Preparation of financial statements is possible only on the basis of synthetic and analytical accounting data, summarized and grouped in accordance with current regulatory documents. Thus, accounting reporting is the final stage of the entire accounting process as a whole. At the same time, the choice of specific methods and techniques for maintaining accounting records and preparing financial statements is carried out by the organization independently.
Currently, an organization must prepare financial statements for a quarter, half a year, nine months and a year on an accrual basis from the beginning of the reporting year. Submission of financial statements to control bodies is carried out at the same frequency. In accordance with this, financial statements can be quarterly and annual.
The composition of financial statements for external users is established centrally. The list of reporting forms may vary depending on the current regulatory documents on the day of reporting. If, in accordance with the law, an organization is subject to mandatory audit, then an audit report confirming the reliability of the accounting information is included in the annual financial statements.
The balance sheet provides a summary of the assets, equity and liabilities of an organization. The balance sheet asset reveals the subject composition of the organization's property mass. At the same time, the assets themselves are understood as probable future economic benefits obtained or controlled by the organization as a result of past transactions and events. The liability side of the balance sheet shows how much equity capital is invested in the economic activities of the organization, who and in what form participated in the creation of the property mass. Liability also shows the amount of liabilities, which is understood as probable future losses of economic benefits arising from existing obligations to transfer assets and provide services to other organizations in the future as a result of past transactions and events.
The profit and loss statement provides information on the formation of financial results for various types of activities of the organization. Its main indicators are income, expenses, intermediate results by type of activity, the final financial result for the reporting period in the form of profit (loss), to be included in equity capital. This report shows how the organization's equity changes under the influence of income and expenses incurred in the current period. In addition, the income statement is the link between the previous and current reporting periods and shows what caused changes in the balance sheet of the reporting period compared to the previous one. The increase in balance sheet assets is formed due to the excess of income over expenses, the difference between which is qualified as profit. The profit received is reflected in the balance sheet as an increase in equity capital, and in the income statement - as the balance of the excess of income over expenses. The situation is similar with losses.
The balance sheet and profit and loss account are mandatory elements of financial reporting and are prepared both when preparing quarterly and annual reporting. A breakdown of the balance sheet and profit and loss statement indicators, as well as additional information on the organization’s financial and economic performance indicators, is provided in other reporting forms and presented in the financial statements for the year.
Other reporting forms include a statement of changes in equity, a statement of cash flows, an appendix to the balance sheet and an explanatory note.
The statement of changes in capital represents a breakdown of changes in the amounts of indicators related to the formation of equity capital and presented in the balance sheet as balances as of the reporting date. This report shows the effectiveness of the organization's management. Information about an organization's capital is actively used when conducting economic analysis in order to determine its financial independence and other similar indicators.
The cash flow statement characterizes the organization's activities in the reporting year in the context of various areas in connection with cash balances at the beginning and end of the reporting period. The formation of such information is due to the fact that the activities of any organization presuppose the availability of the necessary minimum financial resources for implementation and development.
Otherwise, the solvency and financial stability of the organization becomes questionable to external users of the reporting. Therefore, the administration of the organization is always faced with the task of choosing the right credit policy and determining effective directions for cash flows.
The appendix to the balance sheet is designed to provide users of financial statements with additional data that is inappropriate to include in the balance sheet: they represent a breakdown and breakdown of individual items of the balance sheet.
An explanatory note to the financial statements is drawn up to provide users of the financial statements with additional data that is inappropriate to include in the main reporting forms, but they are necessary for a real assessment of the financial position of the organization, the financial results of its activities and changes in its financial position. The main difference between this form is that when filling it out, data is used that is not reflected in system accounting.
Currently, current regulatory documents provide for the possibility of organizing independent development of accounting reporting forms. In this case, additional indicators and explanations for them are included.
An integral part of the accounting (financial) statements is an auditor's report confirming the reliability of the organization's financial statements if they are subject to mandatory audit in accordance with federal laws. All other cases of conducting an audit of an organization are qualified as initiative.
All organizations registered on the territory of the Russian Federation are required to prepare financial statements. This requirement is contained in Chapter 3 of the Federal Law “On Accounting and Reporting” No. 129-FZ. Accounting statements are the final stage of the accounting process and, according to the above-mentioned law, are a system of indicators reflecting the property and financial position of the organization at the reporting date, as well as the financial results of its activities for the reporting period.
Accounting statements are a unified system of data on the property and financial position of an organization and the results of its financial and economic activities, compiled on the basis of data in established forms.
When preparing financial statements, basic concepts are used, such as:
Reporting period - the period for which the organization must prepare financial statements;
reporting date - the date as of which the organization must prepare financial statements.
Accounting statements are divided into the following groups: according to the frequency of preparation:
Intermediate;
annual
Interim reporting includes monthly, quarterly, semi-annual and nine-month reporting. Interim reporting is called periodic accounting reporting.
