The balance sheet is the main accounting document. It helps to consider the financial performance of the company from different angles, in general dynamics, and also, based on this documentation, to make forecasts for the short and longer term. According to their intended purpose, there are many types of balance sheets, examples of which we will try to understand in this article.
The belonging of a particular to one of its types is determined on the basis of certain characteristics, by analyzing which it is possible to indicate the purpose of compilation of this document. It can be:
- Time indicator.
- Sources used in compilation.
- The amount of information displayed on the balance sheet.
- The nature of the activity for which reporting is prepared.
- Form of ownership of the enterprise.
- Objects that are reflected.
- Cleaning methods that are used.
It is based on these characteristics that balance sheets are divided into varieties. Each type of balance sheet is compiled in order to show certain data that is of interest to those persons for whom the reporting is prepared. For example, the founders of an enterprise, for a reliable and objective assessment of the results obtained from its activities, may be interested in several types of balance sheets in accounting.
To properly understand what is displayed and how in this balance, it is necessary to gradually become familiar with all the types presented in the classification.
Brief information about each type of balance
Time indicator
Types are distinguished taking into account the time for which reporting is prepared. The introductory balance is the balance that is formed at the moment of activity. Current – formed on the basis of a specific reporting date. Sanitated - a balance sheet created during the reorganization of an enterprise that may go bankrupt. Liquidation balance is the balance created when an enterprise disappears, that is, when its activities cease. The dividing balance is the balance sheet that is drawn up when one organization breaks up into several companies, and the unifying balance sheet is the balance sheet that is drawn up when several companies merge to create one production facility.
According to the sources used for compilation
The balance sheet can be general, that is, one for the compilation of which both accounting data and those obtained during the inventory process were used. An inventory balance is called a balance sheet, which is a more simplified independent form of balance sheet and is compiled on the basis of data obtained as a result of an inventory count. It is appropriate when a new enterprise arises on the basis of property that has already been used by a similar enterprise. Book is the type of balance sheet compiled by an accountant only on the basis of those accounting documents that are already available. In this case, no additional inventory check is carried out.
By volume of information
The balance sheet can be individual - it is one that is compiled on the basis of accounting documents for activities carried out within a single organization. And also consolidated - relevant for those enterprises that have subsidiaries. An important nuance in the preparation of this type of reporting is that only amounts received as a result of interaction with companies that are not related to this community are displayed, and for all balance sheet items they show those amounts that are formed by summation, as well as general items for each subsidiary to the enterprise.
Classification by type of activity
Defines the following types: balance of main and non-core activities. Thus, the main type of activity is the type of activity that corresponds to the professional profile of the company specified in the constituent documents. Other activities of the company are defined as non-core.
By type of ownership
There are municipal, private, cooperative, joint, mixed balance sheets, etc.
Based on the object of reflection
Independent and separate. An independent type of balance sheet is intended for those organizations that are registered in the form legal entity. A separate balance sheet is drawn up by the constituent parts of one organization, is designed for a certain period of time and has functional significance for analyzing the work of the enterprise and drawing up general accounting reporting documentation for all its structural parts.
By cleaning method
The first example is the gross balance sheet. The currency of this balance sheet consists of some regulatory type items. The balance sheet reflects only amounts that have actual value. So, to determine the amount shown by a non-current asset item, it is necessary to make deductions for depreciation from the general item.
The net balance sheet contains a regulatory type item; there will be no depreciation. Therefore, this type of balance sheet is easier to understand and more understandable when preparing reports.
BALANCE SHEET AS THE BASIC FORM OF ACCOUNTING REPORTING (PART 1)
O. V. MAMOSHINA
The article provides a detailed description of the balance sheet as one of the main forms of accounting reporting, its types and importance in the financial management of an enterprise. The changes made in accordance with the new order of the Ministry of Finance of the Russian Federation were considered. The article also sets out the economic essence of an asset, a liability, each of its sections and articles.
Keywords: balance sheet, assets and liabilities, equity and borrowed capital, sections and items of the balance sheet.
One of the main forms financial statements is the balance sheet.
Balance sheet is a table in which static accounting objects with their numerical values are grouped. In accordance with the consideration of accounting objects from two points of view: property and sources of financing of this property. The balance sheet consists of two parts: an asset, which shows property by type and group, and a liability, which shows the organization’s equity and liabilities.
The balance sheet characterizes the property and financial condition of the organization in monetary terms as of the reporting date.
The basic requirements for a balance sheet are truthfulness, reality, unity, continuity and clarity.
The veracity of the balance sheet is ensured by the completeness and quality of the documents on the basis of which it is compiled. If not all facts of economic activity of the reporting period are documented in a timely manner or are documented incorrectly, then the balance sheet does not reflect the actual result of the enterprise’s work. Each item of the balance sheet must be supported by documents, entries in accounting accounts, accounting calculations and inventory. Intentional distortion of balance sheet data is called its concealment.
Veiling of the balance sheet can be intentional for the purpose of hiding violations or for embellishing certain aspects of the activity and unintentional as a result of ignorance of certain provisions for drawing up the balance sheet.
The reality of the balance means that the assessments of items correspond to objective reality. The concepts of “truthfulness” and “reality” of balance should not be confused. The balance sheet may be truthful, but not real, i.e. the balance sheet data is compiled on the basis of documents and shows the actual availability of funds, but some items do not show the real situation, for example, fixed assets that are actually obsolete, unclaimed accounts receivable, etc. P.
Balance sheet unity means drawing up a balance sheet according to uniform principles of accounting and valuation, i.e., the use of a single nomenclature of accounts in all structural divisions of the enterprise and industries accounting, identical content of accounts, their correspondence, etc.
IN Russian Federation unity of balance sheets has been achieved, since a single form of balance sheet has been adopted, approved by the Ministry of Finance of the Russian Federation on July 22, 2003, and a single chart of accounts is applied. All financial reporting forms are prepared on the basis of the “Instructions for filling out quarterly and annual financial report forms for enterprises” approved by the Ministry of Finance of the Russian Federation.
Continuity of balance is expressed in the fact that each subsequent balance must follow from the previous balance. For example, the final balance sheet of last year (data at the end of the year)
should be the opening balance of the reporting year (data at the beginning of the year), since the reporting year is a continuation of the previous year.
The clarity of the balance is its accessibility to the understanding of the persons who compose it, and all those who read and analyze it.
Accounting forms are completed after:
All business transactions for the year are reflected in accordance with accounting rules;
The inventory confirms the presence of the organization’s assets and liabilities;
Turnovers have been generated for synthetic and analytical accounts;
The calculated account balances reflect the real financial condition of the organization.
In the first column of the balance sheet, “Explanations,” the number of the corresponding explanation to the balance sheet is indicated, i.e., where a transcript is given or the existence of this balance sheet item is confirmed.
The information reflected in this column is intended to help reporting users find the necessary explanations in the presented applications regarding the data reflected in a particular balance sheet line.
Explanations (appendices) to the balance sheet and profit and loss account include:
Statement of changes in equity;
Cash flow statement;
Explanations to the balance sheet and profit and loss account;
Explanatory note.
The balance sheet form used since 2011 provides for the reflection of indicators for at least two previous years. Therefore, the new balance sheet does not have two columns, as before (at the beginning of the year and at the end of the reporting period), but three:
As of the current reporting date (that is, at the end of the reporting period);
The new balance sheet form does not have lines to reflect information about off-balance sheet accounts.
This information is now provided in the notes to the balance sheet.
When filling out the balance sheet, the indicators of some asset and liability items are given as a total amount with disclosure in the notes to the balance sheet. For example, “Inventory”, “Accounts receivable”, “Accounts payable” and some other items.
If the indicators are significant, the organization can supplement the balance sheet with new lines that decipher data about these asset and liability items on the balance sheet. However, these padded strings are not encoded.
In the balance sheet (as well as other forms of reporting), the deducted or negative amount is shown in parentheses.
The balance sheet consists of two equal parts: assets and liabilities. The asset shows the composition and placement of the capital of the enterprise, the liability shows the sources of formation of these assets, i.e., equity capital and liabilities, temporarily attracted funds from other enterprises or individuals.
An economically homogeneous type of property in an asset or a source in a liability is called a balance sheet item. The enlarged grouping of balance sheet items is called sections.
The balance sheet includes the following elements:
1. Assets, which reflect what the enterprise owns.
2. Own capital (financial resources) at the disposal of the enterprise.
3. Liabilities (debt) arising as a result of the acquisition, formation of assets, which should subsequently be returned for their intended purpose.
The items in the balance sheet of enterprises of the Russian Federation are arranged as follows.
In assets - according to the degree of increase in expected liquidity, that is, the ease with which assets can be converted into cash. First, the indicators of the most difficult assets in terms of liquidity are given, and then current assets and cash cash, which are the most liquid assets.
In the liabilities side of the balance sheet, sections and items are arranged according to the degree of repayment. Owners (shareholders, entrepreneurs and private owners), unlike creditors, have only the right of residual claim, since when an organization is liquidated, the owners of capital receive only what remains after payments for the organization’s obligations.
The organization's liabilities on the balance sheet are arranged according to the urgency of their return.
Depending on the sources of education, capital is divided into own and borrowed. Own capital is formed as a result of receiving financial resources from investors (authorized - share and additional capital),
as well as funds generated as a result of the capitalization of net profit - these are retained earnings and reserve capital.
Borrowed capital is formed as a result of raising funds from individuals and legal entities in the form of long-term and short-term loans and borrowings, as well as debt generated as a result of economic activities to suppliers, employees of the enterprise, the budget for taxes and fees, and extra-budgetary funds.
In the balance sheet assets, funds are distributed into two sections:
Section 1. “Non-current assets”.
Section 2. “Current assets”.
In the liabilities side of the balance sheet, sources of funds are divided into three sections:
Section 3. “Capital and reserves”.
Section 4. “Long-term liabilities”.
Section 5. “Short-term liabilities.
The balance sheet is a form of vertical balance sheet, since the liability is located after the asset, in contrast to the horizontal balance, when the sections and items of the asset and liability are located opposite each other.
Let us consider in more detail each section and item of assets and liabilities of the balance sheet.
A balance sheet asset is a system of indicators that reflects the composition, placement and use of business assets, grouped into qualitatively homogeneous groups.
The assets of the balance sheet show the totality of property owned by a legal entity or entrepreneur.
As defined by International Financial Reporting Standards (IFRS), “assets are resources controlled by an entity that arise as a result of past events from which the entity expects future economic benefits.”
Within the asset, homogeneous accounting objects are grouped into sections taking into account the signs of funds turnover, i.e. the balance sheet asset consists of two sections.
Section 1 of the balance sheet asset “Non-current assets” shows assets that are of a durable nature (material assets, securities, long-term investments).
These are assets that generate income for an enterprise over more than one reporting period. Associated with this definition is the concept that costs incurred to acquire such assets are expensed progressively over their useful lives.
In the balance sheet they are grouped into the following items:
Intangible assets;
Research and development results;
Fixed assets;
Profitable investments in material assets;
Financial investments;
Deferred tax assets;
Other noncurrent assets.
Let's look at each of these articles.
Intangible assets (code 1110). Intangible assets are considered:
Exclusive rights to intellectual property (inventions, industrial designs, utility models, computer programs, databases, trademarks, etc.);
Organizational expenses (costs that are associated with the formation of a legal entity and are recognized as the founders’ contribution to the authorized capital);
Business reputation of the organization.
In addition, the results of research, development and technological work (R&D) are also shown as part of intangible assets.
In the balance sheet they are shown at their residual value (with the exception of those intangible assets for which, in accordance with the established procedure, repayment of value is not carried out).
An intangible asset can be acquired by a company different ways: purchased for a fee from a third party, created by the company itself, received as a contribution to the authorized capital, acquired free of charge, received as part of a barter transaction. In each of these cases there are certain features of the formation of its initial value.
The company has the right to set the expected useful life of intangible assets (intangible assets) independently. It must be fixed by order of the manager or defined in the order on putting the intangible asset into operation. However, this period should not be less than 12 months. Otherwise, the acquired asset will not be considered intangible.
Intangible assets for which companies are given the right to independently determine their useful life include:
The exclusive right of the patent holder to an invention, industrial design, utility model;
The exclusive right of the patent holder to selection achievements;
Possession of know-how, secret formula or process, information regarding industrial, commercial or scientific experience.
A breakdown of the composition of intangible assets is given in the form “Explanations to the Balance Sheet and Profit and Loss Statement.”
Results of research and development (code 1120).
The line “Results of research and development” reflects information on expenses for completed research, development and technological work (R&D):
The expenses for carrying out research, development and technological work include:
The cost of inventories and services of third-party organizations and persons used in performing the specified work;
Costs of wages and other payments to employees directly involved in performing the specified work employment contract;
Contributions for social needs (including the unified social tax);
Cost of special equipment and special fittings intended for use as test and research objects;
Depreciation of fixed assets and intangible assets used in performing the specified work;
Costs for the maintenance and operation of research equipment, installations and structures, other fixed assets and other property;
General business expenses, if they are directly related to the implementation of these works;
Other expenses directly related to the implementation of research, development and technological work, including testing costs.
