollars was withheld.
On March 29, 2003, 900 US dollars were transferred to the account of a Russian organization. Dividends were paid through a representative office in the Russian Federation in the amount of RUB 28,993.5. (in Russian rubles at the exchange rate of the Central Bank of the Russian Federation on the date of payment - 32.2150), minus income tax withheld at the source of payment of 3221.5 rubles. = 1,000 x 10% x 32.2150.
The exchange rate of the Central Bank of the Russian Federation for $1 as of March 1, 2003 is 31.8345 rubles.
Since the amount of dividends due to the organization is expressed in foreign currency, it is subject to reflection in rubles in accounting and financial statements. The recalculation is made at the rate of the Central Bank of the Russian Federation, effective on the date of the transaction in foreign currency (clauses 4 and 6 of PBU 3/2000 "Accounting for assets and liabilities whose value is expressed in foreign currency", approved by Order of the Ministry of Finance of Russia dated 10.01.2000 N 2n) . In our case, this is the date of recognition of income in the form of dividends - 03/01/2002.
When dividends are received, accounting reflects the exchange rate difference on this operation, which arises as a result of the fact that the exchange rate of the Central Bank of the Russian Federation on the date of payment of dividends differs from the exchange rate on the date of acceptance for accounting of receivables for the payment of dividends. It is credited to the financial result of the organization as it is accepted for accounting (clauses 11-13 PBU 3/2000).
For the purposes of profit taxation, expenses in the form of negative exchange rate differences received from the revaluation of property and claims (liabilities), the value of which is expressed in foreign currency, are included in non-operating expenses (clause 5, clause 1, article 265 of the Tax Code of the Russian Federation).
In accounting on March 1, 2003 (as of the date of the decision to pay dividends), the following entries are made:
RUB 31,834.5 ($1000 x 31.8345) - reflects the amount of dividends due to be received on the basis of an extract from the minutes of the general meeting of shareholders.
The amount is not reflected in tax accounting, because it has not yet been received.
3221.5 rubles (1000 x 32.2150 x 10%) - the amount of income tax withheld by the source of income abroad is included in the income tax reduction.
From the text of paragraphs 1 and 2 of article 275 of the Tax Code of the Russian Federation, it is not entirely clear whether a Russian organization, when paying income to its shareholders, has the right to reduce the tax base by the amount received foreign dividends. Logically, it does: it doesn't matter what kind of dividends it "reissues" to its shareholders - Russian or foreign. Moreover, taxes were paid from foreigners in an increased amount compared to Russian ones. However, some authors, such as Lapina O.G. (see "Annual Report for 2002", p. 304) believe that dividends received from abroad will not be accepted as a reduction in the amount of distributed dividends. Clause 2 of Article 275 of the Tax Code of the Russian Federation gives the right to exclude only amounts received by the tax resident from a Russian organization when calculating the tax base.
If the source of dividend payment is a Russian organization, it is recognized tax agent and determines the amount of tax, taking into account the provisions of paragraph 2 of Article 275 of the Tax Code of the Russian Federation. In this case, the tax agent is obliged to calculate, withhold and transfer to the budget the amount of income tax, and the taxpayer - the recipient of income is transferred the amount of dividends minus the withheld tax. Consequently, income recipients do not have to pay income tax on the amount of dividends received from Russian organizations. Otherwise, the income will be subject to income tax twice - at the source of payment of income at a rate of 6% and at the taxpayer at a rate of 24%.
In accordance with paragraph 1 of article 250 of the Tax Code of the Russian Federation, the received "cleaned" income from equity participation in other organizations is included in non-operating income. They are reflected in total amount non-operating income on line 030 and 060 of Sheet 02 of the Income Tax Declaration and on line 130 of Appendix 6 to sheet 02.
But since the tax has already been withheld from them by the tax agent, the amount received is withdrawn from the tax base by simultaneous exclusion on line 080 of Sheet 02 of the Declaration. In the future, the amount of dividends received is not reflected anywhere else.
The amount of income from equity participation received from Russian organizations may further reduce taxes that must be withheld when income is paid to its shareholders (participants).
If income from equity participation is paid in property, then it is credited to the asset accounts and account credit 76-3.
Since the contribution to the authorized capital is an unquoted financial investment, it is reflected in the financial statements as of the reporting date at the initial cost (paragraph 21 of PBU 19/02). By this species investments, a steady significant decrease in their value may occur (paragraph 37 of PBU 19/02), for example, the absence or significant decrease in income from financial investments in the form of interest or dividends with a high probability of a further decrease in these income in the future, etc. In this case, the organization creates a provision for depreciation of this type of investment. The rules for its creation and operation are set out in section 6 Provisions for depreciation of unquoted financial investments.
Then, in the balance sheet, financial investments in the form of contributions to authorized capital are shown minus the created reserve.
If this information material for users of financial statements, the explanatory note should disclose:
The cost of deposits;
Data on the reserve for their impairment, indicating: the type of deposit, the amount of the reserve created in the reporting year, the amount of the reserve recognized as operating income for the reporting period; reserve amounts used in the reporting year (clause 42 PBU 19/02).
8. How to account for granted loans and income on them
cash loans
Loans can be issued not only by credit institutions, but also by legal entities. The loan can be issued in cash or property.
According to paragraph 1 of Article 807 of the Civil Code of the Russian Federation, under a loan agreement, an enterprise (lender) transfers money or other property into the ownership of another enterprise (borrower). In this case, the borrower undertakes to return to the lender the property taken from him after a certain time. The loan agreement is considered concluded only from the moment the property is transferred to the borrower.
PBU 19/02 emphasizes that financial investments, including in the form of loans, must be designed to generate income.
The Civil Code provides that loans may be unprofitable. First, the parties can agree that the contract will be interest-free. Secondly, a loan agreement, under which the borrower is transferred not money, but other things defined by generic characteristics, is assumed to be interest-free, unless it expressly provides otherwise (Article 809 of the Civil Code of the Russian Federation).
The amount of interest is usually determined in advance and fixed in the loan agreement. If it is not specified in the contract, then the borrower is obliged to pay interest in the amount of the refinancing rate Central Bank of the Russian Federation on the day of payment of the debt or its corresponding part (clause 1 of article 809 of the Civil Code of the Russian Federation).
For the party receiving the loan, the accounting of loans is regulated by the Accounting Regulation "Accounting for loans and credits and the costs of servicing them" (PBU 15/01), approved by order of the Ministry of Finance of Russia dated 02.08.2001 N 60n.
In accordance with clause 3 of PBU 15/01, the principal amount of debt on a loan received is accounted for by the borrowing organization in accordance with the terms of the loan agreement in the amount of actually received funds or in stipulated by the agreement valuation of other things.
The borrowing organization accepts the specified debt for accounting at the time of the actual transfer of money or other things and reflects it in the composition accounts payable(clause 4 PBU 15/01).
PBU 19/02 in terms of loans is similar to PBU 15/01, but does not indicate what will be the initial cost of the loan when issuing a loan with property: "the contractual cost of things" or the actual cost.
In the amount of actual costs, paragraph 44 of the Regulations on Accounting and Accounting in the Russian Federation (approved by Order of the Ministry of Finance of Russia dated July 29, 1998 N 34n) obliges to take into account the loan provided.
PBU 19/02 clarifies (p. 35) that in accounting, expenses related to the provision of loans by an organization to other organizations are recognized as operating expenses of the organization.
Accounting for the movement of granted loans is carried out using the balance sheet account 58-3 "Granted loans". For loans, the issuance of which is secured by the borrower's bills of exchange, a separate sub-account "Granted loans secured by bills" can be allocated.
Granting of loans in cash is reflected in the entry:
A loan has been granted or a loan secured by a promissory note has been granted.
property loans
Consider an example of a property loan. Organizations often have to face the problem of replenishing working capital by temporarily borrowing raw materials, materials and other inventories. For these purposes, one party (the lender) may transfer material assets in kind to the other party (the borrower) under the loan agreement.
Values loan agreement is close to the agreement commodity credit and represents an independent transaction of a borrowed type.
An essential condition of the loan agreement will be an indication of the name and quantity of valuables transferred to the borrower. The contract may agree on the terms of its quality, assortment, completeness. The borrower is obliged to return, within the agreed time frame, inventory items of exactly the same kind and quality. Otherwise, such relations can be qualified as barter, i.e., arising from an exchange agreement.
When interpreting the transfer of property on loan, a problem arises. On the one hand, under a loan agreement, things are transferred to the borrower in ownership. And according to paragraph 1 of Article 39 of the Tax Code of the Russian Federation, for tax purposes, the transfer of ownership is an implementation. Therefore, such transactions are subject to VAT.
On the other hand, the financial and economic meaning of a commodity loan is the transfer of goods (property, things) for temporary use to another person. And therefore it can be considered by analogy with a lease or gratuitous use agreement. Then no sale of these goods (property, things) occurs. There is only a transfer of ownership of their temporary use, for which an appropriate fee must be established. This fee should be the object of VAT taxation, and not the subject of the commodity loan agreement itself.
Consider in detail the first position - the implementation of the subject of the loan. In accordance with Article 39 of the Tax Code of the Russian Federation, the fact of the sale of goods, works or services is determined by the following aspects:
a) transfer of ownership from one person - the seller to another person - the buyer;
b) obligatory settlements or gratuitousness.
Just the last condition is absent, since the borrower does not pay the lender for the goods, but returns the same goods (in accordance with the requirements of Article 807 of the Civil Code of the Russian Federation). In addition, there is no contract of sale, sellers and buyers. And it is not possible to fulfill the requirements stipulated, in particular, by paragraph 2 of Article 169 of the Tax Code of the Russian Federation for the preparation by the seller and presentation of invoices to the buyer, etc.
In addition, when the lender adopts an accounting policy for tax purposes "on payment", the actual fact of the day of payment for the goods transferred under the loan does not occur, as provided for by Article 167 of the Tax Code of the Russian Federation. After all, the return of goods by the borrower does not fall under the concept of "termination of the counter obligation of the purchaser of these goods to the taxpayer, which is directly related to the supply of these goods", provided for in paragraphs 1, 2 and 3 of paragraph 2 of Article 167 of the Tax Code of the Russian Federation. No funds are credited to the current account.
Therefore, in accordance with Article 39, it seems impossible to qualify commodity loan agreements for the purposes of Chapter 21 of the Tax Code of the Russian Federation as the sale of property. There is an object of taxation, but there is no turnover subject to VAT.
In addition, there are serious problems with the lender's right to a VAT refund at the time of repayment of the loan, since, according to Articles 171-172 of the Tax Code of the Russian Federation, the requirements for deducting VAT from the buyer will be violated.