For the preparation of financial statements, the reporting date is considered to be the last calendar day of the reporting period.
When preparing financial statements for the reporting year, the reporting year is the calendar year from January 1 to December 31 inclusive.
The first reporting year for newly created organizations is considered to be the period from the date of their state registration to December 31 of the corresponding year, and for organizations created after October 1, to December 31 of the following year.
The Accounting Law establishes that 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 state statistics bodies at the place of registration of the organization and to the tax authority at the place of registration of the taxpayer. The organization's financial statements are open to interested users who can familiarize themselves with them and receive copies of them. In accordance with the Regulations on Accounting, the submitted annual financial statements must be approved in the manner established by the constituent documents of the organization. For example, in accordance with Federal Law No. 14-FZ “On Limited Liability Companies” and No. 208-FZ “On Joint-Stock Companies”, the approval of limited liability companies and joint-stock companies falls within the competence of the general meeting of participants (shareholders). According to Article 16 of the Accounting Law, open joint-stock companies, banks and other credit institutions, insurance organizations, exchanges, investment and other funds created from private, public and state funds (contributions) are required to publish annual financial statements no later than June 1 the year following the reporting year.
The procedure for publishing annual financial statements by open joint-stock companies was approved by Order of the Russian Ministry of Finance No. 101.
The document defining the composition, content and methodological basis for the formation of financial statements of organizations (except for credit institutions, insurance organizations and budgetary organizations) is the Accounting Regulations “Accounting statements of an organization” (PBU 4/99), approved by Order of the Ministry of Finance of Russia No. 43n.
The composition of interim and annual financial statements is different. Interim financial statements include:
Profit and loss statement (form No. 2).
Annual financial statements include:
Balance sheet (form No. 1);
Profit and loss statement (form No. 2);
(form No. 3);
Traffic report (form No. 4);
Appendix to the balance sheet (form No. 5);
Explanatory note;
An audit report confirming the reliability of the organization’s financial statements, if they are subject to mandatory audit in accordance with federal laws.
Small businesses that do not apply the simplified system of taxation, accounting and reporting in accordance with the legislation of the Russian Federation and are not required to conduct an independent audit of the reliability of financial statements in accordance with the legislation of the Russian Federation have the right not to submit a Statement of Changes in Capital as part of the annual financial statements ( Form No. 3), Cash Flow Statement (Form No. 4), Appendix to the Balance Sheet (Form No. 5), Explanatory Note.
Small businesses that do not apply the simplified system of taxation, accounting and reporting in accordance with the legislation of the Russian Federation and are not required to conduct an independent audit of the reliability of financial statements in accordance with the legislation of the Russian Federation have the right not to submit a Statement of Changes in Capital as part of the annual financial statements ( Form No. 3), Cash Flow Statement (Form No. 4), Appendix to the Balance Sheet (Form No. 5), if the relevant data is missing.
Non-profit organizations have the right not to present a Cash Flow Statement (Form No. 4) as part of the annual financial statements, and in the absence of relevant data, not to submit a Statement of Changes in Capital (Form No. 3) and an Appendix to the Balance Sheet (Form No. 5). Non-profit organizations are recommended to include in their annual financial statements a Report on the intended use of funds received (Form No. 6).
Public organizations (associations) that do not carry out and do not have turnover in the sale of goods (work, services) other than disposed property, do not submit interim accounting statements. These organizations do not submit a Statement of Changes in Capital (Form No. 3), a Statement of Cash Flows (Form No. 4), an Appendix to the Balance Sheet (Form No. 5), or an explanatory note as part of their annual financial statements.
According to the degree of generalization of reporting data:
primary;
summary (consolidated).
Primary reporting is compiled and submitted by each legal entity independently. Consolidated reporting is prepared by the parent company based on data provided by organizations included in the holding.
Accounting statements as a unified system of data on the property and financial position of an organization and the results of its economic activities are compiled on the basis of accounting data.
When forming financial reporting indicators, it is necessary to be guided by the Regulations on accounting and financial reporting in the Russian Federation, approved by Order of the Ministry of Finance of the Russian Federation N 34n (registered with the Ministry of Justice of the Russian Federation, registration number 1598), the Regulations on accounting "Accounting statements of an organization" PBU 4/99, approved by Order of the Ministry of Finance of the Russian Federation N 43n (according to the conclusion of the Ministry of Justice of the Russian Federation N 6417-PK, this Order does not require state registration), Order of the Ministry of Finance of the Russian Federation N 4n "On the forms of financial statements of organizations" (according to the conclusion of the Ministry Justice of the Russian Federation N 729-ER, the specified Order does not require state registration).
