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The main sources of long-term investments of enterprises. Sources of financing of long-term investments, accounting for their formation and use. The main tasks of accounting for long-term investments

"Krasnoyarsk State Agrarian University"

Khakass branch

Test

student II course

specialties economics and management at the agro-industrial complex enterprise

distance learning

(Full Name)

cipher _________

group E-94

Supervisor _______________________________________________________________

(Full Name)

Commission members: __________________ _________________________

(signature) (initials, surname)

_________________________ _________________________

(signature) (initials, surname)

Abakan - 2010

INTRODUCTION………………………………………………………………..3

1. ESSENCE AND SIGNIFICANCE OF ACCOUNTING FOR LONG-TERM INVESTMENTS……………………………………………………………………..…5

1.1. Long-term investments: concept, classification and main tasks of accounting……………………………………………………….5

1.2. Sources of financing long term investment………….10

2. ACCOUNTING FOR LONG-TERM INVESTMENTS IN THE FORM OF CAPITAL INVESTMENTS……………………………………………….17

2.1. Disclosure of information on long-term investments in financial statements…………………………………………………………………………27

CONCLUSION…………………………………………………………...29

REFERENCES…………………………………...31

INTRODUCTION

Any enterprise is to some extent connected with investment activity. At large and medium-sized enterprises, decisions of an investment nature are made almost daily - these are current decisions about whether to purchase a new asset to replace an obsolete one, whether to repair it, whether to increase or decrease the purchase of materials at this stage of work, etc. d.


According to the degree of responsibility, some investment decisions practically do not affect the further activities of the organization and can be made without developing a detailed plan. On the other hand, larger-scale decisions (e.g., expansion of production, construction of a new building, complete renewal of the equipment fleet, development of a new type of activity) should be made on the basis of a well-thought-out plan of action, with the project manager confident that this decision will bring the organization, which he works, real profit, and will not worsen the state of the enterprise.

Thus, with the development of market relations and the growth economic potential the investment activity of enterprises is expanding.

By investing in any investment project, the company plans not only to recoup the invested capital, but also to receive a certain amount of profit.

Relevance: information about the long-term investments of the enterprise is necessary both externally and internal users. Investments are of great importance not only for the future position of the enterprise, but also for the country's economy as a whole. With their help, an expanded reproduction of fixed assets of both production and non-production nature is carried out, the material and technical base of a business entity is strengthened. This allows enterprises to increase production volumes, improve working and living conditions for employees. The cost price, assortment, quality, novelty and attractiveness of products, their competitiveness depend on them.

Object: long-term investment.

Subject: the essence of accounting for long-term investments.

Purpose: to study the methods of accounting for long-term investments.

1) consider long-term investments, give a concept, consider the classification and main tasks of accounting;

4) the acquisition and creation of assets of an intangible nature, including the performance of research, development and technological work.

Long-term investments can be classified according to a number of characteristics, for example, by form, by degree of readiness, by structure, by purpose, by industry, by sources of financing.

For clarity, the classification of long-term investments is shown in fig. 1.1.

Rice. 1.1. Classification of long-term investments

In terms of form, long-term investments are divided into: new construction, reconstruction, expansion, technical re-equipment, maintenance of the capacities of existing industries and non-production facilities.

According to the degree of readiness, long-term capital investments are divided into completed and unfinished (incomplete).

According to the structure, long-term investments in the form capital investments are divided into: construction and creation of fixed assets, acquisition of fixed assets, acquisition of natural objects, creation and acquisition of intangible assets.

By purpose, all long-term investments are divided into investments in production and non-production facilities, facilities intended for lease, leasing, rental.

By industry, long-term capital investments are divided into: investments in industry, transport, housing construction, healthcare, Agriculture and other industries.

By sources of financing, long-term investments are divided into investments at the expense of investors' own funds and at the expense of borrowed funds.

When accounting for long-term investments, it is necessary to be guided by the following legislative and regulatory documents:

Civil Code Russian Federation, parts 1,2, 3;

Tax Code of the Russian Federation, parts 1 and 2;

the federal law dated 01.01.01 "On Joint Stock Companies";

Federal Law of January 1, 2001 “On the Securities Market”;

Construction object - a separate building or structure, type or complex of works, for the construction of which a separate project and estimate must be drawn up.

The main tasks of accounting for long-term investments are: correct, timely documenting costs; correct reflection costs for each object in accounting registers; systematic monitoring of intended use funds, implementation of the capital investment plan, compliance with the estimated cost of construction and installation works; accurate determination of the cost of completed and commissioned facilities and costs in construction in progress; control over observance of budgetary and financial discipline in construction, over observance of estimates of overhead costs for construction; ensuring control over the progress of construction, commissioning of production facilities and fixed assets; correct determination and reflection of the inventory value of fixed assets put into operation and acquired, land plots, objects of nature management and intangible assets; monitoring the availability and use of sources of financing for long-term investments.

Accounting for long-term investments is carried out according to actual costs: in general for construction and for individual objects (building, structure, etc.) included in it; for the acquired individual items of fixed assets, land plots, objects of nature management and intangible assets. Accounting for long-term investments is kept on account 08 “Investments in fixed assets". This account reflects investments by their types on specially opened sub-accounts. The debit of account 08 reflects the actual costs of construction and acquisition of the relevant assets, as well as the costs of forming the main herd.

The generated initial cost of fixed assets, intangible and other assets accepted for operation and executed in the prescribed manner, is debited from account 08 to the debit of accounts 01 "Fixed assets", 03 "Profitable investments in material values”, 04 “Intangible assets”, etc. The costs of completed operations for the formation of the main herd are written off from account 08 to the debit of account 01 “Fixed assets”. The balance of account 08 reflects the amount of the organization's capital investments in construction in progress and the acquisition of fixed assets and intangible assets, as well as the amount of unfinished costs for the formation of the main herd. In-progress capital investments also include real estate that has not passed state registration.

1.2 Sources of financing for long-term investments

Sources of financing for long-term investments can be own funds of organizations and attracted - equity participation in construction, additional contributions from participants, long-term bank loans, long-term loans, extra-budgetary funds, federal budget funds provided on a non-refundable and repayable basis.

An important source of own funds for long-term investments of an organization can be considered the authorized capital (authorized fund, share capital), which is the amount of equity capital registered in the constituent documents (charter of the organization), contributed by the founders in the form of cash or other property when the organization was created. Accounting for the movement of funds authorized capital organization is carried out on account 80 "Authorized capital".