It is more justified temporarily, until the borrower returns the commodity loan, to deprive the lender of the right to reimbursement (deduction) of VAT amounts on previously acquired and produced VAT reimbursement on goods, which are then transferred under a loan agreement. The legitimacy of this approach is obvious, since the absence of an object of VAT taxation when issuing a commodity loan implies the absence of the right to reimburse (deduct) the amounts of "input" VAT.
Example 9
In March 2003, the enterprise entered into a loan agreement with another enterprise for a period of 2 months. The loan is issued in goods that the borrower is obliged to return in a similar assortment of the same quality. Actual cost goods from the enterprise is 100,000 rubles. Interest under the agreement is not charged.
In the accounting of the lender, the following accounting entries are made:
20 000 rub. - VAT was charged as operating expenses as a loss of the lender's right to reimburse VAT previously claimed for deduction on transferred valuables.
When repaying a loan:
100 000 rub. - Goods transferred on loan at the accounting price are credited.
In accordance with clause 27 of PBU 19/02, when financial investments are disposed of in the form of loans granted to other organizations, they are evaluated at the initial cost of each financial investment withdrawn from the above accounting units.
The example shows that the cost of the returned goods should remain the same, equal to the cost before its transfer, i.e. 100 000 rub.
20 000 rub. - submitted for the deduction of VAT paid earlier when transferring goods on loan.
This means that the commodities have again become commodities to be sold. And the "input" VAT on them the taxpayer has the right to present for deduction from the budget.
When issuing a loan, this example shows that for the period of the loan, the lender's working capital is diverted in the amount to pay VAT in connection with the gratuitous production of services for the borrower. Therefore, the gratuitousness of the service is not beneficial for the lender. In this regard, the payment of interest is legal.
borrowing income
If the agreement provides for the accrual of interest, then it is necessary to clearly stipulate the value of the values transferred on loan at the time of their transfer. Otherwise, it will not be possible to determine the amount of interest payable to the creditor. The organization makes accrual of interest on loans received in the manner prescribed by the loan agreement.
The interest accrued under the loan agreement is operating income (clause 7 of the Accounting Regulation "Income of the organization" (PBU 9/99)) and is reflected in accordance with the agreement in the accounting entry:
VAT has been charged on the amount of interest under the loan agreement for inventory items.
For the purpose of taxation of profits, in accordance with paragraph 6 of Article 250 of the Tax Code of the Russian Federation, interest is non-operating income. If an enterprise uses the cash method for determining income and expenses, then they need to be reflected in tax accounting only after they are received (Article 273 of the Tax Code of the Russian Federation).
If an enterprise determines the taxable base on an accrual basis, then interest is reflected in tax accounting in the period when they need to be accrued under the agreement. This is established in subparagraph 3 of paragraph 4 of Article 271 of the Tax Code of the Russian Federation. In the income tax return, they are shown on line 030 of sheet 02.
disclosure in financial statements
Since loans are unquoted financial investments, they are reflected in the financial statements at the reporting date at their original cost (clause 21 of PBU 19/02).
Let us pay attention to the new provisions stipulated by PBU 19/02 (clauses 23 and 37). For granted loans, the organization can make a calculation of their assessment at a present value. In this case, no accounting entries are made. The organization shall provide support for the reasonableness of this calculation. If the discounted value is used, then in the notes to the balance sheet and income statement (clause 42 of PBU 19/02) data on the assessment of loans granted at this value, its amount and the methods of discounting used are subject to disclosure. This should be done if such information meets the materiality requirements.
For this type of investment, a steady significant decrease in their value may occur (clause 37 of PBU 19/02).
If at the end of the year, when checking for depreciation of financial investments on granted loans, information appeared that the debtor under the loan agreement showed signs of bankruptcy or was declared bankrupt, a commercial organization creates a reserve for depreciation of financial investments. In this case, financial investments are shown in the financial statements at their original cost minus the created reserve. At the option of the entity, an impairment test may be performed at the reporting dates of the interim financial statements*(1).
How provisions for depreciation of unquoted financial investments are created is described in section 6 "Provisions for depreciation of unquoted financial investments".
*(1)Reporting period- the period for which the organization must prepare financial statements. The organization must draw up interim financial statements for the month, quarter on an accrual basis from the beginning of the reporting year (paragraphs 4 and 48 of PBU 4/99 "Accounting statements of the organization", approved by Order of the Ministry of Finance of the Russian Federation of July 6, 1999 N 43n).
The main questions of the topic under study.
Concept, classifications, evaluation of financial investments. General organization of accounting and documenting movement of financial investments. Accounting for contributions to the authorized capital of other organizations and shares. Accounting for bonds, financial bills and bills of third parties. Loan accounting. Inventory of financial investments. Accounting for provisions for depreciation of financial investments.
Concept, classifications, evaluation of financial investments
Financial investments are assets that represent the right to receive a certain amount of cash or other financial assets within a certain period in accordance with the document certifying this right (contract, security, etc.), while they are not cash and receivables.
Classification of financial investments in Russian accounting in accordance with PBU 19/02 "Accounting for financial investments" is an open list options investment for the investor. The financial investments of the organization include:
- - state and municipal securities;
- - securities of other organizations;
- - contributions to the authorized capital of other organizations, including subsidiaries and affiliates, and under a simple partnership agreement;
- - loans granted to other organizations, deposits in credit organizations;
- - receivables acquired on the basis of assignment of the right to claim, etc.
To accept assets as financial investments for accounting, the following conditions must be met at a time:
- - the presence of properly executed documents confirming the existence of the organization's right to financial investments and to receive funds or other assets arising from this right;
- - transition to organization financial risks associated with financial investments;
- - the ability of the organization to bring economic benefits in the future (income) in the form of interest, dividends or an increase in their value.
According to PBU 19/02, initial and subsequent assessments of financial investment objects are distinguished. Financial investments at the stage of acceptance for accounting are valued at their original cost. The initial cost of financial investment objects is formed similarly to other assets, depending on the option of their receipt by the organization (acquisition for a fee, gratuitous receipt, on account of a contribution to the authorized capital, on account of a contribution under a simple partnership agreement, etc.).
Based on various classification features, there are the following classifications of financial investments:
I. In connection with the authorized capital:
- - financial investments for the purpose of formation of authorized capital (mainly shares);
- - financial investments not related to the formation of authorized capital (mainly debt securities, financial bills).
II. By type of ownership:
- - government securities;
- - corporate (non-state).
III. By the period for which financial investments are made:
- - long-term (over 1 year);
- - short-term (up to 1 year inclusive).
Financial investments are accepted for accounting at their initial cost.
1. The initial cost of financial investments acquired for a fee is the sum of the organization's actual expenses for their acquisition, excluding VAT and other reimbursable taxes.
The actual costs of acquiring financial investments are:
- - amounts paid in accordance with the contract to the seller;
- - amounts paid for information and consulting services related to the acquisition of financial investments;
- - remuneration paid to the intermediary;
- - other costs directly related to the acquisition of financial investments.
- 2. The initial cost of financial investments made as a contribution to the authorized capital of the organization is their monetary value, agreed by the founders.
- 3. The initial cost of financial investments received free of charge (such as securities) is recognized:
- - their current market value as of the date of acceptance for accounting (quoted securities);
- - for unquoted securities, the amount of money that can be received as a result of the sale of received securities as of the date of their acceptance for accounting is recognized.
- 4. The initial cost of financial investments acquired under exchange agreements is the cost of assets transferred by the organization, the value of which is established on the basis of selling price, by which the entity determines the cost of similar assets.
- 5. The initial cost of financial investments made as a contribution under a simple partnership agreement is their monetary value agreed by the partners in the simple partnership agreement.
- 6. The initial cost of financial investments in the form of issued loans, deposits is the amount of the loan, deposit.
For the purposes of subsequent evaluation, financial investments are divided into two groups:
- 1) financial investments for which the current market value can be determined in the manner prescribed by PBU 19/02;
- 2) financial investments for which their current market value is not determined.
Financial investments of the first group, for which the current market value can be determined in accordance with the established procedure, are reflected in the financial statements at the end of the reporting year at the current market value by adjusting their valuation for the previous reporting date. The specified adjustment the organization can make monthly or quarterly; the accepted option is reflected in the accounting policy. Financial investments of the second group, for which the current market value is not determined, are subject to reflection in accounting and in financial statements as of the reporting date at their original cost.
Objects of financial investments (other than loans) that have not been paid in full are shown in the organization's assets in the full amount of the actual costs of their acquisition under the contract, with the outstanding amount treated as accounts payable in cases where the investor has the right to receive dividends and bears full responsibility for these financial investments. In other cases, only fully paid shares and shares of other organizations are taken into account as financial investments. Amounts of partial payment of shares and units are reflected as accounts receivable.
The disposal of financial investments is recognized in the accounting of the organization on the date of the one-time termination of the conditions for accepting them for accounting. The disposal of financial investments takes place in cases of redemption, sale, gratuitous transfer, transfer in the form of a contribution to the authorized (share) capital of other organizations, transfer on account of a contribution under a simple partnership agreement, etc.
Upon disposal of an asset accepted for accounting as financial investments, for which the current market value is not determined, its value is determined based on the assessment determined by one of the following methods fixed in the accounting policy:
1) at the initial cost of each accounting unit of financial investments;
2) the average initial cost is used to determine the value of retiring securities as a quotient of the initial value of the type of securities by their number, which are formed respectively from the initial value and the amount of the balance at the beginning of the month and received securities during the given month;
3) at the initial cost of the first financial investments in terms of time of acquisition (FIFO method). Securities that are the first to be retired must be valued at the original cost of the first securities by the time of acquisition, taking into account the original cost of securities listed at the beginning of the month.
The selected valuation method is indicated in the accounting policy.
General organization of accounting and documentation of the movement of financial investments
To account for the availability and movement of financial investments in accordance with the Plan, synthetic account 58 “Financial investments” is used. It is used regardless of the period for which organizations make certain financial investments. In the balance sheet, the amounts of the balance of account 58 "Financial investments" are reflected separately: with a maturity (disposal) of more than one year - as part of non-current assets(in the first section of the balance sheet), less than one year - as part of current assets (in the second section of the balance sheet).
Account 58 is active, has a debit balance.
Analytical accounting on account 58 is carried out on the basis of primary documents by types of financial investments (for example, shares, shares, bonds), objects in which these investments are made (organizations - sellers of securities; other organizations in which the organization is a participant; borrowing organizations, other entities), by forms of ownership (state and non-government securities), by maturity.