When an organization independently develops financial reporting forms based on the sample forms given in the appendix to Order of the Ministry of Finance of the Russian Federation No. 4n “On forms of financial reporting of organizations”, the general requirements for financial reporting must be observed (completeness, materiality, neutrality, comparability, comparability, etc. .).
The financial statements must include the data necessary to form a reliable and complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position. If there is insufficient data to form a complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position, then the organization includes relevant additional indicators and explanations in the financial statements. At the same time, the neutrality of the information contained in the financial statements must be ensured, that is, unilateral satisfaction of the interests of some groups of interested users of financial statements over others must be excluded. If, through selection or presentation, information influences the decisions and evaluations of users to achieve predetermined results, the information is not neutral.
Data from the organization's financial statements must include performance indicators for all branches, representative offices and other divisions (including those allocated to separate balance sheets).
Indicators about individual assets, liabilities, income, expenses and business transactions, as well as components of capital, should be presented separately in the financial statements in cases of their materiality and if without knowledge of them by interested users it is impossible to assess the financial position of the organization or the financial results of its activities.
Each significant indicator must be presented separately in the financial statements. Immaterial amounts of a similar nature or purpose may be combined and not presented separately.
If an indicator is not significant in isolation, it is combined with others in the balance sheet, profit and loss statement or in the explanations thereto (in appendices to the balance sheet and profit and loss statement or explanatory note).
It should be borne in mind that individual indicators that are not significant enough to require their separate presentation in the balance sheet and income statement may be significant enough to be presented separately in the notes.
An indicator is considered significant if its non-disclosure may affect the economic decisions of interested users made on the basis of the reporting information. The organization's decision on whether a given indicator is significant depends on the assessment of the indicator, its nature, and the specific circumstances of its occurrence.
At a minimum, an organization must disclose in its financial statements data on groups of items included in the balance sheet and items included in the profit and loss statement, in accordance with the requirements of the Accounting Regulations “Accounting Statements” PBU 4/99.
Explanations of the corresponding indicators of groups of balance sheet items or profit and loss statement items, taking into account the size and characteristics of the data included in the group of balance sheet items or profit and loss statement items, can be provided by the organization directly in the above forms (as “including” or “of these” to the relevant groups of items or items) or in the notes to the balance sheet and income statement.
It should be borne in mind that an amount is considered significant if its ratio to the total of the relevant data for the reporting year is at least five percent. An organization may decide to apply a criterion different from the above for the purpose of reflecting material information in its financial statements.
When developing and adopting the content of explanations to the balance sheet and profit and loss statement, the organization has the right, for the purpose of reflecting in the financial statements, significant indicators or without knowledge of which it is impossible for interested users to assess the financial position of the organization or the financial results of its activities, individual indicators included in the Appendix to balance sheet (Form No. 5) according to the sample form, present it in the form of independent (independent) form(s) of financial statements or include these indicators in an explanatory note.
Small businesses that do not apply the simplified system of taxation, accounting and reporting in accordance with the legislation of the Russian Federation and are not required to conduct an independent audit of the reliability of financial statements in accordance with the legislation of the Russian Federation may decide to submit financial statements in the amount of indicators for groups of accounting items balance sheet and profit and loss statement items without additional explanations in the specified forms and without providing explanations to the balance sheet and profit and loss statement.
Small businesses that do not apply the simplified system of taxation, accounting and reporting in accordance with the legislation of the Russian Federation and are required to conduct an independent audit of the reliability of financial statements in accordance with the legislation of the Russian Federation may not submit a Statement of Changes in Capital (Form N) as part of the annual financial statements 3), Cash flow statement (Form No. 4), Appendix to the balance sheet (Form No. 5), if the relevant data is missing.
Indicators on certain types of assets, liabilities, income, expenses and business transactions can be presented in the balance sheet or profit and loss statement in a total amount with disclosure only in the explanations to the balance sheet and profit and loss statement (Form No. 5, additionally accepted form and / or explanatory note), if each of these indicators separately is insignificant for the assessment by interested users of the financial position of the organization or the financial results of its activities.
When drawing up a balance sheet, profit and loss statement and explanations thereto, an organization must adhere to the contents and forms of financial statements adopted by it in the established manner from one reporting year to another. In this case, if one or another article (line, column) provided for in the form adopted by the organization is not filled out, due to the organization’s lack of relevant assets, liabilities, income, expenses, or business transactions during the reporting period, this article (line, column) is crossed out.
For each numerical indicator of the financial statements, except for the report prepared by a newly created organization for the first reporting period, data must be provided for at least two years - the reporting year and the one preceding the reporting one. If an organization decides to disclose data for each numerical indicator for more than two years (three or more) in its financial statements, then the organization must ensure comparability of data for all periods.
Comparative information for each numerical indicator can be included directly in the reporting forms accepted by the organization (including in the form of separate tables included directly in the forms of the balance sheet or profit and loss statement after the indicators, in the Appendix to the balance sheet (Form No. 5), in forms developed and adopted by the organization independently) or in an explanatory note.
