At OJSC Simferopolselmash" maintenance accounting long-term and current liabilities carried out in accordance with regulatory documents of different status. Some of them are mandatory for use, others are advisory in nature.
The legislative framework of Ukraine regulating the accounting of long-term and current liabilities includes the following legislative and regulatory documents in the form of the following four-level system of regulatory regulation of accounting:
First level- legislative. On this level government regulation accounting and reporting is carried out by the President of Ukraine, the National Assembly on the basis of the Constitution of Ukraine. The most important legislative act at this level is the Law of Ukraine “On Accounting and Financial Reporting” dated July 16, 1999. No. 996-14 with amendments and additions dated December 22, 2011. No. 4224-17, which defines the legal and methodological basis for organizing and maintaining accounting records, establishes the requirements for the preparation and presentation financial statements, regulates relationships on accounting and reporting issues in Ukraine.
Civil Code of Ukraine dated June 19, 2003. No. 980-4 with amendments and additions dated December 22, 2011. No. 4220-4, the first part of which legislates the most important accounting standards in organizations, including the presence of an independent balance sheet for each legal entity, the mandatory approval of the annual accounting report, mandatory cases drawing up auditor's report, the procedure for registration, reorganization and liquidation of a legal entity and others.
Code of Labor Laws of Ukraine dated December 10, 1971. No. 322-8 with amendments and additions dated September 08, 2011. No. 3720-6, which regulates labor relations.
tax code Ukraine dated December 02, 2010 No. 2755-6 with amendments and additions dated December 22, 2011. No. 4279-6. The Code establishes a system of taxes, fees (duties) levied on the budget of Ukraine, the basic principles of taxation in Ukraine, establishes the rights and obligations of payers, tax authorities and other participants in relations regulated by tax legislation.
On the second level- regulatory regulation of accounting and reporting is carried out. It is represented by regulations of the President and Verkhovna Rada of Ukraine and other legal bodies that have the right to develop and approve, within their competence, mandatory norms.
The main documents in the accounting regulation system in Ukraine are also chart of accounts and instructions for its use. The Methodological Council on Accounting under the Ministry of Finance was approved
Chart of accounts for accounting assets, capital, liabilities and business operations of enterprises and organizations;
Instructions on the application of the Chart of Accounts for accounting assets, capital, liabilities and business operations of enterprises and organizations;
Chart of accounts for accounting of budgetary institutions;
The procedure for applying the Chart of Accounts for accounting of budgetary institutions;
Regulations on the procedure for keeping records of individual assets and operations of enterprises in the state, municipal sectors of the economy and other organizations that own and/or use state or municipal property;
Chart of accounts for Ukrainian banks;
Chart of accounts for accounting assets, capital, liabilities and business operations of small businesses.
Instruction No. 7 “About non-cash payments in the economic turnover of Ukraine" is a single normative act regulating, on a general methodological basis, non-cash payments in the currency of Ukraine carried out on the territory of the state.
TO third level in the organization of OJSC "Simferopolselmash" refers to the order on accounting policy, working chart of accounts. The accounting policy in the organization under study was approved by order of the director dated December 31, 2009. It discusses the methodological, organizational and technical aspects of accounting, the structure of the working chart of accounts. An example of internal documentation may be: job descriptions of accounting employees, a document flow schedule and other documents.
Regulatory acts that address issues of regulation of settlement operations, as follows from the list of sources used, include Codes, Laws, Regulations, Chart of Accounts, Instructions, recommendations and other types of documents. Their main goal is to establish the correctness of accounting for long-term and current liabilities.
Lesson plan
general characteristics accounting. Legislative framework and other regulations governing accounting. General principles for organizing accounting and financial reporting in Russian Federation. Rights, duties and responsibilities of business entities. Objects reflected in the accounting system. Subject of accounting. Property of a business entity. Sources from which the organization’s property was formed. Business transaction. Methodological basis of accounting. A system of methods and techniques that form the methodological basis of accounting. Documentation. Inventory. Balance sheet. Accounting system and double entry. Valuation of enterprise property. Calculation. Organizational reporting.
The legislation of the Russian Federation on accounting makes it possible to achieve the following main goals:
Ensuring uniform accounting of property (assets) and obligations (liabilities) and facts of economic activity of organizations;
Formation of comparable and reliable accounting information about the property status of business entities, as well as about their income and expenses, which is necessary for external and internal users of financial statements.
Since during the development of the federal law “On Accounting” dated December 6, 2011. No. 402-FZ it was impossible to take into account all industry, geographical, technological and other features of activity various types economic entities, along with legislation, normative regulation of accounting is used, which is mainly implemented by the Ministry of Finance of the Russian Federation, as well as other industry and regional departments.
Conditionally legislative and legal framework Accounting in the Russian Federation can be divided into 4 levels:
1) Federal Law “On Accounting” dated December 6, 2011. No. 402-FZ;
2) Accounting Regulations (PBU), Chart of Accounts and instructions for its application, other legislative and regulatory acts governing accounting;
4) internal working documents of a business entity that regulate accounting and preparation of financial statements.
For the functioning of an organization, various types of resources are required: tangible, intangible, monetary, financial. The totality of these resources in the monetary measure represents assets. In the course of the organization’s economic activities, the monetary expression of assets and their structure is constantly changing, i.e. completes the economic cycle. In this case, the monetary form changes to the material form and then turns back into money.
The movement of an organization's assets can be considered in the form of three stages: supply, production, sales. All these processes are interconnected and occur continuously in many organizations. Moreover, each process consists of a set of business operations. A business transaction can be called any change in the size or structure of an organization’s property or the sources of property. Thus, the subject of accounting is the movement of the organization’s property and the sources of its formation in the process of economic activity, as well as the results of the organization’s economic activity.
The “Accounting Law” provides the following definition of an accounting object: “the objects of accounting are the property of organizations, their obligations and business transactions carried out in the course of their activities.” To correctly reflect the funds of any organization in accounting, they are grouped according to two criteria: by composition (types) and location (assets), by sources of formation and intended purpose (liabilities). Grouping funds by composition (types) and location means: what funds the organization has and where they are located. According to the composition and placement of funds, they are divided into non-current and circulating.
Grouping funds by sources of formation and intended purpose allows us to determine from what sources the funds of an economic entity were received and for what purposes they are intended. Sources include own and borrowed funds. Own funds include capital (authorized, reserve, additional), retained earnings, etc.
Authorized capital- This initial capital organization and represents the total value of all funds of the organization in monetary terms at the time of its formation. The size of the authorized capital is indicated in the charter and constituent documents when registering the organization.
Reserve capital is formed in accordance with the law at the expense of the organization’s profits and is intended to cover possible losses.
Additional capital is formed in the process of the organization’s economic activity as a result of the revaluation of fixed assets, share premium, and the cost of property received free of charge.
Profit is the financial result of the activities of a business entity and represents the difference between income and expenses. Part of the profit is transferred to budgets of different levels in the form of income tax, the rest is used in accordance with the Charter of the business entity.
Special funds can be created in accordance with the Charter and constituent documents from the profits remaining at the disposal of the organization after paying income tax. They are used for specific purposes.
The methodological basis of accounting is formed by a system of methods and certain techniques that are carried out through documentation, inventory, balance sheet, a system of synthetic and analytical accounts using the double entry method, assessment of property and liabilities, other balance sheet items, calculations and reporting of the organization.
Documentation is a method of primary registration of each business transaction by drawing up documents at the time of its completion or immediately after the completion of the transaction.
According to Art. 9 “Regulations on maintaining accounting and reporting in the Russian Federation”, documenting property, liabilities and other facts of economic activity, maintaining accounting registers and financial statements is carried out in Russian. Primary accounting documents compiled in other languages must have a line-by-line translation into Russian.
Inventory is a method of checking the compliance of the actual availability of property and liabilities with accounting indicators using the method of assessment, calculation, measurement or other measurement.
A balance sheet is a method of economic grouping of an organization's property (assets) and sources of formation of property (liabilities), which characterizes the financial and property position of an economic entity in monetary terms as of a certain date.
System of accounts and double entry - a technique according to which the reflection of property, sources of its formation and business transactions in accounting is carried out by using a system of accounts using the double entry method.
An accounting account is a table, the left side of which is called “debit” and the right side “credit”, where information about balances at the beginning and end of the reporting period and business transactions carried out during the reporting period is recorded and systematized. In accordance with clause 9 of the “Regulations on accounting and reporting in the Russian Federation,” the organization maintains accounting records of property, liabilities and business transactions (facts of economic activity) by double entry on interrelated accounting accounts included in the working chart of accounts.
Double entry is an accounting technique using which business transactions are recorded on accounting accounts. The meaning of this technique comes down to the fact that in accounting, each business transaction is reflected in at least two interrelated accounting accounts. At the same time, debit and credit turnover for each business transaction are equal to each other, which is due to the balance sheet reflection of information in system accounting.
In accounting, all property (assets) and liabilities (liabilities) are reflected in monetary terms. The accounting technique by which the monetary value of property or liabilities is determined is called valuation. In clause 23. “Regulations on accounting and reporting in the Russian Federation” it is noted that the assessment of property acquired for a fee is carried out by summing up the actual costs incurred for its purchase; property received free of charge - according to market value on the date of posting; property produced in the organization itself - at the cost of its production (actual costs associated with the production of the property).
Costing refers to the grouping and calculation of various expenses in order to determine the cost of a unit of production (work, services).
In accordance with Art. 4 PBU 4/99 “Accounting statements” accounting statements are a unified system of data on the property and financial position of an organization and the results of its economic activities, compiled on the basis of accounting data according to established forms. Thus, financial statements must provide a true and complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position. Financial statements prepared on the basis of the rules established by regulatory acts on accounting are considered reliable and complete. The organization's financial statements must be prepared in Russian and in the currency of the Russian Federation.
Balance sheet
Lesson plan
Balance sheet method of reflecting information. Balance sheet and its structure. Types of balances. Goals of balance sheet summarization of information. Balance sheet asset. Balance liability. Balance sheet items. Relationships between individual balance sheet items and sections. Features of the assessment of individual balance sheet items. Types of business transactions and their impact on the balance sheet.
The essence of the balance sheet method of reflecting information is that the reflection of accounting objects in the balance sheet has a dual character, depending on its intended purpose.
Depending on the goals, structure and rules of preparation, there are different types of balance sheets:
Bald;
Opening;
Negotiable;
Liquidation;
Consolidated and others.
The balance sheet is the most important source of information about the financial and economic condition of an economic entity. By reading the balance sheet lines, you can find out what the organization owns and what the structure of the organization's obligations is.
The balance sheet is one of the elements of the methodological basis of accounting. IN balance sheet the organization's funds are reflected in a generalized form by composition and placement (assets), as well as by sources of formation and intended purpose (liabilities). The balance is usually drawn up on the 1st of the month. On another date, a balance sheet is drawn up when an organization is created, reorganized, liquidated, or otherwise necessary.
Graphically, the balance sheet is a vertical table, where the upper part is called an asset, and the lower part is called a liability. The assets of the balance sheet reflect funds by composition and placement, and the liabilities - funds by sources of formation and intended purpose. Consequently, the structure and content of the balance sheet is based on the grouping of funds belonging to an economic entity.
Thus, by studying the asset structure of the organization’s balance sheet, you can obtain information about where the organization’s funds are placed, as well as what each type of funds is used for. Studying the structure of liabilities provides information about the sources from which the funds available to the organization were generated, as well as what the intended purpose of these sources is.
Consequently, the balance sheet of an organization characterizes the economic content of the entire set of funds belonging to an economic entity. In practice, balance sheet indicators are widely used for preparing, justifying and making management decisions in the course of carrying out the financial and production activities of an organization.
The balance sheet is main form accounting statements of an organization, which are prepared regardless of the type of activity and form of ownership. The balance sheet is compiled for each reporting period based on accounting indicators and signed by the management of the business entity. The balance sheet for a month or quarter is called interim, and for a year - annual. The degree of reliability of the balance sheet indicators is essential. In particular, on the basis of balance sheet indicators, an analysis of the financial condition of an economic entity is carried out. The balance sheet gives an idea of changes in the structure, volume and share of individual items of the organization’s property (assets) and obligations (liabilities) of the organization for the reporting period.
The total amount for assets and liabilities is called the balance sheet currency. Each type of funds or source of their formation is indicated separately in the balance sheet. An indicator characterizing certain types of property and the sources of its formation is called a balance sheet line or balance sheet item.
Balance sheet items are grouped into sections based on economically homogeneous characteristics. The balance sheet form is approved by the Ministry of Finance of the Russian Federation by appropriate order. The term "balance" translated from French means "equilibrium". In a balance sheet, this means that the sum of all asset items equals the sum of all liability items.
Approximate structure of the organization's balance sheet
ASSETS
I. NON-CURRENT ASSETS
Intangible assets
Fixed assets
Construction in progress
Profitable investments in material assets
Long-term financial investments
Deferred tax assets
Others fixed assets
II. CURRENT ASSETS
Inventories (raw materials, supplies, work in progress, finished goods and goods for resale, deferred expenses, goods shipped and other similar inventories and valuables)
VAT on purchased assets
Accounts receivable(long-term and short-term)
Short-term financial investments
Cash
Other current assets
PASSIVE
III. CAPITAL AND RESERVES
Authorized capital
Extra capital
Reserve capital
retained earnings (uncovered loss)
IV. LONG TERM DUTIES
Loans and credits
Deferred tax liabilities
Others long term duties
V. SHORT-TERM LIABILITIES
Loans and credits
Accounts payable (to suppliers and contractors; organization personnel; taxes and fees; other creditors)
Debt to participants (founders) for payment of income
revenue of the future periods
Reserves for future expenses
Other current liabilities.
Balance equation
Sum of all asset items = Sum of all liability items
Since the liability side of the balance sheet reflects the organization’s capital and its obligations (accounts payable) to third parties, the balance sheet equation can be presented as follows:
Sum of all asset items = Capital + Liabilities
The equality of the sides of the balance sheet is explained by the fact that the asset reflects the funds in composition and placement, and the liability reflects the sources of formation of these same funds. In other words, Asset and Liability are means of the organization, considered from two points of view, i.e. two reflections of the same thing. Asset items show how the organization's property is allocated (in what exactly what the organization owns is invested), and liability items on the balance sheet provide information about the sources from which what the organization owns is formed.
From the essence of the balance sheet method of reflecting information, it follows that any receipt of property into the organization is associated with the emergence of a source due to which it appeared or a reduction in debt to us, i.e. accounts receivable. From the above it follows that the assets and liabilities of the balance sheet reflect the same funds in a single monetary measure, only grouped according to different criteria.
It should be noted that the balance sheet does not provide information about which specific liability items served as the source of the formation of specific asset items. In other words, based on balance sheet information, it is impossible to identify a direct connection between individual items of liabilities and assets, although this can be assumed and analyzed. For example, if an organization received significant income from its activities during the reporting period, this does not mean that the organization may not have problems financing its current activities. And vice versa, if the organization has a negative financial results, this does not mean that it will inevitably have problems with its current financing. Thus, the question is not very correct: “where exactly is the profit received by the organization during the reporting period in the asset?” The answer to this question may be different, depending on the financial and economic situation of the relevant business transactions, but based on the balance sheet information, it is not possible to answer it.
The balance sheet structure is the share of individual household assets by their types and sources of education and balance sheet currency. It largely depends on the industry and other characteristics of the economic entity. So, for example, in the assets of agricultural organizations, a significant place is occupied by fixed assets and work in progress, and in the assets of a trading or intermediary organization, the share of fixed assets is insignificant. In the balance sheet currently used in the Russian Federation, the asset balance sheet consists of two sections, and they are arranged in increasing order of liquidity, and the liability consists of three sections, which are arranged in decreasing order of maturity of the organization's liabilities.
The balance sheet is compiled as of a certain date, based on verified accounting records confirmed by supporting source documents. During the time between the balance sheet dates, a large number of business transactions may occur in an organization. During these operations, changes occur in fund balances and their sources. Consequently, some balance sheet items also change. Despite their large number, all business transactions that influence the balance sheet can be systematized and conditionally divided into 4 types.
1) Business transactions of the 1st type affect only property, i.e. asset, i.e. under their influence, only the structure of the balance sheet asset changes. In this case, the balance sheet currency does not change.
Example. Materials were transferred from the warehouse to the workshop (main production). As a result of this business transaction, the balance of materials in the warehouse (balance line “Inventories” under Section II) decreases and at the same time production costs increase (line “Inventories”).
2) Business transactions of the 2nd type affect only the sources of property formation, i.e. passive, i.e. as a result of their implementation, a change in the structure of the balance sheet liability occurs. In this case, the balance sheet currency does not change.
Example. Personal income tax is withheld from the accrued amount of wages. As a result of this business transaction, there is an increase in debt for taxes and fees in section V of the balance sheet (liability), at the same time, the organization's debt to personnel for wages in section V of the balance sheet (liability) decreases.
3) Business transactions of the 3rd type affect both assets and liabilities, while changes occur in the direction of increase, i.e. certain asset and liability items increase by the same amount.
Example. A short-term bank loan was received. The consequence of this business transaction is an increase in the balance sheet item “Cash” in Section II of the balance sheet (asset) and at the same time the item “Accounts Payable” in Section V of the balance sheet (liability) increased.
4) Business transactions of the 4th type affect both assets and liabilities, while changes occur in the direction of decrease, i.e. certain asset and liability items are reduced by the same amount.
Example. Salaries were issued to staff from the organization's cash register. As a result of this operation, cash in the organization's cash desk decreased in section II of the balance sheet (asset) and the debt to employees for wages decreased by the same amount, i.e. there was a decrease in short-term liabilities in section V of the balance sheet (liabilities).
Correct determination of the type of business transaction is essential for understanding the economic content of various types of business transactions reflected in the accounting records of an organization. In addition, mastering the types of business transactions greatly contributes to the correct preparation of accounting entries.
Lecture 4-5.
Accounting system and double entry
Lesson plan
Concept of accounting accounts and double entry. The debit side (debit) of the account. Credit side (credit) of the account. Scheme of recording on an active account. Scheme of recording on a passive account. Turnovers are debit. Credit turnover. Balance on active and passive accounts. Active-passive accounts. Correspondence of accounts. Methodology for applying the double entry principle. The essence and rationale for the principle of double entry, its control and informational significance. Turnover sheet. Turnover sheet for synthetic accounts. Synthetic and analytical accounts. Relationships between synthetic and analytical accounts.
The balance sheet generally reflects the composition and sources of funds of the organization. It reflects the balances of the organization’s property and liabilities, as well as the results of business processes, but not the processes themselves. At the same time, for the purposes of management and control, information is needed not only about the state of economic assets and the sources of their formation and the financial result of the organization as of a certain date, but also information about the economic processes themselves. There is a need for ongoing registration and accumulation during the reporting period (from the moment of drawing up the previous balance sheet to the drawing up of the next balance sheet) of information regarding changes in the size and structure of various types of property and the sources of its formation.
Accounting accounts serve as registers that allow systematization and accumulation of current information about property owned by an organization, as well as the sources of its formation and financial results.
Consequently, the accounting account serves as the main unit of accumulation and storage of accounting information.