The accounting unit of financial investments at the enterprise is chosen by the organization independently, in such a way as to ensure the formation of complete and reliable information about these investments, as well as proper control over their presence and movement.
For the securities accepted for accounting, the following information should be generated in analytical accounting:
- - name of the issuer;
- - name of the security, its number, series;
- - nominal price;
- - purchase price;
- - expenses related to the acquisition of securities;
- - total amount;
- - date of purchase;
- - date of sale or other disposal;
- - place of storage, etc.
The grounds for accepting securities for accounting are:
- - an agreement to purchase a security;
- - act of acceptance and transfer of securities;
- - loan agreements;
- - an agreement on the assignment of the right to claim;
- - depo account statements.
All securities kept in the organization can be recorded in the securities ledger, which must be laced, numbered and sealed with the seal of the organization and the signatures of the chief accountant and manager before the start of the entry in it.
Corrections are made only with the permission of the head and chief accountant, indicating the date the corrections were made.
In cases where a book is maintained using computer technology, information is printed out as necessary or at the request of the relevant authorities, but at least once a year.
Accounting for contributions to the authorized capital of other organizations and shares
Participation in the capitals of other organizations by acquiring a stake in the authorized capital of a limited liability company or shares of a joint-stock company has become widespread as a form of financial investment. The transferred property is valued at the agreed value. Contributions can be made in cash or in the form of property.
When property is deposited with the transferring party, it is debited:
- - fixed assets and intangible assets - at residual value;
- - other material assets - at actual cost.
The receiving party reflects the material assets at the agreed cost.
In accounting, these transactions are reflected in the following entries:
1) transfer to the authorized capital of fixed assets:
Dt 58Kt 76 - reflects the debt on the contribution to the authorized capital of the founders or shareholders
Dt 01 / "disposal of fixed assets" Kt 01 - write-off of the initial cost
Dt 02Kt 01 / "disposal of fixed assets"
Dt 76Kt 01 / "disposal of fixed assets"
2) transfer of cash and working capital material assets to the authorized capital of another organization
Dt 58Kt 10, 41, 50, 51
3) accrual of income from a contribution to the authorized capital or shares:
Dt 76Kt 91/1
4) return of property at the end of the contract or its termination:
Dt 01, 10, 41, 07, 50, 51 Kt 58 - for the amount of the financial investment
Dt 01, 10, 41, 07Kt 91/1 - for the difference, if the received property more contribution in authorized capital (other income)
Dt 91 / 2Kt 58 - for the difference, if the amount received is less than the contribution to the authorized capital (other expense).
5) Sale of shares:
Dt 51Kt 91/1 - selling price of shares
Dt 91/2Kt 58 - write-off from the balance of shares
Dt 99Kt 91/9- determined loss
6) Upon liquidation of the issuer, the owner of shares receives property or funds in the amount of financial investments.
Dt 51, 08, 10, 41Kt 58
If, as a result of the issuer's liquidation, a smaller amount is received:
Dt 91/2Kt 58 - for the amount of the difference
If shares of a different denomination are received to replace the old ones or are issued additional shares instead of the old ones:
Dt 58Kt 91/1 - for the amount of the difference.
Accounting for bonds, financial bills and promissory notes of third parties
Expenses for the acquisition of securities are reflected directly on account 58 "Financial investments" at the time of transfer to the investor of the right to securities. The moment of transfer to the investor of the right to securities is established by Art. 28, 29 of the Federal Law of April 22, 1996 No. 39-FZ "On the Securities Market" (as amended on September 8, 1999).
Equity securities may be presented in documentary and non-documentary forms. In documentary form, the owner is established on the basis of the presentation of a properly executed security certificate or, in the case of depositing one, on the basis of an entry on the depo account. In the non-documentary form, the owner is identified by an entry in the register of securities holders or, in the case of securities deposit, by an entry in the depo account. The rights of owners to non-documentary issuance securities are certified by entries on personal accounts with the registrar or, in the case of registration of rights to securities in a depository, by entries on depo accounts in depositories.
The acquisition of debt securities as a type of financial investment is becoming increasingly important in the business turnover of organizations. Debt securities primarily include bonds and financial bills.
A bond is an issuance security that secures the right of its owner to receive from the issuer (who issues bonds) the bonds within the period specified in it of its face value or other property equivalent.
A bond may also provide for the right of its owner to receive a fixed percentage of the nominal value in it, or other property rights. Bonds earn interest or discount.
Discount bonds are issued at par value without interest, but are placed at a price below par. Discount = (sale or redemption price) - (purchase price, initial offering). Income on interest-bearing bonds is formed as a percentage, set in the form of a nominal value.
The issuer of bonds can be state and corporate organizations. Government securities can be coupon, with the right to receive income during the entire circulation period, and zero-coupon, when income is paid only at the end of circulation (upon redemption).
Acquisition of bonds is reflected in accounting in the same way as the acquisition of shares. Features of accounting for bonds are associated with the need to account for accrued income and write off the difference between the nominal value and the cost of acquiring bonds.
In accounting, transactions for accounting for bonds are reflected in the following entries:
1) Acquisition of bonds at actual costs:
Dt 58Kt 76 - receipt of bonds
Dt 76Kt 51 - paid bonds
2) Accrual of interest on the nominal value:
Dt 76Kt 91/1
3) accrual of discount upon redemption:
Dt 58Kt 91/1
4) bringing the actual value of bonds to their face value:
Dt 58Kt 91/1 - for the difference, if the nominal value is higher than the actual
Dt 91/2 Kt 58 - for the difference if the nominal value is lower than the actual
5) sale or redemption of bonds:
Dt 51Kt 91/1 - receipt of income from the seller of the bond upon redemption or from the buyer upon sale of the bond
Dt 91/2 Kt 58 - write-off from the balance of bonds
Dt 91/2 Kt 76 - reflection of additional costs associated with the disposal of bonds
Dt 91/9 Kt 99 - profit determined
Dt 99Kt 91/9 - a loss is determined.
Financial bill - a security certifying the obligation of the drawer or other payer specified in the bill to pay a certain amount to the owner of the bill upon the due date of the bill.
The third party's promissory note is received from the buyer by the supplier under an endorsement (transfer record) for the shipped products (work, service).
Bills of exchange are recorded on account 58 if:
- 1) the organization has granted a cash loan, and the borrower has issued a promissory note with an obligation (promissory note) or with an offer to another person (a bill of exchange) to repay the loans received on the due date of the bill sums of money; the conclusion of a bill of sale agreement is redundant;
- 2) when purchasing a bill of exchange for cash, the contract for the sale of a bill of exchange is concluded not with the drawer, but with another organization that transfers the bill by endorsement;
- 3) as an advance payment or in payment for products (works, services) from the buyer, a bill of “third party” (a bill of exchange issued by neither the buyer nor the seller) or a bill of exchange accepted by the payer has been received from the buyer by endorsement.
A bill of exchange is taken into account in the amount of actual acquisition costs.
In accounting, accounting transactions for bills of exchange are reflected in the following entries:
1) Acquisition financial bill:
Dt 76Kt 51 - payment of bills
Dt 58Kt 76 - receipt of bills
2) Receipt of a third party's bill of exchange from the buyer for the shipped material assets (materials, services):
Dt 62Kt 90/1 - shipment of material assets by selling price VAT included
Dt 90/3Kt 68/VAT - VAT charged
Dt 58Kt 62 - third party bill received
3) Redemption (or sale) of a financial bill or bill of a third party:
Dt 51Kt 91/1 - receipt of payment on a bill
Dt 91/2Kt 58 - write-off of bills
Dt 91/2Kt 76 - reflected additional expenses associated with the issuance of a bill
Dt 91/9Kt 99 - profit determined
Dt 99Kt 91/9 - loss determined
4) When repaying a bill, accrual and receipt of interest:
Dt 76Kt 91/1
Financial bills can be purchased as a security to receive other income in the form of interest or discount.
When buying a financial bill at a price below face value, a discount is formed.
Discount income is calculated as the difference between the face value at which the promissory note is redeemed and the purchase price below the face value:
Dt 58Kt 91/1 - for the amount of the discount on the bill.
Accounting for granted loans
Under a loan agreement, under which one party (the lender) transfers money or other property defined by generic characteristics to the ownership of one party (the borrower), and the borrower undertakes to return to the lender the same amount of money or an equal amount of other property received by him of the same kind and quality .
In accounting, operations for accounting for loans granted are reflected in the following entries:
1) Loan granted:
Dt 58Kt 50.51, 52 - provided a loan in cash
Dt 91 Kt 10.41.43 - written off property issued in the form of a loan
Dt 58Kt 91 - a property loan was granted
2) calculation of interest on a loan:
Dt 76Kt 91/1
3) receiving interest on a loan:
4) loan repayment
Dt 51, 50, 52, 41, 10Kt 58
Inventory of financial investments
To ensure the reliability of accounting data and financial statements, organizations are required to conduct an inventory of property and liabilities, during which their presence, condition and assessment are checked and documented. Financial investments in the authorized capital of other organizations, as well as loans provided to other organizations, are confirmed by the relevant documents during the inventory. In the process of inventory, the safety and correctness of registration of securities, the reality of their book value, the timeliness and completeness of the reflection in accounting of accrued income from securities are checked.
When storing securities at the cash desk of the organization, their inventory is carried out simultaneously with the inventory of cash at the cash desk.
An inventory of securities is carried out by individual elements indicating in the act the name, series, number, face value and actual value, maturity and total amount.
The details of each security are compared with the data of inventories (registers, books) stored in the accounting department of the organization.
The inventory of securities during their storage in bank depositories consists in reconciling the balances of the amounts on the relevant accounting accounts of the organization with the data of the statements of these banks.
Financial investments in the authorized capital of other organizations, issued loans must be confirmed by relevant documents.
The unrecorded securities identified during the inventory are accounted for:
Dt 58Kt 91/1
Quoted securities are accounted for at market value, unquoted - at the cost of a possible sale.
Deficiencies are shown:
Dt 94Kt 58 - for the amount of the shortage of securities
Dt 73 Kt 94 - shortages of securities attributed to the perpetrators
Dt 91 / 2Kt 94 - shortages are written off for other expenses in the absence of the perpetrators ..
The timing of the inventory of financial investments is established in the accounting policy.
Accounting for provisions for depreciation of financial investments
Impairment of financial investments - a steady significant decrease in the value of financial investments, for which their current market value is not determined, below the amount of economic benefits that the organization expects to receive from these financial investments in the ordinary course of its activities.