The organization's financial statements must ensure comparability of reporting data with indicators for the previous reporting year (years) or corresponding periods of previous reporting periods based on changes associated with the application of the Accounting Regulations "Accounting Organization" PBU 1/98, approved by the Order of the Ministry of Finance of the Russian Federation Federation No. 60n (registered with the Ministry of Justice of the Russian Federation, registration number 1673), legislative and other regulations, taking into account the reorganization carried out, etc.
If the data for the period preceding the reporting period are not comparable with the data for the reporting period, then the first of these data are subject to adjustment based on the rules established by regulatory acts on accounting. Each material adjustment must be disclosed in the notes to the balance sheet and income statement along with the reasons for the adjustment.
In accordance with the Methodological recommendations for the preparation and presentation of consolidated financial statements, approved by Order of the Ministry of Finance of the Russian Federation N 112 (according to the conclusion of the Ministry of Justice of the Russian Federation N 07-02-285-97, the specified Order of the Ministry of Finance of the Russian Federation does not require state registration), organizations who carry out the preparation of consolidated financial statements, taking into account data on their subsidiaries (dependent) companies, establish the volume of financial statements submitted to them by their subsidiaries and dependent companies (including additional information necessary for the preparation of consolidated financial statements), the requirements put forward by the founders for the purpose of compiling consolidated financial statements information. The established scope of these financial statements and requirements are taken into account by subsidiaries and affiliates when developing and adopting forms of financial statements (in order to achieve uniformity of their structure and content).
Federal ministries and other federal executive bodies of the Russian Federation, carrying out, in accordance with the established procedure, the preparation and presentation of financial statements for unitary enterprises, as well as for joint-stock companies (partnerships), part of the shares of which are assigned to federal ownership (regardless of the size of the share), also it is necessary to determine the requirements for the structure and content of accounting reporting forms for their subordinate enterprises and organizations in order to develop and adopt uniform forms that take into account the industry specifics of their activities.
To ensure the reliability of accounting data and financial statements, organizations are required to conduct an inventory of property and liabilities, during which their presence, condition and valuation are checked and documented. The inventory is carried out in accordance with the Guidelines for the inventory of property and financial obligations, approved by Order of the Ministry of Finance of the Russian Federation N 49 (according to the conclusion of the Ministry of Justice of the Russian Federation N 07-01-389-95, the Order does not require state registration).
In cases where an organization identifies an incorrect reflection of business transactions of the current period before the end of the reporting year, corrections are made by entries in the relevant accounting accounts in the month of the reporting period when the distortions were identified. If an incorrect reflection of business transactions is detected in the reporting year after its completion, but for which the annual financial statements have not been approved in the prescribed manner, corrections are made by entries in December of the year for which the annual financial statements are prepared for approval and submission to the appropriate addresses.
If an organization reveals in the current reporting period that business transactions were incorrectly reflected in the accounting accounts last year, corrections are not made to the accounting records and financial statements for the previous reporting year (after the annual financial statements have been approved in the prescribed manner).
The financial statements are attached to the covering letter of the organization, drawn up in the prescribed manner and containing information on the composition of the financial statements presented.
There should be no erasures or erasures in the financial reporting forms.
Financial statements submitted to the addresses established by the legislation of the Russian Federation are signed by the head and chief accountant (accountant) of the organization.
In organizations where accounting is carried out on a contractual basis by a specialized organization (centralized accounting department) or a specialist accountant, the financial statements are signed by the head of the organization and the head of the specialized organization (centralized accounting department) or by a specialist conducting accounting.
When preparing financial statements, it should be borne in mind that the accounting process in organizations is carried out on the basis of the accounting policy adopted by them in accordance with the Accounting Regulations "Accounting Policy of the Organization" PBU 1/98, which assumes the property isolation and continuity of the organization's activities, the sequence of application of the accounting policy , as well as the temporal certainty of the facts of economic activity. The accounting policy must also meet the requirements of completeness, prudence, priority of content over form, consistency and rationality.
Accounting statements are the final stage of accounting, at which the information accumulated in the accounts for the reporting period is summarized, grouped and detailed. Most account balances at the reporting date are included in the reported balance sheet. Information accumulated in regulatory and operating accounts that do not have balances cannot be reflected in the balance sheet. It is reflected in the form of reports characterizing the turnover indicators on the accounts. To prepare financial statements, analytical information is also used to decipher the balances and turnover of synthetic accounts. Reporting forms also contain calculation indicators that are not on the accounts, but the basis for their calculation is mainly accounting information.
Thus, financial statements are a set of reports based on reliable data from current accounting, which are its continuation and result. As noted earlier, all accounting reports are closely related to the balance sheet; they develop and complement the system of balance sheet indicators. A number of reports provide detail and explanation of individual balance sheet items.