But in the process economic activity organizations may be undergoing ongoing changes financial condition that do not require re-registration of the authorized capital. In such cases, the concept of additional capital is introduced. Additional capital includes capital gains outside current assets organizations, share premium, etc. Account 83 “Additional capital” is used to account for the status and movement of funds of additional capital.

Another component of the organization's own funds is reserve capital. Reserve capital is the organization's insurance capital, intended to compensate for losses and to pay income to investors or creditors if net profit is not enough for these purposes. In organizations of different forms of ownership and activities, the formation of reserve capital may be mandatory or voluntary. Account 82 “Reserve capital” is used to account for changes in reserve capital.

Statutory, reserve and additional capital can be considered as sources for long-term investments only theoretically, since these sources are already associated with assets (property of the organization) that were made as contributions of the founders (participants) or received as an increase in their revaluation. Besides, in joint-stock companies ah reserve capital cannot be a source of financing capital investments, since these goals are not in the list of directions for its use, statutory about these societies.

Another source of financing for long-term investments is profit, which is defined as the difference between the income and expenses of the organization. Organizations can create foundations special purpose at the expense of deductions from net profit, i.e., from the profit remaining at their disposal, or to use the profit remaining at their disposal without the formation of various trust funds. By purpose, all created special funds can be divided into consumption funds and accumulation funds. Consumption funds are formed to finance the social protection of workers, for their material incentives, incentives, subsidies, additional payments, etc. Accumulation funds are intended for technical re-equipment, reconstruction, expansion and development of new types of products, construction and renewal of fixed production assets. In any case, the organization's net profit funds are accumulated on account 84 "Retained earnings ( uncovered loss)».

The next source of financing for long-term investments can be depreciation deductions. Depreciation charges are included in the cost of products (works, services) and are therefore part of the proceeds from the sale. Revenue, in turn, in the form Money goes to the cash desk of the organization or to its accounts in banking institutions. And this money can be used to finance capital investments in fixed assets and intangible assets. System accounting does not provide records of the use of depreciation as a source of financing. Analyzing whether there are enough funds for the planned capital investments, we can compare the amounts that are required with the balances on accounts 02 “Depreciation of fixed assets” and 05 “Depreciation of intangible assets”.

Except own sources financing of long-term investments is also borrowed. TO borrowed sources include bank loans and loans provided by other legal entities or individuals on a repayment basis. Bank loans and borrowings (accounts 66 “Settlements on short-term loans and borrowings” and 67 “Settlements on long-term loans and borrowings”) show the amount of borrowed funds for long-term investments and suggest a predetermined source of return of these funds and interest for their use.

Another source of financing for long-term investments is the attracted funds - targeted funding, budget allocations, sponsorship receipts and other funds on a non-refundable basis. IN this case funds are credited to the organization's accounts from the budget or another source, are reflected on account 86 "Target financing" and show the source of financing for long-term investments according to the targeted nature of the funds received. Thus, three main sources of financing for long-term investments can be distinguished - depreciation, bank loans, loans and targeted financing and receipts.

As noted above, important point when planning long-term investments, it is to determine the sources of their financing, but no less important here is the need and ability to control the use of selected sources of financing by means of accounting. For these purposes, an off-system accounting information. When they talk about off-system accounting, they mean that for one reason or another, information is not formed on accounting accounts in the form of turnovers or balances on accounts and sub-accounts after accounting entries have been made during the reporting period. Off-system accounting information is formed by filling in various tables and other accounting registers analytical accounting with subsequent generalization and summing up on them. Unlike system accounting, non-system accounting does not use the method double entry, and the information is not reflected in synthetic accounting accounts in the form of turnovers and balances.

The current accounting methodology does not provide for the maintenance synthetic accounting using the net profit of the organization as a source of long-term investments. But the organization can independently maintain analytical accounting and control over the use of profits for these purposes. For this it is necessary to synthetic account 84 "Retained earnings (uncovered loss)" to open separate sub-accounts: "Profit in circulation" and "Profit used". When using profit as a source of long-term investment, an entry can be made in these accounts:

Dt 84 “Retained earnings (uncovered loss)”, sub-account “Profit in circulation”

Kt 84 "Retained earnings (uncovered loss)", sub-account "Profit used".

The next source of financing for long-term investments can be depreciation deductions. Depreciation charges are included in the cost of products (works, services) and therefore are part of the proceeds from the sale of final products. The proceeds in the form of cash goes either to the cash desk of the organization or to its accounts in banking institutions. These funds can be used to finance capital investments in fixed assets and intangible assets. System accounting does not provide for records of the use of depreciation as a source of financing for long-term investments. But when analyzing the sufficiency of funds for the planned investments, it is necessary to compare the amounts that are required with the balances on accounts 02 “Depreciation of fixed assets” and 05 “Depreciation of intangible assets”.

If budget funds are used to finance long-term investments on an irrevocable basis, their movement is recorded on account 86 “Target financing”. Targeted financing received as a source of long-term investments is reflected:

Dt 76 "Settlements with different debtors and creditors"

Kt 86 "Target financing".

Receipt budget funds reflected on an irrevocable basis:

Kt 76 "Settlements with different debtors and creditors".

Budgetary funds are written off from account 86 "Target financing" systematically. When using these funds, the following entries are made in the accounting accounts:

Dt 86 "Target financing"

Kt 98 “Deferred income”, sub-account “Grant-free receipts”.

After the facility is put into operation, the amounts reflected on the sub-account "Grants of receipts" are written off within the period beneficial use objects of non-current assets in the amount of depreciation accrued on them as non-operating income:

D-t 98 "Deferred income", sub-account "Grant-free receipts" K-t 91 "Other income and expenses", sub-account "Other income".

In case of misuse of the received funds, the organization is obliged to return them.

But in addition to our own sources of financing for long-term investments, there are attracted ones. Sources of funding available include:

Bank loans;

Loans of legal entities and individuals;

Budgetary funds provided on a returnable basis;

Funds received from other organizations in the order equity participation in the construction of facilities.

Credits and loans attracted by the investor as a source of financing for long-term investments in the form of capital investments are reflected in accounts 66 “Settlements for short-term loans and loans” or 67 “Settlements on long-term credits and loans”. The receipt of a loan from a bank or a lender is reflected:

Dr. 51 " Settlement accounts”, 55 “Special bank accounts”

Kt 66 “Settlements on short-term loans and borrowings”, 67 “Settlements on long-term loans and borrowings”.

Similarly, the receipt of funds from budgets of various levels on a repayable basis (budget loans) is reflected.