Fixed assets (code 1130).
Fixed assets are tangible assets that operate in an unchanged form for a long time (more than a year) with a cost exceeding the established limit per unit,
losing their value piece by piece. They are shown on the balance sheet at their residual value.
Since 2011, in accounting, the minimum cost of classifying fixed assets as inventories is 40,000 rubles. for a unit.
At the same time, setting a limit is a right, not an obligation. The decision to establish a limit for classifying property as inventory must be reflected in the order on accounting policies for accounting purposes.
In principle, it is not prohibited to take into account all objects that meet the criteria for classification as fixed assets, regardless of their cost, but it will be necessary to charge depreciation on them in the generally established manner, during their service life, and pay property tax on them.
Establishing in accounting a limit for classifying assets as inventories (MPI) in the amount of 40,000 rubles. allows:
1) withdraw all assets worth no more than 40,000 rubles. exempt from property tax;
2) bring accounting and tax accounting data as close as possible, since the same limit applies in tax accounting.
A breakdown of the movement of fixed assets during the reporting year, as well as their composition at the end of the reporting year, is given in the form “Explanations to the Balance Sheet and Profit and Loss Statement”.
Since 2011, the item “Construction in progress” has not been included in the balance sheet. Data on construction in progress should be reflected under the item “Fixed assets”.
Unfinished construction - the cost of unfinished construction, carried out by economic or contract methods, as well as the costs of forming the main herd, for geological exploration work and the amount of advances and funds provided for temporary use in the form of advances issued by the enterprise for these purposes.
If necessary, the enterprise can enter an additional decoding line “including objects of unfinished construction” to the item “Fixed assets”.
Detailed information on groups of objects under construction is carried out in the notes to the balance sheet and profit and loss statement.
Profitable investments in material assets (code 1140).
Profitable investments in tangible assets are property that the company intends to use.
call for rent, leasing or rental. This line shows the cost of such property minus accrued depreciation.
Financial investments (code 1150). This line shows long-term (for a period of more than a year) investments of the organization in income-generating assets (securities) of other organizations, authorized capitals of other organizations created on the territory of the Russian Federation or abroad, government securities (bonds and other debentures), as well as loans provided by the organization to other organizations.
Financial investments include:
Purchased securities;
Contributions to the authorized (share) capital of other organizations;
Loans provided to other organizations;
Accounts receivable acquired on the basis of assignment of the right of claim;
Deposits of a partner organization under a simple partnership agreement.
The company has the right to transfer certain financial investments from long-term assets to short-term ones (for example, if at the time of formation of the balance sheet the remaining period of their circulation (repayment) is less than 12 months) and vice versa. The right to make such a transfer must be established as part of the firm's accounting policies.
In the form “Explanations to the Balance Sheet and Profit and Loss Statement” in the “Financial Investments” section, detailed data on the availability, movement and use of financial investments is provided.
Deferred tax assets (code 1160). A deferred tax asset is understood as that part of deferred income tax that should lead to a reduction in income tax payable to the budget in the next reporting period or in subsequent reporting periods.
An entity recognizes deferred tax assets in the reporting period in which deductible temporary differences arise to the extent that it is probable that it will generate taxable profit in subsequent reporting periods.
This article reflects:
The amount of depreciation that is accrued according to accounting in the reporting period, exceeding that calculated according to the rules of tax accounting;
An amount exceeding, according to tax accounting calculations, which was formed when accruing commercial and administrative expenses for accounting;
A loss that will be written off in a future period and will reduce taxable income in subsequent reporting periods;
Overpayment of income tax,
Costs of materials not yet paid for using the cash method.
The article “Other non-current assets” (code 1170) reflects the following information:
1) on investments in the creation of intangible assets and R&D costs;
2) about the cost of equipment requiring installation;
3) on the amounts of payments taken into account as deferred expenses for the granted right to use the results of intellectual activity or means of individualization, made in the form of a fixed one-time payment.
Information about which specific assets are reflected under the item “Other non-current assets” must be deciphered, either by introducing decryption lines into the balance sheet form itself, or in the explanations to the balance sheet.
Current assets. Section 2 of the balance sheet asset is called “Current assets”.
Current assets include assets that are used (expended) in the course of daily business activities. For example, inventories, accounts receivable, cash, etc.
In the balance sheet, current assets are grouped into the following items:
1. Inventories (code 1210).
2. Value added tax on acquired assets (code 1220).
3. Accounts receivable (code 1230).
4. Financial investments, excluding cash equivalents (code 1240).
5. Cash and cash equivalents (1250).
6. Other current assets (1260).
The item “Inventories” shows the total amount of inventories at their residual value at the beginning and end of the previous and end of the reporting year.
In the balance sheet, information on reserves is presented as a single item without breakdown by individual types of reserves.
Data on the movement of inventories by type and group is explained in the notes to the balance sheet.
The form “Explanations to the Balance Sheet and Profit and Loss Statement” shows the balances of stocks of raw materials, basic and auxiliary materials, fuel, purchased semi-finished products and components, spare parts, containers and other material assets (at residual value), their availability and movement during the reporting period, as well as stocks held as collateral.
The article “Value added tax on acquired assets” reflects the amount of value added tax on acquired material resources, fixed assets, intangible assets and other valuables, works and services that are subject to attribution in the prescribed manner to reduce the amount of tax paid to the budget or reduce appropriate sources of their coverage (financing).
This article reflects information on the amounts of “input” VAT that were not claimed for deduction at the end of the year.
The amount of “input” VAT on purchased goods (works, services) can be claimed for deduction if the following conditions are simultaneously met:
1) purchased goods (works, services) are intended to carry out operations subject to VAT;
2) goods (work, services) are accepted for accounting;
3) there is a properly executed invoice from the supplier of goods (works, services)
In general, VAT deduction is provided regardless of the fact of payment for purchased goods (work, services), property rights to the supplier.
The company can provide details of the amounts of “input” VAT (for example, tax on fixed assets, intangible assets, inventories, etc.) in the breakdown of individual balance sheet indicators.
Accounts receivable in the balance sheet are shown as a total amount.
This line of the form reflects the accounts receivable to the company, which was formed as of December 31. In this case, debts whose repayment period is equal to or less than 12 months are entered in this line. If the debt repayment period exceeds 12 months, then its amount is indicated as part of non-current assets on line 1170 “Other non-current assets”. The amounts of advances transferred to contractors for future work related to capital construction are also indicated here.
Accounts receivable can be shown with a breakdown according to the following types:
Buyers and clients;
Notes receivable;
Debt of subsidiaries and dependent companies;
Debt of participants (founders) for contributions to the authorized capital;
Advances issued;
other debtors.
A detailed description of their types is presented in the form “Explanations to the Balance Sheet and Profit and Loss Statement” section “Receivables and Payables”, broken down into long-term, short-term and overdue debts.
From January 1, 2011, for accounts receivable related to payments for goods, works or services supplied, which are not repaid within the time limits established by the contract and are not provided with appropriate guarantees, the company is obliged to create a special reserve. This is provided for by the Regulations on Accounting and Financial Reporting.
If such a reserve is created, then the accounts receivable minus the amount of the reserve are indicated in the balance sheet. Previously, such a reserve was created in accounting on a voluntary basis.
In the balance sheet, receivables and payables are indicated in detail, i.e. these debts are not balanced. Even if there were both debit and credit balances for the analytical accounts of the same account.
Financial investments. This line of the balance sheet indicates the amount of short-term financial investments of the company (shares, bills, bonds, loans provided, etc.) formed as of December 31, 2011. These include those whose circulation (repayment) period does not exceed 12 months after the reporting date or the duration of the operating cycle if it is more than 12 months. All other assets and liabilities are considered long-term.
At the same time, depending on the maturity date of investments, the company has the right to transfer long-term investments to short-term ones. Without such a translation, the company's financial statements will not meet the requirement of reliability. The company can establish the procedure for such a transfer as an element of its accounting policy.
Short-term financial investments are reflected in the balance sheet minus the amount of the reserve for their impairment (if one was created in accordance with the company’s accounting policies).
A breakdown of the composition of short-term and long-term financial investments is given in the form of “Explanations to the Balance Sheet and Profit and Loss Statement.”
Section 3 “Financial investments”, subsections 3.1 “Availability and movement of financial investments” and 3.2 “Other use of financial investments” are intended for this purpose.
Cash and cash equivalents. This line shows the amount of cash and non-cash funds of the company, which are listed in the cash register, in settlement, foreign currency and special accounts as of December 31. Here is the debit balance for the following accounts:
50 “Cash desk” in terms of monetary documents and cash held at the company’s cash desk, both in rubles and in foreign currency;
51 “Current account” in terms of non-cash funds listed on current accounts;
52 “Currency account” in terms of non-cash funds listed in foreign currency accounts;
55 “Special accounts in banks” in terms of funds listed in letters of credit, loan accounts, interest-free deposits (money placed in deposit accounts on which income is accrued is reflected as part of financial investments on line 1150 or 1240 of the unified form of the balance sheet) ;
57 “Transfers in transit” in terms of funds handed over to collectors for crediting to the current account and not credited as of the reporting date.
Cash equivalents are highly liquid investments that can be easily converted into a known amount of cash and are subject to an insignificant risk of changes in value.
As an example, cash equivalents are considered to be demand deposits opened with credit institutions and interest-free bank bills purchased by an organization at par for the purpose of making settlements with counterparties. For clear regulatory regulation of this issue, organizations should indicate in their accounting policies what should be considered cash equivalents.
The following data may be reflected in the line “Other current assets”:
The cost of missing or damaged material assets for which
no decision was made to write them off as production costs (sales costs) or on the guilty parties, reflected in the debit of account 94 “Shortages and losses from damage to valuables”;
Amounts of VAT calculated on the shipment of goods (products), the proceeds from the sale of which cannot be recognized in accounting for a certain time;
Amounts of VAT and excise taxes accrued on unconfirmed exports and subsequently subject to reimbursement from the budget (if the organization was unable to confirm the legality of the zero rate in time, but intends to do so in the near future);
Accrued revenue under construction contracts not presented for payment in accordance with the requirements of PBU 2/2008;
Own shares (shares) purchased from shareholders (participants) for the purpose of resale.
The study of the balance sheet begins with familiarization with the data given in the sections and articles of the balance sheet, i.e., with reading the information contained in the balance sheet.
The methodology for reading the information contained in the balance sheet is outlined in the following article.
Literature
1. Abdukarimov I. T., Bespalov M. V. Analysis of the financial condition and financial results of entrepreneurial structures: textbook. allowance. M., 2011.
2. Abdukarimov I. T., Bespalov M. V. Financial and economic analysis of economic activity of commercial organizations: textbook. allowance. M., 2012.
3. Savitskaya G.V. Analysis of the economic activity of an enterprise: textbook. M., 2011.
BALANCE SHEET AS MAIN FORM OF ACCOUNTING REPORTS
In the article the detailed characteristics of the balance sheet as one of the main forms of accounting reports, its types and value in management of the enterprise finance is given. Changes brought according to the new order of the Ministry of Finance of the Russian Federation are considered. In the article the economic essence of an asset, a passive, every of its sections and articles is also stated.
Key words: balance sheet, asset and passive, own and loan capital, sections and balance articles.
Balance is an accounting method that allows one to depict in monetary terms and at a certain point in time the state of an organization’s funds and the sources of their formation.
The balance sheet allows you to determine the organization's provision with its own working capital, the compliance of inventories with established standards, the state of payment discipline, etc., as well as to give a general assessment of the organization's financial condition.
In a market economy, the importance of the balance sheet is so great that it is often separated into an independent reporting unit, in addition to which is the totality of all other forms of accounting reporting.
The role of other forms of accounting reporting is to decipher the data contained in the balance sheet. If the indicated reporting forms reflect indicators characterizing one or another aspect of the organization’s activities, then the balance sheet represents the state of all the organization’s funds. In the economy of any state, the balance sheet performs important functions (Zakharyin V.R. Accounting Theory: Textbook.-M.: INFRA-M: 338 FORUM, 2003. - 304 p.):
* the balance sheet acquaints owners, managers and other persons associated with management with the property status of the organization. From the balance sheet they find out what the owner owns, i.e. in what quantitative and qualitative relationship is the stock of material resources that the organization is able to dispose of;
* the balance sheet determines whether the organization is able to fulfill its obligations to third parties or whether it is facing financial difficulties;
* the balance sheet determines the final financial result of the organization’s activities in the form of an increase in equity capital for the reporting period, which is used to judge the ability of managers to maintain and increase the material and monetary resources entrusted to them;
* operational financial planning of any organization is based on the indicators given in the balance sheet, and cash flow is monitored;
* balance sheet data is widely used by tax services, credit institutions and government agencies.
* main reporting form;
* control function;
* base of financial and economic activities of the organization.
Requirements for preparing a balance sheet
The balance sheet is one of the most important parts of an organization’s financial statements, therefore the general requirements for drawing up a balance sheet are set out in PBU 4/99 “Accounting statements of an organization” (PBU 4/99. Approved by Order of the Ministry of Finance of the Russian Federation dated July 6, 1999 No. 43n):
Accounting statements must provide a reliable and complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position. Accounting statements generated on the basis of the rules established by regulations in accounting.