An accounting account is a method of grouping, current control over the state and movement of economic assets and the sources of their formation, as well as economic processes and results of economic activity. Schematically, an accounting account is represented by a two-sided table in the form of the letter “T” or “airplane”, the left side of which is called “debit” and the right side is called “credit”. Abbreviated as D-t and K-t. Each account has its own name and two-digit code, which are established by the Chart of Accounts and correspond to the object being accounted for. Typically, the name of the account corresponds to the objects recorded on it. For example, to account for cash at the cash desk, account 50 “Cash” is used, to account for the authorized capital - account 80 “Authorized capital”, etc. The organization's accounting department opens (starts maintaining) accounts for each type of property and the sources of its formation.
When there is nothing left on the account, it is closed, i.e. it no longer needs to be carried out until remnants appear there again.
Each organization selects from the Chart of Accounts exactly those accounts that are necessary to reflect its activities, taking into account industry, technological and other features. The list of those accounts that the organization has chosen to reflect its activities is called the organization’s Working Chart of Accounts.
The balance sheet indicates the balances of property and their sources as of a certain date. When compiling a balance sheet, these balances are taken from the accounts as the account balance at the time of compiling the balance sheet. These balances are called "balances". This Italian word means "remnant". When recording a balance, the date is indicated. This is usually the 1st day of the month.
During the month, business transactions are recorded in the organization's accounting records, which are reflected in the debit or credit of the corresponding accounts. At the end of the month, the results of operations are calculated. These totals are called turnover - debit and credit. After counting the turnover, the balance at the beginning of the next month is determined.
Due to the fact that the organization’s funds are reflected in accounting using the balance sheet method, the accounts are divided into active and passive.
Active accounts are those accounts on which the balances and movement of funds by composition and placement are taken into account. In accordance with the recording scheme on the active account, the balance on these accounts is always debit. When recording transactions, an increase in the accounted object is recorded as a debit to the active account, and a decrease - as a credit. The balance at the end of the month is determined by: the beginning balance plus debit turnover minus credit turnover.
Passive accounts are those in which the balances and movement of funds by sources of formation and intended purpose are taken into account. The balance on these accounts is always in credit. When recording transactions, an increase in the item being taken into account is reflected as a credit, and a decrease - as a debit. The balance at the end of the month is determined by: the beginning balance plus credit turnover minus debit turnover.
In order to make it easier to memorize the recording scheme on active and passive accounts, you can remember the following: on an active account, the turnover generated on the left side increases the left side of the balance sheet (asset), and on a passive account, the turnover generated on the right side increases the right side of the balance sheet balance (passive). It should be noted that these statements are true when, as a result of business transactions, the balance sheet currency changes, i.e. when business transactions of types 3 and 4 take place.
Practical accounting workers use T-shaped accounts only for processing individual data, i.e. for reference purposes, and system accounting is maintained in special registers. At the same time, all accounting registers, where information about business transactions are accumulated and systematized, are based precisely on the T-shaped account scheme.
Accounting also uses accounts that simultaneously have the characteristics of an active and passive account. Such accounts are called active-passive.
For example, the same organization can be both a debtor and a creditor in relation to another business entity. To avoid opening two different accounts, open one. And it is used to keep records of accounts receivable and accounts payable. Active-passive accounts can have an expanded balance, i.e. both debit and credit at the same time. The debit balance means the balance of accounts receivable, and the credit balance means the balance of accounts payable. The debit and credit reflect the decrease or increase in the corresponding debt.
An example of such an account is account 76 “Settlements with various debtors and creditors”. On active-passive accounts with an expanded balance, it is impossible to determine closing balance by settlement, such as in active or passive accounts.
Another type is active-passive accounts with variable balances. They have either a debit or a credit balance. Accordingly, such an account has the sign of an active or passive account. For example, the “Profit and Loss” account. There are some accounting accounts that meet only partially the properties of passive accounts. For example, account 02 “Depreciation of fixed assets” and account 05 “Depreciation intangible assets“, according to the recording scheme, they correspond to passive accounts, and the balances at the end of the period are not reflected in the liability. Balances on these accounts are used to identify the residual value of depreciable items. In other words, we can say that the amount of accrued depreciation affects the value of the balance sheet asset, but it should be remembered that the balance sheet does not reflect the amount of accrued depreciation of non-current assets.
Since each business transaction causes changes in at least two balance sheet items, it therefore must be recorded on at least two accounting accounts.
A business transaction is reflected in the accounting accounts using the double entry method. The essence of double entry is that each business transaction is recorded as a debit to at least one account and a credit to at least one account in the same amount.
Double entry is due to dual changes caused by any business transaction (4 types of business transactions). In addition, double entry ensures a unified methodological approach to changes in the value of property or liabilities of an economic entity and equality of the totals of entries in accounting accounts. As already noted, each business transaction is reflected in at least two accounting accounts. Consequently, an essential issue in accounting is the correct identification of the combination of accounts on which the business transaction will be reflected.
The economic relationship between accounts as a result of double entry is called correspondence of accounts. A written statement of the correspondence of accounts is called an accounting item or entry. Accounts between which transactions can be made are called correspondent accounts. Various possible correspondence schemes for accounting accounts are given in the Instructions for using the Chart of Accounts.
Accounting entries can be simple or complex. In a simple entry, one account is debited and one account is credited. For example, funds in the amount of 10,000 rubles were deposited from the organization’s cash desk. to the organization's bank account. At the same time, the money in the cash register decreases, and in the current account increases. Knowing that (in accordance with the recording scheme) in active accounts an increase is reflected as a debit, and a decrease as a credit. The specified business transaction must be reflected on the debit of account 51 “Cash accounts” and on the credit of account 50 “Cash”.
In a complex transaction, one account is debited and several are credited, or vice versa.
The correctness of accounting and preparation of financial statements depends on the correctness of the entries. To learn how to write correctly accounting entries, it is advisable to use the following algorithm:
1st step. Based on the content of the business transaction and using the Chart of Accounts, determine which accounts it should be recorded on;
2nd step. Identify the nature of changes in the size of the objects taken into account: increase or decrease;
3rd step. What are the accounts in relation to the balance (active or passive);
4th step. The meaning of debit and credit in active and passive accounts (application of recording schemes in accounts).
In synthetic accounting accounts, accounting is kept in a generalized form.
For example, account 60 “Settlements with suppliers and contractors” reflects the debt to all suppliers with whom the company makes payments
The “Materials” account reflects total cost material located in all warehouses.
Generalized data is necessary to control the overall movement of funds and their sources. In addition, a summary balance is needed to compile a balance sheet.
Accounts on which generalized accounting of funds and their sources are kept are called synthetic, and accounting on them is synthetic. (The word “synthesis” means “generalization, unification”). Synthetic accounting is carried out only in monetary terms.
To monitor the implementation of planned indicators, the safety of property, the state of calculations, data synthetic accounting not enough. For example, from synthetic accounting data it is impossible to find out how many materials a specific supplier supplied, or to which of the suppliers funds were transferred. It is also impossible to determine who is financially responsible for certain inventories owned by the organization. More detailed and specific information about the organization’s property, as well as the sources of its formation, can be obtained from the data of analytical accounts.
Analytical accounts are components of the synthetic accounts in which they are included. They are opened to synthetic accounting accounts as needed.
Accounts of the 2nd order, opened to synthetic accounts, are called sub-accounts.
In relation to the balance sheet, analytical accounts can also be active or passive.
For example, analytical accounts for each supplier can be opened for synthetic account 60 “Settlements with suppliers and contractors”. And for the “Materials” account, not only analytical accounts can be opened indicating the location of materials and financially responsible persons, but also accounts in which materials are kept track of by quantity and amount.
Consequently, analytical accounting can be carried out not only in monetary terms, but also in physical terms.
In other words, synthetic accounts are necessary to summarize homogeneous accounting objects, and analytical accounts are necessary to reflect more detailed and detailed information.
The sum of balances, debit and credit turnovers on analytical accounts must be equal to the balance and corresponding turnovers of the synthetic account to which they are opened. This is the relationship between synthetic and analytical accounts.
The number and levels of analytical accounts opened are determined by the business entity independently, based on the needs of financial and economic activities and management needs.
The result of current accounting is the preparation of a balance sheet. Before drawing up a balance sheet, the accounting data must be summarized. This is necessary in order to identify possible errors made in the accounts when recording business transactions, as well as to obtain the balances on each account. Current accounting data is summarized in special tables called turnover sheets.
Turnover statements are compiled according to synthetic and analytical accounting accounts. A feature of the turnover sheet for synthetic accounts is the presence of three pairs of equal totals:
1 pair: the amounts of debit and credit balances at the beginning of the month are equal. This equality follows from the fact that a balance sheet was drawn up on their basis. Active accounts have a debit balance, and passive accounts have a credit balance. Therefore, the sum of these balances at the beginning will be equal to;
2 pairs: the amounts of debit and credit turnover for the month are equal. This equality follows from the reflection of business transactions in accounts using the double entry method, i.e. the transaction is recorded as a debit to one account and a credit to another in the same amount. The amount of transactions on accounts is turnover. Therefore, the amounts of debit and credit turnover will be equal;
3 pair: equality of the final balances of debit and credit. This equality is due to the equality of the first two pairs. In addition, these balances are used to create a new balance sheet.
If this equality is not present when compiling the turnover sheet, this means that errors were made when recording transactions in accounts or when calculating totals.
Turnover statements are also compiled for analytical accounting accounts. If analytical accounts keep records of settlements with different debtors and creditors, then the turnover sheet is compiled in the same form as for synthetic accounts, but this statement will not contain three pairs of equal totals.
The turnover sheet for analytical accounts for the active-passive account is compiled before compiling the turnover sheet for synthetic accounts. It is on the basis of the balance results at the end of the month that the final balance is determined for the synthetic account “Settlements with various debtors and creditors”. Only after determining the balance in active-passive accounts is a turnover sheet compiled for synthetic accounts.
If analytical accounting is carried out in physical value terms, then a turnover sheet is also compiled for these accounts. It will indicate the name of the valuables, their price, units of measurement, quantity and amount. Turnover statements for analytical and synthetic accounts are reconciled with each other.
Classification of Accounting Accounts and Chart of Accounts
Lesson plan
Classification of accounting accounts by economic content, as well as by purpose and structure. Accounts of property and sources of its formation. Accounts for regulating the assessment of funds. Accounts for reflecting and monitoring individual stages of the circulation of funds. Calculation accounts. Collection and distribution accounts. Financial performance accounts. Off-balance sheet accounts. Chart of Accounts. Working Chart of Accounts of a business entity. Main sections of the Chart of Accounts. Synthetic accounts and subaccounts shown in the Chart of Accounts. Brief description of the sections of the Chart of Accounts.
Currently, for accounting purposes, business entities can use synthetic accounts given in the Chart of Accounts.
The correct use of accounting accounts is facilitated by their conditional classification according to various homogeneous characteristics, purposes and methods of reflecting accounting objects on them. In addition, the classification of accounting accounts according to their essential characteristics (economic content, purpose) enriches the methodology for studying the construction of both individual accounts and their groups, and the entire system of accounting accounts as a whole.
Accounts can be grouped according to the following criteria: by economic content; by purpose and structure.
Classification by economic content shows what is taken into account in the accounts, what are the objects of accounting. This classification is based on the grouping of accounting objects by composition and location, as well as by the sources of formation of the organization’s property.
According to the economic content, the accounts are divided into three groups:
1) Accounts for accounting of economic assets;
2) Accounts for recording sources of economic funds;
3) Accounts for recording business processes.
Accounts for accounting of economic assets are divided into four subgroups:
a) Accounts for accounting of fixed assets;
b) Accounts for recording intangible assets;
c) Accounts for accounting of working capital;
d) Accounts for long-term accounting financial investments.
Accounts for accounting for sources of economic funds are divided into two subgroups:
a) Accounts for accounting for sources of own funds ( equity);
b) Accounts for recording sources of borrowed (raised) funds;
Accounts for recording business processes are divided into three subgroups:
a) Accounts to record the supply process;
b) Accounts for recording the production process;
c) Accounts to record the implementation process.
Depending on their purpose and structure, accounting accounts are divided into four groups:
1) Basic. This group includes accounts designed to accumulate information characterizing the movement of property and capital of an economic entity and the state of settlements with its debtors and creditors (01, 03, 04, 07, 10, 11, 19, 21, 41, 43, 50, 51, 52, 55, 57, 58, 81, 80, 82, 83, 84, 86, 45, 60, 62, 66, 67, 68, 69, 70,71, 73, 75, 76, 79, etc.). These accounts are the basis for the formation of balance sheet items;
2) Regulating. These include accounts used to clarify the cost characteristics of accounting objects reflected in the main accounts; they do not have independent significance, but are only their addition (02, 05, 14, 42, 59, 63, 16, 40, etc.) . With their help, the current accounting valuation of assets reflected in the main accounts is adjusted to the amount of their book value (valuation);
3) Operating rooms. Operational accounts are intended to reflect expenses associated with the implementation of business transactions, processes of procurement, production and sale of products, goods, works and services (25, 26, 94, 96, 97, 98, 08, 15, 20, 23, 28 , 29, 44, etc.);
4) Financial and performance accounts. Financial-effective accounts are intended to determine the results of comparing income and expenses associated with their receipt of an economic entity and identifying its profit or loss (90,91,99).
All of the above accounts reflect by double entry: the property belonging to a given economic entity, the sources of its formation and all its economic activities as an independent legal entity.
The chart of accounts is a unified, legally established, nationwide, systematized and regulated list of synthetic accounts and sub-accounts used by organizations for accounting. The chart of accounts is used by all business entities that conduct accounting using double entry, regardless of the scale of activity, industry and legal forms (except for credit institutions and budgetary institutions).
The Chart of Accounts is based on the grouping of accounting accounts by economic content.
Currently, within the framework of the Accounting Reform Program in accordance with international financial reporting standards, approved by the Decree of the Government of the Russian Federation dated 03/06/98. No. 283, the Chart of Accounts for accounting the financial and economic activities of an organization and instructions for its application are applied (approved by the Order of the Ministry of Finance of the Russian Federation dated 10.31.00. No. 94-n and put into effect from 01.01.01.).
The need to introduce a new Chart of Accounts was caused by significant changes associated with further development market relations and improving the methodological foundations of accounting.
The instructions for the Chart of Accounts allow you to correctly apply the accounts given in the Chart of Accounts. It contains the characteristics of all synthetic accounts and typical schemes of accounting accounts corresponding to each other. In other words, the Instructions for the use of the Chart of Accounts are the methodological basis for the formation of accounting registers.
The list of correspondence given in the Instructions for using the Chart of Accounts is not closed, that is, if there are facts of the economic life of the organization, correspondence for which is not reflected in the Chart of Accounts, then the business entity has the right to supplement it without violating general principles and uniform approaches established by the Instructions.
When conducting accounting, as a rule, many organizations use only part of the accounting accounts given in the Chart of Accounts.
Consequently, each business entity, depending on the scale of activity, industry specifics and other circumstances, independently establishes a list of accounting accounts that will be used to reflect the facts of its economic life. This document is called the Working Chart of Accounts of the organization and is an element of its accounting policy.
For example, if an organization only carries out trading activities, it does not use account 20 “Main production” or, if only one type of product is produced, then you can attribute all general production and general business expenses directly to account 20 “Main production”, without using account 25 “General production expenses”, “ General running costs».
In addition, to account for specific transactions, an organization can, in agreement with the Ministry of Finance of the Russian Federation, include additional synthetic accounts in the Working Chart of Accounts, using free account numbers.
The subaccounts provided for in the chart of accounts are used by the organization based on the requirements of the management of the organization, including the needs of analysis, control, and reporting. Organizations are given the right to clarify the contents of subaccounts given in the chart of accounts, exclude and merge them, as well as introduce new ones.
The procedure for maintaining and the degree of detail of analytical accounting is established by the organization independently, based on the requirements of regulations on accounting, taking into account the needs of the business entity in the generated information.
In the Chart of Accounts, accounts are grouped into eight sections, which reflect economically homogeneous accounting objects. In addition, the sections of the balance sheet are arranged in a certain sequence, in accordance with the nature of the participation of accounting objects in the economic activities of the organization. At the beginning of the Chart of Accounts there are non-current assets, then there are inventories, then there are accounts intended for accounting for production costs, etc.
Sections of the Chart of Accounts:
1. “Non-current assets”. Includes accounts in which fixed assets, intangible assets, long term investment into non-current assets, equipment for installation.
2. “Production inventories.” This section includes accounts intended for accounting for items of labor (materials and their procurement, deviation in the cost of materials, etc.)
3. “Production costs.” It includes accounts used to record production costs and calculate product costs.
4. " Finished products" Accounts intended for accounting of labor products are reflected.
5. “Cash”. It includes accounts for accounting for the company’s funds, monetary documents, transfers en route, financial investments, etc.)
6. "Calculations". This section includes accounts used to reflect accounts receivable and payable different types.
7. "Capital". This section includes accounts for accounting own sources formation of property.
8. “Financial results.” This section includes accounts intended to identify financial results.
In the course of carrying out financial and economic activities, organizations may dispose of or use accounting objects that do not belong to them. For example, materials received on a toll basis, goods transferred on commission, objects received on lease, etc. To reflect such accounting objects, there is a list of accounting accounts, the balances of which are not reflected in the balance sheet, which are called Off-Balance Sheet Accounts.
Thus, to summarize information about the availability and movement of property temporarily in the use or disposal of an economic entity (not owned by it), entries in off-balance sheet accounts are made without applying the principle of double entry.
ABSTRACT
The economic life of an enterprise consists of the facts of occurrence, change and termination of obligations. These are, on the one hand, the obligations of the enterprise to its agents and correspondents, i.e. obligations in which the enterprise acts as a passive party. This includes debts to suppliers to pay for purchased valuables, debts to the state to pay taxes, unpaid wages, etc. On the other hand, these are the obligations of agents and correspondents to the enterprise, i.e. obligations in which the enterprise is an active party. Here we can name debts of buyers, obligations of employees to compensate for damage caused to the enterprise, debt of the state to reimburse taxes and fees paid, etc.
Reflection of liabilities on the balance sheet is the basis of this study.
The purpose of the work is to study the theoretical and practical aspects of accounting for the obligations of an enterprise in a market economy.
In preparing the course work, normative, educational, methodological, special literature, as well as media materials, were used.
ABSTRACT. 2
INTRODUCTION 5
1. Theoretical aspects of accounting for the obligations of enterprises in a market economy 7
1.1 Economic concept obligations. 7
1.2 Classification of obligations. eleven
1.3 Presentation of information about the company's liabilities in the balance sheet. 16
1.4 Regulatory acts governing the formation and presentation of information about the obligations of the enterprise as part of the reporting. 24
2. Reflection of liabilities in the balance sheet of OJSC Almak. 28
2.1 Brief economic characteristics OJSC "Almak" 28
2.2 Organization of the accounting service and internal regulations of Almak OJSC. 33
2.3 Activities prior to the preparation of the annual financial report 36
2.3.1 Clarification of the assessment of assets and liabilities. 36
2.3.2 Reflection of the financial results of the organization’s activities. 37
2.4 Presentation and disclosure of information about the liabilities of Almak OJSC in the balance sheet. 40
CONCLUSION. 49
List of used literature... 51
INTRODUCTION
The most informative form for analyzing and assessing the financial condition of an enterprise is the balance sheet. A balance sheet asset characterizes the property mass of the enterprise, i.e. the composition and condition material assets directly owned by the farm. The liability side of the balance sheet characterizes the composition and state of the rights to these values that arise in the process of economic activity of the enterprise among various participants in the commercial business. Balance sheet analysis involves assessing a company's assets, liabilities and equity.