Interest paid to credit institutions and other legal entities and individuals for received loans and borrowings, to treasury bodies on received budgetary loans, are included in actual cost objects of long-term investments for which they were received, until the moment of their commissioning. After their commissioning, the interest is paid at the expense of the operating expenses of the organization.

Funds received from other organizations in the order of their equity participation in long-term investments are recorded either on account 76 “Settlements with various debtors and creditors” or on account 86 “Target financing”. After the completion of the investment, the obligations to the relevant equity holders are repaid by transferring their share:

Dt 76 “Settlements with various debtors and creditors”, 86 “Target financing” Kt 08 “Investments in non-current assets”. Construction and installation works are financed through a contractor or directly through the costs of the developer, depending on the method of construction (contract or economic).

2. ACCOUNTING FOR LONG-TERM INVESTMENTS IN THE FORM OF INVESTMENTS.

Capital investments are investments in non-current assets, including the costs of new construction, expansion, reconstruction and technical re-equipment of existing organizations, the purchase of machinery, equipment, tools, inventory, design and survey work, etc. Capital investments are economic process. Like any other business process, it is reflected in accounting as a combination of costs and results. Accounting primarily reflects the costs incurred in the process of capital investments, i.e., the costs of designing, building and reconstructing facilities, purchasing and installing equipment, machines, appliances, the costs of purchasing finished facilities, etc. The result of the capital investment process is new or reconstructed objects of non-current assets.

Accounting for long-term investments is carried out on an independent synthetic account 08 “Investments in non-current assets”. This account is intended to summarize information about the costs of the organization for objects that will subsequently be accepted for accounting as non-current. Separate sub-accounts can be opened for this account by types of these assets: “Acquisition of land plots”, “Acquisition of objects of nature management”, “Construction of fixed assets”, “Acquisition of fixed assets”, “Acquisition of intangible assets”, etc. According to the debit of the account 08 “Investments in non-current assets” reflects the actual costs for the acquisition, construction and installation of individual facilities of this category of assets on an accrual basis. The balance (debit) on the account reflects the value of unfinished investments (construction). On account 08 “Investments in non-current assets”, analytical records are kept for each construction or acquisition object and cost items. Capital investments are grouped in accounting according to the technological structure of expenses, therefore, the following grouping is usually accepted:

Equipment installation works;

Purchase of equipment requiring installation;

Purchase of equipment that does not require installation;

Other capital expenditures;

Costs that do not increase the value of fixed assets.

Construction work is carried out in the presence of title lists, design estimates and funding sources. Title lists are a list of objects planned for construction or reconstruction. They provide for start and end dates, estimated cost, volumes of capital investments by years, etc. The design and estimate documentation includes a project, drawings, a complex technical documents, summary estimate calculation, explanatory notes and other materials necessary for the planned construction or reconstruction of a building, structure or enterprise. Design and estimate documentation is developed on the basis of feasibility studies and feasibility studies.

When construction is carried out by a contract method, the customer concludes a contract, as a rule, with the main contractor (general contractor). He is responsible to the customer for the implementation of all general construction, special construction and installation work. The general contractor may involve other construction or installation organizations, which are called subcontractors, to perform work. Subcontractors enter into contracts with the general contractor and are responsible to him for the implementation certain types works, their timing and quality. Customers pay for the work completed by contractors depending on the payment methods chosen by the parties.

The organization of the construction of facilities, control over its progress and accounting for the costs incurred in this case are carried out by the developers. At the same time, the accounting procedure is regulated by the Accounting Regulation “Accounting for agreements (contracts) for capital construction"(PBU 2/94).

Construction refers to the individual type of production. The construction process begins with planning, which is carried out according to available estimates for construction works, and determining the sources of their financing, and ends with the commissioning of the constructed facilities. In the accounting of the developer and the contractor, settlements for construction objects are reflected based on their contractual value specified in the construction contract. Therefore, in construction it is usually used custom method cost accounting. The developer keeps records of costs on an accrual basis from the beginning of the work to the commissioning of the facility. At the same time, the costs of capital construction take the form of the initial cost of the commissioned fixed assets. Until the completion of construction works, the costs of their construction, accounted for on account 08 “Investments in non-current assets”, constitute capital investments in progress.

Construction work is carried out either by contract, i.e. by specialized construction and installation organizations (contractors) on a contractual basis, or by an economic method, i.e. by the developer himself.

With the contract method, completed and formalized construction and installation works are reflected with the developer on account 08 “Investments in non-current assets” at the contractual value. The cost of construction work in the accounting of the developer is reflected on the basis of the act of acceptance of work performed (in the form No. KS-2), which is signed by the developer and the contractor. The specified works are paid by the developer according to the certificate of the cost of work performed and costs (in the form No. KS-3). Based on this certificate, the developer includes the cost of the work performed as part of investments in non-current assets. In the accounts of accounting, this transaction is reflected in the following entry:

Dt 08 “Investments in non-current assets”, 19 “Value added tax on acquired values” Kt 60 “Settlements with suppliers and contractors”.

The decrease in debt as bills are paid is reflected:

Dt 60 "Settlements with suppliers and contractors" Kt 51 "Settlement accounts", 52 " Currency accounts”, 55 “Special bank accounts”.

For the contractor, all costs for the performance of construction work are the main activity and are accounted for on account 20 “Main production”, i.e., on the basis of documents for the release of materials and spare parts, payroll statements, etc., accounting entries are made:

Dt 20 "Main production"

Kt 10 “Materials”, 70 “Settlements with personnel for wages”, 69 “Calculations for social insurance and provision”, etc.

According to PBU 2/94, the developer determines the financial result from the performance of his functions by determining the difference between the amount of funds included in the estimate for the facilities under construction in this reporting period and the actual costs. In the case of settlements between the developer and the investor for the commissioned object at the contractual cost, the financial result also includes the difference between this cost and the actual costs of building the object, taking into account the costs of maintaining the developer. Thus, after the construction is completed and the object is handed over, according to the act to the customer, and in the accounting accounts of the contractor, the following entries are made:

Dt 62 “Settlements with buyers and customers” Kt 90 “Sales”, subaccount “Revenue”.

When writing off actual cost work performed by the contractor and value added tax on the work and services of the contractor:

Dt 90 "Sales", sub-account "Cost of sales"

Kt 20 “Main production”, 68 “Calculations for taxes and fees”.

Thus, on account 90 "Sales" the contractor traditionally determines his profit or loss from the construction of a particular facility. If construction activity for the customer is not normal view activity, the financial result is revealed on account 91 “Other income and expenses”.

In accordance with the construction contract, settlements between the developer and the contractor can be carried out:

After completion of all work at the construction site;

Dt 08 "Investments in non-current assets"

Kit 07 "Equipment for installation".