When preparing financial statements, the organization must ensure the neutrality of the information contained in it, i.e. unilateral satisfaction of the interests of some groups of users of financial statements over others is excluded. Information is not neutral if, through selection or presentation, it influences the decisions and evaluations of users to achieve predetermined results or consequences.
The organization's financial statements must include performance indicators for all branches, representative offices and other divisions (including those allocated to separate balance sheets).
When drawing up a balance sheet, an organization must... adhere to its accepted content and form consistently from one reporting period to another.
For each numerical indicator of the financial statements, except for the report prepared for the first reporting period, data must be provided for at least two years - the reporting year and the one preceding the reporting year. If the data for the period preceding the reporting period are not comparable with the data for the reporting period, then the first of those mentioned are subject to adjustment based on the rules established by regulatory acts on accounting. Each material adjustment must be disclosed in the notes to the balance sheet... together with the reasons for the adjustment.
* Balance sheet items... which, in accordance with accounting regulations, are subject to disclosure and for which there are no numerical values of assets, liabilities, income, expenses and other indicators, are crossed out (in standard forms).
* The balance sheet must characterize the financial position of the organization as of the reporting date.
* In the balance sheet, assets and liabilities must be presented with a division depending on the period of circulation (repayment) into short-term and long-term. Assets and liabilities are presented as short-term if their maturity (maturity) 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 assets and liabilities are presented as non-current.
* Data of the presented financial statements are given in thousands of rubles without decimal places. An organization that has significant sales turnover, liabilities, etc. can provide data in the financial statements presented in millions of rubles without decimal places (Order of the Ministry of Finance of the Russian Federation dated July 22, 2003 N 67n).
* The balance sheet must contain the following numerical indicators:
Table 4 - Requirements for the contents of the balance sheet
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Group of articles |
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Fixed assets |
Intangible assets |
Rights to intellectual (industrial) property |
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Patents, licenses, trademarks, service marks, other similar rights and assets |
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Organizational expenses |
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Fixed assets |
Land plots and environmental management facilities |
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Buildings, machinery, equipment and other fixed assets |
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Construction in progress |
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Profitable investments in material assets |
Property for leasing |
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Property provided under a rental agreement |
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Financial investments |
Investments in subsidiaries |
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Investments in associates |
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Investments in other organizations |
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Loans provided to organizations for a period of more than 12 months |
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Other financial investments |
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Current assets |
Raw materials, supplies and other similar assets |
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Costs in work in progress (distribution costs) |
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Finished goods, goods for resale and goods shipped |
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Future expenses |
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Value added tax on purchased assets |
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Accounts receivable |
Buyers and clients |
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Bills receivable |
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Debt of subsidiaries and dependent companies |
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Debt of participants (founders) on contributions to the authorized capital |
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Group of articles |
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Current assets |
Accounts receivable |
Advances issued |
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Other debtors |
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Financial investments |
Loans provided to organizations for a period of less than 12 months |
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Own shares purchased from shareholders |
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Other financial investments |
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Cash |
Current accounts |
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Currency accounts |
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Other cash |
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Capital and reserves |
Authorized capital |
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Extra capital |
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Reserve capital |
Reserves formed in accordance with legislation |
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Reserves formed in accordance with the constituent documents |
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Retained earnings (uncovered loss - deducted) |
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long term duties |
Borrowed funds |
Loans due to be repaid more than 12 months after the reporting date |
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Loans due to be repaid more than 12 months after the reporting date |
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Other liabilities |
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Short-term liabilities |
Borrowed funds |
Loans due to be repaid within 12 months after the reporting date |
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Loans due to be repaid within 12 months after the reporting date |
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Accounts payable |
Suppliers and contractors |
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Bills payable |
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Debt to subsidiaries and dependent companies |
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Debt to the organization's personnel |
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Debt to the budget and state extra-budgetary funds |
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Debt to participants (founders) for payment of income |
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Advances received |
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Other creditors |
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revenue of the future periods |
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Reserves for upcoming expenses and payments |
The balance sheet is prepared in accordance with Form No. 1 according to OKUD 0710001, approved by Order of the Ministry of Finance of the Russian Federation dated July 22, 2003 No. 67n. This form has the following details (Appendix A):
* Indication of the reporting date or reporting period for which the balance sheet was compiled (“for 200”, “for 200”).
Organization (the full name of the legal entity is indicated in accordance with the constituent documents registered in the prescribed manner).
Taxpayer Identification Number (TIN) - the taxpayer identification number is indicated by the assigned tax authority in the prescribed manner.
Type of activity - indicates the type of activity that is recognized in accordance with the requirements of regulatory documents approved by the State Committee of the Russian Federation on Statistics.
Organizational and legal form/form of ownership - the organizational and legal form of the organization is indicated according to
Classifier of organizational and legal forms of economic entities (KOPF) and ownership code according to the Classifier of Forms of Ownership (KFS).
Unit of measurement - indicates the format for presenting numerical indicators: thousand rubles. - OKEI code 384, million rubles. - OKEI code 385.
Location (address) -- the full postal address of the organization is indicated.
Approval date - indicates the established date for the balance sheet.
Date of dispatch/acceptance - indicates the specific date of mailing of the accounting statements or the date of their actual transfer by ownership.
The details of the manager and the chief accountant are filled in with signatures with their explanation.
Signatures are sealed with the seal of the organization.
The date of drawing up the balance sheet is indicated (“On the forms of financial statements of an organization.” Order of the Ministry of Finance of the Russian Federation dated July 22, 2003 No. 67n).
In order for the financial statements to meet the requirements for them, when drawing up the balance sheet, the following conditions must be ensured: complete reflection for the reporting period of all business transactions and the results of the inventory of all production resources, finished products and calculations; complete coincidence of synthetic and analytical accounting data, as well as balance sheet indicators with synthetic and analytical accounting data; recording business transactions in accounting only on the basis of properly executed supporting documents or equivalent technical media, correct assessment of balance sheet items.
When compiling the balance sheet, mainly data from the General Ledger are used. The procedure for drawing up reporting forms is described in detail in Methodical recommendations on the procedure for generating financial reporting indicators (Approved by Order of the Ministry of Finance of the Russian Federation dated June 28, 2000 No. 60n).
The reporting year for all organizations is the calendar year - from January 1 to December 31 inclusive. For a newly created (or reorganized) organization, the first reporting year is considered to be the period from the date of its state registration to December 31 inclusive, and for an organization created after October 1 (including October 1), from the date of state registration to December 31 of the following year inclusive.
Annual financial statements are provided within 90 days after the end of the year, unless otherwise provided by the legislation of the Russian Federation. The specific date for reporting is set by the founders (participants) of the organization or the general meeting. In this case, annual reports are submitted no earlier than 60 days after the end of the reporting year.
The day of presentation of financial statements is the day of their actual transfer according to ownership, the date of their mailing or sending via telecommunication channels. If the submission date falls on a non-working day, then the deadline for submitting reports is considered to be the first working day following it.
All organizations, with the exception of budgetary ones, submit annual financial statements to the founders (members of the organization or owners of its property), as well as to the territorial bodies of state statistics at the place of their registration; state and municipal unitary enterprises - to bodies authorized to manage state property. To other addresses, financial statements are submitted in accordance with the legislation of the Russian Federation (New in the preparation of annual reports//Glavbukh, 2004. - No. 1. - p. 22).
2.2.1. Structure and content of the balance sheet. Characteristics of its sections and articles
Financial statements - one system data on the property and financial position of the organization and the results of its economic activities, compiled on the basis of accounting data in established forms. It consists of a balance sheet, a profit and loss statement, appendices thereto, an explanatory note, and an auditor's report (if the statements are subject to mandatory audit).
The balance sheet (Form No. 1) is the main, most important form of accounting reporting, and is the main source of information about the property status of the organization, the state of its funds in monetary value as of a certain date.
The main task of the balance sheet as a form of reporting is to show the owner what he owns or what capital is under his control, allows him to get an idea of the amount of material assets, their reserves, the state of payments, the size of investments, as well as give a reliable and complete picture of financial position of the organization.
The main components of the balance sheet are assets, liabilities and equity.
The domestic economic literature gives the following definitions of these concepts:
1) assets are economic assets over which the organization received control as a result of accomplished facts of its economic activity and which should bring it economic benefits in the future;
2) liabilities - the organization’s debt existing as of the reporting date, which was formed as a result of the implementation of projects of its economic activities and settlements for which should lead to an outflow of assets, is considered;
3) capital – investments of owners and profits accumulated over the entire period of the organization’s activities.
A more precise definition of these concepts is given by the International Financial Reporting System (IFRS):
assets are resources controlled by a company as a result of past events from which the company expects future economic benefits;
liabilities are the current debt of the company arising from events of past periods, the settlement of which will lead to the outflow of resources containing economic benefits from the company;
equity is the share of a company's assets remaining after all its liabilities have been deducted.
The above formulations allow us to more meaningfully imagine the balance and the basics of its construction.
An asset is recognized on the balance sheet when it is probable that future economic benefits will flow to the entity. It can be reliably estimated and has value. The future economic benefits embodied in the asset will be included, directly or indirectly, in the flow of cash or cash equivalents. It is important to consider that assets are controlled by the organization, and not necessarily owned by it (for example, long-term leased fixed assets).
The data in the balance sheet is grouped into sections that reflect their content and form its structure.
The main criterion for grouping is the participation of funds in the organization’s turnover and the functions they perform.
In accordance with the classification, according to their participation in turnover, funds in the balance sheet assets are combined into the sections “Non-current assets” (circulation period more than 12 months) and “Current assets” (circulation period no more than 12 months); in the liabilities side of the balance sheet, sources of funds are combined into sections: “Capital and reserves”, “Long-term liabilities”, “Short-term liabilities”. (tab. 3)
Table 3
Organization's static balance sheet format
In accordance with the functions performed, the data of the sections are grouped into articles, each of which is a balance sheet indicator that has a monetary (value) expression, located on a separate line (see Appendix 3).
Balance sheet items are arranged separately by row, the rows are numbered (coded) for ease of working with the balance sheet. The amount reflected in the line is shown over time: at the beginning and end of the reporting period. For this, graphs are introduced. In Appendix 3 to textbook Form N1 of the balance sheet is given, approved by Order of the Ministry of Finance of the Russian Federation dated July 22, 2003 N 67n “On forms of financial statements of organizations” (hereinafter referred to as Order of the Ministry of Finance of the Russian Federation dated July 22, 2003 N 67n)
Let us describe in detail the main sections and items of the balance sheet of Russian organizations.
Balance sheet asset
1. Non-current assets.
This section is represented by the following balance sheet items:
intangible assets;
fixed assets;
Construction in progress;
profitable investments in material assets;
long-term financial investments;
Deferred tax assets;
Other noncurrent assets.
These assets are united by the fact that, having arisen in the organization in material form, as a result of specific transactions, they remain in this form for more than one year.
Intangible assets (line 110) in accordance with clause 4 of PBU 14/2000 are objects of intellectual property, the exclusive right to the results of intellectual activity:
patent holder for an invention, industrial design, utility model;
the owner’s exclusive right to a trademark and service mark, appellation of origin of goods, etc.
Intangible assets also take into account the business reputation of the organization and organizational expenses (expenses associated with the formation of a legal entity, recognized in accordance with the constituent documents as part of the contribution of participants (founders) to the authorized (share) capital of the organization).
To accept objects as intangible assets for accounting, the following conditions must be simultaneously met:
lack of material-material (physical structure) in them;
the possibility of their identification (separation from the organization’s property);
use in production or management;
use for a long time (more than 12 months or the normal operating cycle, if the organization does not intend to subsequently resell the asset;
the ability to bring economic benefits (income) to the organization in the future;
the presence of properly executed documents confirming the existence of the asset itself and the organization’s exclusive right to the results of intellectual activity (patents, certificates, other documents of protection, agreement of assignment (acquisition) of a patent, trademark, etc.)
Fixed assets (line 120) are a set of material assets used as means of labor and operating in kind for a long time, both in the sphere of material production and in the non-production sphere.
Fixed assets include buildings, structures, transmission devices, working and power machines and equipment, measuring and control instruments and devices, computer technology, vehicles, tools, production and household equipment and accessories, working, productive and breeding livestock, perennial plantings , on-farm roads and other relevant facilities.
Fixed assets also include capital investments in land improvement (reclamation, drainage, irrigation and other works) and in leased buildings, structures, equipment and other objects related to fixed assets.
The rules for the formation and accounting of fixed assets are established by PBU 6/01. In accordance with paragraph 4 of this provision, assets as fixed assets include those used in the production of products, in the performance of work or in the provision of services for a long time (over 12 months, or the normal operating cycle, if it exceeds 12 months). They are not subject to subsequent resale and are capable of bringing economic benefits (income) to the organization in the future.
The cost of fixed assets (with the exception of land plots) is repaid by accruing depreciation (depreciation) and writing off the amounts of amortized cost to production or distribution costs during the standard period of their operation according to the standards approved in the manner prescribed by law.
For a group of articles, fixed assets are given: fixed assets, both operating and those undergoing reconstruction, modernization, restoration, conservation (at residual value, less depreciation).