A steady decline in the value of financial investments is characterized by the simultaneous presence of the following conditions: 1) on the reporting date and on the previous reporting date, the book value is significantly higher than their estimated value; 2) during the reporting year, the estimated value of financial investments changed significantly only in the direction of its decrease; 3) as of the reporting date, there is no evidence that a significant increase in the estimated value of these financial investments is possible in the future.
In the event that an impairment test confirms a sustained significant decline in the value of financial investments, the entity establishes an allowance for depreciation of financial investments by the amount of the difference between the book value and the estimated value of such financial investments.
The reserve is created at the expense of financial results as part of other expenses:
Dt 91/2Kt 59
For example, an organization has 1,000 bonds at a book value of 120 rubles. for a unit. During the quarter, information was received about in large numbers transactions for similar transactions. average price for transactions 70 rubles. The organization creates a reserve:
Dt 91/2Kt 5950 thousand rubles. (120 - 70)*1000 pcs.
However, this reserve according to Art. 270 of the Tax Code does not reduce taxable income.
Checking for depreciation of financial investments is carried out at least once a year as of December 31 of the reporting year if there are signs of depreciation.
The organization has the right to carry out the specified check on the reporting dates of the interim financial statements (indicate in the accounting policy).
If the next check for depreciation of financial investments revealed a decrease or increase in the estimated value, the created reserve must be adjusted upward or downward.
Dt 91/2Kt 59 - increase in the reserve with a decrease in the estimated cost
Dt 59Kt 91/2 - decrease in the reserve with an increase in the estimated cost.
If, on the basis of available information, the entity concludes that there are no longer signs of a sustained significant decline in the value of financial investments, as well as when financial investments are disposed of, the amount of the previously created impairment allowance is charged to the financial result:
Dt 59Kt 91/1
In the financial statements, such financial investments are reflected minus the created reserve.
Control questions
- 1) What are the conditions under which an object is accepted for accounting as a financial investment?
- 2) How are financial investments classified?
- 3) How are financial investments evaluated upon their receipt?
- 4) What determines the cost of financial investments upon admission?
- 5) How is the accounting of financial investments regulated?
- 6) How is the synthetic and analytical accounting of financial investments?
- 7) How are financial investments assessed upon disposal?.
- 8) In what cases and how is a reserve for depreciation of financial investments created?
- 9) How is the inventory of financial investments carried out?
- 10) What entries are made when accounting for bonds?.
MINISTRY OF FINANCE OF THE RUSSIAN FEDERATION
ORDER
dated 10.12.02 N 126n
ABOUT APPROVAL
ACCOUNTING REGULATIONS
"ACCOUNTING OF FINANCIAL INVESTMENTS"
PBU 19/02
(as amended by Orders of the Ministry of Finance of the Russian Federation
from 18.09.2006 N 116n, from 27.11.2006 N 156n,
from 25.10.2010 N 132n, from 08.11.2010 N 144n)
Pursuant to the Accounting Reform Program in accordance with international standards financial reporting, approved by Decree of the Government of the Russian Federation of March 6, 1998 N 283 (Collected Legislation of the Russian Federation, 1998, N 11, Art. 1290), I order:
1. Approve the attached Regulation on accounting "Accounting for financial investments" PBU 19/02.
2. Recognize invalid the Order of the Ministry of Finance of the Russian Federation dated January 15, 1997 N 2 "On the procedure for recording transactions with securities in accounting" (the Order was registered with the Ministry of Justice of the Russian Federation on June 10, 1997, registration N 1324).
3. To put this Order into effect starting with the financial statements for 2003.
Minister
A.KUDRIN
Application
to the Order
Ministry of Finance
Russian Federation
dated 10.12.2002 N 126n
POSITION
ACCOUNTING
"ACCOUNTING OF FINANCIAL INVESTMENTS"
PBU 19/02
(as amended by Orders of the Ministry of Finance of the Russian Federation
from 18.09.2006 N 116n, from 27.11.2006 N 156n,
from 25.10.2010 N 132n, from 08.11.2010 N 144n)
I. General provisions
1. This Regulation establishes the rules for the formation in accounting and financial statements of information on financial investments of the organization. Organization is hereinafter referred to as entity according to the legislation of the Russian Federation (with the exception of credit institutions and state (municipal) institutions).
(as amended by the Order of the Ministry of Finance of the Russian Federation of October 25, 2010 N 132n)
This Regulation is applied when establishing the features of accounting for financial investments for professional participants in the securities market, insurance organizations, non-state pension funds.
2. For the purposes of this Regulation, in order to accept assets as financial investments for accounting, the following conditions must be met at a time:
- the presence of properly executed documents confirming the existence of the organization's right to financial investments and to receive funds or other assets arising from this right;
- transition to the organization of financial risks associated with financial investments (the risk of price changes, the risk of the debtor's insolvency, liquidity risk, etc.);
- the ability to bring economic benefits (income) to the organization in the future in the form of interest, dividends or an increase in their value (in the form of the difference between the sale (repayment) price of a financial investment and its purchase value as a result of its exchange, use to pay off the obligations of the organization, increase in the current market value and so on.).
3. Financial investments of the organization include: state and municipal securities, securities of other organizations, including debt securities, in which the date and cost of redemption is determined (bonds, promissory notes); contributions to the authorized (share) capital of other organizations (including subsidiaries and affiliates); loans granted to other organizations, deposits in credit institutions, receivables acquired on the basis of assignment of the right to claim, etc.
For the purposes of this Regulation, financial investments also include the contributions of a partner organization under a simple partnership agreement.
The financial investments of the organization do not include:
- own shares redeemed by the joint-stock company from shareholders for subsequent resale or cancellation;
- bills of exchange issued by the organization-drawer to the organization-seller in settlements for goods sold, products, work performed, services rendered;
- investments of the organization in real estate and other property having a material form, provided by the organization for a fee for temporary use (temporary possession and use) in order to generate income;
- precious metals, jewellery, works of art and other similar valuables not acquired for normal activities.
4. Intangible assets such as fixed assets, inventories, and intangible assets are not financial investments.
5. The accounting unit of financial investments is chosen by the organization independently in such a way as to ensure the formation of complete and reliable information about these investments, as well as proper control over their presence and movement. Depending on the nature of financial investments, the procedure for their acquisition and use, a series, batch, etc. can be a unit of financial investments. homogeneous set of financial investments.
6. The organization maintains analytical accounting of financial investments in such a way as to provide information on accounting units of financial investments and organizations in which these investments are made (issuers of securities, other organizations in which the organization is a participant, borrowing organizations, etc.) .
For government securities and securities of other organizations accepted for accounting, at least the following information must be formed in analytical accounting: the name of the issuer and the name of the security, number, series, etc., nominal price, purchase price, expenses associated with acquisition of securities, total quantity, date of purchase, date of sale or other disposal, place of storage.
An organization can form in analytical accounting Additional information about financial investments of the organization, including in the context of their groups (types).
7. Peculiarities of evaluation and additional rules for disclosing information on financial investments in dependent business companies in financial statements are established separately. normative act on accounting.
II. Initial assessment of financial investments
8. Financial investments are accepted for accounting at their original cost.
9. The initial cost of financial investments purchased for a fee is the amount of the organization's actual costs for their acquisition, except for value added tax and other refundable taxes (except for cases provided for by the legislation of the Russian Federation on taxes and fees).
The actual costs of acquiring assets as financial investments are:
- amounts paid in accordance with the contract to the seller;
- amounts paid to organizations and other persons for information and consulting services related to the acquisition of these assets. If an organization is provided with information and consulting services related to making a decision on the acquisition of financial investments, and the organization does not make a decision on such an acquisition, the cost of these services is charged to the financial results of a commercial organization (as part of other expenses) or an increase in the expenses of a non-profit organization of that the reporting period when it was decided not to purchase financial investments;
- remuneration paid to an intermediary organization or other person through which assets are acquired as financial investments;
- other costs directly related to the acquisition of assets as financial investments.
When acquiring financial investments at the expense of borrowed funds, the costs of received loans and borrowings are taken into account in accordance with the Accounting Regulation "Organization's expenses" PBU 10/99, approved by Order of the Ministry of Finance of the Russian Federation dated May 6, 1999 N 33n (registered with the Ministry of Justice of the Russian Federation on May 31, 1999, registration N 1790), and the Accounting Regulation "Accounting for loans and credits and the costs of servicing them" PBU 15/01, approved by Order of the Ministry of Finance of the Russian Federation of August 2, 2001 N 60n (according to letter of the Ministry of Justice of the Russian Federation dated September 7, 2001 N 07/8985-YUD The order does not need state registration).
General business and other similar expenses are not included in the actual costs of acquiring financial investments, unless they are directly related to the acquisition of financial investments.
10. Excluded. - .
11. If the amount of costs (except for the amounts paid in accordance with the agreement to the seller) for the acquisition of such financial investments as securities is insignificant in comparison with the amount paid in accordance with the agreement to the seller, the organization has the right to recognize such costs as other expenses of the organization, including the reporting period in which the specified securities were accepted for accounting.
(as amended by the Order of the Ministry of Finance of the Russian Federation of September 18, 2006 N 116n)
12. The initial cost of financial investments made as a contribution to the authorized (reserve) capital of an organization is their monetary value, agreed by the founders (participants) of the organization, unless otherwise provided by the legislation of the Russian Federation.
13. The initial cost of financial investments received by the organization free of charge, such as securities, is recognized:
- their current market value on the date of acceptance for accounting. For the purposes of this Regulation, the current market value of securities means their market price calculated in accordance with the established procedure by the organizer of trading on the securities market;
- the amount of money that can be received as a result of the sale of received securities as of the date of their acceptance for accounting - for securities for which the market price is not calculated by the trade organizer on the securities market.
14. The initial cost of financial investments acquired under agreements providing for the fulfillment of obligations (payment) in non-monetary means is the cost of assets transferred or to be transferred by an organization. Assets transferred or to be transferred by an entity are valued at the price at which the entity would normally charge similar assets in comparable circumstances.
If it is impossible to establish the value of the assets transferred or to be transferred by the organization, the cost of financial investments received by the organization under agreements providing for the fulfillment of obligations (payment) in non-monetary funds is determined based on the cost at which similar financial investments are acquired in comparable circumstances.
15. The initial cost of financial investments made on account of the contribution of a partner organization under a simple partnership agreement is their monetary value agreed upon by the partners in the simple partnership agreement.
16. Excluded. - Order of the Ministry of Finance of the Russian Federation of November 27, 2006 N 156n.
17. Securities that do not belong to the organization on the basis of the right of ownership, economic management or operational management, but are in its use or disposal in accordance with the terms of the agreement, are accepted for accounting in the assessment provided for in the agreement.