The minimum composition of financial statements is approved by the Ministry of Finance of the Russian Federation. Currently, in accordance with the Accounting Regulations “Accounting Statements of an Organization” (PBU 4/99), the components of an organization’s financial statements are considered to be:
Balance sheet;
Gains and losses report;
Explanations to the balance sheet and profit and loss statement provided for by the regulations of the accounting regulatory system;
An audit report confirming the reliability of the organization’s financial statements, if they are subject to mandatory audit in accordance with the law.
When determining the content of the components of financial statements, organizations are recommended to take into account the list of information that, according to current accounting regulations, is subject to disclosure in certain forms of financial statements.
So, balance sheet must contain data on the organization’s property (assets) and its sources (liabilities) at the beginning and end of the reporting period.
Assets include allocation non-current assets:
Intangible assets (rights to intellectual (industrial) property, patents, licenses, trademarks, service marks, organizational expenses, business reputation, etc.);
Fixed assets (land plots and environmental management facilities, buildings, structures, machinery, equipment, unfinished construction, etc.);
Profitable investments in material assets (property for leasing and rental agreement);
Long-term financial investments (investments in subsidiaries and affiliates, loans provided and other financial investments for a period of more than 12 months);
Expenses for research, development and technological work;
Deferred tax assets.
Balance sheet assets should be allocated to a separate section current assets:
Inventories (raw materials, supplies, costs in work in progress (distribution costs), finished products and goods, deferred expenses, etc.);
Accrued value added tax;
Accounts receivable (debt of buyers, customers, subsidiaries and affiliates, founders for contributions to the authorized capital, advances issued, bills receivable, etc. in the context of accounts receivable, payments for which are expected within 12 months after the reporting date, and accounts receivable debts for which payments are expected more than 12 months after the reporting date),
Short-term financial investments (loans provided and other financial investments for a period of less than 12 months);
Cash (cash in hand, in current accounts, foreign currency accounts, etc.).
The liabilities in the balance sheet should include: capital And reserves:
Authorized capital;
Extra capital;
Reserve capital (reserves formed in accordance with legislation and constituent documents);
Retained earnings (uncovered loss);
Own shares purchased from shareholders.
Long-term and short-term liabilities must be reflected in separate sections.
Included long-term liabilities it is necessary to highlight information about all loans and borrowings of the organization that are subject to repayment more than 12 months after the reporting date, as well as about deferred tax liabilities.
Short-term liabilities The balance sheet should be subdivided into:
For borrowed funds (credits and borrowings to be repaid within 12 months after the reporting date);
Accounts payable (debt to suppliers and contractors, subsidiaries and affiliates, organization personnel, budget and social funds, for advances received, etc.);
Revenue of the future periods;
reserves for future expenses and payments.
For reference, the balance sheet is intended to reflect information about the availability of valuables accounted for in off-balance sheet accounts (rented fixed assets, inventory items accepted for safekeeping, debts of insolvent debtors written off at a loss, etc.).
Gains and losses report is designed to characterize the financial results of the organization’s activities for the reporting period and the same period of the previous year, as well as the income and expenses that provided them for ordinary activities, etc.
This form of financial statements must contain data on revenue (net) from the sale and cost of goods, products, works and services sold.
Separate items in the profit and loss statement are intended to reflect commercial and administrative (with appropriate accounting organization) expenses.
Information about operating, non-operating income and expenses of the organization should also be highlighted. If necessary, extraordinary income and expenses may be presented as separate items.
It is recommended to present financial results in the income statement using such indicators as “Gross profit”, “Profit (loss) from sales”, “Profit (loss) before tax”, “Net profit (loss) of the reporting period”.
The profit tax accrued by the organization must be separately allocated.
Organizations that apply various rules for recognizing income and expenses, which are established in regulatory legal acts on accounting and the legislation of the Russian Federation on taxes and fees, must present data on permanent tax liabilities, deferred tax assets and deferred tax liabilities in the income statement.
In the reporting form under consideration, joint stock companies must disclose information about the part of the profit (loss) of the reporting period due to shareholders - owners of ordinary shares (basic profit (loss) per share), as well as about a possible decrease in the level of basic profit (increase in loss) per share in the future reporting period (diluted earnings (loss) per share).
Explanations for the Balance Sheet and Profit and Loss Statement should contain indicators that provide users of financial statements with additional information that is inappropriate to include in the balance sheet and profit and loss account, but which is necessary for users to more realistically assess the property and financial position of the organization, as well as the results of its activities.
Explanations to the balance sheet and profit and loss account are presented in the form of separate reporting forms. Such forms may be a statement of changes in capital, a statement of cash flows, an appendix to the balance sheet, a report on the intended use of funds received, an explanatory note and specialized forms.