The item “Construction in progress” (line 130) includes costs for construction and installation work, the purchase of equipment, tools, inventory, other capital work and costs. Other capital works and expenses are also carried out to prepare for construction and installation work. These are design and survey, geological exploration and drilling work, costs of land acquisition and resettlement in connection with construction, costs of training personnel for newly built enterprises, and others.
The article “Profitable investments in material assets” (line 135) reflects the organization’s investments in material assets: part of the property, buildings, premises, equipment and other assets that have a tangible form, provided by the organization for temporary use (temporary possession and use) with the purpose of generating income.
According to Art. 607 of the Civil Code of the Russian Federation, land plots and other isolated natural objects, enterprises and other property complexes, buildings, structures, equipment, vehicles and other things that do not lose their natural properties during their use can be transferred for temporary use.
These material assets are reflected in accounting in accordance with a rental agreement, leasing agreement (financial lease), or rental agreement.
“Long-term financial investments” (line 140). Financial investments are presented as long-term if their circulation (repayment) period is more than 12 months after the reporting date.
Financial investments of an organization include state and municipal securities, securities of other organizations, including debt securities in which the date and cost of repayment are determined (bonds, bills); contributions to the authorized (share) capital of other organizations (including subsidiaries and dependent business companies); loans provided to other organizations; receivables acquired on the basis of assignment of the right of claim, etc. Deposits of the partner organization under a simple partnership agreement are also taken into account as part of financial investments.
In accounting, long-term (for a period of more than 12 months) and short-term (for a period of less than 12 months) financial investments are recorded in one 58 account “Financial Investments”. Analytical accounting for this account provides the ability to obtain data on long-term and short-term investments.
“Deferred tax assets” (line 145) (the indicator was introduced into the balance sheet by order of the Ministry of Finance of the Russian Federation on July 22, 2003 N 67n.) arise as a result of the fact that a difference is formed between the accounting profit (loss) and the taxable profit (loss) of the reporting period arising due to the application of various rules for the recognition of income and expenses established in regulatory documents on accounting and tax accounting. This difference consists of permanent and temporary differences.
The line “Deferred tax assets” (line 145) has been added to the balance sheet, which reflects the amount of deferred tax assets, which is determined by multiplying the deductible temporary difference by the income tax rate. To summarize information about the presence and movement of deferred tax assets, account 09 “Deferred tax assets” is allocated in the chart of accounts. PBU 18/02 “Accounting for income tax calculations” shows in detail, with examples, the procedure for calculating deferred tax assets (and deferred tax liabilities), their recognition and reflection in accounting.
The amount of the listed items is shown in the total of section I of the Assets of the balance sheet (line 190).
II. Current assets
This section of the balance sheet is presented with a more detailed breakdown of each group of working capital. Unlike non-current assets, they are very dynamic.
Current assets (current assets) are funds of the organization that, during a normal production cycle or within a period of one year, if the cycle is shorter than one year, must again turn into cash.
The normal production cycle is the average time required for funds invested in tangible assets to return to cash.
Current assets include the following accounting items:
inventory (line 210);
value added tax on acquired assets (line 220);
accounts receivable (line 240);
short-term financial investments (line 250);
cash (line 260);
other current assets (line 270).
Reserves are presented in the balance sheet as a group of items:
raw materials, materials and other similar values;
animals for growing and fattening;
costs in work in progress;
finished products and goods for resale;
goods shipped;
Future expenses;
other inventories and costs.
The article “Raw materials, materials and other similar values” shows cost data (actual cost) on the balances of raw materials, materials according to the amount of actual costs for their acquisition according to one of the valuation methods (FIFO, LIFO, weighted average cost) in accordance with the selected method, fixed in accounting policies.
The article “Animals being raised and fattened” is typical for agricultural organizations. Not covered in this manual.
“Costs in work in progress” show investments (costs) in products for which the production process has not been completed. Their value depends on the composition of costs included in the cost of products or services, on the method of distribution of indirect costs, as well as on the duration of the production cycle.
The item “Finished products and costs for resale” reflects part of the inventory. It represents the final result of the production cycle - finished products, completed by processing (assembly), the technical and quality characteristics of which comply with the terms of the contract or the requirements of other documents, in cases established by law. The balance sheet reflects the balance of finished products on the account of the same name at the actual production cost.
The item “Goods shipped” contains data on the actual production cost of products shipped to the buyer. This article appears only if the supply agreement stipulates a moment different from the general procedure, the transfer from this organization to the buyer of the right to own, use and dispose of the product and the risk of its accidental loss during transportation.
According to regulatory documents, the general procedure for the transfer of products to the buyer is the announcement of sales volumes and financial results to the buyer upon the fact of shipment of the products and the transfer of settlement documents to him.
The appearance of the article “Goods shipped” is possible for an organization that determines sales revenue at the time of payment, if, in accordance with the supply agreement, the transfer of ownership is provided upon receipt of funds. Goods sent to the buyer remain the property of the seller and their balances are shown in his balance sheet until payment is made.
The article “Deferred expenses” reflects information about expenses incurred in a given reporting period, but relating to future reporting periods. This amount of expenses recognized in accounting in accordance with the established procedure, but not related to the formation of the cost of the reporting period.
Future expenses may include expenses associated with mining preparatory work, preparatory work for seasonal production, development of new production facilities, installations and units, land reclamation and the implementation of other environmental measures carried out unevenly throughout the year, repair of fixed assets when the organization does not create appropriate repair fund, etc.
These expenses are paid in full, in one lump sum, and are repaid over the period to which they relate.
An organization can write off such expenses evenly, in proportion to the volume of products (services) or in another way, depending on the specifics of the activity and the nature of the expenses.
The article “Other inventories and costs” shows inventories and costs that are not reflected in previous articles of this section of the balance sheet.
The article “Value Added Tax” (line 220) shows the VAT paid when purchasing goods or receiving services, since it is not included in the cost of these goods (services) until it is written off to reduce the budget debt for VAT calculations; the amount of VAT on acquired assets (fixed assets, inventories of raw materials and materials, intangible assets, work performed and services provided) that have not yet been submitted to the budget for credit is reflected.
“Accounts receivable” (line 230) in the balance sheet is reflected in two items:
debt for which payments are expected more than 12 months after the reporting date (line 231);
debt for which payments are expected within 12 months after the reporting date (line 241).
The first article includes subsections reflecting the organization’s settlement relations with debtors. These are buyers and customers, bills received, debt of subsidiaries and affiliates, advances issued, and other debtors.
The second article has the same structure, differing from the first in terms of debt repayment (12 months or more after the reporting date).
According to their economic content, receivables are conventionally divided into normal and unjustified.
Normal accounts receivable are formed as a result of the forms of payment used for goods and services.
Unjustified receivables arise as a result of shortcomings in the organization’s work (when shortages, waste and theft of inventory and cash are identified)
The presence of significant accounts receivable should be considered as a factor that negatively affects the financial position of the organization, and an increase in its share in the balance sheet indicates a deterioration in the organization’s economic activity.
The article “Short-term financial investments” (line 250) includes the following types of investments:
loans provided by the organization for a period of less than 12 months;
own shares purchased from shareholders;
other short-term financial investments.
Economists believe that the division of financial investments into long-term and short-term is in a certain sense subjective, since at the time of purchasing securities it is not always possible to predict with certainty how long the organization will consider it appropriate to hold them16.
The article “Cash” (line 260) shows the cash balances as of the reporting date:
on current and foreign currency accounts in banks;
in letters of credit;
in check books;
in other payment documents (except bills);
in monetary documents and transfers en route.
Organizations are required to keep available funds in current and foreign currency accounts in banks. Therefore, cash can be stored at the cash desk of an enterprise within the limit set by the bank in which the organization’s current account is opened. In excess of the established limits, cash in the organization's cash desk can be on the days of payment of wages and benefits for three days, including the day the money is received.
For the first and second sections of the balance sheet asset, the totals are calculated, which in total will amount to the total (currency) of the balance sheet asset (line 300).
Liability balance
III. Capital and reserves.
This section contains information about own sources of funds, grouped in the balance sheet according to functional characteristics:
authorized capital (line 410);
own shares purchased from shareholders (line 411);
additional capital (line 420);
reserve capital (line 430);
including:
reserves formed in accordance with legislation;
reserves created in accordance with the constituent documents;
retained earnings (uncovered loss) (line 470).
The article “Authorized capital” shows the amount of funds allocated by the owners of the organization for carrying out economic activities.
According to clause 67 of the Regulations on Accounting and Reporting, the balance sheet reflects the amount of authorized (share) capital registered in the constituent documents as a set of contributions (shares, shares, shares) of the founders (participants) of the organization.
The authorized (share) capital and the actual debt of the founders (participants) for contributions (contributions) to the authorized (share) capital are reflected in the balance sheet separately.
The absolute value of the authorized capital is significant only at the time of establishment of the organization. In this state, the authorized capital can remain indefinitely. If there is a need for a forced or expedient change in its value (decrease or increase), then reflection of this fact in the balance sheet is possible only after making changes to the constituent documents and registering them in the prescribed manner.
Additional capital is an addition to the authorized capital.
An organization's additional capital is a part of its own capital, allocated as an accounting object to reflect the common property of all participants in the organization. At the same time, it is an independent reporting indicator.
The source of additional capital formation can be:
share premium received from the excess of the par value over the market value of the issued shares;
exchange rate differences in case of repayment of debt on contributions to the authorized capital expressed in foreign currency;
increase in the value of non-current assets from their revaluation (revaluation).
The article “Own shares repurchased from shareholders” reflects the actual costs of the organization for the repurchase of its own shares from shareholders in the amount of the balance in account 81 “Own shares, shares”.
The article “Reserve capital” shows the amount of balances of reserve and other similar funds created in accordance with the legislation of the Russian Federation or in accordance with the constituent documents.
The creation of reserve capital is provided for by the legislation of the Russian Federation. For joint-stock companies, the creation of reserve capital is mandatory, for limited liability companies it is voluntary. The size of the mandatory reserve fund is 5% of the authorized capital. The amount of annual contributions provided for by the company's charter cannot be less than 5% of net profit.
The article “Retained earnings (uncovered) loss” (line 470) shows the amount of net retained earnings (uncovered loss).
The sum of all listed items is reflected as the total of section III of the balance sheet (line 490) and shows the amount of the organization’s own capital.
Section IV of the balance sheet “Long-term liabilities”.
Contains information about the organization's loans and credits that are due to be repaid more than 12 months after the reporting date. The amount of the organization's debt on received loans and borrowings is reflected in the balance sheet, taking into account the interest due for the reporting period.
Line 520 of the balance sheet in the article “Other long-term liabilities” shows other types of long-term accounts payable, other than received loans and borrowings.
When reflecting loans and borrowings in accounting and reporting, you should be guided by the Accounting Regulations “Accounting for Loans and Credits and the Costs of Servicing them,” PBU 15/01, approved by Order of the Ministry of Finance of the Russian Federation dated 02.08.01 N 60n.
The item “Deferred tax liabilities” (line 515) is entered into the balance sheet in the same way as the item “Deferred tax assets” to summarize information about the presence and movement of tax liabilities. In the chart of accounts, such information is reflected in account 77 “Deferred tax liabilities.”
The total amount of outstanding long-term accounts payable is shown as a result of section IV of the liabilities side of the balance sheet, line 590.
Section V “Short-term liabilities”
This liability section of the balance sheet reflects accounts payable items whose repayment period is within 12 months after the reporting date:
loans and credits;
accounts payable;
debt to participants (founders) for payment of income;
revenue of the future periods;
reserves for future expenses;
other short-term liabilities.
In the balance sheet, the amount of the organization's debt on loans and borrowings is reflected taking into account the interest due at the end of the reporting period.
Short-term accounts payable, other than short-term liabilities in the form of loans and credits, are presented in the balance sheet on line 620. It combines different kinds obligations to suppliers and contractors, to the organization’s personnel, to state extra-budgetary funds, to the budget for taxes and duties, and others.
Accounts payable (debt) to suppliers and contractors are the balance of unpaid amounts for goods and services received from them.
Debt to the organization's personnel represents the balance of unpaid wages as of the balance sheet date.
Debt to state extra-budgetary funds is the obligation for the unified social tax (UST), which is credited to the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation and the Mandatory Funds. health insurance RF and is intended to mobilize funds for the implementation of citizens’ rights to state pension and social security and medical care.
Liabilities to the budget for taxes and fees represent the balances of debt for value added tax, income tax, property tax, real estate, etc. This is the credit balance on account 68 “Calculations for taxes and fees.”
The article Other creditors shows the organization's debt for settlements, data on which is not reflected in other articles of this group of short-term liabilities. For example, amounts of debt to accountable persons, obligations for contributions for compulsory and voluntary property insurance, etc. are reflected here.
The article Debt to participants (founders) for payment of income (line 630) reflects the organization’s debt to its founders, which is the credit balance (balance) of account 75 “Settlements with founders” (subaccount 2 “Settlements for payment of income”).