The contractor, who received equipment from the customer for use in the construction of the facility, takes into account such equipment on the off-balance account 005 “Equipment accepted for installation”. Upon receipt of equipment requiring installation, the contractor makes a simple entry: Document 005 “Equipment accepted for installation”, and when installing equipment in a facility under construction: Package 005 “Equipment accepted for installation”. The customer accepts the installed equipment according to the certificate of completion. The act shows only the cost of the performed installation and commissioning works, without the cost of the equipment.

If the contractor provides the construction with the necessary equipment, then its cost is reflected by the customer on account 08 "Investments in non-current assets" along with the cost of installation and other work (according to the invoice).

With the economic method of production of construction and installation works, the costs are accounted for on account 08 "Investments in non-current assets". This account reflects the actual costs incurred by the developer:

Dt 08 “Investments in non-current assets”, Kt 10 “Materials”, 70 “Settlements with personnel for wages”, 69 “Settlements for social insurance and security”, etc.

If organizations have independent structural divisions performing construction and installation works, they take into account their costs on account 23 "Auxiliary production":

Dr. 23 "Auxiliary production"

Kt 10 “Materials”, 70 “Settlements with personnel for wages”, 69 “Settlements for social insurance and security”, etc.

At the end of this work, the costs are written off:

Dt 08 "Investments in non-current assets" Kt 23 "Auxiliary production".

Putting fixed assets into operation is reflected in the accounting accounts:

Dr. 01 "Fixed assets"

Kt 08 "Investments in non-current assets".

One of the main tasks of accounting for capital investments is to determine the entire set of costs related to the erected construction object, its reconstruction or acquisition. These costs at the end of the work will determine the inventory (initial) cost of the objects put into operation - buildings, structures, equipment, etc.

The inventory value of the facilities put into operation consists of the costs of construction and other capital works. The inventory value is determined for completed construction, reconstruction, acquisition. To check the suitability of the object for operation, special commissions are created. Full readiness for operation is confirmed by the act of acceptance and transfer of the facility. It indicates the volume, production capacity, area, parameters that characterize the object, its readiness for operation, the quality of the work performed, the presence of imperfections, the timing of their elimination. A fully executed and signed act is transferred to the customer-developer and is the basis for determining the inventory value of the capital investment object.

When carrying out capital construction, the organization bears expenses that are not directly related to the construction of the facility, but without them it cannot be built. They are defined as costs that do not increase the inventory value of objects. Costs that do not increase the value of fixed assets are recorded on account 08 “Investments in non-current assets” separately from construction costs. Such costs can be divided into costs provided for by estimates and calculations, and costs not provided for by them.

The first group includes: expenses for the training of operational personnel for the main activities of enterprises under construction; expenses for reimbursement of the cost of buildings and plantings demolished during the allotment of land plots for construction; funds transferred for the construction of facilities in the order of equity participation in the subsequent transfer of constructed facilities, etc.

The second group includes costs: for paying interest on bank loans in excess of the discount rates established by the Central Bank of the Russian Federation; for the conservation of construction; for demolition, dismantling and protection of objects stopped by construction, etc.

2.1. Disclosure of information on long-term investments in financial statements.

In the financial statements, at least the following information is subject to disclosure, taking into account materiality:

On the amount of construction in progress;

On the volume of acquired objects of non-current assets;

On sources of financing for long-term investments in

form of capital investment. The creation of non-current assets, in particular their construction, is extended in time, often lasting several reporting periods, during which capital expenditures are in a transitional form - expenses have been incurred, but the objects of these assets have not yet been taken into account. Therefore, there is a need to take into account capital costs in non-completed objects of non-current assets. The balance sheet (form No. 1) reflects the balance of construction in progress at the beginning of the year and at the end of the reporting period.

As for information about the non-current assets received by the organization (fixed assets, profitable investments in tangible assets and intangible assets), in total it is contained in the balance sheet, as well as in other reporting forms, which represent a breakdown of the balance sheet. So, for example, in the appendix to the balance sheet (form No. 5), the receipt of intangible assets, fixed assets and objects of profitable investments in tangible assets by their types for reporting period. In addition, this form reflects as all the costs of research, development and technological work, and on unfinished and not giving positive results.

Information about the sources of financing of long-term investments in the form of capital investments is contained in several forms of financial statements. For example, the balance sheet shows the amount of retained earnings of the organization, and the income statement reflects net profit organizations during the reporting period. In the statement of changes in equity (Form No. 3), in the "References" section, the amounts received for reporting year from the budget and off-budget funds target receipts to finance capital investments in non-current assets. The appendix to the balance sheet (form No. 5) reflects two indicators: the total amount of budgetary funds received, including by their types for the reporting period and for same period previous year, and the amount of received types of budget loans as of the beginning and end of the reporting period, as well as the amounts received and returned during the reporting period.

CONCLUSION

Long-term investments are understood as the costs of the organization for the creation, increase in size, as well as the acquisition of non-current assets that are not intended for sale. Investments are investments by an organization of monetary resources in construction, the acquisition of fixed assets and intangible assets that can be used for a long time, as well as in securities, receiving income from them in the form of dividends or interest.

If we consider investments in terms of their investment, then they are long-term and short-term. Short-term investments are made for a period of up to one year (12 months), and long-term investments for a period of more than a year.

If we consider investments by end results, they can be divided into investments in property and financial investments. Investments in property are understood as capital investments in non-current assets, i.e. investments in fixed assets and intangible assets. Financial investments- long-term and short-term investments in securities and debt obligations, investments in the authorized capital of other organizations, as well as the provision of loans in order to obtain additional income.

Before starting any investment project, it is necessary to determine the sources of its financing. Sources of long-term investments can be the organization's own funds, borrowed funds, budget allocations and sponsorships from other organizations.

The organization's own funds are authorized, additional and reserve capital, funds, profits and accumulated depreciation amounts.

An important source of own funds for long-term investments of an organization can be considered the authorized capital (authorized fund, share capital), which is the amount of equity registered in the constituent documents (charter of the organization) contributed by the founders in the form of cash or other property when creating the organization. Accounting for the movement of funds of the authorized capital of the organization is carried out on account 80 "Authorized capital".