III. Subsequent evaluation of financial investments
18. The initial cost of financial investments, at which they are accepted for accounting, may change in cases established by law and these Regulations.
19. For the purposes of subsequent evaluation, financial investments are divided into two groups:
financial investments for which the current market value can be determined in accordance with the procedure established by these Regulations, and financial investments for which their current market value cannot be determined.
Small business entities, with the exception of issuers of publicly placed securities, are entitled to carry out a subsequent assessment of all financial investments in the manner prescribed by this Regulation for financial investments for which their current market value is not determined.
(the paragraph was introduced by the Order of the Ministry of Finance of the Russian Federation of November 8, 2010 N 144n)
20. Financial investments, for which the current market value can be determined in accordance with the established procedure, are reflected in the financial statements at the end of the reporting year at the current market value by adjusting their valuation for the previous reporting date.
This adjustment can be made monthly or quarterly.
The difference between the assessment of financial investments at the current market value as of the reporting date and the previous assessment of financial investments is credited to the financial results of a commercial organization (as part of other income or expenses) or an increase in income or expenses of a non-profit organization in correspondence with the financial investment account.
(as amended by the Order of the Ministry of Finance of the Russian Federation of September 18, 2006 N 116n)
21. Financial investments, for which the current market value is not determined, are subject to reflection in accounting and in financial statements as of the reporting date at their original cost.
22. For debt securities for which the current market value is not determined, the organization is allowed to attribute the difference between the initial cost and the nominal value during the period of their circulation evenly, to the extent of the income due on them in accordance with the terms of issue, to be attributed to the financial results of a commercial organization ( as part of other income or expenses) or a decrease or increase in the expenses of a non-profit organization.
(as amended by the Order of the Ministry of Finance of the Russian Federation of September 18, 2006 N 116n)
23. For debt securities and loans granted, an organization may calculate their valuation at a present value. In this case, no accounting entries are made.
The organization shall provide support for the reasonableness of this calculation.
24. Financial investments are reflected in the balance sheet as of the reporting date at a cost determined based on the requirements of this Regulation.
If the current market value of a financial investment object, previously valued at the current market value, is not determined as of the reporting date, such financial investment object is reflected in the financial statements at the cost of its last valuation.
IV. Disposal of financial investments
25. The disposal of financial investments is recognized in the accounting of the organization on the date of the one-time termination of the conditions for accepting them for accounting, given in clause 2 of this Regulation.
The disposal of financial investments takes place in cases of redemption, sale, gratuitous transfer, transfer in the form of a contribution to the authorized (share) capital of other organizations, transfer on account of a contribution under a simple partnership agreement, etc.
26. Upon disposal of an asset accepted for accounting as financial investments, for which the current market value is not determined, its value is determined based on an assessment determined by one of the following methods:
- at the initial cost of each accounting unit of financial investments; at the average initial cost;
- at the initial cost of the first acquisition of financial investments (FIFO method).
The application of one of the specified methods for a group (type) of financial investments is based on the assumption of the sequence of application of the accounting policy.
27. Contributions to the authorized (share) capital of other organizations (except for shares of joint-stock companies), loans granted to other organizations, deposits in credit organizations, accounts receivable acquired on the basis of an assignment of the right to claim, are valued at the initial cost of each accounting unit withdrawn from the above accounting units. accounting for financial investments.
28. Securities may be valued by the organization upon disposal at the average initial cost, which is determined for each type of securities as the quotient of dividing the initial value of the type of securities by their number, which are formed respectively from the initial cost and the amount of the balance at the beginning of the month and received securities in during this month.
29. Evaluation at historical cost of the first in terms of acquisition of financial investments (FIFO method) is based on the assumption that securities are written off within a month or another period in the sequence of their acquisition (receipt), i.e. the securities that are the first to be written off must be valued at the historical cost of the securities of the first acquisitions, taking into account the initial value of the securities listed at the beginning of the month. When applying this method, the assessment of securities remaining at the end of the month is made at the initial cost of the latest acquisitions, and the value of the earliest acquisitions is taken into account in the value of securities sold.
30. Upon disposal of assets accepted for accounting as financial investments, for which the current market value is determined, their value is determined by the organization based on the latest assessment.
31. For each group (type) of financial investments, one assessment method is applied during the reporting year.
32. Evaluation of financial investments at the end of the reporting period is carried out depending on the accepted method of evaluating financial investments upon their disposal, i.e. at the current market value, at the initial cost of each accounting unit of financial investments, at the average initial cost, at the initial cost of the first financial investments acquired in time (FIFO method).
33. Examples of the use of valuation methods for the disposal of financial investments are given in the appendix to this Regulation.
V. Income and expenses on financial investments
34. Income from financial investments is recognized as income from ordinary activities or other income in accordance with the Accounting Regulation "Income of the organization" PBU 9/99, approved by the Order of the Ministry of Finance of the Russian Federation of May 6, 1999 N 32n (registered with the Ministry of Justice of the Russian Federation on May 31, 1999, registration number 1791).
35. Expenses related to the provision of loans by the organization to other organizations are recognized as other expenses of the organization.
(as amended by the Order of the Ministry of Finance of the Russian Federation of September 18, 2006 N 116n)
36. Expenses related to the servicing of financial investments of an organization, such as payment for the services of a bank and/or a depository for the storage of financial investments, provision of a depo account statement, etc., are recognized as other expenses of an organization.
(as amended by the Order of the Ministry of Finance of the Russian Federation of September 18, 2006 N 116n)
VI. Impairment of financial investments
37. Sustained significant decline in the value of financial investments, for which their current market value is not determined, below the amount of economic benefits that the organization expects to receive from these financial investments in the ordinary course of its activities, is recognized as depreciation of financial investments. In this case, based on the calculation of the organization, the estimated value of financial investments is determined, which is equal to the difference between their value, at which they are reflected in accounting (accounting value), and the amount of such a decrease.
A steady decline in the cost of financial investments is characterized by the simultaneous presence of the following conditions:
- at the reporting date and at the previous reporting date, the carrying amount is significantly higher than their estimated cost;
- during the reporting year, the estimated value of financial investments changed significantly only in the direction of its decrease;
- As of the reporting date, there is no evidence that a significant increase in the estimated value of these financial investments is possible in the future.
Examples of situations in which impairment of financial investments may occur are:
- the emergence of signs of bankruptcy in the issuing organization of securities owned by the organization, or in its debtor under a loan agreement, or declaring it bankrupt;
- making a significant number of transactions in the securities market with similar securities at a price significantly lower than their book value;
- absence or significant decrease in income from financial investments in the form of interest or dividends with a high probability of a further decrease in these income in the future, etc.
38. In the event of a situation in which impairment of financial investments may occur, the entity should check whether conditions for a sustainable decrease in the value of financial investments exist.
The specified check is carried out on all financial investments of the organization specified in paragraph 37 of these Regulations, for which there are signs of their impairment.
In the event that an impairment test confirms a sustained significant decline in the value of financial investments, the organization forms a reserve for the depreciation of financial investments by the amount of the difference between the book value and the estimated value of such financial investments.
A commercial organization forms the specified reserve at the expense of the financial results of the organization (as part of other expenses), and a non-profit organization - by increasing expenses.
(as amended by the Order of the Ministry of Finance of the Russian Federation of September 18, 2006 N 116n)
In the financial statements, the value of such financial investments is shown at book value minus the amount of the formed reserve for their depreciation.
Checking for depreciation of financial investments is carried out at least once a year as of December 31 of the reporting year if there are signs of depreciation. The organization has the right to carry out the specified check on the reporting dates of the interim financial statements.
The organization shall provide confirmation of the results of this verification.
39. If, based on the results of the audit for depreciation of financial investments, a further decrease in their estimated value is revealed, then the amount of the previously created reserve for depreciation of financial investments is adjusted towards its increase and decrease in the financial result of a commercial organization (as part of other expenses) or an increase in expenses of a non-profit organization .
(as amended by the Order of the Ministry of Finance of the Russian Federation of September 18, 2006 N 116n)
If, based on the results of the check for depreciation of financial investments, an increase in their estimated value is revealed, then the amount of the previously created reserve for the depreciation of financial investments is adjusted towards its decrease and an increase in the financial result of a commercial organization (as part of other income) or a decrease in expenses of a non-profit organization.
(as amended by the Order of the Ministry of Finance of the Russian Federation of September 18, 2006 N 116n)
40. If, on the basis of available information, the organization concludes that a financial investment no longer meets the criteria for a sustainable significant decrease in value, as well as in the event of disposal of financial investments, the estimated value of which was included in the calculation of the provision for depreciation of financial investments, the amount of the previously created provision for depreciation for the specified financial investments is attributed to the financial results of a commercial organization (as part of other income) or a decrease in expenses of a non-profit organization at the end of the year or the reporting period when the said financial investments were disposed of.
(as amended by the Order of the Ministry of Finance of the Russian Federation of September 18, 2006 N 116n)
VII. Disclosure of information in financial statements
41. In the financial statements, financial investments should be presented with a unit, depending on the term of circulation (repayment) for short-term and long-term.
42. Accounting statements are subject to disclosure, taking into account the requirement of materiality, at least the following information:
- methods for evaluating financial investments upon their disposal by groups (types);
- the consequences of changes in the methods of valuation of financial investments upon their disposal;
- the cost of financial investments for which the current market value can be determined, and financial investments for which the current market value cannot be determined;
- the difference between the current market value as of the reporting date and the previous valuation of financial investments for which the current market value was determined;
- for debt securities for which the current market value was not determined - the difference between the initial cost and the nominal value during the period of their circulation, accrued in accordance with the procedure established by paragraph 22 of this Regulation;
- the value and types of securities and other financial investments encumbered with collateral;
- the value and types of retired securities and other financial investments transferred to other organizations or persons (except for sale);
- data on the reserve for depreciation of financial investments, indicating: the type of financial investments, the amount of the reserve created in the reporting year, the amount of the reserve recognized as other income of the reporting period; reserve amounts used in the reporting year;
(as amended by the Order of the Ministry of Finance of the Russian Federation of September 18, 2006 N 116n) - for debt securities and loans granted - data on their valuation at a discounted value, on the amount of their discounted value, on the methods of discounting used (disclosed in the notes to the balance sheet and income statement).
Application
to the Regulations on
accounting
"Accounting for financial investments"
PBU 19/02, approved
Order of the Ministry of Finance
Russian Federation
dated December 10, 2002 N 126n
EXAMPLES
USE OF DISPOSITION VALUATION METHODS
FINANCIAL INVESTMENTS
1. The method of evaluation according to the initial
cost of each unit of accounting
financial investments
The cost of retiring financial investments is equal in this case to their initial cost.