The article Deferred income (line 640) shows the amount of income of the organization that was received in the reporting period, but relates to future periods, for example, receipt of rent for several months, gratuitous receipts, upcoming receipts of debt for shortfalls identified in previous years, etc. The amount of deferred income is equal to the credit balance of account 98 “Deferred income”.
The item Reserves for future expenses (line 650) reflects the amount of expenses recorded for the purpose of including them evenly in production costs and selling expenses. This could be: reserves for paying vacations to employees of the organization, for repairs of fixed assets, for preparatory work due to the seasonal nature of production. The amount of reserves is the credit balance of account 96 “Reserves for future expenses and payments.”
The balance sheet line Other short-term liabilities (line 660) shows the amount of short-term liabilities that are not reflected in other articles of Section V “Short-term liabilities” of the balance sheet.
For section V of the balance sheet liability, a total is summed up (line 690), which, together with the results of sections III and IV of the liability, shows the total total of the balance sheet liability, that is, the total amount of the organization’s sources of funds.
The balance sheet (Form N1) is accompanied by a Certificate of availability of assets recorded in off-balance sheet accounts. (see Appendix 3). This is part of the balance sheet. It reflects the value of assets taken into account “off the balance sheet”.
Off-balance sheet accounts are intended to summarize information about the presence and movement of assets temporarily in use or disposal of the organization (leased fixed assets, material assets in custody, in processing, etc.), contingent rights and obligations, as well as to control individual business transactions.
Line 910 “Leased fixed assets” reflects fixed assets that do not belong to the organization by right of ownership. From the total amount of fixed assets, the cost of fixed assets held by the organization under a leasing agreement is allocated.
Line 920 “Inventory assets accepted for safekeeping” reflects the cost of unpaid materials if the contract provides for the transfer of ownership of them after payment. It also reflects the cost of materials sold but left in the organization’s warehouse for safekeeping.
Line 930 “Goods accepted on commission” reflects the cost of goods that the organization intends to sell under a commission agreement on a contractual basis (mandate agreement or agency agreement).
“Debt of non-paying debtors written off at a loss” line 940 is intended for writing off the amount of debt from the balance sheet when the debtor is declared bankrupt or three years have passed since its occurrence.
The amounts of guarantees that the organization received from other organizations are recorded on line 950 “Securities for obligations and payments received.”
If guarantees are issued by an organization, then their amounts are shown in line 960 “Security for obligations and payments issued.”
If an organization has housing assets that are not used to generate income from them, the accounting accrues not depreciation, but depreciation (clause 17 of PBU 6/01). Information on accrued amounts is indicated in line 970 “Depreciation of housing stock.”
The amount of depreciation for external improvement objects is reflected in line 980 “Depreciation of external improvement objects and other similar objects.”
Line 990 “Intangible assets received for use” is filled out by organizations that have received the right to use intellectual property: a trademark, invention, computer program, etc. Such intangible assets are taken into account off the balance sheet at the value specified in the contract.
2.2.2. Formation of balance sheet indicators and the procedure for its preparation
Basic rules to remember when drawing up a balance:
indicators must be in thousands (millions) of rubles; In this case, the amounts must be taken without decimal places after the decimal point;
fixed assets, profitable investments in tangible assets and intangible assets are shown at residual value;
offsetting between items of assets and liabilities is unacceptable;
immaterial assets and liabilities are not shown separately. The level of materiality is established in the accounting policy of the organization and does not change during the year;
negative values are given in parentheses.
lines of financial reporting forms that, in accordance with regulatory documents on accounting, are subject to disclosure and for which there are no numerical values are crossed out (in standard forms) or not given (in forms developed by the organization independently).
Information on how to draw up a balance sheet and main innovations is systematically published by the practical journal for accountants “Glavbukh”. Pivot tables specially designed for this purpose show how to fill out each line of the balance sheet to form its indicators. This manual uses information from these journals.
Balance sheet asset. Section I “Non-current assets”
Intangible assets110 - the difference between the debit balance of account 04 and the credit balance of account 05 (or the balance of account 04 - if depreciation on intangible assets is also reflected in account 04).
Fixed assets 120 – the difference between the debit balance of account 01 and the credit balance of account 02 (the subaccount “Depreciation on property provided to other organizations for temporary use” is not taken into account).
Unfinished 130 – balances on accounts 07, 08 construction. Income investments 135. The balance of account 03 minus the balance of the submaterial account “Depreciation on property delivered primarily to other organizations for temporary use” of account 02.
Long-term 140 – account balance 58 for long-term financial investments minus account balance 59 in terms of reserves created for them.
Deferred145 – account balance 09 tax assets.
Other non-current assets150 – indicators not indicated in the previous assets lines of the “Non-current assets” section of the balance sheet.
Total for section I.19 °Sum of lines 110, 120, 130, 135, 140, 145, 150.
Comments on the articles “Fixed Assets” and “Profitable Investments in Material Assets.”
Fixed assets (line 120).
New write-off procedure.
From January 1, 2006, in accounting, companies can immediately include in expenses the costs of acquiring assets that cost up to 20,000 rubles. inclusive. This allows us to make amendments made to clause 5 of PBU 6/01 “Accounting for fixed assets” by order of the Ministry of Finance of the Russian Federation dated December 12, 2005 N 147n. According to the new rules, the value of an asset within the limit is reflected in accounting as part of inventories on account 10 “Materials”.
Using the new limit will allow you to save at least a little on property taxes.
Changes in depreciation calculations. Since January 1, 2006, PBU 6/01 has clearly stated that if a company uses the declining balance method when calculating depreciation, it has the right to apply an acceleration factor, but not more than 3. The value of the coefficient is set by the organization. Previously, PBU6/01 did not provide for this possibility.
Profitable investments in material assets (line 135). Since 2006, profitable investments in material assets have been recognized as fixed assets. Consequently, their cost, starting from the report for the first quarter of 2006, must be taken into account when calculating property tax (letter of the Ministry of Finance of the Russian Federation dated February 14, 2006 N 03-06-01-04/36).
Balance sheet asset. Section II "Current assets"
Inventories 210 – sum of lines 211-217
including:
raw materials, materials 211 Account balance 10 plus (minus) debit (credit) balance of account 16 and other similar values;
animals for growing and fattening 212 – account balance 11;
costs in work in progress 213 – the sum of balances on accounts 20, 21, 23, 29.44 and 46;
finished products and goods balance 214 - balance on accounts 41 and 43 minus accounts 14 and 42 for resale;
goods shipped 215 – account balance 45;
deferred expenses 216 – account balance 97;
other inventories 217 – the cost of material and production assets that were not included in the previous lines of the group of items “Inventories” and costs;
value added tax on purchased assets 220 – account balance 19;
accounts receivable (payments for which are expected more than 12 months after the credit balance of account 63 “Reserves for long-term debts” subaccount “Settlements are made in more than 12 months” minus 76 subaccount 230 - the sum of the debit balances of accounts 62 and the reporting date);
debit balance of account 62 subaccount “Bills received with a presentation period of more than 12 months”;
debit balance of account 76 subaccount “Settlements with subsidiaries (dependent) companies that are made more than 12 months later”;
debit balance of account 60 subaccount “Settlements for advances issued for a period of more than a year”;
debit balance of account 73 subaccount “Calculations are made in more than 12 months”;
debit balance of account 76 subaccount “Settlements for claims, payments for which are expected in more than 12 months” including buyers and customers minus the balance of subaccount 63, which reflects the amount of the reserve for such debts 231 - debit balance of accounts 62, 76 (long-term debts of buyers and customers);
accounts receivable (payments for which are expected within 12 months after the reporting date) 240 - the sum of the balances on accounts 62 and 76 of the subaccount “Settlements within 12 months” minus the credit balance of account 63 of the subaccount “Reserves for short-term debts”;
debit balance of account 62 subaccount “Bills received, due within 12 months”;
debit balance of account 76 subaccount “Settlements with subsidiaries (dependent) companies within 12 months”;
debit balance of account 75 subaccount “Settlements on deposits in the authorized (share) capital”;
debit balance of account 60 subaccount “Settlements for advances issued within a period of no more than a year”;
debit balance of account 68 subaccount “Debt to tax authorities, repayment of which is expected within 12 months”;
debit balance of account 73 subaccount “Settlements within 12 months”;
debit balance of account 76 subaccount “Settlements for claims, payments for which are expected within 12 months”;
including:
241 – account balances for buyers and customers 62, 76, which show short-term debts, minus the balance of subaccount 63, which reflects the amount of the reserve for such debts;
short-term financial investments 250 – account balance 58 for short-term financial investments minus account balance 59 in terms of reserves created for them;
account balance 55 subaccount “Deposit accounts” for deposits for a period of no more than a year, if interest is accrued on them;
cash 260 – the sum of account balances 50,51,52,55 (subaccounts “Letters of Credit” and “Checkbooks”, “Deposit Accounts” - if interest is not accrued on deposits), 57;
other current assets 270 – indicators not reflected in the previous lines of the “Current assets” section of the balance sheet;
Total for Section II 29 °Sum of lines 210, 220, 230, 240, 250, 260 and 270.
Balance 300. Sum of lines 190 and 290.
Inventories (line 210)
Expenses for the acquisition of inventories from January 1, 2006 may include assets worth 20,000 rubles. (in accordance with the amendments made to clause 5 of PBU 6/01).
Balance liability. Section III "Capital and reserves"
1. Authorized capital 410 – account balance 80.
2. Own shares, 411 – account balance 81
purchased from shareholders.
3. Additional capital 420 – account balance 83.
4. Reserve capital 430 – the sum of lines 431 and 432
including:
reserves created in accordance with 431 - the balance of the subaccount of account 82, which reflects the amount of the reserve created by law in accordance with the law;
reserves formed in accordance with the constituent documents 432 – the balance of the subaccount of account 82, which shows the amount of the reserve formed in accordance with the constituent documents;
retained earnings (uncovered loss) 470 – account balance 84.99.
Total for section III 490 – the sum of lines 410,420,430,470 minus line 411
Balance liability. Section IV “Long-term liabilities”
loans and credits 510 – the balance of account 67, which reflects the debt on long-term loans and borrowings, as well as the amount of interest on them;
deferred 515 – account balance 77 tax liabilities;
other long-term liabilities of Section IV “Long-term liabilities” 520 – long-term liabilities that were not reflected in other lines.
Total for Section IV 590 – the sum of lines 510, 515 and 520
Balance liability. Section V “Short-term liabilities”
loans and credits 610 - the balance of the subaccounts of account 66, which reflect the debt on short-term loans and the amount of interest on them;
accounts payable 620 – the sum of lines 621–625;
including:
suppliers and contractors 621 – the sum of the balances of subaccounts of accounts 76 and 60, which reflect the debt to suppliers and contractors;
debt to the organization’s personnel 622 – credit balance of account 70 (with the exception of the subaccount “Settlements with employees for the payment of income from shares and shares”);
debt to state extra-budgetary funds 623 – credit balance of account 69, with the exception of the sub-account “Settlements with the federal budget in terms of the unified social tax”;
debt on taxes and fees 624 – credit balance on account 68 and credit balance on account 69 “Settlements with the federal budget in terms of unified social tax”;
other creditors 625 – the balance of the subaccounts “Settlements for claims” and “Settlements for property and personal insurance” of account 76 and the balance of account 71;
debt to participants (founders) 630 – credit balances of the subaccount “Settlements for the payment of income” of account 75 and for the payment of income of the subaccount “Settlements with employees for the payment of income on shares and shares” of account 70;
deferred income 640 – account balance 98;
reserves for future expenses 650 – account balance 96;
other short-term 660 – short-term liabilities that cannot be classified as other items in the “Current Liabilities” section
Total for section V 690 – the sum of lines 610, 620,630,640,650,660.
Balance 700 is the sum of lines 490, 590 and 690.
discipline: Financial reporting
Topic: Balance sheet as the main form of financial statements
Introduction. Balance sheet as the main form of accounting reporting
1 Essence, meaning, types of balance sheet
2 Regulatory regulation, formation of balance sheet indicators. Balance sheet of Retail Group LLC, the procedure for its formation
1 General economic characteristics of the enterprise
2 Preparatory work prior to drawing up the balance sheet
3 The procedure for the formation of balance sheet indicators. Proposals for improving the accounting of indicators forming the balance sheet of Retail Group LLC
Conclusion
Applications
Introduction
The balance sheet, which is the most important element of reporting, has been studied by various authors and specialists for many centuries. The balance sheet should be understood not simply as a table or other form of expressing the results of accounting registration, but as a set of properties of an individual economy that are actually inherent in it, regardless of how much they are comprehended by accounting as a science.
Even in the Middle Ages, scientists noted the need and importance of this accounting method. The balance sheet is distinguished by its versatility and content. Its importance is so great that it is separated into a separate reporting unit.
The study of the balance sheet (both theoretical and practical aspects) is relevant because in modern accounting it is, in the opinion of many specialists and ordinary accounting workers, a key link in reporting. If previously in Russia all accounting was strictly regulated, now reporting has received greater freedom. In a market economy, interest in the practical use of balances in the management of economic processes has increased, especially in the field of investment, conservation, alienation, division and appropriation of property, determination of financial, tax relations and other numerous situations. And this, in turn, is of additional interest for the development of this topic.