Statement of changes in equity is intended to reflect data on the availability of the organization's capital at the beginning and end of the reporting and previous years in the context of its components (authorized capital, additional capital, reserve capital, retained earnings (uncovered loss)) with highlighting the reasons that led to the change in these components and the entire capital as a whole . It may also reflect information on the presence and movement of reserves in the reporting and previous years (reserves formed in accordance with legislation, reserves formed in accordance with constituent documents, estimated reserves, reserves for future expenses) with the allocation of each reserve created by the organization. For reference, in the reporting form under consideration, it is provided to provide data on the state of the organization’s net assets and the purpose of targeted financing.
Cash flow statement must disclose information on the availability and flow of funds for the reporting period and the same period of the previous year in the context of the directions of their movement and types of activity of the organization: current, investment and financial.
IN Appendix to the balance sheet indicators are provided that characterize the presence and movement of depreciable property (intangible assets, fixed assets, profitable investments in tangible assets), expenses for research, development and technological work, expenses for the development of natural resources, as well as indicators of the composition of financial investments, receivables and accounts payable, expenses for ordinary activities, collateral received and issued, government assistance.
Report on the intended use of funds received It is recommended to include non-profit organizations in the annual financial statements. Its content is determined by data on the availability of funds received and their movement in the context of sources of income and areas of use.
A specific part of the financial statements, in particular as part of the explanations to the balance sheet and profit and loss statement, is the explanatory note. It differs from other accounting reports in form.
Explanatory note is not a table, but arbitrary text. If necessary, the text of the explanatory note may include graphs, diagrams, and small tables. The content of the explanatory note should include a brief description of the organization, analytical conclusions about the results of the financial and economic activities of the organization with links to the methods used in the analysis, reflect specific aspects of the accounting policy and its changes for the next reporting period. The explanatory note is intended to reflect information about extraordinary facts of economic activity and their consequences, about events after the reporting date and conditional facts of economic activity, about affiliated persons, about discontinued activities, about environmental protection measures, etc.
Specialized forms are included in the financial statements in order to reflect the industry characteristics of the organization. Their structure and instructions on the procedure for filling out are approved by the relevant ministries and departments within their competence. However, they must not contradict the regulations of the Ministry of Finance of the Russian Federation.
Audit report must contain information such as the name of the form, information about the auditing firm (auditor), to whom it is addressed, the name of the economic entity, the object of the audit, an indication of the normative act to which the accounting statements must comply, the general results of checking the state of accounting and reporting, the opinion of the auditing firm (auditor) on the reliability of the financial statements of the economic entity, the date of preparation, etc.
In accordance with the Federal Law “On Accounting”, all organizations located on the territory of the Russian Federation, as well as branches and representative offices of foreign organizations (unless otherwise provided for by international treaties of the Russian Federation) are required to maintain accounting records. Citizens carrying out entrepreneurial activities without forming a legal entity keep records of income and expenses in the manner established by the tax legislation of the Russian Federation.
The manager is responsible for organizing accounting in organizations. The manager is also responsible for compliance with the law when carrying out business transactions.
The legal status of the accounting service in organizations is regulated by current legislation, accounting regulations and is determined by the scale and organizational structure of the organization's management. In accordance with the Federal Law “On Accounting” (Article 6), heads of organizations can, depending on the volume of accounting work:
- establish an accounting service as a structural unit headed by a chief accountant;
- add an accountant position to the staff;
- transfer on a contractual basis the maintenance of accounting to a centralized accounting department, a specialized organization or a specialist accountant;
- maintain accounting records personally.
Attributing the issue of the form of organization and maintenance of accounting to the competence of the manager means that the founders, shareholders or other participants of the relevant legal entity, as well as property owners, do not have the right, by their decisions, to directly determine the form of organization of accounting work.
In practice, the head of an organization rarely leads himself. In all cases of organizing an accounting service, the manager must create the necessary conditions for proper accounting, ensure strict compliance by all structural divisions and employees of the organization related to accounting with the requirements of the chief accountant or the accountant performing his functions regarding the preparation and presentation of the necessary accounting documents and information.
The Federal Law “On Accounting” defines the main tasks facing the organization’s accounting service:
- generation of complete and reliable information about the organization’s activities and its property status, necessary for internal users of financial statements - managers, founders and owners of the organization’s property, as well as external users - investors, creditors and other users of financial statements;
- providing information necessary for internal and external users of financial statements to monitor compliance with the legislation of the Russian Federation when the organization carries out business operations and their feasibility, the availability and movement of property and liabilities, the use of material, labor and financial resources in accordance with approved norms, standards and estimates;
- preventing negative results from the organization’s economic activities and identifying internal reserves to ensure its financial stability.