2. Method of valuation at the average initial cost
The value of the securities to be written off is determined by multiplying the number of securities to be retired (for example, shares of OAO "S") by the average initial cost of one security of this type (shares of OAO "S"). The average initial value of one security of a given type is calculated as the quotient of dividing the value of securities of a given type by their number, respectively, consisting of the value and quantity of the balance at the beginning of the month and of the received securities in this month.
Example 1 (data are given for one type of securities)
| date | Coming | Consumption | Remainder | ||||||
|---|---|---|---|---|---|---|---|---|---|
| quantity | price per unit, thousand rubles | amount, million rubles | quantity | price per unit, thousand rubles | amount, million rubles | quantity | price per unit, thousand rubles | amount, million rubles | |
| Remaining on the 1st | 100 | 100 | 10,0 | - | - | - | 100 | 100 | 10,0 |
| 10th | 50 | 100 | 5,0 | 60 | - | - | 90 | - | - |
| 15th | 60 | 110 | 6,6 | 100 | - | - | 50 | - | - |
| 20s | 80 | 120 | 9,6 | - | - | - | 130 | - | - |
| Total | 290 | - | 31,2 | 160 | 107,6 | 17,2 | 130 | 107,6 | 14,0 |
1) Average initial cost of one security:
(10.0 million rubles + 5.0 million rubles + 6.6 million rubles + 9.6 million rubles) / 290 = 107.6 thousand rubles
2) The value of the balance of securities at the end of the month:
130 x 107.6 thousand rubles = 14.0 million rubles
3) Cost of retiring securities:
31.2 million rubles - 14.0 million rubles = 17.2 million rubles.
160 x 107.6 thousand rubles = 17.2 million rubles.
This method can also be applied during the month for each date of disposal within the month of the securities, using an estimate of the balance of the securities, determined by the average historical cost method, at the date of the previous transaction (the so-called moving average historical cost method).
3. Method of valuation at historical cost
the first in the acquisition of financial
investments (FIFO method)
The valuation of securities under the FIFO method is based on the assumption that securities are sold within a month in the sequence of their receipt (acquisition), i.e. the securities that were the first to be offered for sale should be valued at the initial cost of the first by the time of acquisition, taking into account the value of the securities listed at the beginning of the month. When applying this method, the assessment of securities remaining at the end of the month is made at the actual cost of the latest in terms of the time of acquisition, and the value of the earliest in time of acquisition is taken into account in the value of the sale (disposal) of securities.
The value of retiring securities is determined by subtracting from the sum of the value of the balance of securities at the beginning of the month and the value of securities received during the month the value of the balance of securities at the end of the month.
| date | Coming | Consumption | Remainder | ||||||
|---|---|---|---|---|---|---|---|---|---|
| quantity | price per unit, thousand rubles | amount, million rubles | quantity | price per unit, thousand rubles | amount, million rubles | quantity | price per unit, thousand rubles | amount, million rubles | |
| Remaining on the 1st | 100 | 100 | 10,0 | - | - | - | 100 | - | - |
| 10th | 50 | 100 | 5,0 | 60 | - | - | 90 | - | - |
| 15th | 60 | 110 | 6,6 | 100 | - | - | 50 | - | - |
| 20s | 80 | 120 | 9,6 | - | - | - | 130 | - | - |
| Total | 290 | 107,6 | 31,2 | 160 | 100,6 | 16,1 | 130 | 116,2 | 15,1 |
1) The value of the balance of securities at the end of the month, based on the value of the latest receipts:
(80 x 120 thousand rubles) + (50 x 110 thousand rubles) = 15.1 million rubles.
2) Cost of retiring securities:
31.2 million rubles - 15.1 million rubles = 16.1 million rubles.
3) Cost per unit of retiring securities:
16.1 million rubles / 160 = 100.6 thousand rubles.
This method can also be applied during the month for each date of disposal within the month of the securities, using the estimate of the balance of the securities, determined by the FIFO method, at the date of the previous transaction (the so-called rolling FIFO method).
PBU 19/02 "Accounting for financial investments"
L.P. Khabarova, editor-in-chief of the journal "Accounting Bulletin"
Order No. 126n dated December 10, 2002 of the Ministry of Finance of the Russian Federation approved a new Accounting Regulation “Accounting for Financial Investments” (PBU 19/02).
In connection with the entry into force of PBU 19/02, from January 1, 2003, Order No. 2 of the Ministry of Finance of the Russian Federation dated January 15, 1997 “On the Procedure for Recording Transactions with Securities in Accounting” became invalid.
Paragraph 1PBU 19/02 states that "this Regulation (also) applies when establishing the specifics of accounting for financial investments for professional participants in the securities market, insurance organizations, non-state pension funds."
Let's comment on the main provisions of RAS 19/02, conducting comparative analysis positions of the new Regulations and the Order of the Ministry of Finance of the Russian Federation of January 15, 1997 No. 2.
General provisions
In the practice of working with securities, you often come across the question of the moment when securities are reflected as part of financial investments in accounting. What is considered the date of the transaction - the date of conclusion of the contract or the date of re-registration?
In the Order of the Ministry of Finance of the Russian Federation of January 15, 1997, No. 2, this provision was not reflected.
PBU 19/02 for the first time formulated a set of conditions, the one-time fulfillment of which is necessary for the acceptance of assets as financial investments for accounting. The conditions are as follows:
- the presence of properly executed documents confirming the existence of the organization's right to financial investments and to receive funds or other assets arising from this right;
– transition to the organization of financial risks associated with financial investments (risk of price changes, risk of insolvency of the debtor, liquidity risk, etc.);
- the ability to bring economic benefits (income) to the organization in the future in the form of interest. dividends, or an increase in their value (in the form of the difference between the sale (repayment) price of a financial investment by its purchase value, as a result of its exchange, use in paying off the obligations of the organization, increase in the current market value, etc.).
The new document (in paragraph 3) clearly spells out the list of financial investments to be accounted for in account 58 “Financial investments”.
PBU 19/02 refers to financial investments:
– state and municipal securities;
– securities of other organizations (including debt securities);
– contributions to the authorized (share) capital of other organizations;
- loans granted to other organizations;
- contributions of the organization - a partner under a simple partnership agreement;
– certificates of deposit;
- receivables acquired on the basis of the assignment of the right to claim.
In comparison with the order of the Ministry of Finance of the Russian Federation dated January 15, 1997 No. 2, certificates of deposit were added to the composition of financial investments recorded on account 58. Deposit certificates according to Art. 143 of the Civil Code of the Russian Federation are securities. In paragraph 5 of the order of the Ministry of Finance of the Russian Federation dated January 15, 1997 No. 3, it was indicated that savings and deposit certificates, as well as checks, are accounted for by the organization on account 55 “Other bank accounts”, to which sub-accounts of the same name are opened for the specified types of securities in the order set out in the instructions for the application of the Chart of Accounts for the accounting of financial and economic activities of enterprises. From January 1, 2003 certificates of deposit must be included in financial investments. What are the arguments to support this position?
Firstly, Order of the Ministry of Finance of the Russian Federation dated January 15, 1997 No. 2 became invalid from January 1, 2003.
Secondly, Instructions for the application of the Chart of Accounts for accounting of the financial and economic activities of an organization, approved by order of the Ministry of Finance of the Russian Federation dated October 31, 2000 No. 94n, refers to documents of the third level of the regulatory system of accounting regulation. According to the Ministry of Justice of the Russian Federation this document does not need state registration (letter of the Ministry of Justice of the Russian Federation dated November 9, 2000 No. 9558-YUD). PBU 19/02 "Accounting for financial investments" refers to the documents of the second level of the regulatory system of accounting regulation. The accounting regulation "Accounting for financial investments" was registered with the Ministry of Justice of the Russian Federation, registration number 4085 dated December 27, 2002.
Third, Civil Code, listing in Art. 143 different types of securities, included deposit and savings certificates in the list. Consequently, certificates of deposit, as securities, are subject to the provisions of Articles 142–149 of the Civil Code of the Russian Federation.
The disposal of certificates of deposit should be reflected in accounting in accordance with the provisions of PBU 19/02.
As for receivables acquired under an assignment agreement, the Ministry of Finance of Russia, in a letter dated February 3, 2000 No. 04-02-05 / 1, recommended that they be accounted for in account 58 as financial investments. PBU 19/02 consolidated this position as a requirement of a regulatory document.
Paragraph 3 of PBU 19/02 lists assets that are not recognized as financial investments. In particular, financial investments do not include own shares purchased by the joint-stock company from shareholders for subsequent resale or cancellation.
Clause 3.6 of the Order of the Ministry of Finance of the Russian Federation dated January 15, 1997 No. 2 stated that own shares redeemed from shareholders are accounted for on account 56 “Other monetary documents» at face value. The difference between the buyback price and the par value of own shares was reflected in the financial result or own sources. From the text of the Order of the Ministry of Finance of the Russian Federation dated January 15, 1997 No. 2, and subsequent letters from the Ministry of Finance of the Russian Federation, it followed that own shares redeemed from shareholders are not securities, but are included in financial investments.
The new Chart of Accounts, approved by Order No. 94n of the Ministry of Finance of the Russian Federation of October 31, 2000, provides for account 81 “Own shares (shares)” for accounting for treasury shares repurchased from shareholders. When buying back own shares from shareholders in accounting, they are reflected in the amount of actual costs.
When canceling the repurchased shares, an entry is made on the credit of account 81 "Own shares (shares" and the debit of account 80 "Authorized capital". The difference arising in this case on account 81 between the actual costs of repurchasing shares and their nominal value is debited to account 91 "Other income and expenses."
When placing previously redeemed shares on the secondary market, an entry is made on the credit of account 81 with the debit of accounts 51, 76. The difference arising in this case on account 81 between the actual costs and the value of the shares at which they are placed on the secondary market is credited to account 91 “Other income and expenses » as part of non-operating income (expenses). The disposal of own shares is not reflected in the turnover of account 90 or 91 and is not considered (including for taxation purposes) as transactions for the sale (disposal) of securities.
RAS 19/02 fixed this provision in the regulatory document, excluding own shares bought back from shareholders from the list of financial investments.
Accounting for bills
Financial investments, in accordance with paragraph 3 of PBU 19/02, do not include promissory notes issued by the issuing organization to the selling organization when paying for goods sold, products, work performed, services rendered.
Let's dwell on this issue in more detail. In accounting, two accounts are used to reflect bills received:
- account 58 "Financial investments"
sub-account "Promissory notes"
- account 62 "Settlements with buyers and customers"
sub-account "Promissory notes received"
Accounting for transactions with bills of exchange on account 58 “Financial investments” is regulated by the provisions of PBU 19/02 “Accounting for financial investments”.