Accounting statements are the final part of an accountant’s work. The significance of this reporting is obvious. Based on the data specified in it, banks decide whether to give a loan to the company or not, the founders decide whether to invest funds in the company or withdraw them, the tax inspectorate decides whether to put the company on the schedule of on-site inspections or to wait. All of the above determines the relevance of the topic of this course work.
The purpose of this course work is to study the balance sheet as the main form of accounting reporting (from the point of view of methodology).
Thus, to achieve this goal it is necessary:
reveal the essence, meaning and types of the balance sheet;
study regulatory regulation, formation of balance sheet indicators;
provide a general economic description of the enterprise;
disclose the preparatory work preceding the preparation of the balance sheet;
explore the procedure for forming balance sheet indicators;
propose ways to improve the accounting of indicators that form the balance sheet of Retail Group LLC.
The object of the study is Retail Group LLC, and the subject is the balance sheet, as the main form of accounting reporting.
The course work in its structure consists of an introduction, three main sections, a conclusion, a list of sources used and applications.
.Balance sheet as the main form of accounting reporting
1.1 Essence, meaning, types of balance sheet
The term “balance” (from the Latin Bis - twice and lanx - scales) means two cups and is used as a symbol of balance, equality. The concept of “balance” is widely used in a variety of areas, for example, in the fuel and energy complex or in forecasting the development of the country’s economy in the future. In economics, the term “balance” is most often found in the following combinations.
production capacity balance - used to determine the need for equipment and other types of active parts of fixed assets;
balance of production possibilities - used in economic planning and used to select the most optimal combination of consumption of certain types of resources;
working time balance - characterizes the working time resources of the enterprise’s employees and their expenditure on different types works;
balance of payments - the ratio of cash payments coming into the country from abroad and all its payments abroad during a certain period of time (year, quarter, month); used when implementing the budget process, as well as when planning volumes export-import operations;
interindustry balance - an economic and mathematical model in the form of a system of linear equations characterizing the relationship between output in one industry (in value terms) and costs;
balance sheet - a system of indicators grouped in a summary table, characterizing in monetary terms the composition, placement, source and purpose of the enterprise’s funds as of the reporting date.
What all these concepts have in common is that information is grouped simultaneously according to two characteristics - related or unrelated to each other. As a result, the data is presented in the form of a two-sided table, and the sum of the indicators on both sides of the table should be the same. This approach allows you to establish connections between individual groups of data, analyze the dynamics of their changes and trace the trend of processes affecting the financial condition of the organization.
Balance is used in economic science to reflect a system of interval indicators that characterize the sources of formation of any resources and the directions of their use for a certain period (interval), for example, the balance of income and expenses of an enterprise, the balance of labor resources, the interindustry balance, etc.
Collection and grouping of data based on the use of dual reflection of information is called balance generalization. It is assumed that the same operation is assessed quantitatively twice - for each selected characteristic
Balance sheet generalization also presupposes the appropriate organization of current accounts - in such a way that as a result of any business transaction carried out and reflected in the accounting, balance sheet equality is not violated. For example, the acquisition of property leads to an increase in the total value of the property, but at the same time the size of liabilities increases - by increasing the amount of the organization's obligations. Contributions to the authorized capital of an organization are ultimately reflected by increasing the size of assets and increasing the size of the organization's equity capital. On the contrary, writing off funds from a current account is accompanied by a decrease in liabilities by the same amount. In addition to entries affecting both sides of the balance sheet, there may also be entries made on one side. For example, the transfer of materials to production indicates a change in the structure of assets, but their total value does not change. More details types accounting entries discussed below.
In accounting, both the concept of “balance sheet” is used, meaning the application of a balance sheet generalization to the processing of any information, and the concept of “balance sheet”, which is understood as the generalization and grouping of information according to established principles, presented in a unified form.
The balance sheet as an element of the accounting method summarizes the procedure for processing accounting data, summarizing them into an information model that characterizes the property and financial potential of the enterprise. Through accounting, all facts are identified, evaluated, classified and recorded. economic life businesses that are recorded and accumulated in accounting systems and then reported on the balance sheet. Based on the data presented in the balance sheet, interested users have the opportunity to study the availability, placement and use of resources, solvency and financial stability of enterprises, thus satisfying their information needs.
The degree of analyticality of the balance sheet is determined by the level of aggregation of the data displayed in it. The relationship here is inversely proportional, i.e. the higher the level of aggregation, the less analytical the balance. Therefore, the relevant question is about the degree of complexity of the balance sheet and the required number of displayed items (rows). Each line of assets and liabilities of the balance sheet characterizes in monetary terms the value of certain types of property of the enterprise (economic assets) or sources of formation and is called a balance sheet item.
The main trend in the development of balance in our country was its constant complication. IN last years the reverse process is taking place - the structure of the balance sheet is simplified; over two decades, the number of its items has decreased by approximately half.
Today, according to Art. 20 PBU 4/99, the balance sheet must contain the following numerical indicators (Appendix 1).
According to the requirements of PBU 4/99, assets and liabilities are reflected in the balance sheet depending on their maturity (maturity) as short-term and long-term. Short-term assets and liabilities are those whose circulation (repayment) period is no more than 12 months after the reporting date. All other assets and liabilities are presented as non-current.
According to this principle, in the assets of the balance sheet, the organization’s economic assets are grouped into two sections:
Section I “Non-current assets”, which provides information on assets with a circulation period of more than 12 months; section II “Current assets”, which reflects data on assets with a circulation period of less than 12 months. The exception is accounts receivable. Information on all receivables of the organization, including long-term ones, is presented in section II of the balance sheet. At the same time, information is provided separately on receivables, payments for which are expected more than 12 months after the reporting date (long-term) and receivables, payments for which are expected within 12 months after the reporting date (short-term).
In the liabilities side of the balance sheet, sources of funds are divided into own and attracted (borrowed). Information about the organization’s own sources of funds is presented in Section III “Capital and Reserves”. Attracted sources of funds are grouped depending on their repayment period into two sections:
Section IV “Long-term liabilities” - liabilities with a maturity period of more than 12 months after the reporting date; Section V “Short-term liabilities” - liabilities maturing within 12 months after the reporting date. Each asset and liability section of the balance sheet consists of items. Articles can be single-element or complex. A single-element item contains data about one accounting object, information about which is generated on one account. For example, the article in Section II of the balance sheet “deferred expenses” reflects information about the existence as of the reporting date of expenses incurred in a given reporting period, but relating to future reporting periods. This item is filled in according to the balance of account 97 “Deferred expenses”.
Complex items contain data on the balances of several accounting accounts.
Homogeneous articles in a section are combined into groups of articles.
Indicators of balance sheet items are determined according to the balances of the General Ledger accounts: assets - according to the debit balances of active accounts, liabilities - according to the credit balances of passive accounts. The exception is regulatory accounts, which are not reflected in the balance sheet. The balances of these accounts are subtracted from the balance of the corresponding regulated accounts (Appendix 2).
Accounts reflecting the status of settlements are reflected in the balance sheet in detail: the debit balance is presented on the asset side of the balance sheet as accounts receivable, the credit balance is presented on the liability side of the balance sheet as accounts payable. In accounting, information about all financial investments (long-term and short-term) is formed on synthetic account 58 “Financial investments”. To group financial investments by maturity, analytical accounting data for synthetic account 58 “Financial investments” is used.
The results of each section of the balance sheet are determined by summing up the data for a group of items, as well as for items not combined into groups. The sum of the totals of the asset sections of the balance sheet is equal to the sum of the totals of the liability sections of the balance sheet and constitutes the currency of the balance sheet.
When drawing up the balance sheet, continuity must be ensured, which is ensured by the homogeneity of items, the financial homogeneity of reporting periods, the indispensability of methods for assessing property items, and the consistency of accounting policies.
1.2 Regulatory regulation, formation of balance sheet indicators
The main standard defining the rules for assessing reporting elements in practice is the “Regulations on accounting and financial reporting in the Russian Federation”. Section III of this document contains a description of the rules for assessing the main balance sheet items. In accordance with these rules, actual cost is common, although in some cases other estimates permitted by law are used. The following methods can be used to determine the amount at which an item should be recognized:
actual initial cost is the amount of money paid or accrued when purchasing or producing an object;
current replacement cost is the amount of money that must be paid at the present time if it is necessary to replace any item;
Current market value is the amount of money that can be paid as a result of the sale of the property or upon the maturity date.
The following valuation methods are provided in individual balance sheet items.
fixed assets and intangible assets are reflected in the balance sheet at their residual value (initial cost minus depreciation). The rules for the formation of information on intangible assets in accounting are set out in PBU 14/2007, and fixed assets in PBU 6/01, and certain points (the choice of depreciation method) must be enshrined in the accounting policy of the enterprise. The initial cost is equal to the amount of actual costs; depreciation is calculated using one of the methods established in the regulations. A change in the initial value of intangible assets and fixed assets is possible as a result of revaluation;
raw materials, main and auxiliary materials, purchased semi-finished products and components, fuel, packaging, spare parts, goods and other material resources are reflected at actual cost, including all acquisition costs;
finished products are reflected at actual or standard cost (depending on the valuation method provided for in the organization’s accounting policies). The cost of production includes all costs for the manufacture of these products;
work in progress in mass and serial production can be reflected in the balance sheet at actual or standard (planned) production costs, at direct cost items, as well as at the cost of raw materials, materials and semi-finished products. In case of single production of products, work in progress is reflected at actual production costs;
The methodological basis for the formation of inventory items is established by PBU 5/01 “Accounting for inventories.”
financial investments, in accordance with PBU 19/02, are reflected at their historical cost, which includes the actual costs of their acquisition. If the value of investments decreases significantly, then the organization has the right to create a reserve for the depreciation of financial investments; in the balance sheet, the value of such financial investments is shown minus the amount of the created reserve for their depreciation;
the authorized capital in the balance sheet is reflected as the totality of contributions of the founders of the organization, registered in the constituent documents;
reserve capital is assessed in the balance sheet based on the actual contributions made to it. In joint stock companies, its amount cannot be less than 5% of the amount of the authorized capital;
balances of the organization's funds on foreign currency accounts, other funds (including monetary documents), securities, receivables and payables in foreign currencies are reflected in the statements in the currency valid on the territory of the Russian Federation, in amounts determined by converting foreign currencies at the exchange rate of the Central Bank Russian Federation, effective as of the last date of the reporting period;
Each party reflects settlements with debtors and creditors in its reporting in amounts arising from accounting records and recognized by it as correct. In case of disagreement, the interested party is obliged to submit the necessary materials within the established time limits for consideration by the bodies authorized to resolve the relevant disputes. Receivables not repaid on time are doubtful. You can create a reserve for this amount. Then the balance sheet reflects the amount of debts reduced by the amount of the reserve. Accounts receivable for which the statute of limitations has expired and other debts that are unrealistic to collect are written off. Writing off a debt at a loss due to insolvency is not a cancellation of the debt. It is reflected on the balance sheet for 5 years from the date of write-off to monitor the possibility of its recovery from the debtor in the event of a change in his property situation;
amounts reflected in the statements for settlements with financial, tax authorities, the institutions of banks must be consistent with them and identical;
in the balance sheet, the financial result of the reporting period is reflected as retained earnings (uncovered loss), i.e. the final financial result identified for the reporting period, minus taxes and other payments due from profits established in accordance with the legislation of the Russian Federation, including sanctions for non-compliance with tax rules.
In domestic practice, the assessment of any balance sheet item is carried out strictly in accordance with legal requirements. Many of these requirements today are significantly closer to the requirements of IFRS.
II. Balance sheet of Retail Group LLC, the procedure for its formation
2.1 General economic characteristics of the enterprise
Retail Group LLC was organized on June 23, 1999, registered by decree of the head of the administration of the Stavropol region No. 1032. The company has an organizational and legal form - a limited liability company. The governing bodies of Retail Group LLC are the board of directors, supervisory board, and general director.
Retail Group LLC has the right to carry out other activities in accordance with current legislation. The main activity of the enterprise at the moment is the production and sale of bakery products.
The research carried out in the first chapter of the work allows us to draw the following conclusions.
The balance sheet (form No. 1) is the main form of accounting reporting. In accounting, the balance sheet is considered as a way of summarizing and grouping the economic assets of an enterprise and their sources at a specific point in time in monetary terms. The basis for constructing a balance sheet is the classification of the enterprise’s economic assets, which are presented in two directions: according to the composition and placement of funds - the balance sheet asset; according to the sources of their formation and intended purpose - a liability on the balance sheet. The balance sheet is the basic form of financial reporting that allows the calculation of reporting ratios used in financial management.