In the Russian Federation, the balance sheet asset is built in order of increasing liquidity of funds, i.e. direct dependence on the rate of transformation of these assets into monetary form during the turnover process.
The liability side of the balance sheet gives a valuation of the enterprise's funds as of a certain date according to the sources of their formation, intended purpose, and repayment terms.
In the liabilities side of the balance sheet, the grouping of items is based on legal characteristics. The entire set of obligations of the enterprise for the received values and resources is primarily divided by entity: to the owners of the enterprise and to third parties (lenders, banks, etc.).
Balance sheet liability items are grouped according to the degree of urgency of repayment (repayment) of obligations. The first place is occupied by the authorized capital as the most constant part of the balance sheet. The rest of the articles follow.
The balance sheet allows you to assess the efficiency of the enterprise’s capital allocation, its sufficiency for current and future economic activities, assess the size and structure borrowed sources, as well as the effectiveness of their attraction.
Based on balance sheet information, external users can make decisions about the feasibility and conditions of doing business with this enterprise as a partner; assess the creditworthiness of the enterprise as a borrower; assess the possible risks of your investments; feasibility of acquiring shares of this enterprise and its assets and other decisions.
To get a reliable picture financial situation The organization needs to accurately calculate and take into account the company’s liabilities, and, as a result, correctly reflect them in the balance sheet.
It is this problem – the reflection of liabilities on the balance sheet – that is the topic of this study.
The purpose of the work is to study the theoretical and practical aspects of reflecting liabilities in the balance sheet of an enterprise in a market economy.
To achieve the goal of the work, it is necessary to solve a number of problems:
Give the concept of obligations and consider their classification;
Consider the procedure for presenting information about liabilities in the company’s balance sheet;
Systematize regulations governing issues of obligations.
The subject of the course work is liabilities and their reflection in the balance sheet.
The object of the study is the obligations of Almak OJSC.
The work used methods such as observation in the form of documentation, inventory, grouping and summarizing data.
The work consists of an introduction, two chapters, a conclusion, a list of references used..
The first chapter of the course work discusses theoretical aspects identified problem
The second chapter is of a practical nature: Almak OJSC and the work of its accounting service in terms of obligations are considered.
OJSC Almak operates efficiently, since its activities during the entire analyzed period brought profit, there were no losses.
The result of the study is recommendations for improving accounting work in the liability area.
From an economic point of view, the obligations of the enterprise, i.e. its accounts receivable and accounts payable constitute a loan. Accounts receivable is a loan provided by an enterprise to its counterparties, and accounts payable is a loan provided to an enterprise by its counterparties. For example, having accounts payable to suppliers, an enterprise, from the moment this debt arises until the moment it is repaid, receives at its disposal an additional amount of funds in the amount of the existing debt.
Let’s assume that an organization purchases from suppliers a consignment of goods worth (excluding VAT) 100,000 rubles. The following entry is made in accounting:
Debit 60 “Settlements with suppliers” Credit 41 “Goods”
100,000 rub. - for the amount of the cost of goods (excluding VAT).
From an economic point of view, this accounting entry shows that during the time until the debt to suppliers is repaid, the buyer will actually have double the funds.
Firstly, the acquired goods, which will be sold, generating income, become the property (disposition) of the organization. Secondly, the money that is temporarily not paid to the supplier can be used in the company’s turnover, bringing it profit.
Thus, if interest is not accrued on the amount owed to the creditor due to the terms of the contract, the company receives a free loan from its suppliers. It follows from this that the longer the period from the moment the debt arises to the moment it is repaid, i.e. The longer the period for which a company receives a free loan, the more profitable for the company is the transaction that involves paying for goods after receiving them.
Today, due to the norms of accounting legislation, accounting is dominated by the legal understanding of obligations, based on the content of Article 307 of the Civil Code of the Russian Federation, which reads: “By virtue of an obligation, one person (debtor) is obliged to perform a certain action in favor of another person (creditor), somehow: transfer property, perform work, pay money, etc. or refrain from a certain action, and the creditor has the right to demand that the debtor fulfill his obligation.”
Based on the legal norms that dictate the legal approach to determining the scope of obligations, we must be guided by the principle of nominalism, which has three sources:
Agreement, i.e. the extent to which its parties have determined the volume of mutual obligations is the extent to which they are valued;
Law, i.e. the amount of the obligation is set by the authority; it is said, for example, that the income tax is 24%, which means that this is the amount of the obligation;
Tort, i.e. the amount of the obligation is determined by the monetary assessment of the damage caused to the business entity.
It follows from this that obligations must be reflected in settlement accounts in amounts determined either by agreement, or by law, or by tort, i.e. in amounts due to be received or paid at any given point in time. That is, the company’s liabilities are always accounted for at par, i.e. in the amounts in which they were established and therefore they do not reflect the impact of:
The purchasing power of money, because the nominal value of the obligation is not equal to its real value. The first is always, i.e. until the terms of the contract change, the adoption of retroactive rules of law or the commission of a tort, remains unchanged, the second changes over time;
Profitability, because money today could bring a completely different result than the same amount some time in the future.
Thus, the prevailing legal approach to determining the amount of obligations ignores the fact that the real value of the obligation changes all the time, and its economic content “does not fit into the forms of narrow legal principles.”
In this regard, the economic approach is incomparably more important, first of all, for assessing the real financial position of the enterprise. And when analytical indicators are being calculated, when the financial position of the company is being determined, then the real value of the liability (accounts payable), and not its nominal value, becomes of great importance.
And, it is no coincidence that the economic approach defines completely different rules for assessing the obligations of business entities, based on the principle of the time value of money. The calculation of the estimated value here assumes:
Either calculating “today’s” amount in “tomorrow’s” money is the so-called accrual procedure;
Or calculating “tomorrow’s” amount in “today’s” money - a discounting procedure.
This approach (naturally with a certain degree of relativity) allows you to see how much the amount due will depreciate over the period from the moment the obligation arises until the moment it is repaid. The depreciation of money over time relative to the activities of a particular business entity is determined by two factors:
Inflation;
Percentage of the enterprise's profit.
At the same time, it should be taken into account that if the accounting methodology does not involve the introduction of adjustments for inflation when reflecting financial results, then the percentage of accounting profit already takes into account the inflation factor with the distribution of its influence relative to the calculation period.
From here, with the introduction of the assumption of conservation of the rate of return, we can calculate the amount that the enterprise could earn during the period from the date the debt was incurred to the date of its repayment, if it received this money immediately. This is done by multiplying the amount of debt by the percentage of accounting profit for the previous accounting period. We can also use its planned value as the rate of profit. However, in this case it should be taken into account that the percentage used must reflect the inflation factor.
The logic of reasoning in this situation is extremely simple.
So, suppose an enterprise sells a batch of its products for 300,000 rubles. According to the terms of the agreement, the invoice will be paid by the buyer in 2 months. The profit percentage used in the calculation is 20%. Consequently, if the company, without waiting two months, received this money immediately, it would be able to earn an additional 60,000 rubles. arrived.
This approach leads to amazing conclusions when assessing the profitability of an enterprise. Based on the average rate of profitability of sales of 20%, we can assume that the cost of sales for 300,000 rubles. products amounted to 250,000 rubles.
Accordingly, when reflecting the sale in accounting, a profit of 50,000 rubles was shown. The following entries were made:
Debit 62 “Settlements with buyers and customers” Credit 90 “Sales” subaccount 1 “Revenue” - 300,000 rubles;
Debit 90 “Sales” subaccount 2 “Cost of sales” Credit 43 “Finished products” - 250,000 rubles;
Debit 90 “Sales” subaccount “Profit/loss from sales” Credit 99 “Profits and losses” - 50,000 rubles.
However, taking into account the established deadline for payment for products, the enterprise’s losses on the time value of money will amount to 60,000 rubles. And, therefore, from an economic point of view, the result of this particular transaction for the enterprise is not a profit of 50,000 rubles, but a loss of 10,000 rubles. (60,000 - 50,000).
Based on this, we can conclude that either, while maintaining this rate of profit, the enterprise should reconsider the terms of concluded agreements on the terms of payment for products, or, while maintaining the conditions on payment terms, revise the terms on the price.
1.2 Classification of obligations
Classification of obligations to pay for goods (works, services)
It is proposed to classify obligations according to the “important/unimportant” criterion in order to determine the priority of fulfilling an obligation on the basis of constructing a classification of obligations according to four criteria (Fig. 1):
1) by subject;
2) according to deadlines;
3) by level of expenses;
4) according to the degree of participation of money in calculations.
Rice. 1. Classification of an enterprise’s obligations to pay for goods (works, services)
1. Classification of obligations by entity allows you to identify key creditors based on certain criteria.
The selection criteria for key suppliers and contractors may be as follows:
· according to the degree of participation in ensuring the uninterrupted reproduction process of the debtor enterprise;
· according to the degree of interest of the supplier-creditor in the debtor’s business.
Decisions to continue the supply of goods, performance of work, provision of services by suppliers and contractors in the event of delay in fulfillment of obligations have different effects on the production process of the debtor enterprise. For example, a company that supplies electricity to a machine-building plant is, of course, a key supplier, since in the event of a power outage, the entire production facility will immediately be held accountable for non-payment. From a legal point of view, it does not matter who the creditor is in relation to the debtor; the obligation is in any case subject to execution in in full and within the period established by the contract. But in conditions of a shortage of financial resources, it is advisable to negotiate with a non-key supplier on deferring the fulfillment of obligations to pay for products (works, services). A delay in fulfilling obligations to pay for goods (works, services) for more than three months must be documented. Otherwise, the creditor may apply to the court to initiate bankruptcy proceedings against the debtor, and, naturally, the court will not take into account what the creditor does to the debtor: washes windows or supplies steel.
If the supplier is interested in the business of the debtor enterprise, the supplier-creditor can use methods of taking over the business through the bankruptcy procedure of the debtor. It is quite difficult to assess the possible interest of creditors in the debtor’s business; it is necessary to have reliable insider information. It is worth keeping in mind that the debtor’s obligations to suppliers of goods (works, services) can be acquired by third parties who are more interested in the debtor’s business than the suppliers. Therefore, for overdue debts, it is necessary to constantly send reconciliation reports to creditors in order to identify cases of changes in persons in obligations.
2. Classification of liabilities into long-term and short-term, as well as urgent and overdue is provided current legislation. The deadlines for fulfilling obligations to pay for goods (works, services) rarely exceed a year (usually no more than 30 days), and therefore are short-term obligations. Form No. 5 of the Appendix to the balance sheet reflects indicators of debt for which the debt repayment periods stipulated in the agreements have expired. In this case, debts listed in accounting as overdue for more than 3 months before the reporting date are separately identified.
3. Classification of obligations by level of expenses is not provided for by current legislation, but is a very important stage in working with obligations. Expenses for servicing obligations to pay for goods (works, services) may be:
· fines and penalties that are recognized by the debtor or for which court decisions on their collection have been received;
· legal costs.
Fines and penalties are the main expenses for servicing overdue obligations to pay for goods (works, services). For Russian enterprises, overdue obligations to pay for goods (works, services) are a specific source of financing their activities. Often, creditors do not charge any fines or penalties for overdue obligations, so this source of financing becomes free for enterprises, but extremely risky, especially if the enterprise is overdue for more than three months in fulfilling its obligations.
In conditions of a shortage of financial resources, when the enterprise does not have enough money to satisfy the claims of all creditors, it is necessary to give priority to the fulfillment of such obligations for which 1 rub. principal debt accounted for maximum size fines and penalties, which will minimize the costs of servicing overdue accounts payable.
Data on fines that the lender has the right to charge for late fulfillment of payment obligations are contained in the contracts. Coefficient of expenses for fines per 1 rub. debt is determined by dividing the amount of the fine by the amount of debt using the formula:
K penalties = F/D , (1)
where K is the coefficient of expenses for fines;
F - the amount of the fine according to the agreements;
If the agreement provides for the accrual of penalties, the coefficient will take the form:
K penalty = P x D / D = P , (2)
where K is the coefficient of expenses for penalties;
P - penalties according to agreements (as a percentage of the principal amount);
D - amount of liabilities (principal debt).
The expense ratio for fines and penalties can be presented as:
K fines and penalties = K fines + K penalties . (3)
The criterion for classifying expenses on fines and penalties as high, medium or low is individual for each enterprise and depends on the average level of the coefficient of expenses on fines and penalties provided for in contracts. It is advisable to prioritize obligations for which the calculated value of the proposed coefficient is higher than the average.
The level of legal costs arising from failure to fulfill obligations to pay for goods (works, services) is difficult to predict, but they can be quite high. To calculate the forecast value of the level of legal costs associated with servicing accounts payable, you can use formula (1).
4. Classification of liabilities into monetary and non-monetary is also important in the process of managing accounts payable to suppliers and contractors. In addition to payment of funds, settlement of the obligation can be carried out in the following ways:
· transfer of other assets (finished products, fixed assets, inventories, securities);
· provision of services or performance of work;
· transfer of liabilities into share capital;
· “forgiveness” of obligations;
· payment of obligations by third parties, for example founders.
In conditions of a shortage of funds, it is advisable to agree with creditors on the fulfillment of obligations by non-monetary means, if, of course, such an opportunity arises.
1.3 Presentation of information about the company's liabilities in the balance sheet
The balance sheet is formed as of the last reporting date, that is, as part of the annual reporting, - as of December 31. Its standard form (form No. 1) was approved by order of the Ministry of Finance of Russia dated July 22, 2003 No. 67n. Based on it, an organization can develop its own form, taking into account the specifics of its activities. However, in this form of balance sheet it is necessary to save the codes of the total lines (300 and 700), the codes of the total lines by sections (190, 290, 490, 590 and 690), the codes by groups of balance sheet items (110, 120, 130, etc. ). In other words, the codes indicated in Form No. 1 should not be changed. This is stated in paragraph 8 of the Instructions on the procedure for drawing up and presenting financial statements, approved by Order of the Ministry of Finance of Russia dated July 22, 2003 No. 67n.
Form No. 1 consists of an asset and a liability. The asset indicates the value of the property and the amount of receivables, the liability indicates the amount of equity capital, the amount borrowed money and accounts payable of the organization.
The balance sheet provides data at the beginning (column 3) and the end of the reporting year (column 4). But it happens that the indicators reflected, for example, as of January 1, 2007, may not coincide with the data as of December 31, 2006 (column 4 of form No. 1 for 2006). This applies to the amounts recorded in the line “Fixed assets” (line 120 of the standard form), the line “Additional capital” (line 420) and the line “Retained earnings (uncovered loss) of previous years and the reporting year” (line 470). One possible reason is the following situation.
As you know, by order of the Ministry of Finance of Russia dated November 27, 2006 No. 154n, PBU 3/2006 was approved. According to paragraph 3 of this order, as of January 1, 2007, organizations should have recalculated receivables and payables into rubles, as well as borrowed obligations, the amount of which is expressed in foreign currency, but is paid in rubles at the official rate or the rate established by agreement of the parties. The need for such a recalculation is due to the fact that from January 1, 2007, the concept of amount differences disappeared from accounting.
The difference arising as a result of recalculation is attributed to account 84 “Retained earnings (uncovered loss)”.
The liability side of the balance sheet deciphers information about the sources of asset formation. Liability sections: “Capital and reserves”, “Long-term liabilities”, “Short-term liabilities”.
Let's take a closer look at the information sections about obligations.
Section "Long-term liabilities"
Line 510 “Loans and credits” is intended to reflect funds that the organization borrowed for a period of more than 12 months. When filling out this line, it is important to remember that debt on loans and borrowings is reflected taking into account accrued interest, regardless of the time of their actual payment (clause 73 of the Regulations on Accounting and Reporting in the Russian Federation). When filling out this line, use data on the loan of account 67 “Calculations for long-term loans and credits”.
In line 515 “Deferred tax liabilities” indicate the balance of deferred tax liabilities, which is listed in the credit of account 77 “Deferred tax liabilities” at the beginning and at the end of the reporting period. If an organization reflects IT and IT is collapsed, this line includes the amount of the excess of deferred tax liabilities over deferred ones tax assets(the difference between the balance on accounts 77 and 09).
Line 520 “Other long-term liabilities” indicates long-term liabilities not reflected in other lines of this section.
The indicator of line 590 “Total for section IV” is equal to the sum of the values of lines 510, 515 and 520.
Section "Short-term liabilities"
Line 610 “Loans and credits” indicates the debt on loans and borrowings that the organization must repay within 12 months after the reporting date. To fill out this line, use the credit balance of account 66 “Settlements for short-term loans and borrowings.” Debt on short-term loans and borrowings is reflected taking into account interest payable at the beginning and end of 2007.
An organization can also reflect on this line debt on loans and borrowings, which are transferred from long-term to short-term. This fact must be disclosed in the explanatory note.
In line 620 “Accounts payable” you must record total amount the organization's accounts payable and decipher it in lines 621-623.
In line 621 “Suppliers and contractors” enter the organization’s debt for material assets received, work performed and services rendered. When filling out the line, use the credit balances of account 60 “Settlements with suppliers and contractors” related to short-term debt.
In line 622 “Debt to the organization’s personnel,” the amounts of payments accrued but not issued to employees (salaries, bonuses, social and compensation payments). To account for settlements with employees (staff and freelance) for all types of salaries, bonuses and benefits, account 70 “Settlements with personnel for wages” is intended. The credit of this account reflects accrued amounts, the debit - paid and withheld. The amounts of payments accrued but not received by employees on time are shown in the debit of account 70 and the credit of account 76, subaccount 4 “Calculations for deposited amounts.” Therefore, to fill out line 622, it is necessary to use the balance at the beginning and end of 2007 for account 70 and subaccount 76-4.
Line 623 “Debt to state extra-budgetary funds” reflects the organization’s debt at the beginning and end of the reporting period to the Pension Fund (for insurance contributions for compulsory pension insurance) and the Federal Social Insurance Fund of Russia (for contributions for injuries). Settlements with the mentioned funds are carried out on the corresponding subaccounts of account 69 “Settlements for social insurance and provision."
When filling out line 624 “Debt on taxes and fees”, use the credit balance of account 68 “Calculations for taxes and fees”. In addition, this line indicates the debt for payment of the Unified Social Tax without taking into account insurance contributions for compulsory pension insurance (account 69). If any subaccount of account 68 or 69 has a debit balance, it is recorded on line 240 of the “Current assets” section.
In line 625 “Other creditors” indicate the debt for settlements not reflected in the previous lines. In this case, credit balances on accounts are used:
62 “Settlements with buyers and customers” subaccount “Settlements for advances received”;
71 “Settlements with accountable persons”;
73 “Settlements with personnel for other operations”;
76 “Settlements with other debtors and creditors”, etc.