Accounting for transactions with bills of exchange on account 62 is regulated by the Letter of the Ministry of Finance of the Russian Federation dated October 31, 1994 No. 142 “On the procedure for recording in accounting and reporting operations with bills of exchange used in settlements between enterprises for the supply of goods, work performed and services rendered” (as amended and additions to it, made by the letter of the Ministry of Finance of the Russian Federation dated July 16, 1966 No. 62).
When is account 58 used in accounting for bills, and when is account 62?
If the promissory note is issued by the bill issuer when paying for goods sold, products, work performed, services rendered directly to the supplier, then the supplier records it on account 62 of the sub-account “Promissory notes received”. That is, this account is used when two conditions are simultaneously met:
First condition- a bill of exchange is issued to the supplier organization directly from the debtor organization. The first bill holder, which is indicated in the form of the bill, is the seller organization.
Second condition- a bill of exchange is issued for goods already delivered, work performed, services rendered.
In the accounting of the selling organization, the promissory note is recorded on account 62 of the sub-account "Promissory notes received" at the promissory note amount (par value of the promissory note). The difference between the amount indicated in the bill of exchange and the amount of debt for the goods (products) supplied, work performed and services rendered, in payment for which the bill was received, is reflected in account 91 “Other income and expenses”. The specified difference is revealed on account 62 if the amount of receivables for goods supplied, work performed, services rendered does not match.
When indexing a bill in the accounting of the seller (supplier), the following accounting entry is made:
In the event that the supplier organization received a promissory note not from the debtor itself, but from a third organization, to pay off the debt for the delivered products (works, services), such bills should be accepted for accounting on the debit of financial investment accounts (to account 58 subaccount "Promissory notes" ) in an estimate equal to the receivables for the delivered products (works, services), i.e., at actual costs. This position is confirmed in Letter No. 16-00-12/2 of January 20, 2003 of the RF Ministry of Finance.
Analytical accounting of securities
For the first time, PBU 19/02 introduced the concept of a unit of accounting for financial investments. Depending on the nature of financial investments, the procedure for their acquisition and use, the unit of financial investments can be:
- the consignment
- and a similar homogeneous set of financial investments.
Clause 6 of the Order of the Ministry of Finance of the Russian Federation dated January 15, 1997 No. 2 required that all securities held by the organization be described in the Securities Book, obligatory requisites which were:
– name of the issuer;
– nominal price;
- purchase price;
- number, series, etc.;
- total amount;
- date of purchase;
- Date of sale.
The text of RAS 19/02 does not indicate the need to maintain a Securities Accounting Book. But the requirements for the analytical accounting of financial investments listed in paragraph 6 are higher than in Order No. 2 of the Ministry of Finance of the Russian Federation.
Analytical accounting of financial investments should provide information on:
- accounting units of financial investments;
– name of the issuer;
– the name of the security;
– number, series, etc.;
- nominal price;
- the purchase price;
– expenses associated with the acquisition of securities;
- the total amount;
- date of purchase;
– date of sale or other disposal;
- storage location.
Initial assessment
For the first time, as with all other assets (PBU 5/01, PBU 6/01, PBU 14/2000), the concept of initial cost is used in the new document for financial investments.
The initial cost of financial investments is determined depending on the channels of receipt of financial investments.
The initial cost of financial investments purchased for a fee
I. The initial cost of financial investments purchased for a fee the amount of the organization's actual costs for their acquisition is recognized (excluding VAT and other reimbursable taxes).
The document provides an open list of such costs.
The actual costs of acquiring assets as financial investments are:
- amounts paid in accordance with the contract to the seller;
– amounts paid to organizations and other persons for information and consulting services related to the acquisition of these assets.
If an organization is provided with information and consulting services related to making a decision on the acquisition of financial investments and the organization does not make a decision on such an acquisition, the cost of these services is charged to the financial results of a commercial organization (as part of operating expenses) or an increase in the expenses of a non-profit organization of that reporting period. the period when the decision was made not to acquire financial investments;
- remuneration paid to an intermediary organization or other person through which assets are acquired as financial investments;
–other costs directly related to the acquisition of assets as financial investments.
Reflection of expenses on loans and borrowings received for the purchase of financial investments
The Ministry of Finance paid special attention to the issue of reflecting the costs of loans and borrowings received for the purchase of financial investments. PBU 19/02 explains that when acquiring financial investments at the expense of borrowed funds, the costs of received loans and borrowings are taken into account in accordance with PBU 10/99 "Expenses of the organization", approved by order of the Ministry of Finance of the Russian Federation dated May 6, 1999 No. 33n and PBU 15 /01 "Accounting for loans and credits and the cost of servicing them", approved by order of the Ministry of Finance of the Russian Federation dated August 2, 2001 No. 60n.
Consider how interest on loans and borrowings is reflected in accounting in accordance with the specified documents.
In PBU 10/99 “Expenses of the organization”, in clause 11, operating expenses include interest paid by the organization for providing it with funds (credits, loans) for use.
In PBU 15/01 "Accounting for loans and credits and the cost of servicing them" in clause 11, the interest due to lenders and creditors on loans and credits received from them are listed as part of current costs.
In accordance with paragraph 12 of PBU 15/01, the costs of loans and credits received are recognized as current expenses of the period in which they were incurred. In the composition of the initial cost, and not in current expenses, interest on loans and borrowings is included only on investment assets.
An investment asset is a property that takes a significant amount of time to prepare for its intended use. Financial investments do not fall under this definition.
For all other assets, interest on loans and borrowings are current expenses and are reflected in the operating expenses of the organization, i.e., in the debit of account 91 “Other income and expenses”.
An exception to this rule is given in paragraph 15 of PBU 15/01.
If the organization uses the proceeds of loans and credits received to make prepayments or advances, then the costs of servicing these loans and credits are charged to an increase in receivables arising in connection with prepayments or advances.
Upon receipt of assets, accrued interest is reflected in accounting as part of operating expenses.
We recall that, in accordance with Art. 269 of the Tax Code of the Russian Federation, interest on loans and borrowings when forming the tax base for income tax are taken into account as part of non-operating expenses.
In order to avoid discrepancies in the formation of the accounting financial result and the tax base for income tax, organizations must in their accounting policies for accounting purposes. with reference to insignificance, prescribe the procedure for accounting for interest on loans and borrowings as part of operating expenses. According to accounting rules, expenses that do not exceed 5% of the value of the assets in connection with which they arose are recognized as insignificant.
The actual costs of acquiring financial investments may be adjusted taking into account differences in amounts. Organizations, in accordance with paragraph 11 of PBU 19/02, are given the opportunity, when purchasing securities, to independently determine the materiality of the amount of costs for their acquisition. If the entity considers the difference in amount to be immaterial compared to the amount it pays the seller for the securities, it may account for these expenses as operating expenses. Such a procedure for accounting for sum differences is appropriate, because. in accordance with Art. 250, 265 of the Tax Code of the Russian Federation, sum differences are included in non-operating expense(income).
The initial cost of financial investments made as a contribution to the authorized (share) capital
The initial cost of financial investments made as a contribution to the authorized (share) capital is recognized as their monetary value, agreed with the founders.
The initial cost of financial investments received free of charge
The initial cost of financial investments received by the organization free of charge is determined depending on the types of securities.
For securities that have a quotation (traded on an organized market) as the initial cost at gratuitous receipt their current market value is recognized on the date of acceptance for accounting.
For securities for which the market price is not calculated, the amount of money that can be received as a result of the sale of securities as of the date of their acceptance for accounting is recognized as the initial cost upon gratuitous receipt..
The initial cost of financial investments acquired under agreements providing for the fulfillment of obligations by non-monetary means
The initial cost of financial investments acquired under agreements providing for the fulfillment of obligations by non-monetary means is recognized as the cost of assets transferred or to be transferred.
Moreover, the value of assets transferred or to be transferred is not determined as a book value, but is set based on the price at which, in comparable circumstances, an organization usually determines the cost of similar assets, i.e. at the price of a possible sale.
If it is impossible to establish the price of the possible sale of assets transferred or to be transferred, then the value of financial investments received under such agreements is determined based on the cost at which similar financial investments are acquired in comparable circumstances.
Initial cost of financial investments. Contributed to the account of the contribution under the simple partnership agreement
The initial cost of financial investments made as a contribution under a simple partnership agreement is their monetary value agreed by the partners in the simple partnership agreement.
Subsequent evaluation of financial investments
The initial cost of financial investments, at which they are accepted for accounting, PBU 19/02 allows you to adjust. To do this, all financial investments are divided into two groups:
- financial investments by which the current market value can be determined;
-financial investments for which their current market value is not determined.
Financial investments for which the current market value can be determined
First group financial investments (by which the current market value can be determined) is reflected in the financial statements at the end of the reporting year at the current market value. To do this, their estimates are adjusted for the previous reporting date.
An element of accounting policy for accounting purposes is the frequency of adjustments:
– monthly;
- quarterly.
The difference between the assessment of financial investments at the current market value as of the reporting date and their previous assessment is charged to operating income (expenses). In accounting, the adjustment of the value of financial investments, for which the current market price is determined, is reflected in the following entry:
Financial investments for which the current market value is not determined
second group constitute financial investments for which the current market value is not determined. Since they are not subsequently evaluated, they are subject to accounting at their original cost.
For debt securities for which the current market value is not determined (for example, for promissory notes), the difference between the initial cost (actual acquisition costs) and the nominal value of debt securities is resolved evenly during the period of their circulation (to the extent due in accordance with the terms release of income) attributable to the financial result, as part of operating income. This should be recorded in the order on accounting policies for accounting purposes. In accounting for the amount of additional charge of the difference between the purchase and nominal value of a debt security, an entry is made:
When promissory notes are retired, the amount of the previously accrued discount is reflected in operating expenses.
The financial result from the disposal of a bill in both accounting and tax accounting is determined from the initial cost of the bills.
The new RAS 19/02 allows for debt securities and loans granted to calculate their valuation at a discounted value, that is, the current value.
Such a reflection is an element of accounting policy for accounting purposes. If an organization declares the procedure for reflecting debt securities and granted loans at a discounted value, no entries are made in accounting. But the organization must provide evidence of the reasonableness of such action.
Disposal of financial investments
The disposal of financial investments is recognized in the accounting of the organization on the date of the one-time termination of the conditions for accepting financial investments for accounting.
The disposal of financial investments takes place in the following cases:
– repayments;
- sales;
– gratuitous transfer;
- transfers in the form of a contribution to the authorized (share) capital;
- transfers on account of a contribution under a simple partnership agreement.