2.2 Preparatory work prior to drawing up the balance sheet
balance sheet reporting
The preparation of financial statements at Retail Group LLC is preceded by significant preparatory work. The amount of work preceding the preparation of annual financial statements is significantly higher than the amount of work carried out before the formation of interim statements. Thus, an interim (quarterly) balance sheet is usually compiled on the basis of book data. The formation of the annual balance sheet is necessarily preceded by the following main stages of preparatory work:
) the distribution of income and expenses between adjacent reporting periods is clarified;
- a revaluation (clarification of the valuation) of property balance sheet items is carried out: movable and immovable property, materials, goods, securities, debts (liabilities), etc.; the final entries of December create valuation reserves provided for in the accounting policies of the organization or current legislation;
- the final financial result is revealed by summing up all partial results; account 99 “Profits and losses” is closed;
- a turnover sheet is drawn up for the General Ledger accounts, covering all corrective, adjusting and additional entries caused by the actions described above;
- in accordance with Art. 12 of the Federal Law “On Accounting”, an inventory of all balance sheet items is required, after which the balances of the General Ledger accounts are adjusted in full accordance with the inventory results.
All property of the organization, regardless of its location, and all types of financial obligations are subject to inventory. During the inventory, the actual presence of property is revealed, which is compared with accounting data, and the completeness of the reflection of liabilities in accounting is also checked.
The procedure and timing of the inventory is determined by the head of the organization. Except in cases where it is mandatory. In addition to the above case (before drawing up the annual financial report), an inventory is required:
-when transferring property for rent, redemption, sale, as well as transformation of state or municipal unitary
enterprises; -when changing materially responsible persons;
-when facts of theft, abuse or damage to property are revealed;
-in the event of a natural disaster, fire or other emergency
situations caused by extreme conditions; - during reorganization or liquidation of the organization;
In other cases provided for by the legislation of the Russian Federation.
The inventory is carried out with the frequency specified in the organization’s accounting policy (monthly, once a quarter), but in any case, it is necessary to carry it out before drawing up the annual balance sheet.
Before drawing up annual financial statements, an inventory of work in progress and semi-finished products of own production, finished products and goods in warehouses, materials is usually carried out no earlier than October 1, costs in construction in progress - no earlier than December 1, fixed assets - no earlier than November 1. In this case, an inventory of fixed assets can be carried out once every three years. Cash, monetary documents, strict reporting forms must be subject to sudden inspection at least once a month. Settlements with banks on current, special and other accounts are checked on the 1st day of each month, settlements with debtors and creditors - usually at least twice a year.
Discrepancies identified during the inventory between the actual availability of property and accounting data are reflected in the accounting accounts.
In order for financial statements to meet the requirements for them, the following conditions must be met:
- reflection of business transactions in accounting only on the basis
properly executed primary documents (accumulative, grouping statements); - reflection of all business transactions and inventory results for the reporting period;
-coincidence of synthetic and analytical accounting data.
The cycle of accounting work for any month (in the inter-reporting period) at Retail Group LLC can be divided into three parts:
- compilation of accounting records (entries) based on primary documents, cumulative, grouping statements; this is the most important part of the accounting work cycle during the inter-reporting period; It is at this stage that the accountant is required to have good knowledge of both regulatory accounting documents and tax legislation;
- transfer of all facts of the organization’s economic activities for
month from primary documents to accounting registers (for example, to the business transactions register, etc.); - generation of information about accounting objects for
General Ledger accounts based on the total data of accounting registers.
The list of persons entitled to sign primary accounting documents is approved by the head of the organization in agreement with the chief accountant.
In accordance with paragraph 2 of Art. 9 of the Federal Law “On Accounting”, primary accounting documents must contain the following mandatory details:
- Title of the document;
- form code;
- date of document preparation;
- name of the organization on behalf of which the document was drawn up;
- content of business transactions;
- meters of business transactions (quantities, amounts);
The position of the persons responsible for the execution of the business transaction and the correctness of its execution, personal signatures and their decoding, including the case of creating documents using computer technology.
Errors made in documents must be corrected; there should be no corrections in cash and banking documents.
Lost documents must be restored, and incorrectly executed documents must be completed in accordance with the requirements for them.
In accordance with paragraph 1 of Art. 17 of the Federal Law “On Accounting”, an organization is obliged to store primary accounting documents. Accounting registers are at least 5 years old.
Within a month, on the basis of primary documents in accounting registers, comprehensive information about accounting objects is formed. The totals from the accounting registers are used to compile general ledger accounts.
At the end of the reporting period, debit and credit turnovers are calculated for all accounts in the General Ledger, and the final balance is displayed for the vast majority of accounts. For some accounts, for example 60 “Settlements with suppliers and contractors”, 62 “Settlements with buyers and customers”, 68 “Settlements for taxes and fees”, 71 “Settlements with accountable persons”, 75 “Settlements with founders”, 76 “Settlements with different debtors and creditors”, it is necessary to calculate the expanded balance.
Reflection of the expanded balance in the balance sheet (in the debit asset, in the credit liability) is necessary for an objective description of the financial position of the organization. Mutual repayment of receivables and payables (collapse of balances) leads to falsification of the balance sheet.
Accounts 25 “General production expenses”, 26 “General business expenses”, 28 “Defects in production”, 94 “Shortages and losses from damage to valuables” are closed monthly, their debit and credit turnovers are necessarily equal, there is no balance.
Accounts 90 “Sales”, 91 “Other income and expenses”, 99 “Profits and losses” are closed once at the end of the year.
General Ledger indicators (turnovers in debit and credit accounts) are used to prepare financial statements. To ensure that these figures are accurate and complete, account records should be reviewed periodically.
To check the completeness and correctness of account records, various techniques are used, which largely depend on the form of accounting used in the organization.
Typically, records in the general ledger accounts are checked in the following areas:
-compare the turnover for each synthetic account with the totals of the documents that served as the basis for the entries;
-compare turnovers and balances or only balances for all accounts of synthetic accounting;
-check turnover and balances or only balances for each
synthetic account with corresponding indicators of analytical accounting. To reconcile analytical and synthetic accounting data, as well as to compare turnovers and balances for all synthetic accounts, balance sheets are prepared separately for all synthetic accounts and separately for analytical ones, combined by one synthetic account, i.e. Several balance sheets are compiled for analytical accounts and one for synthetic accounts.
Verification of accounts on synthetic accounts is carried out based on the results of the balance sheet.
Analytical accounting for account 90 “Sales” is maintained for each type of goods sold, products, work performed, services provided, etc. In addition, analytical accounting for this account can be maintained by sales regions and other areas necessary for managing the organization.
Entries in subaccounts 90-1 “Revenue”, 90-2 “Cost of sales”, 90-3 “Value added tax”, 90-4 “Excise taxes”, etc. are made cumulatively during the reporting year, i.e. all subaccounts of account 90 are not closed during the year, subaccount 90-1 will have a credit balance at the end of each month, and subaccounts 90-2 - 90-8 will have a debit balance.
At the end of each month, account 90 reveals the financial result (profit or loss) from the sale of goods, products, works, services, for which the amount of sales revenue for the reporting month (credit of subaccount 90-1) is compared with the cost of sales (total debit turnover for reporting month for subaccounts 90-2 ~ 90-8). The financial result thus identified is reflected in a special subaccount 90-9 “Profit/loss from sales”.
Account 91 “Other income and expenses” summarizes information on other income and expenses, except income and expenses from ordinary activities and extraordinary income and expenses.
Analytical accounting for account 91 is carried out for each type of other income and expenses. At the same time, the construction of analytical accounting for other income and expenses related to the same financial or business transaction should ensure the ability to identify the financial result for each operation.
Entries in subaccounts 91-1 “Other income”, 91-2 “Other expenses” and 91-9 “Balance of other income and expenses” are made cumulatively during the reporting year, i.e. all subaccounts of account 91 are not closed during the year; subaccount 91-1 will always have a credit balance at the end of each month, and subaccount 91-2 will have a debit balance.
At the end of each month, a financial result is revealed on account 91 - the balance of other income and expenses (profit or loss), for which the amount of other income (total credit turnover for the reporting month of subaccount 91-1) is compared with the amount of other expenses (total debit turnover for the reporting month according to subaccount 91-2). The financial result thus identified is reflected in a special subaccount 91-9.
Account 99 “Profits and losses” is intended to summarize information on the formation of the final financial result of the organization’s activities in the reporting year. Analytical accounting for account 99 should be organized in such a way as to ensure the generation of data necessary for drawing up a profit and loss statement. Records on account 99 are kept cumulatively throughout the year.
At the end of each month, the financial result (profit or loss) from the sale of products (work, services) and the balance of income and expenses from accounts 90 “Sales” and 91 “Other income and expenses” are transferred to account 99 “Profits and losses”.
Account 99 directly reflects income and expenses associated with emergency circumstances in the organization’s activities, as well as the amount of income tax and economic sanctions for violation of tax laws.
A comparison of debit and credit turnover for the reporting period allows us to determine the final financial result of the reporting period - net profit or loss.
At the end of the reporting year (December 31), when preparing annual financial statements, account 99 is closed (balance sheet reform). By the final entry of December, the amount of net profit (loss) of the reporting year is transferred from account 99 to the credit (debit) of account 84 “Retained earnings (uncovered loss)”, i.e. on the 1st day following the reporting year there should be no account balance of 99.
2.3 The procedure for generating balance sheet indicators
To compile the balance sheet of Retail Group LLC, we use a grouping balance sheet (Appendix 3).
Let's look at the balance sheet asset items. At the beginning of the reporting year, the organization had no intangible assets - line 110 of column 3 is crossed out. Line 110 of column 4 is filled in based on the balance of account 04, because There is no depreciation on this type of intellectual property. Thus, we have intangible assets worth 16 thousand rubles.
At the beginning of the year, fixed assets were available in the amount of 28,143 thousand rubles. Since this line of the balance sheet is filled in at the residual value, by calculation we determine 49,217 thousand rubles - 16,035 thousand rubles = 33,182 thousand rubles - at the end of the reporting period.
Construction in progress at the beginning of the reporting year - in the amount of 1029 thousand rubles. We fill in the data at the end of the reporting period based on the balance of account 08 “Investments in non-current assets”. In our example - in the amount of 2155 thousand rubles.
At the beginning of the reporting year, profitable investments in material assets in Retail Group LLC amounted to 1,895 thousand rubles. The indicator at the end of the reporting period is formed by calculation using the balance of accounts 03 and 02-1. It is 2320 thousand rubles - 701 thousand rubles = 1619 thousand rubles.
The long-term financial investments line is filled in using the balance of account 58 and amounts to 10 thousand rubles, i.e. in our case, long-term financial investments remained unchanged compared to last year.
Deferred tax liabilities at the beginning of the reporting year amounted to 79 thousand rubles. Based on the balance sheet, we establish that at the end of the reporting period, deferred tax liabilities amount to 117 thousand rubles.
In our example, the organization keeps records of raw materials and materials using the actual cost, the line indicator represents the balance of account 10 “Materials” (see Appendix - 6926 thousand rubles at the end of the year) - balance sheet line 211.
The evaluation of finished products is carried out without using account 40, i.e., at actual cost. The balance of products at the beginning of the year was in the amount of 58 thousand rubles. At the end of the reporting period, we have finished products worth 4 thousand rubles - balance line 214.
Deferred expenses: at the beginning of the reporting year 335 thousand rubles, at the end of the reporting period, based on the balance in account 97 “Deferred expenses” we have 354 thousand rubles - balance line 216.
Thus, line 210 of the balance sheet “Inventories” is defined as the sum of lines 211, 214 and 216 and amounts to 9567 thousand rubles at the beginning of the year and 7285 thousand rubles at the end of the reporting period.
Balance sheet line “Value added tax on purchased assets.” At the beginning of the reporting year we have 1644 thousand rubles. At the end of the reporting period, the balance in account 19 “Value added tax on acquired assets” is 290 thousand rubles.
Accounts receivable at the beginning of the reporting year amounted to 24,482 thousand rubles, including buyers and customers 3,180 thousand rubles. The next item in the accounts receivable subsections is the item “Advances issued.” In modern economic conditions, counterparties of enterprises sometimes require advances and prepayments for products, goods, work or services, both for the entire transaction amount and partially. Amounts issued for the supply of resources necessary for the enterprise must be allocated from the total amount of debt, because this is a right of claim of a different kind - not increasing, but decreasing the most liquid assets of the enterprise. Attributing the amount of advances and prepayments to a separate balance sheet item is achieved by requiring the priority of economic content over legal form.
This section article can be filled out on the basis of analytical data on the state of both subsections of accounts receivable or, in the absence of any type of it, on the basis of the balance of account 61 “Advances issued”. This account is not included in the chart of accounts approved by Order of the Ministry of Finance of the Russian Federation “On approval of the chart of accounts for accounting of financial and economic activities of organizations and instructions for its application” dated October 31, 2000 No. 94n. But, according to this order, to account for specific transactions, an organization can, in agreement with the Ministry of Finance of the Russian Federation, enter additional synthetic accounts into the Chart of Accounts using free account numbers. This is exactly what is happening at Retail Group LLC.
Therefore, based on the balance in account 61 “Advances issued,” we have 19,718 thousand rubles at the beginning of the reporting period, and 10,955 thousand rubles at the end of the reporting period. The total amount of receivables is determined by calculation using the balance of accounts 61 “Advances issued”, 62 “Settlements with suppliers and contractors” and 76-3 “Settlements for other transactions”. At the end of the reporting period it is 14869 thousand.