Amounts of unclaimed accounts payable must be written off from the balance sheet after the expiration of the statute of limitations (clause 78 of the Regulations on Accounting and Reporting in the Russian Federation). Based on the inventory data, these amounts are included in the enterprise’s other income (clauses 7 and 10.4 of PBU 9/99). Such amounts are not reflected in the fifth section of the balance sheet.
Line 630 “Debt to participants (founders) for payment of dividends” includes the amount of debt in the form of dividends, as well as interest on shares that have been accrued to the owners of the enterprise based on the decision of the meeting of shareholders (participants), but have not yet been paid. The same line may include debt associated with the participant’s withdrawal from the company.
Please note that the announcement annual dividends recognized as an event after the reporting date. Therefore, for example, dividends accrued based on the results of 2007 are not reflected in the accounting records, nor in the balance sheet as of December 31, 2007.
When filling out line 630, take the credit balance at the beginning and at the end of the reporting period in account 75 “Settlements with founders”, subaccount 2 “Settlements for payment of income”.
In line 640 “Deferred income” you need to indicate income received in the reporting period, but relating to future periods. Such income takes into account the difference between the amount to be recovered from the guilty parties for the shortage of material assets and the book value of these assets, rent received several months in advance, etc. When filling out the line, use the credit balance of account 98 “Income future periods."
In line 650 “Reserves for future expenses” indicate the amounts reserved to cover future expenses and accounted for in account 96 “Reserves for future expenses and payments”. The types of reserves that an organization can form in accounting are established in paragraph 72 of the Regulations on Accounting and Reporting in the Russian Federation. Only some types of reserves can have carryover balances at the end of the year, for example:
For upcoming vacation payments, if employees’ vacations for 2007 are postponed to the next year;
Payment of annual bonuses for length of service and payment of annual bonuses based on the results of work for the year, which will be paid at the beginning of 2008;
Expensive repairs of fixed assets;
Warranty repairs and warranty service.
Line 660 “Other short-term liabilities” records obligations that cannot be attributed to other groups of articles in this section.
The indicator of line 690 “Total for section 5” is equal to the sum of the values of lines 610, 620, 630, 640, 650, 660.
The following are considered general requirements for financial statements:
1) The accounting (financial) statements must include the data necessary for the formation of reliable and full presentation about the financial position of the organization, the financial results of its activities and changes in its financial position. Accounting (financial) statements generated on the basis of the rules established by regulatory acts on accounting are considered reliable and complete.
To ensure the reliability of accounting data and accounting (financial) statements, organizations are required to conduct an inventory of property and liabilities, during which their presence, condition and valuation are checked and documented.
Data from the accounting (financial) statements of an organization must include performance indicators of all divisions (including those allocated to separate balances). Organizations that prepare consolidated accounting (financial) statements taking into account data on their subsidiaries (dependent) companies establish the volume of accounting (financial) statements submitted to them by their subsidiaries and dependent companies and the requirements for them put forward by the founders for the purpose of generating consolidated information. If it turns out that there is insufficient data to form a complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position, then the organization includes in the accounting (financial) statements the corresponding additional indicators and explanations for the indicators recommended by the Ministry of Finance of the Russian Federation.
2) When preparing the accounting (financial) statements of organizations, the neutrality of the information contained in them must be ensured, i.e. unilateral satisfaction of the interests of some groups of users of accounting (financial) statements over others is excluded. If, through selection or presentation, information influences the decisions and evaluations of users to achieve predetermined results or consequences, such information is not neutral.
3) Indicators about individual assets, liabilities, income, expenses and business transactions, and in accounting (financial) statements separately in cases of their significance and if without knowledge of them by interested users it is impossible to assess the financial position of the organization or the financial results of its activities. An indicator is considered significant if its non-disclosure may affect the economic decisions of interested users made on the basis of the reporting information. An amount is considered significant if its ratio to the total of the relevant data for the reporting year is at least five percent. An organization may decide to use material information different from the above for the purposes of reflecting in accounting (financial) statements. The organization's decision on whether a given indicator is significant depends on the assessment of the indicator, its nature, and the specific circumstances of its occurrence.
4) For each numerical indicator of the accounting (financial) statements, except for the report prepared by a newly created organization for the reporting period, data must be provided for at least two years - the reporting year and the one preceding the reporting year. The organization has the right to disclose data for more than two years for each numerical indicator. If an organization decides to disclose data for more than two years (three or more) for each numerical indicator in the presented accounting (financial) statements, then comparability of data for all periods must be ensured.
5) In the accounting (financial) statements of the organization, the comparability of the reporting data with indicators for the previous year (years) or corresponding periods of previous reporting periods must be ensured. If the data for the period preceding the reporting period are not comparable with the data for the reporting period, then the first of these data are subject to adjustment based on the rules established by regulatory acts on accounting.
6) In accounting (financial) statements, offsets between items of assets and liabilities, items of profit and loss are not allowed, except in cases where such offset is provided for by the relevant accounting provisions.
7) The balance sheet must include numerical indicators in a net valuation, that is, minus regulatory values.
8) When preparing accounting (financial) statements, the requirements of accounting provisions and other regulatory documents on accounting regarding the disclosure of information in accounting (financial) statements must be met:
On changes in accounting policies that have had or are likely to have a significant impact on the financial position, cash flow or financial results of the organization;
On transactions in foreign currency;
On inventories;
About fixed assets;
About the income and expenses of the organization;
About events after the reporting date and about the consequences of contingent facts of economic activity;
About information on affiliates;
Information on operating and geographic segments;
Other information about the assets, capital and reserves and liabilities of the organization.
In modern conditions, the forms included in the financial statements are not strictly regulated, but are compiled by organizations taking into account the recommendations of the Ministry of Finance of the Russian Federation, set out in order No. 4n dated January 13, 2000. At the same time, when an organization independently develops financial reporting forms based on the samples recommended by the Ministry of Finance of the Russian Federation, the general requirements for financial reporting discussed above must be observed.
1.4 Regulatory acts governing the formation and presentation of information on the enterprise’s obligations as part of the reporting
Currently, Russia has developed a four-level system of regulation of accounting and reporting, the formation of which was greatly influenced by economic transformations in the country, the need for organizations to work in new market conditions, as well as the active dissemination of international financial reporting standards.
First level along with others legislative acts forms the Federal Law of November 21, 1996 No. 129-FZ “On Accounting”, adopted by the State Duma on February 23, 1996. and approved by the Federation Council on March 20 of the same year, (as amended on June 30, 2003), with amendments and additions coming into force on January 1, 2004. This law, which is the foundation of the accounting regulation system, establishes a unified legal methodological framework accounting and preparation of financial statements in the Russian Federation. In accordance with these principles, the general management of accounting is the Government of the Russian Federation, which has granted the right to regulate accounting to the Ministry of Finance of the Russian Federation, other departments and organizations. The appearance of this document is difficult to overestimate - in essence, the accounting and tax systems acquired the same status. As one of the main objectives of accounting, the said Law provides for the provision of information necessary for internal and external users of accounting statements to monitor compliance with the legislation of the Russian Federation when an organization carries out business operations and their feasibility, the presence and movement of property and liabilities, the use of material, labor and financial resources in accordance with approved norms, standards and estimates.
The Accounting Law defines financial statements as a unified system of data on the property and financial position of an organization and the results of its economic activities, compiled on the basis of accounting data in established forms.
Several articles of this Law are directly devoted to more specific issues of the composition and content of reporting.
Along with the Law on Accounting are other laws, for example, the Law “On Joint-Stock Companies” No. 208 FZ dated December 26, 1995 (as amended on February 24, 2004), the Law “On Companies with limited liability"No. 14 Federal Law dated 02/08/1998 (as amended on 03/21/2002), Decrees of the President of the Russian Federation, Decrees of the Government of the Russian Federation, for example Resolution No. 283 of March 6, 1998 “On approval of the Accounting Reform Program in accordance with international standards financial statements”, which directly or indirectly regulate accounting and preparation of accounting (financial) statements. An important regulatory act of the first level is the Civil Code of the Russian Federation, adopted by the State Duma on October 21, 1995, in the first part of which many issues of accounting and reporting are legislated, in particular, the presence of an independent balance sheet as a sign of a legal entity, the mandatory approval annual report, the concept of subsidiaries and dependent companies.
One of the most important methodological documents in the field of accounting is the Regulations on Accounting and Financial Reporting, which formulate the most important principles of accounting in organizations. Subsequently, many articles of this Regulation were adopted in a new edition in connection with the entry into force of part one of the Civil Code of the Russian Federation and other regulations. Having replaced the previously existing provisions on accounting reports and chief accountants, legislators took into account the requirements of a market economy in the said Regulations. However, despite all the importance of this document, it cannot be unambiguously classified as a first-level document, since it was approved not by the legislative body, but by order of the Russian Ministry of Finance.
Second level constitute the Accounting Regulations (PBU), which were developed by the Ministry of Finance of Russia in accordance with state program transition of the Russian Federation to the one adopted in international practice accounting and statistics system in accordance with the requirements of the development of a market economy.
These PBUs address certain methodological issues of accounting for specific transactions, for example, accounting for fixed assets and inventories. The list of priority issues to be regulated is approved by the above-mentioned Program. Many accounting provisions are directly related to reporting - this is primarily PBU 4/99 “Accounting statements of an organization”, approved by order of the Ministry of Finance of Russia dated July 6, 1999. No. 43n, which replaced PBU 4/96. These Accounting Regulations are approved by order of the Russian Ministry of Finance. Some PBUs have undergone changes since their first publication. There are currently 21 PBUs in operation.
Third level combines documents of a recommendatory nature: instructions, guidelines, specifying the general methodological guidelines set out in laws and PBUs, in accordance with industry specifics.
If documents of the second level are mandatory for all organizations (for example, the Chart of Accounts), then documents of the third level regulate specific transactions. So, if PBU 4/99 is a second-level document, then the annual orders of the Ministry of Finance of Russia, issued in its development and specifying the reporting requirements for the current year, are third-level documents (for example, order No. 67n dated July 22, 2003 “On forms of financial statements organizations."
Fourth level includes orders, directions, instructions issued by the organization itself. Thus, a working chart of accounts drawn up on the basis of a unified Chart of Accounts, or an organization’s accounting policy adopted in accordance with PBU 1/98, are fourth-level documents.
In order to correctly prepare accounting and tax reporting, you need to have information on hand that takes into account all the requirements of current legislation.
So, when generating and reflecting information about the obligations of an enterprise as part of the reporting, it is necessary to comply with the general requirements provided for by the Regulations on maintaining accounting and financial statements in the Russian Federation, the Regulations on accounting “Accounting statements of an organization” PBU 4/99, Methodological recommendations on the procedure formation of indicators of the organization’s financial statements and other regulatory acts on accounting.
General requirements to the financial statements are given in clause 1.3.
2.1 Brief economic characteristics of Almak OJSC
Open Joint Stock Company "Almak" was registered by Decree of the Administration of the Central District of Barnaul dated September 24, 1992 No. 597\36a. Legal address: 656922, Barnaul, st. Traktovaya, 31 B.
The authorized capital of the company is 6.5 million rubles.
Ordinary shares – 11891 pcs. with a nominal value of 547 rubles.
The number of authorized shares is 17,837 with a par value of RUB 547. for 9,756,839 rubles.
Number of shareholders registered in the register 85,
including the number of shareholders included in the list of shareholders entitled to participate in the annual general meeting - 85.
Distribution of authorized capital between shareholders:
· Commercial organizations –94.118%;
· Individuals –5.882%;
The main activity of Altai Pasta OJSC is the production of pasta.
The history of the company begins in 1942, when a small workshop was created in Barnaul on the basis of a municipal food processing plant, where noodles were cut by hand, without any equipment. And in 1964, the workshop was reorganized into an independent enterprise - the Barnaul Pasta Factory, which initially produced about 2000 tons of products per year. Over time, production technology improved, the volume of products increased, and quality improved.
Table 1 - Main performance indicators of Almak OJSC for 2007
| Indicators |
Unit measured. |
2007 report |
2006 report |
2007 as a percentage of 2006 |
| Revenue (net) from the sale of goods, works, services (excluding VAT, excise tax, etc.) |
||||
| Volume of production consumer goods |
||||
| Growth rate of consumer goods in comparable prices |
In % of the previous year |
|||
| Production of main types of products in physical terms: |
||||
| Production of pasta |
||||
| Release of flour (together with packaged flour) |
||||
| in addition from customer-supplied raw materials |
||||
| Production of pasta |
||||
| Flour release |
||||
| Profit (loss) from ordinary activities |
||||
| Net profit (direct profit (loss) of the reporting year) |
||||
| Profitability |
||||
| Contributions to budgets of all levels (paid) – total, |
||||
| incl. to the regional budget |
||||
| local budget |
||||
| Accounts receivable at the end of the period, total |
||||
| Accounts payable at the end of the period, total |
||||
| incl. on payments to budgets |
||||
| Average number of employees, |
||||
| incl. by main activity |
||||
| Capital investments from all sources of funding - everything, |
||||
| incl. industrial purposes |
||||
| including by sources: |
||||
| own funds |
||||
| federal budget funds |
||||
| funds from the regional budget |
||||
| local budget funds |
||||
| credits and loans |
||||
| New jobs created |
||||
| Cost of fixed assets at the end of the year |
||||
| Launch of OPP funds |
||||
| Liquidation of OPP funds at full book value |
||||
| Depreciation of fixed assets |
||||
| Capacity utilization |
||||
| Production of pasta |
||||
| Flour release |
Evaluation indicators business activity:
· revenue from sales of products, goods, services for 2007 amounted to 276,394 thousand rubles;
· profit from core activities - 16,882 thousand rubles;
· production output per employee - 912.09 thousand rubles;
Table 2 - Expenses for common types activities in 2007.
The article “Material costs” includes: the cost of flour, the cost of packaging film and all material costs associated with the maintenance of production facilities and technological equipment.
Gas and fuel are used to generate heat and steam for production needs. Water is used for washing and moistening grain, kneading dough in the production of pasta.
The building in which the technological equipment for pasta production is located is leased, per year rent amounted to 2,443.4 thousand rubles.
Fixed assets by initial cost at the beginning of the year there were 116.26 million rubles, including 114.14 million rubles for industrial purposes. At the end of the year, their value amounted to 115.13 million rubles, including 113.01 million rubles for production purposes. Thus, there is a decrease in the value of fixed assets by 0.97% due to accrued depreciation.
During the year the following changes occurred in the structure
fixed assets:
Fixed assets were disposed of by 2.567 million rubles. (in
number Vehicle– 2,425.0 thousand rubles, other fixed assets – 142.0 thousand rubles);
Fixed assets were introduced in the amount of 1.437 million rubles. (including production equipment for 1.424 million rubles, other fixed assets - for 0.013 million rubles).
The fixed assets introduced include the reconstruction of the mill complex (conversion to rye grinding), a cyclone filter, a grinding machine, etc.
Depreciation was charged on all property. With the exception of the period when the mill equipment was mothballed (from 01/01/2007 to 08/31/2007). Part of the property - real estate and technological equipment - is pledged. At the beginning of the year this amount was 56.2 million rubles, at the end of the year 95.0 million rubles.
To maintain the uninterrupted operation of the production lines of Altai Pasta OJSC, it is necessary to attract additional funds in the form of credits and loans for the purchase of raw materials.
Short-term loans at the beginning of the year amounted to 32.5 million rubles, 118.5 million rubles were received, 93.0 million rubles were repaid, the balance amounted to 58.0 million rubles.
Long-term loans at the beginning of the year were 25.0 million rubles, 0.0 million rubles were received, 25.0 million rubles were repaid, the balance was 0.0 million rubles.
For 2007, long-term loans at the beginning of the year were 0.0 million rubles, 25.0 million rubles were received, 25.0 million rubles were repaid, the balance was 0.0 million rubles.
During 2007, no short-term loans were issued or received.
Accounts receivable at the beginning of the year amounted to 32.6 million rubles, at the end of the year - 32.3 million rubles, the main debtors are buyers of ZAO TC Adamant, PE Alpert T.V., LLC Alliance-Product, IP Bezborodov A.F., PE Belyak R.I., LLC "Benin", LLC "Biko", LLC "Blok-2000", LLC "Va-Dim", PBOYUL Vasilyeva, LLC "Vilena", LLC "Virkon" , IP Denisenko V.G., IP Emelyanov V.N. Imperia Krup LLC and others.
Accounts payable at the beginning of the year amounted to 43.9 million rubles, at the end - 5.0 million rubles. This debt is short-term; there are no overdue accounts payable. The main creditors are: Ermatel CJSC, Altai-Zlak CJSC, Altaitara LLC, PE Lazarev A.V. and others.
In 2007, non-operating expenses were incurred from the sale of fixed assets and other assets - 1,700.9 thousand rubles; expenses for discounts provided – 1,193.6 thousand rubles; interest on borrowed funds 8,036.0 thousand rubles; bank services 601.4 thousand rubles; provision of charitable assistance 381.3 thousand rubles; from writing off accounts receivable – 1,058.5 thousand rubles.
Non-operating income received from receiving gratuitous financial assistance from the founder - 28,000 thousand rubles, reimbursed interest for the use of funds on the company's current accounts - 60.4 thousand rubles, from the sale of fixed assets 1,490.0 thousand rubles.
Taxes paid to all budgets amounted to 13.304 million rubles, which is 0.37% less than last year. This indicates that the enterprise operates stably, without sudden changes in business methods.
The company's active market position is characterized by a constant search for optimal development paths, new products and new markets. Work is underway to diversify products and expand business in related areas. The immediate plans include further work to find a market-oriented assortment, introduction into new regions of the country, measures to improve packaging design, cost reduction, formation and promotion of the ALMAK brand to the interregional level and much more.
2.2 Organization of the accounting service and internal regulations of Almak OJSC
The main internal regulatory act of the enterprise is the Accounting Policy, which is drawn up in accordance with PBU 1/98 “Accounting Policy of the Organization”. It defines all issues relating to the organization of accounting and tax accounting, including a working chart of accounts, job descriptions of accounting employees, the procedure for reflecting information from all areas of accounting, reporting, the taxation system of the company, as well as the procedure for conducting an inventory of property and liabilities. (Annex 1).
Structure, job responsibilities, the tasks and responsibilities of the accounting service employees are approved in Appendix No. 1 to the accounting policy: “Regulations on the accounting service” (Appendix 2) and are presented in Fig. 2.
To process accounting information, an automated form of accounting is installed at the enterprise.
The objectives of the accounting service of Altai Pasta OJSC are the following main provisions:
Ensuring the completeness, reliability and timeliness of execution of primary accounting documents reflecting the fact of business transactions;
Formation of consolidated accounting documents, accounting and tax registers, which are compiled on the basis of primary accounting documents to control and streamline the processing of data on business transactions;
Application of unified forms of primary accounting documentation, as well as the forms established by Appendix No. 6 to this accounting policy;
Compliance, without fail, with the requirements of the legislation of the Russian Federation and this provision on accounting policies for the purposes of accounting and tax accounting by all departments of the accounting service.
 |
Fig 2. Subordination diagram of the accounting service.