As noted above, an important point in planning long-term investments is to determine the sources of their financing, but no less important here is the need and ability to control the use of selected sources of financing by means of accounting. For these purposes, non-system accounting information is used. When they talk about off-system accounting, they mean that for one reason or another, information is not formed on accounting accounts in the form of turnovers or balances on accounts and sub-accounts after accounting entries have been made during the reporting period. Off-system accounting information is formed by filling in various tables and other accounting registers analytical accounting followed by summarizing and summarizing them. Unlike system accounting, non-system accounting does not use the double-entry method and information is not reflected in synthetic accounting accounts in the form of turnovers and balances; however, formed in off-system accounting, it is used for planning, forecasting and economic analysis. The question arises: why is it impossible to use system accounting to show the use of sources to finance long-term investments?

But if, for example, we show the use of accumulated depreciation by debiting accounts 02 "Depreciation of fixed assets" and 05 "Depreciation of intangible assets", then the data on the residual value of non-current assets will be distorted.

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Astapov regulation of investments in the Russian Federation at the federal and regional levels // Legislation and Economics. - 2004. - No. 5. - p. 17-22.

etc. Investments / Ed. , etc. - M .: TK Velby, Prospect Publishing House. 2005. - 440 p.

What should we build a workshop? // Accounting supplement to the newspaper "Economics and Life". - 2004. - No. 48. - p. 7-16.

Matantseva of investments intended for the restoration of fixed assets // Auditorskie Vedomosti. - 2005. - No. 12. - p. 25-29.

Popov in construction // Glavbukh, Industry application "Accounting in construction". - 2004. - No. 4. - p. 16-22.

Sokolov construction in progress // Accounting. - 2004. - No. 24. - p. 22-25.

Accounting for capital investments in fixed assets //BUH.1C. - 2006. - N 2.

Ledakova differences arising in the process of construction of a fixed asset // Tax Bulletin. - 2004. - No. 12. - p. 25-27.

Methods and forms of protecting the rights of investors // Law and Economics No. 12. - p. 15-17.

Sources of financing of long-term investments, depending on ownership, are divided into own and borrowed.

TO own funds organizations that are a source of financing for long-term investments include:

  • depreciation charges on fixed assets and intangible assets in operation;
  • net profit remaining at the disposal of organizations after paying income tax and other similar payments;
  • insurance claims received to cover losses and damages from insured events that occurred as a result of loss and damage to property, etc.

Funds raised include:

  • bank loans, loans;
  • extrabudgetary funds, funds federal budget provided on a non-refundable and returnable basis;
  • funds received from equity holders with equity participation in construction.

The use of own sources to finance long-term investments is not reflected in synthetic accounting.

Accrued amounts of depreciation on fixed assets and intangible assets are accounted for on accounts 02 "Depreciation of fixed assets" and 05 "Depreciation of intangible assets". According to the Instructions for the Application of the Chart of Accounts for Accounting Financial and Economic Activities of Organizations, approved by Order of the Ministry of Finance of Russia dated October 31, 2000 No. 94n, depreciation amounts are written off from these accounts only in the event of disposal of fixed assets and intangible assets.

Received (receivable) insurance indemnities to cover losses and damages from insured events that occurred as a result of loss and damage to property are included in other income that forms the profit of the organization.

The use of retained earnings to finance long-term investments is reflected only in analytical accounting. At the same time, in analytical accounting, organizations can share the funds of retained earnings used as financial support for the acquisition (creation) of new property, and accrued, but not used for the specified purposes.

Accounting for funds attracted to finance long-term investments is carried out in the following order.

Borrowed funds attracted to finance capital construction, received under loan or credit agreements, are reflected in the borrower's accounting records under the credit of account 67 "Settlements on long-term loans and borrowings" (when funds are received for a period of more than 1 year) or the credit of account 66 "Settlements on short-term credits and loans” (when receiving funds for a period of less than 1 year). Borrowed funds are reflected in the borrower's accounting records upon receipt in correspondence with the debit of the accounts of the relevant cash or material resources.


When using credits and loans, the amount of the credit or loan received to finance long-term investments is reflected in the accounting entry:

Debit account 51 "Settlement accounts"

Interest on loans and borrowings received for the construction of facilities in accordance with the requirements of clauses 7, 8 of RAS 15/2008, accrued before the completion of construction and commissioning of the facility, are included in construction costs with a simultaneous increase in obligations under the loan or loan by the entry:

Debit account 08 "Investments in non-current assets"

credit account 66 "Settlements on short-term credits and loans"

credit account 67 "Settlements on long-term credits and loans".

Interest accrued after construction is completed and the facility is put into operation is included in other expenses.

Interest is accrued and accepted for accounting within the time limits stipulated by the agreement borrowing or lending.

Settlements with suppliers and contractors for transactions related to the acquisition and creation of property at the expense of the received credit or loan are reflected in the accounting entry:

When repaying debts on loans and borrowings, an entry is made in accounting:

Debit account 66 "Settlements on short-term credits and loans"

Debit account 67 "Settlements on long-term loans and borrowings"

credit account 51 "Settlement accounts".

In the same manner, funds received to finance capital investments from the budget and extra-budgetary funds on a repayable basis are taken into account. At the same time, the amount of funds received on a reimbursable basis is subject to separate storage on a special account in a bank and is reflected in the accounting on the debit of account 55 “Special accounts in banks”.

If funds from the budget and extra-budgetary funds are received on an irrevocable basis, then they are subject to accounting as targeted funding. In this case, the following entries are made in the accounting:

Debit account 76 "Settlements with different debtors and creditors"

credit account 86 "Target financing"

– reflects the amount of targeted financing for long-term investments;

Debit account 55 "Special bank accounts"

credit account 76 "Settlements with different debtors and creditors"

– reflects the amount of funds received in the order of targeted financing;

Debit account 60 "Settlements with suppliers and contractors"

credit account 55 "Special bank accounts"

– made settlements with suppliers and contractors for transactions related to the acquisition and creation of property.

The use of targeted financing in accounting is reflected after the commissioning of fixed assets. In this case, the funds used are included in deferred income:

credit account 98 "Deferred income".

As depreciation accrues, a part of deferred income in the amount corresponding to the amount of accrued depreciation is included in other income:

Debit account 98 "Deferred income"

credit account 91 "Other income and expenses".

Funds received from equity holders with equity participation in construction are also included in target financing. At the same time, the use of special-purpose financing is reflected after the completion of construction, when the corresponding part of the constructed object is transferred to the shareholder. In this case, the accounting accounting entry:

Debit account 86 "Target financing"

credit account 08 "Investments in non-current assets".

In the event that the funds received as targeted financing exceed the cost of the transferred construction object, the difference is returned to the equity holder:

Debit account 86 "Target financing"

credit account 55 "Special bank accounts".