Cash at the beginning of the reporting period is 808 thousand rubles, at the end of the billing period it is determined by calculation using the balance of accounts 50 “Cash” and 51 “Settlement accounts” and amounts to 1121 thousand rubles.
Other current assets at the beginning of the reporting period are available in the amount of 21 thousand rubles and are absent at the end of the reporting period, therefore, this column is crossed out.
After filling out the articles of all asset sections of the balance sheet, you should summarize its overall result, which will be the total value of the organization’s property, provided there are no losses. To reflect the total of Form No. 1 or the balance sheet currency, the “Balance” line is intended, the indicator of which is the total total of the main reporting form and is subtracted as the sum of the indicators of the section of Form No. 1. In our case, 67,678 thousand rubles and 60,663 thousand rubles at the beginning and end of the year, respectively (Appendix 4).
In the liability section, in the “Capital and Reserves” section, the articles “Authorized capital”, “Additional capital”, “Reserve capital” at the end of the reporting period remained unchanged compared to the beginning of the reporting period and amounted to: “Authorized capital” 118 thousand rubles, “ Additional capital" 7846 thousand rubles, "Reserve capital" 22 thousand rubles. The balance sheet item “Retained earnings” (uncovered loss) at the beginning of the reporting period amounts to 14,284 thousand rubles. At the end of the reporting period, we fill out the balance sheet according to the turnover balance sheet: the final balance in account 84 “Retained earnings (uncovered loss)” is 10,422 thousand rubles.
In the group of items “Long-term liabilities”, “Loans and credits” at the beginning of the reporting period amounted to 36,066 thousand rubles. At the end of the reporting period, taking into account interest debt, it amounts to 19,190 thousand rubles.
Deferred tax liabilities at the beginning of the reporting period amounted to 14 thousand rubles, at the end of the reporting period 37 thousand rubles.
In the group of items “Short-term liabilities”, accounts payable at the beginning of the reporting period amounted to 9328 thousand rubles, including to suppliers and contractors 8633 thousand rubles, to the personnel of the organization 7 thousand rubles, to state extra-budgetary funds 73 thousand rubles, for taxes and fees 229 thousand rubles, other creditors 387 thousand rubles. At the end of the reporting period it amounted to 23,025 thousand. rubles, including to suppliers and contractors 22,306 thousand rubles (final balance on account 60 “Settlements with suppliers and contractors”), to the organization’s personnel 97 thousand rubles (final balance on account 70 “Settlements with personnel for wages”), to state extra-budgetary funds 63 thousand rubles (final balance on account 69 “Calculation of social insurance and security”), for taxes and fees 547 thousand rubles (final balance on account 68 “Calculation of taxes and fees”), other creditors 12 thousand rubles (final balance on account 76-3 “Settlements for other transactions”).
There is no balance sheet item “Deferred income” at the beginning of the reporting period. At the end of the reporting period it is 3 thousand. rubles (final balance on account 98 “Deferred income”).
The liability side of the balance sheet is completed by the article “Balance”, the indicator of which represents the sum of the organization’s sources of funds or its liabilities; the data on this line is calculated by adding the totals of all sections of the liability side of the balance sheet. It is clear that the correct preparation of a balance sheet implies the equality of its two parts at the beginning and end of the year, since it reflects the same property according to different grouping criteria. Accounting-technically, the equality of assets and liabilities is ensured by the double entry rule (amounts of funds from business transactions are reflected in the debit of one account and the credit of another), the division of accounts into active and passive, and the rules for determining account balances.
III. Proposals for improving the accounting of indicators that form the balance sheet of Retail Group LLC
Organizations are recommended to provide information on the availability of assets recorded in off-balance sheet accounts in Form No. 1 “Balance Sheet”. This data is filled in based on the instructions given in the Chart of Accounts, as well as taking into account the specific list of off-balance sheet accounts used by the organization.
The reference section of the balance sheet provides information about the values that are taken into account in off-balance sheet accounts. These are values that are temporarily at the disposal of the organization (leased fixed assets, material assets in safekeeping, in processing, etc.), conditional rights and obligations. In addition, off-balance sheet accounts account for assets and liabilities that are written off the balance sheet, but which must be monitored over a certain period of time.
Page 910 “Leased fixed assets”. The cost of fixed assets leased by the organization is reflected. The amount is equal to the balance of off-balance sheet account 001 “Leased fixed assets”. If fixed assets were received by the organization under a leasing agreement, then line 911 “Including leasing” is filled in.
Page 920 “Inventory assets accepted for safekeeping.” The cost of inventory items that are in safekeeping in the organization is reflected. Such values include:
received from suppliers of goods and materials, for which the organization legally refused to accept invoices of payment requests and their payment;
unpaid inventory items received from suppliers, the expenditure of which is prohibited under the terms of the contract until they are paid;
goods and materials accepted for safekeeping for other reasons;
Inventory and materials paid for by buyers, left in safekeeping, issued with safe receipts, but not removed for reasons beyond the control of the organizations.
The amount on line 920 corresponds to the balance on off-balance sheet account 002 “Inventory assets accepted for safekeeping.”
Page 930 “Goods accepted for commission.” Commission agent organizations reflect the cost of goods accepted for commission under a commission agreement. The amount is equal to the debit balance of account 004 “Goods accepted on commission”.
Page 940 “Debt of insolvent debtors written off at a loss.” The amount of receivables written off at a loss due to the expiration of the statute of limitations and deemed uncollectible is reflected. Such debt should be recorded on the balance sheet in account 007 for five years from the date of its write-off in order to monitor the possibility of collecting it in the event of a change in the property status of the debtors. The procedure for reflecting debt collection is given in the description of account 007. The amount is equal to the debit balance of account 007 “Debt of insolvent debtors written off at a loss.”
Line 950 “Securities for obligations and payments received” and line 960 “Securities for obligations and payments issued.” The amounts allocated by the organization to accounts 008 “Securities for obligations and payments received” and 009 “Securities for obligations and payments issued” are reflected. This includes information on the availability and movement of guarantees received and issued, respectively, to ensure the fulfillment of obligations and payments, as well as security received by the organization for goods transferred to other organizations (individuals). The amount on line 950 corresponds to the balance on account 008 “Securities for obligations and payments received.” The amount on line 960 corresponds to the balance on account 009 “Securities for obligations and payments issued.”
Page 970 “Depreciation of housing stock” and page 980 “Depreciation of external improvement objects and other similar objects.” Filled out by organizations that have fixed assets for which depreciation is not charged. These can be housing facilities, external landscaping, forestry, road facilities, specialized shipping facilities, etc. These lines can also be filled in by non-profit organizations that have fixed assets. For these objects, depreciation is charged, the amount of which is reflected in account 010 “Depreciation of fixed assets.” The amount on lines 970 and 980 is equal to the balance on account 010 for housing facilities and others, respectively.
Page 990 “Intangible assets received for use.” The cost of other people's intellectual property objects (software product, information base, work of authorship, etc.) for which the organization has acquired the right of non-exclusive use under a license or other similar agreement is reflected. Intangible assets received for use must be accounted for in a separate off-balance sheet account in an assessment determined based on the amount of remuneration established in the contract. The amount on line 990 is equal to the balance on this account.
If the balance sheet does not provide separate lines to reflect any values that are taken into account in off-balance sheet accounting, then the organization must enter the necessary lines in the reference section of the balance sheet.
Conclusion
Today, among the forms of financial reporting, the balance sheet is in first place. It is a rich source of information on the basis of which the financial and economic activities of the enterprise are revealed. To understand the information it contains, you must have an idea of the structure of the balance sheet, as well as know the basic logical and specific relationships between individual indicators.
The balance sheet is of great importance for the leaders of the organization, because... it reflects the indicators necessary for making management decisions. The balance sheet provides information about the state of the enterprise’s funds in a generalized totality, and also reveals their structure and sources of formation in the context of types and groups. Based on the balance sheet data, one can judge the financial condition of the organization, namely: determine the availability of funds, the correct use of them, compliance with financial discipline, profitability, identify shortcomings in the work and their causes, and also develop measures to improve the financial position of the company.
In my work, I achieved the initial goal by consistently solving the assigned tasks.
Thanks to its concise and compact form, the balance sheet is a very convenient document. It gives a complete and integral picture not only of the property status of the enterprise at each moment, but also of the changes that have occurred over a given period of time. The latter is achieved by comparing balances for a number of reporting periods.
In conclusion, it is worth noting that the theoretical and practical aspects of the formation of the balance sheet need to be known not only to ordinary employees of the accounting field, but also to all users of accounting information in order to be able to analyze the information presented in the balance sheet and take the necessary measures to improve the organization’s activities.
The procedure for filling out financial reporting forms is the transfer of data grouped by reporting elements from accounting registers to the corresponding sections of the balance sheet, profit and loss statement and other forms of financial reporting. The main accounting register on the basis of which reporting forms are filled out is the General Ledger. Some indicators of financial reporting forms are determined based on analytical accounting data. An important control point when filling out financial reporting forms is the interrelation of indicators of the reporting forms, which means a comparison of indicators demonstrating an assessment of the same elements of the organization’s financial position in different forms accounting statements.
The balance sheet (form No. 1) as a form of financial reporting characterizes the financial position of the organization as of the reporting date.
The balance sheet form is a two-sided table consisting of an asset and a liability. The asset represents information about the organization's economic assets, and the liability represents information about their sources. Data on economic assets and their sources in the reporting balance are given at the beginning and end of the reporting period.
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Annex 1
Section Group of Articles Articles 123 ASSETS Non-current assets Intangible assets Rights to intellectual (industrial) property Patents, licenses, trademarks, service marks, other similar rights and assets. Organizational expenses Business reputation of the organization Fixed assets Land plots and natural resources Buildings, machinery, equipment and other fixed assets Incomplete construction Profitable investments in material assets Property for leasing Property provided under a rental agreement Financial investments Investments in subsidiaries Investments in dependent companies Investments in other organizations Loans provided to organizations for a period of more than 12 months Other financial investments Current assets Inventories Raw materials, supplies and other similar assets Costs in work in progress ( distribution costs) Finished products, goods for resale and goods shipped Deferred expenses Value added taxes on acquired assets Accounts receivable Buyers and customers Bills receivable Debt of subsidiaries and dependent companies Debt of participants (founders) on contributions to the authorized capital Advances issued Other debtors Financial investments Loans, provided to organizations for a period of less than 12 months Own shares purchased from shareholders Other financial investments Cash Current accounts Currency accounts Other funds LIABILITIES Capital and reserves Authorized capital Additional capital Reserve capital Reserves formed in accordance with legislation Reserves formed in accordance with constituent documents Retained earnings (uncovered loss - deducted) Long-term liabilities Borrowed funds Loans due to be repaid more than 12 months after the reporting date Loans due to be repaid more than 12 months after the reporting date Other liabilities Current liabilities Borrowings Loans due to be repaid within 12 months after the reporting date Loans due to be repaid within 12 months after the reporting date Accounts payable Suppliers and contractors Bills payable Debt to subsidiaries and dependent companies Debt to the organization's personnel Debt to the budget and state extra-budgetary funds Debt to participants (founders) for payment of income Advances received Other creditors Deferred income Reserves for upcoming expenses and payments
Appendix 2
Appendix 3
Revolving balance sheet (thousand rubles)Balance at the beginningTurnover for the periodBalance at the endCode and account nameDebitCreditDebitCreditDebitCredit01 Fixed assets40671 10332.001786.0049217.00 02 Depreciation of fixed assets 12528850.004357.00 16035.0 002-1 Depreciation of income investments 660 41.00 701, 0003 Investments in tangible assets2555 235.002320.00 04 Intangible assets 16.00 16.00 08 Non-current assets1029 1126.00 2155.00 09 Deferred tax assets79 110.0072.00117.00 10 Materials9175 3048.00 5297.006926.00 19 VAT for purchased values 1644 2554.001200.00290.00 43 Finished products 58 3750.003804.004.00 50 Cash register 150 179610.00179610.00150.00 51 Current account 658 203506.00203193.00971, 00 58 Financial investments10 10.00 60 Settlements with suppliers and contractors 86336230.0019903.00 22306.0061 Advances issued 19718 8763.0010955.00 62 Settlements with buyers and customers 3180 18500.0018775.002905.00 67 Settlements on long-term loans and borrowings 36066 26376.009500.00 19190.0068 Calculations for taxes and fees 83290.00436.00 229.0069 Settlements for social insurance and security 7373.0063.00 63.0070 Settlements with personnel for wages 72804.002700.00 97.0071 Settlements with accountable persons 1584839371.0021374.0010955.0 021457,0076-3 Calculations for other operations 387 375.00 12.0077 Deferred tax liabilities 149.0014.00 37.0080 Authorized capital 118 118.0082 Reserve capital 22 22.0083 Additional capital 7846 7846.0084 Retained earnings 142845738.0018 76.00 10422.0090 Sales 69817.0075535.00 91 Other income and expenses 9816.008641.00 94 Shortages and losses from damage to valuables21 21.00 97 Deferred expenses 335 19.00 354.00 98 Deferred income 3.00 3.0099 Profit/Loss 3183, 005718.00 2535.00TOTAL 8086780804557128.00573292.0087345.00101073.00
Appendix 4
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