Organizational structure of the accounting service
The management structure of an organization is understood as an ordered set of specialized functional services and production units interconnected in the process of justification, development, adoption and implementation of management decisions. Within the framework of this structure, the entire management process takes place: the movement of information flows, reliability control and analysis, management decision-making, in which all personnel participate. The structure is necessary to ensure that all processes occurring in the organization are carried out in a timely and high-quality manner.
The key concepts of the management structure are elements, connections (relationships), levels and authorities. Elements of the management structure can be both individual employees and services that employ specialists performing their functional duties. The relationships between the elements of the management structure are maintained through connections, which are divided into vertical and horizontal (linear and functional).
An accounting service is a structural unit of an organization that performs the functions of collecting, processing and grouping information in the form of consolidated accounting documents and making entries into accounting accounts. The structure of the accounting service depends on the type of activity, size of the organization, etc.
The accounting service (accounting) is the most organized part of the information support for management decisions. This is the only source of supply of documented and systematically supported economic information about the actual availability and use of the organization’s property and resources, economic processes and results of operations, debt obligations, settlements and claims.
The rationality of the organization of accounting largely depends on the correct determination of the structure of accounting and the accounting apparatus. Accounting is an independent structural unit of the organization.
The quantitative composition of the accounting department depends on the size of the organization, types of activities and their industry affiliation, organization and production technology, the presence of structural divisions and their territorial location, qualifications of accounting workers and automation of accounting work, etc.
In modern conditions, three main types of organization of the accounting service structure have emerged: linear (hierarchical), vertical (headquarters) and functional (combined).
At linear (hierarchical) organization accounting structure, all accounting employees receive tasks and report directly to the chief accountant (Fig. 1). This accounting structure is used in small organizations.
Rice. 1. Linear (hierarchical) organization of accounting
At vertical (line-staff) organization In the accounting apparatus, intermediate management links (departments, sectors, groups) are created, headed by senior accountants. Accounting employees receive assignments from senior accountants at the relevant management levels (Fig. 2) and report directly to senior accountants.
This accounting structure model is used in medium and large organizations. In this case, the following departments can be created in the accounting structure:
- settlement, which records settlements with personnel for wages, social insurance authorities, suppliers, buyers and customers, etc.;
- material, which keeps records of the receipt and expenditure of inventories;
- cash, which takes into account cash transactions, transactions on bank accounts;
- production, which accounts for costs and output, calculates the cost of production, and prepares reports on costs and output;
- accounting of finished products, which carries out accounting of finished products in warehouses and their sales;
- Taxation, which keeps records of tax payments and prepares tax returns;
- the general one, which carries out other operations and reflects them in the General Ledger, draws up accounting and statistical reporting.
In large organizations, in addition to those listed, there may be departments for accounting for capital investments, accounting for fixed assets, etc. In addition, the sectors of internal audit, management accounting, and tax accounting can be included in the accounting structure.
Rice. 2. Vertical organization of accounting
At functional (combined) organization special structural units of accounting are created for areas of accounting work that perform a closed cycle of work. The rights of the chief accountant in this case are transferred to the heads of accounting departments within the established competence. This structure of the accounting apparatus is used in large organizations and organizations in which responsibility centers have been created on the basis of the organization of intra-economic financial and economic relations.
When using any type of organization of the accounting structure, only well-established relationships with other services and divisions make it possible to obtain the necessary information to manage and ensure control over the economic and financial activities of the organization. If necessary (large volume of work), the position of deputy chief accountant can be added to the accounting staff, through whom the interaction of the chief accountant with employees and their groups is carried out.
If there are more than two accountants, the accounting service must be formalized as a structural unit of the organization, headed by the chief accountant, who manages the accounting department.
Most accounting systems in world practice are characterized by the presence of two accounting departments: financial (general) and management (analytical, industrial).
Financial (general) accounting solves problems of the organization’s relationship with the state, banks, shareholders, suppliers, customers and other counterparties. The organization of financial accounting, corresponding to the national accounting system, is to one degree or another regulated by the state, and in many cases by a group of states represented by intergovernmental organizations. Financial accounting employees are engaged in determining the financial and property position of the organization, assessing the assets and liabilities of the balance sheet, profit margins, and areas of use. Financial accounting provides information that is published in the open press.
Managerial (analytical, industrial) accounting solves internal problems related to increasing the efficiency of work across responsibility centers and business segments. Management accounting organizes synthetic and analytical accounting of the movement of material assets, finished products, and settlements with personnel. The activities of management accounting are not regulated by the state. Its main purpose is to present information and analyze it by responsibility centers, the profitability of business segments, and ensure accounting of income (margin) and expenses.
The structure of large organizations can include branches, separate divisions, and representative offices.
Article 55 of the Civil Code of the Russian Federation determines that branches or representative offices are separate divisions of a legal entity located outside its location. The main difference between them is that branches fully or partially perform the functions of the legal entity that created it, including the functions of representing the interests of the parent organization and protecting them.