In the balance sheet commercial organizations sources of financing for long-term investments are recorded as short-term (long-term) liabilities or as deferred income.


The main source of financing for capital investments in industrial developed countries with a stable market economy are the own funds of organizations in the form of depreciation of fixed capital and retained earnings (65 - 70%).
The effectiveness of self-financing and its level depend on the share of own sources in the volume of financial resources. IN foreign practice it is considered high if the share of own funds exceeds 60% of the total funding (internal and external).
IN international practice The following funding sources are used to provide financial support for promising projects:
funds of private companies (corporations);
funds of individual investors (households);
opportunities for the global securities market;
loans from international financial and credit organizations (IMF, World Bank, EBRD, etc.);
loans from international export agencies;
loans from national commercial banks, etc.
For many large projects, it is advisable to attract combined (mixed) funding sources. This is due to the fact that a developed corporate securities market has not been formed yet. The investment process is limited mainly to the simple reproduction of fixed capital. However, it also assumes the diversion of a significant part of the gross domestic product for the purpose of accumulation. Investment resources are excluded from the reproduction process for the entire period until the commissioning of production facilities and facilities. In the future, the invested funds are returned to the investor (developer) during the operation of construction facilities at the expense of proceeds from the sale of products, goods, works and services. The long duration of the investment cycle and the high cost of objects under construction require special resources (materials, equipment, etc.), the economic turnover of which is mediated by cash.
The formation of monetary resources potentially available for financing long-term investments is mediated by the system of distribution relations in the national economy of Russia. Sources of financing real investments (capital investments) are also closely related to the system of financial and credit relations that arise at the micro level between the participants in the investment process - customers (developers), contractors, designers, suppliers material resources for construction, commercial banks, the state and other economic entities (see Fig. 5 .).

Financial and credit mechanism of regulation investment activity enterprises includes three interconnected blocks:
financial support of the investment process;
methods of financial and credit regulation;
ways of influencing production efficiency.
The artificial exclusion of one of the blocks of the financial and credit mechanism has a negative impact on the current (operational) and investment activities of organizations.
Composition of sources of financing capital investments Russian organizations shown in Fig.6

Rice. 6 Composition of sources of financing investments in fixed capital of Russian enterprises and corporations.
Among the funding sources investment projects usually distinguished:
own financial resources and on-farm reserves of developers-investors;
borrowed funds in the form of bank loans and bonds;
attracted funds received from the issue of shares, share and other contributions of legal entities and individuals to the authorized (share) capital, for equity participation in the construction of joint facilities;
budget funds provided on a gratuitous and reimbursable basis;
monetary resources mobilized by voluntary unions (associations and associations) of enterprises and organizations and financial and industrial groups;
funds provided by foreign investors in the form of credits, loans, contributions to the authorized (share) capital of Russian organizations;
credits and loans provided to Russia by international financial and credit organizations and other states under the guarantees of the Government of the Russian Federation.
As part of own sources, the leading place is occupied by net profit and depreciation.
After taxes and other mandatory payments from profit to budget system the organization has a net profit. It has the right to direct part of it to finance capital investments for production and non-production purposes. This part of the profit can be used for investments as part of an accumulation fund or other similar fund. In accounting for the financing of capital investments (increase in fixed capital), they are reflected in the account "Retained earnings" (uncovered loss).
The second largest and most stable source of financing for capital investments is depreciation. Unlike profit, this source does not depend on financial results activities of enterprises. The company has the right to use depreciation deductions for:
acquisition of new machines and equipment instead of retired ones;
implementation of R&D;
mechanization and automation of production processes;
modernization and renewal of manufactured products to increase the level of its competitiveness;
technical re-equipment, reconstruction and expansion of existing production, as well as for new construction.
For more efficient use of these deductions as an investment resource, an appropriate depreciation policy is carried out, which includes:
choice of forms of reproduction of fixed capital;
application of linear and non-linear methods of depreciation of fixed assets and intangible assets;
definition priority areas use of depreciation charges;
accounting for depreciation charges when evaluating the effectiveness of investment projects as part of net cash receipts(pure cash flow generated by the project).
Depreciation charges are the object of financial calculations (for example, when drawing up the capital budget for the coming year or quarter). To determine these charges, you can use the direct account method or the analytical method.
When using the direct account method, the amount of depreciation deductions is established by multiplying the initial (replacement) cost of fixed assets by the corresponding norms (in percent) for each of them. The results are added together and get total amount these deductions for the enterprise as a whole.
When using the analytical method, the average cost of depreciable fixed assets for the coming year is first calculated using the formula:
_ V x K B1 (12 - K)
C os \u003d Snp + ______ - __________;
12 12
_
where: Sos - average cost depreciable fixed assets; SNP - the initial (replacement) cost of fixed assets at the beginning of the billing period; B - the cost of fixed assets put into operation in billing period; B1 - the cost of fixed assets retired from operation in the billing period; K - number full months functioning of fixed assets in the billing period; (12 - K) - the number of months remaining until the end of the year after the disposal of fixed assets.
The average cost of fixed assets depreciated in the planned year is multiplied by the average actual depreciation rate, which is added according to the enterprise's report for the base year:
_
Ap \u003d C os x H f;
100
where: Ap - the planned amount of depreciation for the coming year for the enterprise as a whole; Sos - the average cost of depreciable fixed assets; N f - the average actual depreciation rate for the base year.
The analytical method of calculation is simpler than the direct counting method, but it gives a less accurate result, since the calculation is not carried out for each inventory object, but for all fixed assets on an enlarged basis.
If there is a shortage of own funds to finance capital investments, the organization has the right to attract loans from commercial banks, as well as funds mobilized for stock market. State investments are financed from budget funds provided on a gratuitous and reimbursable basis (in the form of budget loans).
Control questions:
List the main sources of capital investment financing used abroad.
Give the most important sources of financing of capital investments in Russia.
Name the directions of use of depreciation deductions.
Give methods for planning depreciation.
From what sources are capital investments financed with a lack of own resources.

Investments- these are cash, securities, other property, including property and other rights that have monetary value invested in objects of entrepreneurial and non-commercial activities in order to make a profit and achieve another beneficial effect. According to the terms of investment, investments are divided into long-term(for more than a year) and short-term(up to one year).

Under investment activity refers to making investments and taking practical actions in order to obtain financial and other types of beneficial results. Investment activity is associated with capital and financial investments.

Capital investments - investments in non-current assets, including costs for new construction, restoration of existing enterprises (modernization, reconstruction, expansion and technical re-equipment), research, development, technological and other works, acquisition of land plots and nature management facilities, fixed assets , intangible and other non-current assets (Fig. 7.1).