The procedure for determining the value of financial investments in the event of their disposal depends on the groups of financial investments:
- financial investments for which the current market value is determined;
- financial investments for which the current market value is not determined.
With financial investments, for which the market value is determined, everything is simple. They are assessed in accordance with paragraph 30 of PBU 19/02, based on their latest assessment. The last assessment for this group of financial investments can be made at the end of the month or at the end of the quarter, depending on the accounting policy.
For the second group, for financial investments for which the current market value is not determined, in accordance with paragraph 26 of PBU 19/02, three methods of their assessment can be applied:
- at the initial cost of each accounting unit of financial investments;
- at the average initial cost;
- at the initial cost of the first in time acquisition of financial investments (FIFO method).
The application of one of the specified methods for a group (type) of financial investments is based on the assumption of the sequence of application of the accounting policy.
Contributions to the authorized capital of other organizations (except for shares of joint-stock companies); loans granted to other organizations, deposits in credit organizations, receivables acquired on the basis of assignment of the right to claim, bills of exchange are valued at the initial cost of each of the financial investments withdrawn from the above accounting units.
When assessed at the average initial cost, it is determined for each type of securities as the quotient of dividing the initial cost of the type of securities (actual acquisition costs by their number). At the same time, when determining the average initial value, the quantity and initial value of received securities during the given month are added to the initial value and quantity of the type of securities at the beginning of the month (weighted average method).
For example : data are given for one type of securities.
|
date |
Coming |
Consumption |
Remainder |
||||||
|
quantity |
price per unit, thousand rubles |
amount, million rubles |
quantity |
price per unit, thousand rubles |
amount, million rubles |
quantity |
price per unit, thousand rubles |
amount, million rubles |
|
|
Remaining on the 1st |
10,0 |
10,0 |
|||||||
|
10th |
|||||||||
|
15-5 |
|||||||||
|
20s |
|||||||||
|
Total |
31,2 |
107,6 |
17,2 |
107,6 |
14,0 |
||||
1) Average initial cost of one security:
(10.0 million rubles + 5.0 million rubles + 6.6 million rubles + 9.6 million rubles) / 290 = 107.6 thousand rubles
2) The value of the balance of securities at the end of the month:
130 x 107.6 thousand rubles = 14.0 million rubles
3) Cost of retiring securities:
31.2 million rubles - 14.0 million rubles. = 17.2 million rubles.
160 x 107.6 thousand rubles = 17.2 million rubles.
This method can also be applied within a month for each date of disposal of securities within a month, using an assessment of the balances of securities determined by the method of average historical cost at the date of the previous transaction (the so-called moving average historical cost method).
Assessment at historical cost of the first financial investments in terms of acquisition time (FIFO method) is based on the assumption that securities are debited within a month and another period in the sequence of their acquisition (receipt), i.e., securities that are the first to be debited. Should be valued at the historical cost of the securities of the first acquisitions, taking into account the initial value of the securities listed at the beginning of the month. When applying this method, the assessment of securities remaining at the end of the month is made at the initial cost of the latest acquisitions, and the value of the earliest acquisitions is taken into account in the value of securities sold.
The value of retiring securities is determined by subtracting from the sum of the value of the balance of securities at the beginning of the month and the value of securities received during the month the value of the balance of securities at the end of the month.
For example :
|
date |
Coming |
Consumption |
Remainder |
||||||
|
quantity |
price per unit, thousand rubles |
amount, million rubles |
quantity |
price per unit, thousand rubles |
amount, million rubles |
quantity |
price per unit, thousand rubles |
amount, million rubles |
|
|
Remaining on the 1st |
10,0 |
||||||||
|
10th |
|||||||||
|
15-5 |
|||||||||
|
20s |
|||||||||
|
Total |
107,6 |
31,2 |
100,6 |
16,1 |
116,2 |
15,1 |
|||
1) The value of the balance of securities at the end of the month, based on the value of the latest receipts:
(80 x 120 thousand rubles) + (50 x 110 thousand rubles) = 15.1 million rubles.
2) Cost of retiring securities:
31.2 million rubles - 15.1 million rubles. = 16.1 million rubles.
3) Cost per unit of retiring securities:
16.1 million rubles / 160 = 100.6 thousand rubles.
This method can also be applied during the month for each date of disposal within the month of the securities, using the estimate of the balance of the securities, determined by the FIFO method, at the date of the previous transaction (the so-called rolling FIFO method).
In accordance with paragraph 9 of Art. 280 of the Tax Code of the Russian Federation, when selling or otherwise disposing of securities, the taxpayer independently, in accordance with the accepted accounting policy for tax purposes, chooses one of the following methods of writing off the value of retired securities as expenses:
– by the cost of first-time acquisitions (FIFO);
– by the cost of the most recent acquisitions (LIFO);
- per unit cost.
At the end of the reporting period, financial investments for which it is possible to determine the current market value are valued at the current market value.
Financial investments for which it is impossible to determine the current market value are evaluated:
- at the initial cost of each unit;
- at the average initial cost (weighted average or moving);
- at the initial cost of the first in time acquisition of financial investments (FIFO), weighted or moving.
Income and expenses on financial investments
Income from financial investments is recognized as income from ordinary activities or other income in accordance with PBU 9/99 "Income of the organization", approved by order of the Ministry of Finance of the Russian Federation dated May 6, 1999 No. 32n.
In tax accounting in accordance with Art. 248, 249 of the Tax Code of the Russian Federation, income from the sale (disposal) of securities is recognized as income from the sale.
Expenses related to the provision of loans by the organization to other organizations are recognized as operating expenses of the organization.
In tax accounting, the costs associated with the provision of loans to other organizations in accordance with Art. 265 of the Tax Code of the Russian Federation are recognized as non-operating expenses.
The costs associated with servicing the financial investments of the organization are as follows:
– payment for bank services;
– payment for depository services;
– provision of statements from depo accounts;
recognized in accounting as operating expenses.
In tax accounting, these expenses are listed in Art. 265 of the Tax Code of the Russian Federation as part of non-operating expenses.
Impairment of financial investments
PBU 19/02 describes the procedure for recording the results of depreciation of financial investments for which the market value is not determined.
Recall that in accordance with clause 3.5 of the Order of the Ministry of Finance of the Russian Federation of January 15, 1997 No. 2, an organization’s investments in shares or other securities of other organizations listed on the stock exchange or at special auctions, copies of which are regularly published, when compiling annual reports (accounting balance sheets) were recorded at the end of the year at market value if it was lower than their book value, this indication applied only to shares quoted on stock exchange or special auctions, the quotes of which are regularly published. To clarify the valuation of shares in specified cases a reserve was created for the depreciation of investments in securities. The formation of a reserve for the depreciation of investments in securities in accounting was reflected in the following entry:
At the same time, the shares were shown in the annual balance sheet in a net valuation, i.e. net of reserves for depreciation of investments in securities listed on account 59. The amount of the formed reserve for depreciation of investments in securities is not reflected separately in the liabilities side of the balance sheet.
If the market value exceeded the value of the shares for which they were accepted for accounting, then their valuation was not subject to clarification and adjustment.
If at the end of the next year the market value of shares recorded on account 58 increased, then by the amount of the increase in quotations (but not more than the amount of the previously created reserve), the reserve for depreciation of investments in securities decreased and the following entry was made in accounting:
The same entry was made when shares were retired from economic circulation (including when they were sold), for which a depreciation reserve had previously been created.
In accordance with PBU 19/02, financial investments are depreciated for financial investments for which there is no current market price.
Impairment of investments is recognized as a steady significant decrease in their value. And below the value of economic benefits that the organization expects to receive from financial investments in the normal conditions of their activities.
For a reduction in the cost of financial investments to be considered sustainable, the following conditions must be met simultaneously:
– at the reporting date and at the previous reporting date, the carrying amount is significantly higher than their estimated cost;
– during the reporting year, the estimated value of financial investments changed significantly only in the direction of its decrease;
– as of the reporting date, there is no evidence that a significant increase in the estimated value of these financial investments is possible in the future.
Examples of situations in which impairment of financial investments may occur are:
- the emergence of signs of bankruptcy in the issuing organization of securities owned by the organization, or in its debtor under a loan agreement, or declaring it bankrupt;
– making a significant number of transactions in the securities market with similar securities at a price significantly lower than their book value;
- absence or significant decrease in income from financial investments in the form of interest or dividends with a high probability of a further decrease in these income in the future, etc.
If these conditions are met, a reserve for the depreciation of financial investments is formed in accounting.
It is created at the expense of the financial results of the organization by the amount of the difference between the accounting and estimated value of such financial investments.
In the financial statements, the value of depreciated financial investments is shown at book value minus the amount of the formed reserve for their depreciation.
As of December 31 of the reporting year, the organization must, and on the reporting dates of the interim financial statements, may check the existence of conditions for a sustainable decrease in the value of financial investments.
Checking for the existence of conditions for a steady decline as of December 31, or as of March 31, June 30, October 31 is an element of accounting policy for tax purposes.
If, as a result of such an audit, a decrease in the estimated value of financial investments is revealed, the amount of the previously created reserve is adjusted in the direction of its increase and decrease in the financial result.
If, based on the results of the audit (for depreciation of financial investments), an increase in their estimated value is revealed, then the amount of the previously created reserve for the depreciation of financial investments is adjusted in the direction of its decrease and an increase in the financial result as part of operating income.
Disclosure of information in financial statements
In financial statements, financial investments should be divided depending on the term of circulation (repayment) into short-term and long-term.
At a minimum, the following information shall be disclosed in an accounting policy for accounting purposes:
– about methods of evaluation of financial investments upon their disposal by groups (types);
– about the consequences of changes in the methods of valuation of financial investments upon their disposal;
– the cost of financial investments, according to which the current market value can be determined, and financial investments, for which the current market value cannot be determined;
– the difference between the current market value as of the reporting date and the previous valuation of financial investments, according to which the current market value was determined;
– for debt securities for which the current market value has not been determined – the difference between the initial value during the term of their circulation, accrued in accordance with the procedure established by paragraph 22 of these Regulations;
– cost and types of securities and other financial investments encumbered with collateral;
– value and types of retired securities and other financial investments transferred to other organizations and persons (except for sale);
– data on the reserve for depreciation of financial investments, indicating: the type of financial investments, the amount of the reserve created in the reporting year, the amount of the reserve recognized as operating income for the reporting period; reserve amounts used in the reporting year;
-for debt securities and loans granted - data on their valuation at a discounted value, on the amount of their discounted value, on the methods of discounting used (disclosed in the notes to the profit and loss balance sheet).