In addition to the Accounting Policy, a Document Flow Schedule for the enterprise has been developed, which includes the procedure for creating document forms, their movement, approval and archiving.
Since the accounting policy is the main document regulating the accounting and tax accounting of an enterprise, it aims to organize a well-thought-out document flow, improve accounting work, as well as within the legal framework, optimize the amount of tax deductions.
The development of an accounting policy includes the preparation of a set of documents regulating the activities of its accounting service, which include:
1. Regulations on Accounting Policies;
2. Appendices to the regulations on Accounting policies, including:
o unified working chart of accounts;
o forms of primary accounting documents for which standard forms of primary accounting documents are not provided, as well as forms of documents for internal accounting reporting;
o forms of tax accounting registers;
o document flow rules and technology for processing accounting information.
Drawing up accounting schemes for individual financial and business transactions consists in the fact that, based on a detailed description of the transaction, the procedure for its accounting (with posting diagrams) and documentation in accordance with the requirements of current legislation are described.
Specialists of the company's accounting service develop a scheme for its accounting and the procedure for documenting it, paying special attention to possible difficulties in implementing a particular scheme, its pros and cons. The management of the enterprise and the founders now have professional guarantees that the accounting scheme is correct and will not lead to tax sanctions and other negative economic consequences.
The accounting department is provided with ready-made work schemes; responsibility for the correctness of the scheme lies with the company's chief accountant.
Based on the developed accounting schemes, financial specialists will be able to predict the economic effect of transactions. The result is a written description of accounting schemes, which allows you to choose the most appropriate option for processing a transaction, properly complete all necessary documents in a timely manner and prevent possible errors when maintaining accounting and tax records.
Local regulations, such as accounting policies, accounting regulations, job descriptions, staffing schedules, wage regulations, bonus regulations, and others, as well as accounting schemes developed taking into account the individual characteristics of the activities of Almak OJSC and the industry specifics of the enterprise allow you to optimize the work of the enterprise’s accounting service, apply schemes, regulations and instructions in their work that guarantee compliance with the law and allow at the same time to protect the interests of the enterprise.
2.3 Activities prior to the preparation of the annual financial report
2.3.1 Clarification of the valuation of assets and liabilities
The procedure for clarifying the assessment of assets and liabilities involves several sequential steps:
Step 1. Correction of errors identified before the date of presentation of the financial statements and relating to the period for which the financial statements are prepared
Step 2. Reflection as of the date of preparation of the financial statements of purchased valuables that are in transit or have not been removed from suppliers’ warehouses
Step 3. Clarification of the valuation of property received from uninvoiced deliveries
Step 4. Carrying out an inventory before drawing up annual financial statements and reflecting the inventory results in accounting
Step 5. Creation of valuation reserves as of the date of preparation of financial statements
Step 6. Conversion into rubles as of the date of preparation of the financial statements of assets and liabilities, the value of which is expressed in foreign currency (reflection of exchange rate differences)
Step 7. Reflection in financial statements contingent assets and obligations
Step 8. Reflection in the financial statements of events after the reporting date, confirming the existence as of the reporting date of the economic conditions in which the organization conducted its activities
2.3.2 Reflection of the financial result of the organization’s activities
Reflecting the financial results of an organization's activities before preparing its financial statements also involves performing a certain sequence of steps.
Step 1. Closing subaccounts opened for account 90 “Sales” to subaccount 90.9 “Profit / loss from sales”
Income and expenses from ordinary activities are reflected in account 90 “Sales”. In accordance with the chart of accounts, entries in subaccounts 90.1 “Revenue”, 90.2 “Cost of sales”, 90.3 “VAT”, 90.4 “Excise taxes”, 90.5 “Export duties”, 90.6 “Purchase price of goods”, 90.7 “Sales tax” are made cumulatively throughout the reporting year. By monthly comparison of the total debit turnover in subaccounts 90.2 to 90.7 and credit turnover in subaccount 90.1 “Revenue”, the financial result (profit or loss) from sales for the reporting month is determined. This financial result is written off monthly (with final turnover) from subaccount 90.9 “Profit / loss from sales” to account 99 “Profits and losses”.
If, upon comparison, the credit turnover in subaccount 90.1 “Revenue” is greater than the total debit turnover in subaccounts 90.2 to 90.7, then the financial result from sales of products (works, services) is profit, which is reflected in the accounting entry in the debit of account 90.9 “Profit / loss from sales " and to the credit of account 99 "Profits and losses". If, upon comparison, the credit turnover in subaccount 90.1 “Revenue” is less than the total debit turnover in subaccounts 90.2 to 90.7, then the financial result from sales of products (works, services) is a loss, which is reflected in the debit of account 99 “Profits and losses” and the credit of the account 90.9 "Profit / loss from sales." Thus, in general, synthetic account 90 “Sales” does not have a balance at the reporting date.
At the end of the reporting year, all subaccounts opened to account 90 “Sales” (except for subaccount 90.9 “Profit / loss from sales”) are closed with internal entries to subaccount 90.9 “Profit / loss from sales”
After this procedure, all subaccounts of account 90 “Sales” should not have a balance.
Step 2. Closing subaccounts opened for account 91 “Other income and expenses” to subaccount 91.9 “Balance of other income and expenses”
Income and expenses from other transactions (except for extraordinary ones) are reflected in account 91 “Other income and expenses”. Entries in subaccounts 91.1 “Other income” and 91.2 “Other expenses” are made cumulatively during the reporting year. By monthly comparison of debit turnover in subaccount 91.2 “Other expenses” and credit turnover in subaccount 91.1 “Other income”, the balance of other income and expenses for the reporting month is determined. This balance is written off monthly (with final turnover) from subaccount 91.9 “Balance of other income and expenses” to account 99 “Profits and losses”.
If the credit turnover in subaccount 91.1 "Other income" is greater than the debit turnover in subaccount 91.2 "Other expenses", then a profit is received from other transactions, which is reflected in the accounting entry as the debit of account 91.9 "Balance of other income and expenses" and the credit of account 99 "Profits and losses." If the credit turnover in subaccount 91.1 "Other income" is less than the debit turnover in subaccount 91.2 "Other expenses", then a loss was received for other transactions, which is reflected in the accounting entry as the debit of account 99 "Profits and losses" and the credit of account 91.9 "Balance of other income and expenses." Thus, in general, synthetic account 91 “Other income and expenses” does not have a balance at the reporting date.
At the end of the reporting year, all subaccounts opened to account 91 “Other income and expenses” (except for subaccount 91.9 “Balance of other income and expenses”) are closed with internal entries to subaccount 91.9 “Balance of other income and expenses”
After this procedure, all subaccounts of account 91 “Sales” should not have a balance.
Step 3. Write-off net profit(loss) of the reporting year to account 84 "Retained earnings (uncovered loss)"
Information on the formation of the final financial result of the organization’s activities in reporting year summarized on account 99 “Profits and losses”. By comparing debit and credit turnover in account 99 “Profits and losses”, the final financial result of the reporting year is determined. If the credit turnover on account 99 “Profits and Losses” is greater than the debit turnover on this account, then the final financial result of the organization’s activities in the reporting year is net profit. The amount of net profit of the reporting year is written off with the final turnover of December from the debit of account 99 “Profits and losses” to the credit of account 84 “Retained earnings (uncovered loss)”.
If the credit turnover on account 99 “Profits and Losses” is less than the debit turnover on this account, then the final financial result of the organization’s activities in the reporting year is a net loss. The amount of the net loss of the reporting year is written off with the final turnover of December to the debit of account 84 “Retained earnings (uncovered loss)” from the credit of account 99 “Profits and losses”.
It should be noted that the implementation of the procedures discussed above prior to the preparation of financial statements presupposes a parallel reconciliation of synthetic and analytical accounting data. The need for this is determined by the requirement of paragraph 4 of Art. 8 Federal Law“On Accounting”, according to which analytical accounting data must correspond to the turnover and balances of synthetic accounting accounts.
Thus, according to the Law, Almak OJSC is obliged to prepare financial statements based on mutually agreed upon synthetic and analytical accounting data. If synthetic accounting data differs from analytical accounting data, then the financial statements cannot be considered reliable.
2.4 Presentation and disclosure of information about the liabilities of Almak OJSC in the balance sheet
In accordance with the Program for reforming accounting in accordance with international financial reporting standards, approved by Decree of the Government of the Russian Federation of March 6, 1998 N 283 (Collection of Legislation of the Russian Federation, 1998, N 11, Art. 1290), the Regulations on accounting "Accounting statements of an organization" (PBU 4/99), which determines the procedure for presenting and disclosing information about the company's obligations, including in the balance sheet.
So, the balance sheet characterizes the financial position of the organization as of the reporting date. Liabilities, as well as assets, are presented in the balance sheet with a division depending on the period of circulation (repayment) into short-term and long-term. Liabilities are presented as short-term if their maturity (repayment) period is no more than 12 months after the reporting date or the duration of the operating cycle, if it exceeds 12 months. All other liabilities are presented as long-term.
Liabilities are reflected in the liabilities side of the balance sheet.
Table 3 – Contents of balance sheet liabilities
| Capital and |
Authorized capital |
|
| Extra capital |
||
| Reserve capital |
Reserves formed in accordance with legislation |
|
| Reserves formed in accordance with the constituent documents |
||
| retained earnings (uncovered loss - deducted) |
||
| Long term duties |
Borrowed funds |
Loans subject to repayment after more than 12 months after the reporting date |
| Loans subject to repayment after more than 12 months after the reporting date |
||
| Other obligations |
||
| Short-term liabilities |
Borrowed funds |
Loans due to be repaid within 12 months after reporting date |
| Loans subject to repayment within 12 months after reporting date |
||
| Accounts payable debt |
Suppliers and contractors |
|
| Bills payable |
||
| Debt to subsidiaries and dependent companies |
||
| Debt to staff of the organization |
||
| Debt to the budget and government off-budget funds |
||
| Debt to participants (founders) on payment |
||
| Advances received |
||
| Other creditors |
||
| revenue of the future periods |
||
| Reserves for upcoming expenses and payments |
||
2.5 Recommendations for improving the accounting and reporting information system regarding the company’s obligations
Since the beginning of this year, a new edition of the Accounting Regulations “Accounting Policy of the Organization” (PBU 1/2008), as well as a completely new Accounting Regulations “Changes in Estimated Values” (PBU 21/2008) have been put into effect.
Paragraph 3 of Order No. 106n of the Ministry of Finance of Russia dated October 6, 2008 establishes that new accounting provisions come into force on January 1, 2009. This means that the rules established in them must be taken into account when preparing the annual financial statements for 2008.
In addition, new requirements for accounting policies must be applied when developing the organization's accounting policies for 2009.
Updated Accounting Policy Regulations
The new PBU 1/2008 is used instead of PBU 1/98, which existed virtually unchanged for 10 years.
The general provisions that open PBU 1/2008 have not undergone significant changes. As before, it requires all organizations to formulate accounting policies.
And companies that publish their financial statements must disclose the provisions of their accounting policies in an explanatory note.
Let's look at some of the rules of the new PBU in more detail.
Formation of accounting policies
Who draws up the accounting policy . What is fundamentally new in PBU 1/2008 is that now not only the chief accountant has the right to formulate accounting policies. This responsibility can also be assigned to another person who maintains accounting in the organization. Let us recall that in accordance with paragraph 2 of Article 6 of the Federal Law of November 21, 1996 No. 129-FZ “On Accounting”, the head of an organization can:
Establish an accounting service headed by a chief accountant;
Add an accountant position to the staff;
Transfer the maintenance of accounting to a specialized organization or a specialist accountant on a contractual basis;
Maintain accounting records in person.
In turn, the head of the organization, by his order, must approve the prepared document and put it into effect.
What should the accounting policy contain? The accounting policy must approve:
Working chart of accounts;
Forms of primary accounting documents;
Forms of accounting registers;
Forms of internal accounting documents;
Inventory procedure;
Methods for assessing assets and liabilities;
Document flow rules and technology for processing accounting information;
The procedure for monitoring business operations;
Other solutions for organizing accounting.
An innovation of PBU 1/2008 is the requirement to approve in the accounting policy all forms of primary documents that are used by the organization, and not just those for which there are no unified forms, as was previously provided. At the same time, as before, all primary accounting documents of the organization must be created according to unified forms given in the corresponding albums.
And documents, the form of which is not provided for in these albums, must contain required details established by the Accounting Law (name of the document, date of preparation, content of the business transaction, personal signatures, etc.).
In the future, it is planned to give companies the right to develop and approve all forms of “primary” independently. But while the unified forms are in effect, they will have to be listed in the accounting policies.
Another significant innovation of PBU 1/2008 is the requirement to disclose the forms of accounting registers in the accounting policy. These include a journal for registering business transactions, order journals, auxiliary statements, memorial orders, the General Ledger, the turnover sheet, etc.
Important nuance: if Russian legislation does not establish accounting methods for a specific issue, when forming an accounting policy, an organization can proceed from the principles of IFRS (clause 7 of PBU 1/2008). There is no such provision in PBU 1/98. At the same time, as before, if accounting rules allow several accounting options, the organization must choose the one that is most optimal from its point of view. If there is no variability in the accounting of certain transactions, the provisions of regulatory acts should not be duplicated in the accounting policy.
When you need to draw up an order on accounting policies. The accounting policy is effective from January 1 of the year following the year of its approval. Particular attention should be paid to this, since often the order to approve the accounting policy for the current year is registered at the beginning of the year (for example, January 9). It is obvious that the accounting policy legally approved by such an order will come into effect only from January 1 of the next year.
Newly created organizations must develop and approve accounting policies within 90 days from the date state registration(Clause 9 PBU 1/2008). And apply it from the moment of registration.
The accounting policy must be applied by all branches, representative offices and separate divisions of the organization, regardless of their location. The development of separate accounting policies for them is not permitted.
Changes and additions to accounting policies
According to paragraph 10 of PBU 1/2008, a company can change its accounting policy:
If amendments are made to Russian legislation or accounting regulations;
If the organization has developed new accounting methods;
In the event of a significant change in business conditions, which include reorganization, transition to new types of activities, etc. Previously, this list also included a change in the owner of the organization. However, this basis has now been excluded.
The changed accounting policy is put into effect from the beginning of the next reporting year, “unless otherwise determined by the reason for such a change” (clause 12 of PBU 1/2008). That is, the new PBU allows this to be done in this year. This clause is very logical, given that a change of activity or reorganization may occur at the beginning or middle of the current year.
It is still allowed to make additions to the accounting policies without restrictions. This is relevant, for example, if an organization takes out a loan from a bank for the first time in the reporting year.
When making changes to accounting policies, it is necessary to additionally evaluate in monetary terms the impact that this change will have on the financial position of the organization.
If such influence is significant, the organization will be required to adjust its financial statements at the beginning of the year from which changes in accounting policies occurred. If the financial statements provide data for several years, then it is necessary to reflect the changes for an earlier period. This method was called “retrospective” in the new PBU 1/2008.
At the same time, an algorithm of actions using the retrospective method was introduced for the first time. It is proposed to adjust the opening balance under the item “Retained earnings (uncovered loss)” for the earliest period presented in the reporting, as well as the values of the accounting indicators associated with this item. It must be assumed that the changes being made have been applied from the very beginning. That is, from the moment the facts of economic activity of this type arise.
Changes in accounting policies are often difficult, if not impossible, to assess. In this case, it is proposed to apply the new accounting method only in relation to those business transactions that were completed after the innovations, that is, “prospectively”. Obviously, due to the significant complexity of adjusting financial statements using the retrospective method, most small and medium-sized organizations will use the prospective method.
Disclosure of accounting policies in financial statements
For organizations publishing their financial statements, PBU 1/2008 contains a requirement to disclose in the explanatory note the significant methods of accounting. The composition and content of information that must be disclosed are specified in separate accounting provisions, for example, in PBU 5/01 “Accounting for inventories” or in PBU 6/01 “Accounting for fixed assets”.
In addition, if changes to accounting policies are made after the annual financial statements have been prepared, they should be disclosed in the interim financial statements.
Mandatory information about accounting policies disclosed in the explanatory note includes:
Methods of depreciation of fixed assets, intangible and other assets;
Methods for assessing inventories, goods, work in progress and finished products;
Methods for recognizing revenue from the sale of products, goods, works, services, etc.
If the company makes changes to its accounting policies, the explanatory note to the financial statements additionally indicates:
The reason why changes are being made;
The procedure for reflecting their consequences in the financial statements;
Amounts of adjustments for each item in the financial statements, and for joint-stock companies also data on basic and diluted profit (loss) for each share;
The fact of application of a new normative act - for changes caused by its application;
The fact that it is impossible to reflect in the financial statements adjustments for previous periods associated with changes in accounting policies.
New Regulation “Changes in Estimated Values”
Estimated values, according to paragraph 3 of the new PBU 21/2008, are:
The amount of valuation reserves created by the organization (for doubtful debts, for reducing the value of inventories, etc.);
Deadlines beneficial use fixed assets, intangible and other depreciable assets;
Estimation of expected revenues from the use of depreciable assets, etc.
A change in estimated values is an adjustment to the value of an asset (liability) due to the occurrence of new information about the amount of future benefits or liabilities. In this case, correction of an error in the financial statements is not recognized as a change in estimated values.
An example of a change in estimated values is, in particular, a change in the useful life of a fixed asset or intangible asset (IMA).
Having discovered this circumstance, the organization is obliged to make corrections to the financial statements at the beginning of the reporting year. And also begin to apply the new useful life of a depreciable asset in accounting.
PBU 14/2007 “Accounting for Intangible Assets”, published at the end of 2007, already provides for an annual clarification of the useful life of intangible assets as an estimated value (clause 27). Taking into account the constant convergence of domestic accounting with international standards, it is obvious that similar changes will be made to other accounting provisions related to estimated values (for example, to PBU 6/01 “Accounting for fixed assets”).
According to PBU 21/2008, a change in the estimated value is recognized as part of income or expenses in the period in which it occurred.
If such a change also affects the financial statements of future periods, then it is reflected in the income and expenses of these periods as well. At the same time, adjust previous periods no need. That is, the adjustment occurs prospectively.
The explanatory note to the financial statements must additionally disclose information about changes in estimated values. And including the impact of such changes on future periods, if this impact can be assessed. If it is impossible to evaluate, this must also be indicated in the explanatory note.
It is obvious that the application of the new PBU in practice further distances accounting from tax accounting. The fact is that the Tax Code of the Russian Federation does not allow, for example, changing the useful life of depreciable property and strictly prescribes the procedure for creating a reserve for doubtful debts.
The presented course work covers the issues of reflecting liabilities in the balance sheet. During the study, the theoretical and practical aspects of the identified problem were worked out. The obligations of an enterprise in a market economy are studied, the concept and classification are given. The procedure for providing information about the company's obligations in the balance sheet is reflected, and regulations governing the formation and provision of information about the company's obligations as part of the reporting are determined.