Under new construction refers to the construction of a complex of facilities for the main, ancillary and service purposes of newly created enterprises, buildings and structures, individual industries, carried out at new sites in order to create a new production capacity.

Modernization associated with a change in the technological or service purpose of equipment, buildings, structures, other fixed assets due to the need for increased loads or providing other new qualities.

Reconstruction operating enterprises, it is planned to reconstruct the existing workshops and facilities of the main, ancillary and service purposes, as a rule, without expanding the existing buildings and structures of the main purpose. Reconstruction can be carried out, for example, in cases where new equipment cannot be placed in existing buildings.

Rice. 7.1.

Expansion of existing organizations the construction of additional and increase in existing production facilities, workshops and facilities of the main, ancillary and service purposes is provided.

During technical re-equipment of operating organizations work is being carried out to improve the technical and economic level of individual industries, workshops and sections based on the introduction of advanced equipment and technology, automated systems management and control, replacement of obsolete and worn-out equipment with new, more productive ones.

New construction and restoration of existing enterprises and fixed assets with the implementation construction and installation works(CMP). Construction includes works related to the erection, expansion and restoration of buildings and structures, the installation of bases and foundations, the preparation and planning of the building area, and other works. TO installation work include installation of equipment, assembly and installation of technological, energy, handling and other equipment.

Other capital investments are considered to be design and survey work, drilling work, expenses for land acquisition and resettlement in connection with construction, other works and costs provided for by the construction estimate.

Research, development and technological work are carried out in order to create new, improve existing types of products, technologies, raw materials and materials.

On fig. 7.1 shows the types of capital investments by directions (by purpose), as well as by such features as the method of implementation and the degree of readiness.

By ways to implement capital works are subdivided into those performed on a contractual basis by a contract method (by specialized construction and installation organizations - contractors) or by the organization's own forces - by an economic method.

By degree of readiness Distinguish between completed capital investments (objects put into operation and included in fixed assets) and unfinished ones (expenses for construction and installation works performed on the facility under construction, expenses for the acquisition of non-current assets in other areas, not formalized by acts of acceptance and transfer of property, other documents , for example, confirming the state registration of real estate objects).

Capital construction objects that are in temporary operation, before their acceptance and delivery, are reflected as capital investments in progress.

The main subjects (participants) of investment activities carried out in the form of capital investments are investors, customers, contractors, users.

Investors may be physical and legal entities, associations of legal entities created on the basis of an agreement on joint activities, government bodies, foreign entities entrepreneurial activity(foreign investors) who make capital investments using their own and borrowed funds.

Customers (, developers) - persons authorized by investors who carry out the implementation of investment projects. Customers include organizations carrying out capital construction, directorates of enterprises under construction. Investors can be customers.

Contractors- individuals and legal entities that perform work under a work contract or a state contract concluded with customers.

Users of capital investment objects- individuals and legal entities, including foreign ones, state bodies, local self-government bodies, foreign states, international associations and organizations for which these objects are created. Investors can be users of capital investment objects.

The implementation of capital investments is preceded by the development investment projects - justifications economic feasibility, volume and timing of capital investments, containing the necessary design and estimate documentation, as well as a description of practical actions for the implementation of investments.

Sources of long-term investments are own and borrowed funds, as well as special-purpose funds. TO own funds organizations include authorized, additional and reserve capital, retained earnings, depreciation amounts. It should be noted that system accounting does not provide for the use of depreciation as a source of financing for long-term investments. The amounts of depreciation charged to the cost of products (works, services) in the amount of proceeds from the sale are returned to the organization. In the context of a shortage of sources of financing of current assets, depreciation deductions are often used for other purposes - to meet the needs of the organization's current rather than investment activities.

TO borrowed sources of financing long-term investments include bank loans and loans provided by other legal entities or individuals on a repayment basis.

The conclusion by the organization of leasing agreements, lease of long-term assets with a buyout, simple partnership (joint activity) helps the tenant to solve the problems of financing long-term investments.

Purpose funds make budget allocations; funds transferred in the order of equity participation; sponsorship and other income provided on a non-refundable basis.

One of the ways to allocate budgetary funds to organizations to finance capital investments is investment tax credit, the provision of which is associated with a change in the timing of the payment of taxes, which makes it possible to reduce tax payments by organizations, followed by a phased payment of the loan amount and accrued interest.

Targeted financing includes not only budget revenues, but also property (including cash) received from other organizations and individuals in the form of grants, investments from foreign investors to finance capital investments for industrial purposes, funds from equity holders accumulated on the accounts of developer organizations . When administering separate accounting income and expenses within the framework of target financing, these funds are not subject to taxation, otherwise they are considered as non-operating income(Article 251 of the Tax Code of the Russian Federation).

Introduction

The economic and social activities of economic entities are associated with the use of assets, both short-term and long-term. Long-term assets include both used for a long period of time, and not used directly in activities and placed for the purpose of obtaining a benefit.

Long-term usable assets appear in the entity different ways and from various sources through long-term investments. The creation of long-term investments is carried out in order to strengthen and develop existing activities or to redistribute existing benefits to obtain additional income for the subject.

At present, in market economy There are many ways to make long-term investments and many types of long-term investments.

The relevance of this term paper is determined by the dynamics of market relations, which necessitates the development, placement, redistribution of funds, including long-term ones, which must be carried out in advance and efficiently in order to obtain the planned result, for which planning and calculation of the economic result are used.

The purpose of this course work is to consider the nature and types of long-term investments.

The objectives of this course work are:

1. Consideration of the economic, legal nature of long-term investments and their types.

2. Consideration of the essence and legislative regulation of long-term investments in the implementation of accounting.

3. Consideration of methods for processing transactions for long-term investments, their accounting, drawing up accounting (financial) statements on them.

4. Consideration of sources of financing for long-term investments and their types.

5. Consideration of the organization and specifics of activities PJSC Gazprom in terms of long-term investments.

6. Consideration of the accounting (financial) statements of PJSC Gazprom in terms of long-term investments.

The concept of long-term investments and sources of their financing, regulation of their accounting

Long-term investments (econ.) are expenses made with the aim of making a profit over a long period, more than one year.

The areas of long-term investment can also be the achievement of other beneficial economic and social effects, such as the development of production, the prevention of decline in production, social areas, cultural areas, scientific areas, and so on. But the Investment itself is always carried out only within the framework of economic sphere and the result is always pursued in the form of making a profit or otherwise increasing the Capital.

Sources of investment funds can be both Own Capital and Borrowed Funds. They can be expressed in the form of both cash and labor funds, intellectual means, material means and other means.