The practical aspects of the study are based on a study of the work of the accounting service of OJSC Almak. OJSC Almak is a large enterprise in the Altai food industry, the main activity of which is the production of pasta. The paper presents the main economic indicators of the company. The organization of the accounting service and internal regulations have been studied in depth.
The accounting service consists of accounting employees reporting to the chief accountant.
Main internal document The accounting department of OJSC Almak is the Accounting Policy, which determines the procedure for accounting and tax accounting.
OJSC "Altai Pasta" maintains accounting records on the basis of the Working Chart of Accounts, which contains synthetic and analytical accounts necessary for maintaining accounting records in accordance with the requirements of timeliness and completeness of accounting and reporting. The working chart of accounts is drawn up on the basis of the Chart of Accounts and is used by all divisions, branches and representative offices of the organization.
The circulation of primary accounting documents at Altai Pasta OJSC is approved in Appendix 6 to the accounting policy “Document Flow Schedule”, and includes the procedure for creating document forms, their movement, approval and archiving.
To process accounting information, the enterprise has installed an automated form of accounting.
Accounting is organized in a centralized form. Separate units organizations transmit information about transactions performed daily to centralized accounting in electronic format, A source documents, confirming completed transactions - at least 2 times a month.
In addition, work was carried out to systematize the activities preceding the formation of the annual financial report, which include two main stages:
1. Clarification of the assessment of assets and liabilities;
2. Determination of costs and reflection of the financial results of the company’s activities.
Special attention The course work focuses on the presentation and disclosure of information on the liabilities of Almak OJSC in the balance sheet.
The result of the study is recommendations for improvement information system accounting and reporting regarding the company's obligations. The basis of the recommendations is to bring the accounting policies into compliance with the new PBU 1/2008 “Accounting Policies”.
1. Civil Code of the Russian Federation.
2. Tax Code of the Russian Federation.
3. Federal Law of November 21, 1996 No. 129-FZ “On Accounting”
4. Federal Law of December 26, 1995 No. 208-FZ “On Joint-Stock Companies”
5. “Accounting policies of the organization” (PBU 1/98),
6. “Accounting policies of the organization” (PBU 1/2008),
7. “Accounting for construction contracts” (PBU 2/08);
8. “Accounting for assets and liabilities, the value of which is expressed in foreign currency” (PBU 3/2006);
9. “Accounting statements of organizations” (PBU 4/99);
10. “Accounting for inventories” (PBU 5/01)
11. “Accounting for fixed assets” (PBU 6/01)
12. “Events after the reporting date” (PBU 7/98)
13. “Conditional facts of economic activity” (PBU 8/01)
14. “Income of the organization” (PBU 9/99)
15. “Expenses of the organization” (PBU 10/99)
16. “Information about related parties” (PBU 11/2008)
17. “Information by segments” (PBU 12/2000)
18. "Accounting" state aid"(PBU 13/2000)
19. “Accounting for intangible assets” (PBU 14/2007)
20. “Accounting for loans and credits and the costs of servicing them” (PBU 15/08)
21. “Information on discontinued activities” (PBU 16/02)
22. “Accounting for expenses for research, development and technological work” (PBU 17/02)
23. “Accounting for income tax calculations” (PBU 18/02)
24. “Accounting for financial investments” (PBU 19/02)
25. “Information on participation in joint activities” (PBU20/03)
26. “Changes in estimated values” (PBU 21/08)
28. Order of the Ministry of Finance of Russia dated November 28, 1996 No. 101 “On the procedure for publishing financial statements in public joint stock companies»
29. Regulations on accounting policies for 2008 of OJSC Almak
30. Annual report of OJSC Almak for 2007.
31. Abdulaev N., Zainetdinov F. Formation of a system for analyzing the financial condition of an enterprise: Financial newspaper No. 28, 30, 32, 2001.
32. Adamov V. E., Ilyenkova S. D., Sirotina T. P., Smirnov S. A. “Economics and statistics of firms”: textbook. M.: Finance and Statistics, 2000.
33. Bakaev A. On the annual financial statements of commercial organizations for 2008.
34. Bakanov M.I., Sheremet A.D. Theory of economic analysis: Textbook. – 4th ed., add. and processed – M.: Finance and Statistics, 1997.
35. Borisov L. Analysis of the financial condition of an enterprise: Accounting supplement to the weekly “Economy and Life” No. 5, 2002.
36. Vakulenko T. G., Fomina L. F. “Analysis of financial statements for making management decisions.” – St. Petersburg: “Gerda Publishing House”, 2001.
37. Veshchunova N. L., Fomina L. F. “Accounting”: textbook. – M.: Finance and Statistics, 2008.
38. Gerchikova I. N. Financial management: Textbook. - M.: Publishing house JSC “Consultbanker”, 2006.
39. Dontsova L.V., Nikiforova N.A. “Analysis of Accounting Statements”, Publishing House “Delo and Service”, Moscow, 2006.
40. Kiselev M. Annual report 2008: The procedure for drawing up the balance sheet and profit and loss statement: Financial newspaper No. 3,4,5, 2009.
41. Kovalev A. M. Finance: Textbook. Manual - 3rd ed., revised. and additional - M.: Finance and Statistics, 2006.
42. Lyubushin N.P., Leshcheva V.B., Dyakova V.G. “Analysis of the financial and economic activity of an enterprise”: Textbook for universities - M.: UNITI-DANA, 2004.
43. Meshcheryakov V.I. "Annual Report 2007"
44. Mizikovsky E., Druzhilovskaya T. Financial position of the enterprise: various concepts: Financial newspaper No. 45,46,47, 2003.
45. Nikolaeva S. A. Accounting policy of the organization: Tax Courier magazine No. 12, 2008.
46. Pelikh A. S. Fundamentals of Entrepreneurship - Rostov n/D: Expert Bureau, M.: Gardarika, 2003.
47. Podolsky V.I., Polyak G.B., Savin A.A., Sotnikova L.V. - Audit: a textbook for universities - M.: Audit, UNITI, 2005.
48. Savitskaya G.V. “Analysis of the economic activity of an enterprise” - Minsk: LLC “New Knowledge”, 2004.
49. Sokolova V.I. “International Financial Reporting Standards” - M. Finance and Statistics, 2008.
50. Soboleva E. Report-2008. Features of preparation and compilation: Accounting supplement No. 2 of the weekly “Economy and Life”, 2009.
51. Sotnikova L. V. Features of the accounting report for 2007: Journal of Accounting No. 1, 2008.
52. Shorokhova A.S. “The procedure for preparing financial statements for 2007” “Glavbukh” No. 1, 2008
53. Pyatov M.L. Accounting for enterprise obligations// http://www.buh.ru
54. Filippov M. New PBU "Accounting Policy of the Organization" (PBU 1/2008). What changed? // http://www.klerk.ru
Introduction
Bank loans, ensuring the economic activities of enterprises, contribute to their development, increasing the volume of production of products, works, and services. The importance of bank loans as an additional source of financing commercial activities This is especially evident at the stage of formation of an enterprise that uses credit resources when making long-term investments aimed at creating new property (with capital investments). At this stage, long-term bank loans are of great importance.
Short-term loans help the company to constantly maintain the required level of working capital and help accelerate the turnover of the company's funds.
Loans, performing the functions of credit, have various shapes and help to use the funds received more flexibly. An enterprise can receive a loan in the most convenient form for itself - directly, in the form of a bill of exchange, or by issuing bonds.
Correct accounting will allow you to choose the most convenient and profitable way for the company to receive additional funds in the future.
Regulatory and legal regulation of credit and loan accounting
The concept of credits and loans, their distinctive features
Credit in a broad sense is a system of economic relations that arise when property is transferred in cash or in kind from one organization or person to another on the terms of subsequent return of funds or payment of the cost of the transferred property and, as a rule, with the payment of interest for the temporary use of the transferred property.
A distinction is made between bank credit and commercial credit (loans).
A bank loan is money issued by a bank to organizations and individuals for a certain period and for certain purposes, on a repayable basis and usually with the payment of interest. The bank has a special permit (license) to conduct banking operations.
A commercial loan (loan) is provided by one organization to another, usually in the form of a deferred payment of funds for goods sold. The subject of a loan agreement can be things other than money. Unlike banks, commercial organizations cannot provide a loan from other people's funds temporarily held by the lender. In addition, organizations that do not have a banking license cannot engage in credit activities systematically.
The criteria for systematicity are not specified by law, and the solution to this issue depends on the regulatory authority or arbitration court. The procedure for issuing and repaying loans is determined by legislation and loan agreements drawn up on its basis. The agreements indicate the objects of lending, the conditions and procedure for providing a loan, the terms of its repayment, interest rates, the procedure for their payment, the rights and responsibilities of the parties, the forms of mutual security of obligations, the list and frequency of providing relevant documents, etc.
To record transactions for receiving and repaying loans and borrowings, passive accounts 66 “Settlements for short-term loans and borrowings” and 67 “Settlements for long-term loans and borrowings” are used.
Received loans and borrowings are reflected in the credit of these accounts in correspondence with the accounts for accounting for cash and settlements, and repaid loans and borrowings are reflected in the debit of the accounts in correspondence with the cash accounts.
Regulatory regulation of accounting of loans and borrowings, their classification for the preparation of management reporting
The main regulatory regulation of credits and borrowings is carried out by the Civil Code of the Russian Federation. Chapter 42 of the Civil Code of the Russian Federation is devoted to these issues. Articles 807-818 of the Civil Code of the Russian Federation regulate the procedure for concluding a loan agreement, the obligations of the borrower and the consequences of violation by the borrower of the loan agreement.
The essence of the loan agreement is that one party (the lender) transfers into the ownership of the other party (the borrower) money or other things defined by generic characteristics, and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal number of other things of the same kind received by him and quality.
The loan must be formalized in writing, it can be an agreement, or it can be a receipt or other document confirming the transfer (reception) of money or things, and the agreement is considered concluded only at the moment of transfer of money or things. The peculiarities of this type of agreement are the absence of restrictions on their participants and the fact that some things are transferred, and other things of the same kind and quality can be returned. Foreign currency and currency values may be the subject of a loan agreement, but one should be guided by the current currency legislation of the Russian Federation.
Targeted loan. Funds received under such an agreement can be used strictly for specific purposes, and the borrower must ensure the ability to control intended use loan Using a loan for other purposes leads to early termination agreement with payment of interest due. Consequently, the execution of such contracts should be subject to enhanced control by the manager, and accounting service must provide information for monitoring.
A bill of exchange is an unconditional obligation of the drawer to repay the borrowed sums of money upon the arrival of a certain period of time. The main difficulty here is that relations related to settlement by bills of exchange are also regulated by the Federal Law on Transfer and promissory note in conjunction with the Regulations on bills of exchange and promissory notes, approved by the Resolution of the Central Executive Committee and the Council of People's Commissars of the USSR of August 7, 1937 No. 104/1341 and established arbitration practice. Currently, a bill of exchange is a fairly developed form of providing a loan.
A bond is a security that certifies the right of its holder to receive from the person who issued the bond, within the period specified by it, the nominal value of the bond or other property equivalent. The bond itself specifies the possibility of receiving interest. There are state, municipal and corporate bonds. In Russia, the most common are government bonds.
Essence loan agreement-- the lender undertakes to provide funds (loan) to the borrower in the amount and on the terms stipulated by the agreement, and the borrower undertakes to return the amount of money received and pay interest on it.
What is the difference between a credit agreement and a loan agreement? The main difference is that the lender is a bank or other credit institution (with an appropriate license), and the object of the agreement is only cash. The contract is considered concluded at the moment of signing, i.e. a credit agreement, unlike a loan agreement, may only contain a promise to provide funds. The loan amount must be repaid within a pre-agreed period, and a fee is charged for using the loan.
Article 809 of the Civil Code of the Russian Federation stipulates that loans can be reimbursable or gratuitous. Since the rules provided for in paragraph 1 of Chapter 42 Loan and credit of the Civil Code of the Russian Federation apply to paragraphs 2 and 3 of this chapter, therefore, loans can also be reimbursable or gratuitous. If the credit and loan are reimbursable loans, the lender has the right to receive interest, the amount of which is determined by the agreement. If there are no terms in the reimbursable agreement regarding the amount of interest, the lender has the right to interest on the loan amount in the amount of the refinancing rate established by the Bank of Russia. The amount of interest is determined by the bank interest rate existing at the place of residence of the lender or at the location of the legal entity; currently it is not applied (clause 51 of the Resolution of the Plenums of the Armed Forces of the Russian Federation and the Supreme Arbitration Court of the Russian Federation No. 6/8).
Figure 1 shows the classification of credits and loans in accordance with the Civil Code of the Russian Federation Zimakova L.A. Savchenko T.V., Possibilities of use various classifications credits and loans for the preparation of management reporting // Management accounting. - No. 4. - 2006..
Rice. 1. Classification of credits and loans in accordance with civil law
Rice. 2. Classification of loans and borrowings according to tax legislation
In accordance with the current tax legislation, interest on the use of borrowed funds is recognized as an expense of the organization within the standard amount, which can be calculated in two ways:
1) within up to 20% of the excess of the average level of interest accrued on similar debt obligations issued in the same quarter on comparable terms, i.e. actual accrued interest is compared with the average level of interest on all loans and borrowings that were received in the reporting period on comparable terms;
2) within limits not exceeding the amount calculated based on the refinancing rate of the Central Bank of the Russian Federation for ruble loans increased by 1.1 times and within the limits of up to 15% per annum for foreign currency loans.
Analyzing methods for determining the standard amount of interest on borrowed funds, which allows reducing the tax base for income tax, Yu. Podporin notes that the first method is beneficial to those organizations that often take out loans at interest rates exceeding the refinancing rate of the Central Bank of the Russian Federation (15% per annum at foreign currency loans), and the second - to those who take out loans at interest rates that are much lower than the refinancing rate Podporin Yu. Taxation of non-operating transactions // Accounting supplement to the newspaper "Economy and Life". No. 38.. In addition, this method should be chosen by organizations that have interest-free loans and borrowings. Thus, the main criterion when choosing a method for determining a standard value by percentage is to maximize this standard value. Firstly, this will reduce taxable profit, and secondly, tax rates bank loans exceed the standard interest rate calculated by the second method, which leads to the fact that the organization pays income tax, but at the same time has actual losses.
Hence the need to keep records of loans and borrowings, as well as interest paid and received on them, highlighting the conditions, in order to group loans and borrowings based on the principle of comparability of conditions.
According to paragraph 1 of Art. 265 of the Tax Code of the Russian Federation, interest on debt obligations of any type, including accrued on securities and other obligations issued by taxpayers, is included in non-operating expenses. At the same time, interest on debt obligations related to the acquisition of goods and materials, in accordance with clause 2 of Art. 254 of the Tax Code of the Russian Federation do not relate to non-operating expenses, but are included in the cost of inventory and materials.
The procedure for accounting for loans and borrowings in accounting is defined in PBU 15/01 “Accounting for loans and credits and the costs of servicing them,” approved by Order of the Ministry of Finance of Russia dated August 2, 2001 No. 60 (hereinafter referred to as PBU 15/01). It provides the following classification of debt on loans and borrowings:
Short-term debt - debt on received loans and credits, the repayment period of which, according to the terms of the agreement, does not exceed 12 months;
Long-term debt - debt on loans and credits received, the repayment period of which, according to the terms of the agreement, exceeds 12 months;
Urgent debt - debt on received loans and credits, the repayment period of which, according to the terms of the agreement, has not come or has been extended (prolonged) in the prescribed manner;
Overdue debt is debt on received loans and credits whose repayment period has expired according to the terms of the agreement.
This Accounting Regulation notes the need to maintain analytical accounting both by type of borrowed obligations and by creditors and lenders. At the same time, the possibility of issuing loans and borrowings in the form of bills and bonds is indicated.
According to clause 9 of PBU 15/01, the debt on a loan provided to the borrower and (or) a loan received or denominated in foreign currency or conditional monetary units, is taken into account by the borrower in ruble valuation at the rate of the Central Bank of the Russian Federation in effect on the date of the actual transaction (provision of a credit, loan, including the placement of loan obligations). Consequently, there are practically no differences between the organization of accounting for debt on loans and borrowings received in foreign currency and expressed in foreign currency (in conventional monetary units).
Considering the above and the fact that this Regulation does not apply to interest-free and government loans and borrowings, Figure 3 shows the classification of loans and loans in accordance with PBU 15/01.
Rice. 3. Classification of loans and borrowings in accordance with legislative acts on accounting
In accordance with the current Chart of Accounts and financial reporting requirements, debt on loans and borrowings is primarily divided into short-term and long-term liabilities. Long-term debt is accounted for on account 67 “Settlements for long-term loans and borrowings,” and short-term debt is accounted for in account 66 “Settlements for short-term loans and borrowings.” But it should be noted that long-term debt is transferred to short-term debt at the moment when the maturity of obligations becomes less than 365 days, which is accompanied by corresponding accounting entries.
If we consider a situation where a business entity provides a loan, then in accordance with the current Chart of Accounts for accounting the financial and economic activities of organizations, account 58 “Financial investments” subaccount 3 “Loans provided” is used. Thus, in terms of accounting, the loan provided belongs to the category of financial investments.
In the case of prepayments to suppliers and contractors, the amounts of advance payments are reflected in the debit of account 60 “Settlements with suppliers and contractors” in correspondence with cash accounts, etc. In the case of receipt of advances and prepayments from buyers, these amounts are recorded in credit 62 “Settlements with buyers and customers."
Thus, advance payment and advances, as well as deferred payment for products, goods, services, from the point of view of civil law are considered as a commodity and commercial loan (in this case, the agreement may not be called a credit agreement or loan agreement), and from the point of view of accounting legislation - both accounts receivable and accounts payable.
Important feature is also the fact that prepayments, advances, deferred payments and in financial statements (balance sheet) are reflected in the sections accounts receivable and long-term and short-term liabilities. Consequently, the information contained in the statements will be understandable only to users who know accounting legislation. Considering that financial reporting is intended for external users, then contradictions in civil and accounting legislation may give rise to incorrect reading and understanding of some reporting indicators.
The procedure for accounting for interest on borrowed funds upon acquisition inventories in accounting is regulated by the provisions: PBU 5/01 “Accounting for inventories”, 15/01 “Accounting for loans and credits and the costs of servicing them”, PBU 10/99 “Expenses of the organization”
In accordance with PBU 5/01 and 15/01, interest on borrowed funds used to purchase inventories, accrued before registration, increases their cost. Other cases of interest accrual are subject to Accounting Regulation 10/99, which recommends including interest on borrowed funds as operating expenses. Thus, there is a contradiction between tax legislation, which classifies interest for the use of borrowed funds as non-operating, and accounting legislation.
From all of the above it follows that there are a number of contradictions. What to do when preparing management reporting? What classification of credits and loans should I use? How to make the information presented in internal reporting understandable and accessible to the manager?
Each accountant-analyst must answer these questions independently, taking into account the characteristics of a particular organization and the requirements imposed by the manager. A general scheme for organizing management accounting of loans and borrowings and costs associated with their servicing is proposed in order to manage receivables and payables and reduce costs.
Based on the features economic development on modern stage in Russia and the existing international experience in the development of entrepreneurship, it follows that business entities cannot develop only at the expense of their own funds and cannot exist without debt obligations, therefore, accounts receivable and payable are integral components of the reporting of any developing business entity. The main condition for this is the need to monitor the status of the debt and the timeliness of its repayment. Failure to meet the deadlines for fulfilling obligations on loans and borrowings can lead to additional costs in the form of increased interest associated with late repayment of debt obligations, penalties, fines and penalties, in some cases this leads to distrust on the part of the lender (borrower) and to problems in the future when receiving borrowed funds. Small, at first glance, additional costs can turn into a “snowball”, sweeping away the profit of a business entity in its path. Thus, it is important for a manager to carry out an economic calculation of the consequences late repayment obligations.
Another important point for the purpose of organizing cost control is monitoring the correct inclusion of interest for the use of borrowed funds. Two ways of calculating interest were described above:
They are included in the cost of inventories, then included in the cost of manufactured products, and accordingly increase the cost of work in progress balances, the cost of finished but unsold products, and therefore are included in expenses only at the time of sale of products;
They are included in operating (in accounting) and non-operating (in tax accounting) and reduce the organization’s profit in the period to which they relate.
Controllable indicators (changes in which affect the achievement of the goal). Based on the current civil legislation, we can recommend distinguishing: loan, targeted loan, credit, commodity loan, commercial loan. The listed loans and credits are regulated by various articles of the Civil Code of the Russian Federation and have different economic essence and can be presented in various forms.
Considering that in accounting, long-term and short-term loans are taken into account in different accounts and the features of modern short-term loan agreements (application of a floating interest rate on loans and increased interest rates for each day of delay in loan payments), it is recommended to focus on short-term loans for organizing current control and loans.
Information sources. Input information - agreements for obtaining loans and borrowings, operational accounting information on the conduct of settlements under the agreements under consideration and on the condition of the collateral, the refinancing rate.
Table 1
Report on the structure of debt on received loans and borrowings from LLC "..." for September 2008 (as of September 25, 2008)
| Type of debt | Loan repayment period | Debt balance at the beginning, rub. | Annual percentage, % | Accrued interest, rub. | Amount of interest paid, rub. | Amount of paid credit (loan), rub. | Amount of overdue payment, rub. | Interest on late payment, | |
| 1. Loan (by type of lender) OJSC “Financial and Investment Company” | 01.08.2005 | 60 000 | -- | 10 000 | -- | -- | |||
| 2. Targeted loan (by type, highlighting purposes) | -- | -- | -- | -- | -- | -- | -- | -- | |
| 3. Loans: -- OJSC "Belgorodpromstroybank" (agreement 15/89) -- Belgorod OSB 8592 (agreement No. 198006) | 01.09.2005 15.06.2005 | 2 500 000 1 500 000 | 45 750 12 450 | 40 000 12 450 | -- 1 000 000 | -- 500 000 | -- 3 500 | ||
| 4. Trade loan (by creditors and loan repayment terms) | -- | -- | -- | -- | -- | -- | -- | -- | |
| 5. Commercial loan (by creditors and loan repayment terms) | -- | -- | -- | -- | -- | -- | -- | -- | |
| Total | -- | 4 060 000 | -- | 59 448 | 52 450 | 1 010 000 | 500 000 | ||
It is recommended that this report be prepared monthly and submitted by the 25th of the current month so that management can take action before the end of the month. Large business entities that use a large number of loans and borrowings (especially commodity ones) are recommended to prepare such a report more often. The composition of report indicators varies depending on the goals the report is aimed at.
Control is one of the main functions of management. Depending on the level of its organization, not only the final result of the activity of an economic entity depends, but also the general possibility of carrying out the activity. The most important information source ensuring the implementation control function, serves as accounting. But the current accounting legislation does not allow obtaining enough information for management.
When making decisions, the manager must be guided by all types of legislation regulating certain issues. And from the various classifications of loans and borrowings discussed in this article, it follows that there is ambiguity in the approaches when choosing classification criteria and the impossibility of obtaining diverse information about debt on loans and borrowings within the framework of accounting financial accounting. Therefore, to improve the quality of information flows, it is recommended to maintain extended management accounting of loans and borrowings, and, based on the generated information, to draw up a report on the debt structure. An important feature of the proposed reports is the focus on both the internal aspects of the work of an economic entity and the external environment that surrounds it and plays an important role in the activities of the entity. Regular presentation management of such a report will help reduce costs and plan cash flows organizations.
The initial cost of fixed assets acquired for a fee is recognized (clause 8 of PBU 6/01): “the amount of the organization’s actual costs for the acquisition, construction and production, with the exception of value added tax and other refundable taxes (except for cases provided for by law Russian Federation)".
According to clause 8 of PBU 6/01, the actual costs for the acquisition, construction and production of fixed assets are: “interest on borrowed funds accrued before the acceptance of the fixed asset object for accounting, if they were raised for the acquisition, construction or production of this object.”
It follows from the above norm that, unlike the Law “On Accounting”, which does not establish time restrictions on the implementation of costs for inclusion in the purchase price, PBU 6/01 introduces such restrictions. Interest accrued after the object is accepted for accounting as part of fixed assets is not recognized in the initial cost, although such costs are the costs of acquiring a fixed asset for the organization.
Just like the Law “On Accounting”, PBU 6/01 does not introduce any restrictions regarding the composition of acquisition costs (the list of costs is open) and the type of fixed asset acquired. When defining interest as an expense, PBU 6/01 does not distinguish between interest accrued on different types of loans and borrowings (bank loans, issuance of bills and placement of bonds, etc.).
In accordance with clause 11 of PBU 10/99 “Expenses of the organization” (approved by Order of the Ministry of Finance of Russia dated May 6, 1999 No. 33n): “Operating expenses are: ... interest paid by the organization for providing it with funds for use (credits, borrowings )....”
PBU 15/01 “Accounting for loans and credits and the costs of servicing them” (approved by Order of the Ministry of Finance of Russia dated August 2, 2001 No. 60n) also establishes the procedure for recognizing the costs of paying interest on borrowed funds.
PBU 15/01 establishes different procedures for accounting for interest depending on:
· procedure for raising borrowed funds (loans and credits or issued bills and bonds),
· type of asset (investment or non-investment) for which borrowed funds are raised,
· type of future fixed asset (depreciable or non-depreciable);
· the procedure for spending raised funds (for issuing advances and prepayments or for subsequent payments);
· the current economic situation (directing temporarily available funds to generate income, directing raised funds for purposes not provided for in the contract, suspension of construction for a period of more than three months);
· adopted accounting policy regarding the accounting of interest on issued bills and bonds.
In accordance with PBU 15/01, interest on borrowed funds is taken into account in the initial cost of fixed assets if:
1. obligations arise to pay interest on borrowed loans and credits other than issued loan obligations (the procedure for accounting for interest on issued bills and bonds is defined in clause 18 of PBU 15/01) (clause 12);
2. the asset will be classified as investment asset(clause 12). “Investment asset”, for the purposes of PBU 15/01, is defined as “an object of property, the preparation of which for its intended use requires significant time.”
According to paragraph 13 of PBU 15/01: “investment assets include fixed assets, property complexes and other similar assets that require a lot of time and costs for acquisition and (or) construction. The specified objects purchased directly for resale are accounted for as goods and are not classified as investment assets”;
3. assets are subsequently subject to depreciation (clause 23):
“The costs of received loans and credits associated with the formation of an investment asset, for which, according to accounting rules, depreciation is not charged, are not included in the cost of such an asset, but are included in the current expenses of the organization...”;
4. the organization plans to receive economic benefits in the future or in the case when the presence of an investment asset is necessary for the management needs of the organization (clause 25);
5. Interest expenses have arisen, and work on the creation or acquisition of an asset has not been stopped for a period of more than three months (clause 28):
“If work related to the construction of an investment asset is stopped for a period exceeding three months, the inclusion of costs for loans received and credits used to form the specified asset is suspended. In this case, borrowing costs are included in the organization’s current expenses”;
6. the following conditions are met (clause 27):
o expenses incurred for the acquisition and (or) construction of an investment asset;
o work related to the formation of an investment asset has actually begun;
o the presence of actual costs for loans and credits or obligations for their implementation;
7. Interest expenses have arisen, and the funds raised are used to pay advances (prepayments) associated with the creation of an investment asset (clause 15);
8. To purchase an investment asset, borrowed funds received for purposes not related to its acquisition were spent. In this case, the amount of interest included in the cost of the asset is determined at the weighted average rate (clause 29);
To purchase an investment asset, borrowed funds were used, which, prior to their use, were temporarily used as long-term and short-term financial investments. In this case, the costs of such received loans and credits are reduced by the amount of income from the temporary use of borrowed funds (clause 26).
Thus, PBU 15/01 “Accounting for loans and credits and the costs of servicing them” introduces additional restrictions regarding the possibility of including interest on borrowed funds in the initial cost of fixed assets that are not provided for by the Law “On Accounting” and PBU 6/01 .
Please note the special procedure for accounting for interest on issued bills and bonds. Let us recall that PBU 6/01 includes interest on borrowed funds in the actual costs of acquisition does not depend on the method of raising borrowed funds.
Summarizing what has been said, we can state that there are contradictions and ambiguity in the provisions of regulatory acts both vertically (Law - PBU) and horizontally (PBU - PBU). Moreover, resolving contradictions is quite difficult, since the documents operate with different concepts:
· Law - the concept " actual cost acquired property”, which includes fixed assets;
· PBU 6/01 - the concept of “initial cost of fixed assets”;
· PBU 15/01 - the concept of “interest included in the value of an investment asset,” which also includes fixed assets;
· PBU 10/99 - the concept of “interest”, which is considered independently of the direction of use of borrowed funds.
Accounting for borrowed funds in the form of loans and borrowings is regulated by the Accounting Regulations “Accounting for Loans and Loans and the Costs of Servicing Them” (PBU 15/01), approved by Order of the Ministry of Finance of Russia dated August 2, 2001 No. 60n.
According to PBU 15/01, the principal amount of debt on a received credit (loan) is taken into account by the borrowing organization in accordance with the terms of the loan agreement or credit agreement in the amount of funds actually received or in the valuation of other things, provided for by the contract. The borrower organization must accept this debt for accounting at the time of the actual transfer of money or other valuables and reflect it as accounts payable.
There are long-term and short-term debt of the borrower on borrowed funds. Short-term is considered to be debt on a credit or loan, the repayment period of which does not exceed 12 months. Long-term debt is considered to be debt whose repayment period exceeds 12 months.
In accounting, the amounts of short-term and long-term loans and borrowings received are reflected in the credit of accounts 66 “Settlements for short-term loans and borrowings” and 67 “Settlements for long-term loans and borrowings” in correspondence with cash accounting accounts or with account 60 “Settlements with suppliers and contractors" at the time of their actual receipt. The return by the borrowing organization of the loan received from the lender, including placed loan obligations, is reflected in the borrower's accounting records as a reduction (repayment) of the specified accounts payable.
When repaying loans or borrowings for the amounts of repaid loans, accounts 66 “Settlements for short-term loans and borrowings” or 67 “Settlements for long-term loans and borrowings” are debited in correspondence with cash accounts (accounts 50 “Cash”, 51 “Settlement accounts” .52" Currency accounts", 55 "Special bank accounts").
Information on placed debt obligations (secured by bills or bonds) is recorded in accounts 66 “Settlements for short-term loans and borrowings” or 67 “Settlements for long-term loans and borrowings” separately. If bonds are placed at a price exceeding their face value, then entries are made in the debit of account 51 “Current accounts” in correspondence with accounts 66 “Settlements for short-term loans and borrowings” or 67 “Settlements for long-term loans and borrowings” (at the face value of bonds ) and 98 “Deferred income” (for the amount of excess of the placement price over the nominal value). The amount allocated to account 98 “Deferred income” is written off evenly during the circulation period of the bonds to subaccount 91-1 “Other income”. If bonds are placed at a price below their nominal value, then the difference between the placement price and the nominal value is added evenly during the period of circulation of the bonds from the credit of accounts 66 “Settlements for short-term loans and borrowings” or 67 “Settlements for long-term loans and borrowings” to the debit of the subaccount 91-2 “Other expenses”.
In accounting, transactions for accounting for borrowed funds are reflected in the following entries:
Debit 51 “Current accounts”
Debit 51 “Current accounts”
Credits and borrowings not paid on time are accounted for separately. Analytical accounting of debt on loans and credits received is carried out by type of loans and credits, credit organizations and other lenders.
The accounting policy of the organization may provide for:
* transfer of long-term debt into short-term debt;
* accounting for borrowed funds whose repayment period exceeds 12 months before the expiration of the specified period as part of long-term debt.
In accounting, the operation of transferring long-term debt to short-term debt is reflected by an entry from the credit of account 67 “Settlements for long-term loans and borrowings” to the credit of account 66 “Settlements for short-term loans and borrowings”. Short-term and/or long-term debt may be urgent and/or overdue.
Upon expiration of the payment period, the borrowing organization must ensure the transfer of urgent debt to overdue. This transfer of debt is carried out by the borrower organization on the day following the day when, under the terms of the loan and/or credit agreement, the borrower was required to ensure repayment of the principal amount of the debt.
In accordance with the Tax Code of the Russian Federation, operations for obtaining and repaying loans and credits and other similar funds, regardless of the form of registration of the borrowing, are not subject to income tax and value added tax.
According to PBU 15/01, costs associated with obtaining and using loans and credits include:
* interest due to lenders and loan
?Federal agency of Education
State educational institution
Higher vocational education
Tver State University
(GOUVPO TvGU)
Faculty of Economics
Department of Accounting
Coursework in the discipline
"Accounting (financial) accounting"
on the topic of:
"Accounting for the organization's obligations"
Completed by: student of group 33
day department
Faculty of Economics
specialty "Accounting"
analysis and audit"
Schmidt D.A.
Scientific adviser:
Associate Professor Bakhvalova N.G.
Tver 2009
Content:
Introduction
2.1. Accounting for the organization's obligations to the budget and extra-budgetary funds for taxes and fees
2.2. Accounting for termination of obligations by offsetting claims
2.3. Accounting for settlements when changing persons in an obligation
Conclusion
Bibliography
Introduction
An obligation is understood as a relationship by virtue of which one party is obliged to perform a certain action in favor of the other party or to refrain from it.
Due to the fact that a commercial organization is created for the purpose of making a profit, it is natural that it carries out certain operations and transactions. In this regard, the organization constantly interacts with counterparties: suppliers, buyers, creditors, the state and other individuals and legal entities. In the process of their interaction, obligations of various kinds arise: for payments for delivered products (works, services), for payments for advances received, for payments for mandatory payments, settlements with personnel and many others. Therefore, since liabilities are an integral part of the organization's activities, it is necessary to keep accurate and reliable records of them.
The objectives of this work are to study the obligations of the organization, namely accounts payable, and to identify the main features of their accounting.
To achieve this, the following tasks are set:
- find out the essence of the concept of obligation;
- explain the legal, economic and accounting interpretations of the concept of obligation;
- characterize the classification of the organization’s obligations;
- show the importance of the accounts payable indicator;
- describe methods for assessing accounts payable;
- explain some features of the recognition and repayment of liabilities;
- describe methods of accounting for obligations for taxes and fees;
- reveal the features of accounting for some forms of termination of obligations and transfer of debt.
Chapter 1. Obligations of the organization
1.1. Concept of an organization's obligations
According to Article 307 of the Civil Code of the Russian Federation, “By virtue of an obligation, one person (debtor) is obliged to perform a certain action in favor of another person (creditor), such as: transfer property, perform work, pay money, etc., or refrain from a certain action, and the creditor has the right to demand from the debtor the fulfillment of his obligation.”
The concept of obligation can and should be interpreted from different points of view:
? from legal;
? from economic;
? with accounting.
From a legal point of view, the concept of obligation is revealed in Art. 307 Civil Code of the Russian Federation. It is universal and can convey the meaning of this concept in any branch of law. In jurisprudence, there are three sources of obligations: contract, law, tort (i.e. causing harm). The source is a contract, for example, in the event of an obligation from the supplier to the buyer to transfer goods of proper quality, volume and terms. For example, in the event of an enterprise's obligation to pay taxes, the source is the law. Causing property damage to an organization by its employee presupposes the emergence of an obligation for the employee to compensate for damage, the source of which is a tort.
From an economic point of view, liabilities demonstrate the future flows of funds resulting from loans provided and received by business entities. This interpretation differs from the legal one in that it does not include obligations under contracts that have not begun execution, i.e. obligations that did not create real movement of funds. Thus, according to the economic position, a buyer to whom goods have been shipped, but payment has not yet occurred, is granted credit from the supplier. The buyer consumes the goods shipped to him during the production process, but the money for these goods is also in circulation. Moreover, if the terms of the contract do not provide for price variations depending on the payment term, then this loan is interest-free. Similarly, the seller, selling goods with subsequent payment for them, from the moment of sale until the moment of payment has already lost the right of ownership of these goods, but also does not have money for them. This means that the buyer’s debt actually represents the volume of the loan provided, usually interest-free. Thus, from an economic point of view, the organization’s obligations to counterparties should be considered as items of income, and the obligations of counterparties to the organization as items of its expenses.
From an accounting point of view, the source of the obligation is a fact of economic life, information about which serves as the basis for accounting records reflecting the organization’s obligations. Of all the obligations in which the enterprise acts as an active and (or) passive entity, those that constitute accounts receivable and payable are shown in accounting.
Accounts receivable are amounts of cash or amounts of monetary value of other assets due to be received by an enterprise. Accounts payable are amounts of cash or amounts of monetary value of other assets due for payment (transfer) by the enterprise.
1.2. Types of organization obligations
For the deepest understanding of the essence of the organization’s obligations and the inalienability of their study, it is necessary to consider their varieties.
According to the option of the enterprise’s participation in obligations, they are divided into:
? own;
? attracted sources of funds.
Financial stability an enterprise or the degree of its dependence on attracted sources of financing is determined by comparing the volume of its own sources of funds with the volume of attracted ones. This is the so-called financial leverage, and the greater its value, that is, the more sources of own funds there are per one ruble raised, the more stable, as a rule, is the financial position of the organization.
Based on the duration of their impact on the financial position of the organization, liabilities can be divided into:
? liabilities that represent amounts that constantly flow from balance sheet to balance sheet;
? liabilities are current, fluctuating, that is, amounts in excess of the constantly present minimum.
By duration, obligations are divided into:
? short-term
? long-term
The boundary between them is determined by accounting legislation. Now it's one year. Debt up to 12 months is short-term, and more is long-term. This classification is of decisive importance in assessing the solvency of an enterprise based on financial statements. After all, if, when analyzing the statements of a business entity, we proceed from the assumption of continuity of its activities, then when assessing the solvency of the enterprise, we compare the assets that we classify as the most liquid with short-term debts. At the same time, settlement accounts are structured in such a way that by analyzing the balance sheet of an enterprise, we receive more reliable information about who the company owes to than when it must repay it. This is due to the fact that debt maturing in 1 and 333 days from the date of drawing up the balance sheet will equally be presented in it as short-term liabilities.