The participants of the investment process are:

· Investor - the owner of the funds placed in the investment object;

· Intermediary - a person who makes an investment transaction in favor of an investor for a fee (banks, leasing companies, investment funds, etc.);

· Seller - a person who sells an investment object.

The sellers of investment objects can be different persons, as well as the formation of the investment object can be carried out both on state level as well as at the individual level. Types of sellers of investment objects are:

State and municipal authorities.

· Individuals - individuals, legal entities.

Investors - buyers of an investment object, can also be various persons, as well as sellers.

The stages after which investments in an investment object begin to bring profit or other beneficial effect to increase the investor's capital are:

1. The implementation of the investor's expenses and the acquisition of the investment object, independently or through an intermediary.

2. Bringing the investment object to a state suitable for use. For example, the repair of an acquired building with a view to its subsequent lease for profit. This stage may last different amount time. For example, when implementing venture financing when a new innovative product is being developed, usually in the field high technology, the period from the beginning of investments to the release of the product for sale can last up to 20 years.

3. Using the object of investment and making a profit or otherwise increasing the Capital. Investments bring profit for a long time, for more than one year. For example, investments in the authorized capital of an organization bring profit during the entire period of the organization's activity in the form of dividends, investments in the purchase of a car bring profit during the entire period of its operation or lease.

Long-term investments are currently made by many different people, so many investment products have emerged in the marketplace. The types of long-term investments are:

· Real.

· Financial.

Real investments include investments in real tangible and intangible objects, for example, production equipment, real estate, the exclusive right to a computer program, modernization, reconstruction, technical re-equipment, the receipt of other objects with long term operation.

TO financial investment include the provision of loans with an income in the form of interest, the purchase of securities of another organization or state with an income in the form of interest or a discount, an investment in the authorized capital of another organization with income in the form of a dividend.

Depending on the type of participants in the investment transaction, investments are divided into:

· State, municipal - where the participant is a state, municipal body.

Private - where a member is individual, entity.

· Mixed - where a participant acting in one capacity, for example, an investor in a theatrical production, is several persons in the form of a state or municipal body and a private person.

Depending on the status of the investor or seller, investments are divided into:

· Carried out by residents - citizens of the state or organizations registered in accordance with the laws of the state.

· Carried out by non-residents (foreign persons) - citizens of foreign states or organizations registered in accordance with the laws of foreign states.

· Carried out jointly by residents and non-residents.

The Civil Code of the Russian Federation does not regulate long-term investments, investment activities and does not contain their definition.

Obtaining objects of investment can be carried out within the framework of a contract, sale, retail sale, exchange, donation, bank deposit, inheritance, to obtain rights to the results of intellectual activity and means of individualization.

Separately in the current Russian legislation the activities of intermediaries involved in transactions with the investment object are regulated. In accordance with article 66 of the Civil Code of the Russian Federation, the activities of "credit organizations, insurance organizations, clearing organizations, specialized financial companies, specialized project financing companies, professional participants securities market, joint stock investment funds, management companies of investment funds, mutual funds and non-state pension funds, non-state pension funds and other non-credit financial institutions, joint-stock companies of workers (people's enterprises), as well as 8 the rights and obligations of their participants are determined by laws regulating the activities of such organizations. Also in Russian practice, activities are carried out through the Investment Partnership.

There is no such object of accounting as long-term investments in Russian accounting.

Accounting objects that are long-term investments from an economic point of view are “Non-current assets” reflected in Section 1 balance sheet. These include all "Non-Current Assets", data on which are contained in the accounting accounts in Section 1 of the Chart of Accounts - Real long-term assets, as well as long-term assets, data on which are contained in account 58 "Financial investments" - Financial long-term assets .

This is confirmed in the terminology used in the procedure for filling out the cash flow statement, where the investment activities of economic entities include activities with the above objects.

Terminologically, for accounting purposes, long-term investments include:

1. Fixed assets used as by ourselves economic entity, so leased to them - accounts 01.03.

2. Intangible assets - account 04.

3. Investments in non-current assets are funds aimed at creating or acquiring or obtaining objects, as well as bringing them to a state suitable for use, the characteristics of which correspond to long-term investments. These funds will subsequently be reclassified as a basis of funds or intangible assets or will not be reclassified due to their legal nature and will be used in the current status of attachments - accounts 07, 08.

4. Investments in services capable of making a profit or being used in making a profit for more than one year, for example, investments in non-exclusive rights to use a computer program - account 97.

5. Financial investments made for a period of more than one year, which include shares in the authorized capital of third-party organizations, 9 securities of third-party organizations, loans issued third parties- account 58.

6. Financial investments made for a period of more than one year, which include amounts on deposit accounts - account 58 (55 under No. 94n).

Long-term investments are always used for a long time with a period of more than one year. In this regard, the sources of their formation should also be with a period of their execution approximately equal to the payback period of these long-term investments. The sources of formation of long-term investments are:

· Equity- without a return period, as it consists of the amount of the authorized capital and profit.

· Long-term borrowed funds in the form of credits and loans - with a repayment period of more than one year.

· Short-term borrowed funds in the form of loans and borrowings - may be sources of funds in the form of long-term investments, but this is not cost-effective.

The main regulatory legal act regulating accounting and preparation of accounting (financial) statements in the Russian Federation is the Federal Law of December 06, 2011 No. 402-FZ “On Accounting”.

Consequently, the above Federal Law has the highest legal force on the territory of the Russian Federation, and all other regulatory legal acts can be adopted only in accordance with and without contradiction with it.

The regulatory legal framework for accounting and preparation of accounting (financial) statements when making long-term investments consists of:

1. The Constitution of the Russian Federation.

3. Federal Law No. 208-FZ of July 27, 2010 "On Consolidated financial reporting".

4. Order of the Ministry of Finance of Russia dated July 29, 1998 No. 34n “On approval of the regulation on accounting and financial reporting in the Russian Federation” (Registered in the Ministry of Justice of Russia dated August 27, 1998 No. 1598).

5. Order of the Ministry of Finance of Russia dated October 31, 2000 No. 94n “On Approval of the Chart of Accounts for Accounting for the Financial and Economic Activities of Organizations and Instructions for Its Application”.

6. PBU 1, 2, 4, 6, 14, 17, 19, 24.

7. Order of the Ministry of Finance of the Russian Federation of October 13, 2003 N 91n "On approval Guidelines on accounting of fixed assets" (Registered in the Ministry of Justice of the Russian Federation on November 21, 2003 N 5252).

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