In relation to persons with whom the organization enters into transactions, obligations are divided into:
? obligations of agents, that is, persons on the staff of the organization;
? obligations of correspondents, that is, individuals who are not on the staff of the organization, and all legal entities.
Thus, according to such accounts as 10 “Materials”, 41 “Goods”, 43 “Finished Products”, in essence, records are kept of settlements with storekeepers, and according to account 50 “Cash desk” - with the cashier. That is, behind each material inventory account there are obligations of financially responsible persons.
Accounts 51 “Currency accounts”, 52 “Currency accounts”, 55 “Special accounts in banks” are usually perceived as purely monetary, but in fact, based on the legal content of the relevant transactions, they are purely settlement and reflect the obligations of banks to the enterprise as their by client open accounts.
1.3. Accounts payable, payment terms and limitation period
From an accountant's point of view, an organization's debts are accounts payable. The accounts payable indicator is one of the most important elements of the financial statements of organizations that influence the assessment of its financial position and operational efficiency.
In accordance with the Concept of Accounting in the Market Economy of Russia, “Accounts payable are recognized as an obligation of an organization existing at the reporting date, which is a consequence of past events of its economic activities and calculations for which should lead to an outflow of the organization’s resources, which should have brought it economic benefits.” Accounts payable may arise due to an agreement, legal norm or business customs.
Valuation of accounts payable. The Federal Law “On Accounting” establishes the only requirement for the assessment of liabilities - it must be carried out in monetary terms. According to Art. 9 Accounting Concepts The following methods can be used to value accounts payable:
? at actual (initial) cost (based on the amount of cash or cash equivalents accrued when accounting for accounts payable);
? at current (replacement) cost;
? at current market value.
In practice, accounts payable are accepted for accounting purposes in accordance with the valuation grounds.
For debt under business contracts, the basis for assessment is either the supplier’s settlement documents or contractual terms, if they do not provide for the preparation of settlement documents. For debts on taxes and fees, the grounds are tax returns, calculations, etc., as well as reconciliation reports. For arrears of wages and other payments - employment contracts, distribution documents for wages, pay slips. On the payment of dividends - decisions of the general meeting of founders. For claims under business contracts – claim note, decisions arbitration courts and others. Regarding penalties – decisions of tax authorities and arbitration courts.
Recognition of accounts payable. It is advisable to talk about recognition of an obligation by the debtor only within the framework of contractual relations, or in cases of harm. Tax and other obligations established by law arise on the basis of legal norms, regardless of the attitude of organizations towards them.
Recognition of an obligation under a civil law agreement occurs at the moment of signing the agreement (as well as accompanying documents to it, if the nature of the agreement so requires) by authorized representatives of the parties. Recognition of the obligation to compensate for damage caused occurs as a result of a voluntary expression of will or on the basis of a court decision.
According to clause 8.4 of the Accounting Concept, accounts payable are recognized in the balance sheet when there is a likelihood of an outflow of resources that can bring economic benefits to the organization, which is a consequence of the fulfillment of an existing obligation, and when the amount of this obligation can be measured with a sufficient degree of reliability.
The chart of accounts allocates many accounts for the reflection of accounts payable, such as: 60 “Settlements with suppliers and contractors”, 62 “Settlements with buyers and customers”, 66 “Settlements for short-term loans and borrowings”, 67 “Settlements for long-term loans and borrowings” ", 68 "Calculations for taxes and fees", 69 "Calculations for social insurance and security", 70 "Settlements with personnel for wages", 75 "Settlements with founders", 76 "Settlements with various debtors and creditors" and some others .
The correctness of the state of settlements must be confirmed annually by reconciliations of mutual settlements and an inventory of obligations. According to paragraph 2 of Art. 12 of the Federal Law “On Accounting”, such an inventory is mandatory before drawing up annual reports.
The fulfillment of obligations must be carried out properly, i.e. in the specified place and at the specified time. The obligation must be performed by the proper person, therefore the debtor has the right to demand evidence that the fulfillment is accepted by the creditor himself or a person authorized by him.
Proper execution is one of the forms of termination of an organization’s obligations. However, there are other reasons, such as:
? Compensation. Providing compensation in return for execution (payment of money, transfer of property, etc.) - by agreement of the parties (Article 409 of the Civil Code of the Russian Federation);
? Pass. Set-off of a counterclaim of the same type, the term of which has come, is not specified or is determined by the moment of demand - at the request of one party (Article 410-412 of the Civil Code of the Russian Federation);
? The coincidence of the debtor and the creditor in one person (Article 413 of the Civil Code of the Russian Federation).
? Novation. Replacement of the original obligation with another between the same persons, providing for a different subject or method of execution - by agreement of the parties (Article 414 of the Civil Code of the Russian Federation);
? Debt forgiveness. Release by the creditor of the debtor from his obligations (Article 415 of the Civil Code of the Russian Federation);
? Impossibility of execution. Force majeure, when the impossibility of performance is caused by a circumstance for which neither party is responsible (Article 416 of the Civil Code of the Russian Federation);
? Act of a government agency. Fulfillment of the obligation becomes impossible as a result of the issuance of an act of a state body (Article 417 of the Civil Code of the Russian Federation);
? Liquidation of a legal entity (Article 419 of the Civil Code of the Russian Federation).
When the creditor accepts these forms of termination of obligations, it should be borne in mind that the Tax Code of the Russian Federation establishes a special procedure for applying tax deductions for VAT when carrying out goods exchange transactions, offset mutual demands, use of securities and own property in settlements, including bills of exchange of third parties.
In accordance with the Concept, repayment of the obligation can occur in the following forms:
? payment of funds
? transfer of other property
? provision of services
? replacing accounts payable of one type with another
? converting accounts payable into capital
? removal of claims from the creditor.
Settlement deadlines for different types of obligations are determined on the basis of relevant documents. For civil contracts, the payment terms are specified in the contract. For the organization’s obligations for taxes and fees, the deadlines are determined in accordance with the Tax Code of the Russian Federation. The terms of settlements with personnel for wages are defined in Art. 136 “Procedure, place and terms of payment of wages” of the Labor Code of the Russian Federation. The deadlines for fulfilling obligations are discussed in Art. 314 Civil Code of the Russian Federation. It states that if the time period for fulfilling an obligation is not specified, then it must be repaid within a reasonable time after the obligation arose, but does not indicate what period is reasonable.
Subsection 5 of the Civil Code of the Russian Federation is devoted to the limitation periods. So according to Art. 195, the limitation period is the period for protecting the right under the claim of a person whose right has been violated. Total term The statute of limitations is three years. For individual species requirements, the deadline may be different. The countdown begins from the moment the debt becomes overdue.
Write-off of amounts of unclaimed accounts payable for which the statute of limitations has expired is carried out for each obligation based on the inventory data, written justification and order of the head of the organization. In this case, these amounts are included in financial results.
These amounts are included in other income in the reporting period in which the statute of limitations expired and in the amounts in which they were reflected in the organization’s accounting records. (Clause 7, 10.4 PBU 9/99) . These amounts in tax accounting are included in the non-operating expenses of the organization, in accordance with clause 18 of Article 250 of the Tax Code of the Russian Federation.
Chapter 2. Accounting for the organization's obligations
2.1 Accounting for the organization’s obligations to the budget and extra-budgetary funds for taxes
It was revealed above that the organization has many obligations. In this question, I want to talk about the obligations that are defined by law, namely about obligations to the budget and extra-budgetary funds. An exhaustive list of taxes that must be paid to the budget is enshrined in Art. 12-15 Tax Code of the Russian Federation.
From the moment of registration of the organization in the Unified state register legal entities and registering it with Tax Inspectorate the organization becomes a taxpayer. When carrying out activities, the organization is obliged to pay legally established taxes and fees. In this regard, the organization, in addition to accounting, also maintains tax accounting, which is carried out to generate complete and reliable information on the accounting procedure for tax purposes of business transactions carried out by the taxpayer during the reporting (tax) period, as well as to provide information to internal and external users for control for the correctness of calculation, completeness and timeliness of tax payments to the budget.
The second part of the Tax Code of the Russian Federation contains information about rates, payment procedures, tax periods and much more related to taxes.
Payment of all taxes to the organization is made in money and only from its current account. Any tax is transferred to the budget by payment order, and the following entry is made in accounting: D68 “Calculations for taxes and fees” K 51 “Settlement accounts”.
So, let's move on to considering the accounting for obligations for taxes and fees.
Value added tax. The objects of VAT taxation are transactions involving the sale of goods (work, services) on the territory of the Russian Federation, while sales mean not only the transfer of ownership on a reimbursable basis, but also the gratuitous transfer of ownership. In accordance with Art. 164 of the Tax Code of the Russian Federation, today there are VAT rates of 0, 10 and 18%, depending on the nature of the organization’s activities. If VAT is charged on revenue, then the following entry is given: D 90 “Sales” sub-account “VAT” K 68 “Calculations for taxes and fees” sub-account “Calculations for VAT”. The tax accrued upon the gratuitous transfer of goods is recorded by posting: D 91 “Other income and expenses” subaccount “Other expenses” K 68 “Calculations for taxes and fees” subaccount “Calculations for VAT”. The same posting is given when transferring goods for own needs. Amounts input VAT presented to the company when purchasing goods (works, services, property rights) must be reflected in the following entry: D 19 “Value added tax on acquired assets” K 60 “Settlements with suppliers and contractors”, 76 “Settlements with various debtors and creditors” and some others. The organization has the right to tax deduction for VAT, if the following conditions are simultaneously met:
? Acquired assets are used in activities, the results of which are subject to VAT
? The supplier invoice is registered in the Purchase Ledger
? The purchased property is registered
The tax deduction is reflected by the entry: D 68 “Calculations for taxes and fees” subaccount “Calculations with the budget for VAT” K 19 “Value added tax on acquired assets”. Next, the turnover of credit and debit of account 68 “Calculations for taxes and fees” is compared; if the credit is greater than the debit, then the organization has a VAT obligation, if vice versa, then the budget has an obligation to the organization.
Organizational property tax. According to paragraph 1 of Art. 374 of the Tax Code of the Russian Federation, the object of taxation for property tax is movable and immovable property (including property transferred for temporary use, possession, disposal or trust management included in joint activities), recorded on the organization's balance sheet as an object of fixed assets in accordance with the established accounting procedure. To calculate the base by this tax, it is necessary to calculate the residual value of the property on the 1st day of each month of the reporting period and on the 1st day of the next month, and then find the arithmetic average from the resulting amount. In accordance with Art. 380 of the Tax Code of the Russian Federation, the tax rate for property tax is 6%. To write off accrued property tax, you need to make the following entry: D 26 “General business expenses” K 68 “Calculations with the budget for taxes and fees.”
Corporate income tax. The object of taxation for this tax is profit, which for Russian organizations is the income received, reduced by the amount of expenses incurred, which are determined in accordance with Chapter. 25 Tax Code of the Russian Federation. Since 2009, the income tax rate has decreased by 4% and amounted to 20%. Income tax is accrued by posting: D 99 “Profits and losses” K 68 “Calculations with the budget for taxes and fees”.
Unified social tax. The base for the Unified Social Tax is the wages of the organization's employees, but the source is the organization's expenses. Taxpayers of this tax are required to keep records of accrued payments and other remuneration, as well as the amounts of calculated unified social tax and tax deductions for each individual in whose favor payments are made. The UST rate today is 26%, of which 20% is transferred to the Federal Budget (to finance the basic part of the labor pension - 6%, to the Pension Fund - 14% to form the insurance and funded parts of the pension), 1.1% - to the Federal compulsory health insurance fund, 2% - to the Territorial Compulsory Health Insurance Fund and 2.9% - to the Social Insurance Fund. The accrual of UST is reflected by the posting: D 20 “Main production”, 23 “Auxiliary production”, 25 “General production expenses”, 26 “General business expenses”, 08 “Investments in non-current assets” and some others K 69 “Calculations for social insurance and security” . The debit account depends on which employee’s salary the UST is calculated from: whether he is employed in the main production (account 20), in auxiliary production (account 23) and so on. The company maintains analytical accounting separately for each part of contributions to the Pension Fund. Pension contributions reduce the amount of accrued UST, credited to Federal budget. This operation is reflected by the following entries: D 68 “Settlements with the budget for taxes and fees” subaccount “Settlements under the Unified Social Tax in the part credited to the FB” K 69 “Settlements for social insurance and security” subaccount “Settlements with the Pension Fund for the insurance part of the labor pension”, D 68 “Settlements with the budget for taxes and fees” subaccount “Settlements for the Unified Social Tax in the part credited to the FB” K 69 “Settlements for social insurance and security” subaccount “Settlements with the Pension Fund for the funded part of the labor pension.”
Contributions for insurance against accidents and occupational diseases. The tax base for this contribution is also the wages of employees, and the source is the organization’s expenses. The fee rate from NS and PP is from 0.2 to 8.5%, depending on the nature of the work. Contributions are calculated in correspondence with the account on which the corresponding employee’s remuneration is reflected: D 20 “Main production”, 23 “Auxiliary production”, 25 “General production expenses”, 26 “General expenses”, 08 “Investments in non-current assets” and some others To 69 “Calculations for social insurance and security” subaccount “Settlements with the Social Insurance Fund for contributions to insurance against accidents and occupational diseases.”
Personal income tax. For this tax, the organization acts as a tax agent. Tax accounting carried out by tax agents provides for the obligation to account for income paid by them to an individual and subject to taxation. The tax base for personal income tax is the employee’s wages, but unlike the unified social tax and contributions from the tax and labor taxes, the source of payment of this tax is the income of the employees, thus it is an expense of the employee himself, and not of the organization.
In accordance with Art. 224 of the Tax Code of the Russian Federation, the tax rate on income from labor activity- 13%. There is a standard tax deduction for personal income tax. It includes a deduction for “yourself” - 400 rubles and a deduction for children and dependents from January 1, 2009 - 1000 rubles (before 2009 it was 600 rubles). The employee loses the right to deduction for himself if his income from the beginning of the year exceeds 40,000 rubles, and for children - 280,000 rubles. Such positive innovations were adopted only on January 1, 2009. Until 2009, the deduction limit for “oneself” was 20,000 rubles, and for children – 40,000 rubles.
In accounting, the personal income tax liability is reflected by the entry: D 70 “Settlements with personnel for wages» K 68 “Calculations for taxes and fees” subaccount “Calculations with the budget for personal income tax”.
Taxes, the source of payment of which is the cost of products (works, services), such as transport, water, land and forestry, are documented by posting: D 26 “General business expenses” K 68 “Calculations for taxes and fees”.
Excise taxes. This tax does not apply to all goods, but only to certain ones, for example, alcoholic beverages, gasoline, tobacco products and others. The rates of this tax are contained in Art. 193 Tax Code of the Russian Federation. In accounting, excise tax is accrued by posting: D 90 “Sales” subaccount “Excise taxes” K 68 “Calculations with the budget for taxes and fees” subaccount “Calculations for excise taxes”. By general rule, enshrined in the Tax Code of the Russian Federation, the amounts of excise tax paid by the buyer when purchasing excisable goods are taken into account in their cost. In this case, the posting is made: D 10 “Materials” (41 “Goods”) K 60 “Settlements with suppliers and contractors” (76 “Settlements with various debtors and creditors”) - the cost of purchased products is reflected, including excise taxes, but excluding VAT. However, under certain conditions specified in the Tax Code of the Russian Federation, the amount of excise tax paid upon purchase can be taken as a deduction if the purchased excisable goods are used as raw materials for the production of other excisable goods. This is done to avoid double taxation.
2.2 Accounting for termination of obligations by offsetting claims
Termination of obligations can be carried out different ways. In the first chapter of this work, these methods were discussed. In this paragraph I would like to talk about accounting for the termination of obligations by offsetting claims.
Offsetting mutual claims is the offsetting of a counterclaim of the same type, the due date of which has come or the due date of which has not been specified or is determined by the moment of demand. According to the Civil Code of the Russian Federation, such offset can be carried out at the request of one party. In accounting, it is formalized by posting: D 60 “Settlements with suppliers and contractors”, 76 “Settlements with various debtors and creditors” K 62 “Settlements with buyers and customers”.
By agreement of the parties to the obligations, claims of unequal amounts may also be offset. In this case, the difference between the offset obligations will represent the financial result from the fact of termination of obligations by offset. The amount of the difference between offset claims in accounting is attributed to D 91 “Other income and expenses” in the case of expenses, and to K 91 “Other income and expenses” in the case of income.
2.2 Accounting for settlements when there is a change of persons in an obligation
In addition to repaying the debt, civil law allows for its transfer as one of the forms of changing the persons in the obligation. Transfer of debt, that is, the transfer of his obligations by the debtor to another person, is possible only with the consent of the creditor.
An essential condition of the debt transfer agreement is an indication of the specific obligation that is to be transferred. It should also be noted that as a result of the transfer of debt, the obligations of the old debtor are transferred to the new debtor, but not his rights under the original agreement. Another feature of a debt transfer agreement is that, unlike novation, it does not qualify as debt repayment.
There are two possible schemes for reflecting the transfer of debt in accounting. Let's look at an example: organization A transfers its debt to organization B to organization C. In both cases, a posting is made first: D 60 “Settlements with suppliers and contractors” K 76 “Settlements with various debtors and creditors” - with the consent of organization B, the debt is owed to it transferred to organization B. Then two options:
1. Organization B has no debt to organization A and does not acquire rights of claim against it as a result of concluding an agreement - that is, the debt is transferred free of charge: D 76 “Settlements with various debtors and creditors” K 91 “Other income and expenses” subaccount “Other income » – other income is reflected in the form of gratuitous assumption by organization B of the debt of organization A.
2. Organization B has a debt to organization A in the same amount as the transferred debt; after signing the agreement, mutual claims are offset: D 76 “Settlements with various debtors and creditors” K 62 “Settlements with buyers and customers” - offset of mutual claims is carried out requirements between organizations A and B.
Conclusion
In the course of this work, it was found that studying the category of obligations is necessary for accounting, since obligations accompany organizations at every step of their activities.
The essence of the concept of an organization's obligation was clarified, the main views on this category from different industries were described, and the main classifications of obligations were identified. It was also shown how important the accounts payable indicator is, which is one of the most important elements of an organization’s reporting, since this indicator can be used to evaluate financial condition enterprise, its efficiency and solvency. From which it was concluded that it is necessary to very clearly monitor the occurrence and repayment of obligations, and therefore, keep constant and continuous records of them. It has also been described accounting records on accounting for the organization's obligations to the budget and extra-budgetary funds for taxes and fees, the features of accounting for some forms of termination of obligations and transfer of debt are revealed.
This information allows you to delve more deeply into the essence of the concept of obligations, to understand the need for timely and reliable recording of them.
All this, in the author’s opinion, is necessary to know for a better understanding and maintenance of accounting in general, since obligations are an integral part of the organization’s activities.
List of used literature:
1. Civil Code of the Russian Federation. Parts one, two, three and four. – M.: TK Welby, Prospekt Publishing House, 2007. – 544 p.
2. Tax Code of the Russian Federation. Parts one and two. - M.: Prospekt, 2008. - 656 p.
3. Labor Code of the Russian Federation.
etc.................