The following items are common in the provisions on branches and representative offices:
- these are legal entities;
- they act on the basis of a power of attorney;
- they are endowed with property by the legal entity that created them (the owner).
According to Art. 55 of the Civil Code of the Russian Federation, separate divisions (branches and representative offices) must be indicated in the constituent documents of the legal entity that created them.
The Tax Code of the Russian Federation stipulates that separate divisions of an organization are any territorially isolated divisions from it, at the location of which stationary workplaces are equipped. A workplace is considered stationary if it is created for a period of at least one month.
A separate division may be recognized regardless of whether its creation is reflected or not reflected in the constituent documents. The recognition or non-recognition of the existence of a separate division determines the procedure for calculating and paying taxes to the budget both by the parent organization and by individual separate divisions allocated to an independent balance sheet. Divisions can be allocated to a separate balance sheet, or they can remain part of the parent organization.
The following options for organizing accounting in the structural divisions of an organization are possible:
- the structural unit is not allocated to a separate balance sheet, the accounting process is carried out by the parent organization;
- the structural unit is allocated to a separate balance sheet, but does not have settlement (current) accounts;
- the structural unit is allocated to a separate balance sheet, has a current account, but does not independently sell goods, products, works, services (essentially, it is a costly unit - a representative office of the parent organization in the region);
- the structural unit is allocated to a separate balance sheet, has current accounts, and independently sells goods, products, works, and services.
Depending on the level of concentration of accounting functions in the accounting service of the organization, centralized and decentralized options for organizing accounting are distinguished (Fig. 3 and 4).
Rice. 3. Centralized accounting organization
At centralization of the accounting process The accounting service apparatus is concentrated in the main accounting department, where synthetic and analytical accounting is maintained on the basis of primary and consolidated documents coming from the organization’s divisions. In the divisions themselves, only the primary registration of facts of economic activity occurs.
When decentralization of the accounting process accounting service personnel are dispersed among the production divisions of the organization, where analytical and synthetic accounting is maintained, and separate balance sheets and reports of workshops, branches, and structural divisions are compiled. In this case, the general accounting department brings together the balance sheets of the divisions, consolidates the balance sheet and reporting for the organization, and controls the organization of accounting in the divisions of the organization.
Rice. 4. Decentralized accounting organization
accounting reporting is a unified system of data on the property and financial position of an enterprise and the results of its economic activities. Reporting period - the period for which an organization must prepare financial statements. Reporting date is the date as of which the enterprise must prepare financial statements. The user of financial statements is a legal or natural person interested in information about the organization. Samples of standard forms of annual and quarterly financial statements are approved by the Ministry of Finance of the Russian Federation in accordance with the requirements of the Regulations on Accounting and Reporting in the Russian Federation and PBU 4/99. Starting from the reporting for 2000, the enterprise was given the right to independently generate financial reporting indicators. This is a necessary condition for providing complete, reliable and real information about the property and financial condition of the enterprise in the reporting period. Recommendations on the volume of financial reporting forms and the procedure for their preparation and presentation were approved by Order of the Ministry of Finance of the Russian Federation dated July 22, 2003 No. 67n and serve primarily to develop general approaches to the preparation of financial reporting, without limiting the independence of the enterprise in deciding the issue of composition and form of presentation of financial reporting indicators, taking into account the specifics of their activities in the reporting period. It is recommended to save the total line codes and line codes of sections and groups of balance sheet items. When an enterprise independently develops accounting reporting forms based on the sample forms given in the appendices to the order of the Ministry of Finance of the Russian Federation dated July 22, 2003 No. 67n “On forms of accounting reporting for organizations,” the general requirements for accounting reporting must be observed (completeness, materiality, neutrality, comparability, comparability, etc.). The enterprise has the right to make the following changes to the composition and content of financial statements: ♦ include additional forms and explanations for them; ♦ exclude forms if the indicators contained in them are not present in the activities of the enterprise; ♦ include in the reporting forms additional indicators that are essential for reflecting the activities of the enterprise in the financial statements; ♦ provide a breakdown of individual indicators both in the reporting form itself and as an appendix to it; ♦ exclude indicators that are not used in the activities of the enterprise or are not significant for reflecting this activity in the financial statements. The organization's financial statements include: ♦ balance sheet (form No. 1); ♦ profit and loss statement (form No. 2); ♦ appendices to them, provided for by regulations (explanations to the balance sheet and financial results statement): - capital flow statement (form No. 3); - cash flow statement (form No. 4); - appendices to the balance sheet (form No. 5), etc.; ♦ an audit report confirming the reliability of the organization’s financial statements, if they are subject to mandatory audit in accordance with federal laws; ♦ an explanatory note in which the company announces changes in its accounting policies for the next reporting year. Small businesses that do not apply the simplified system of taxation, accounting and reporting in accordance with the law have the right not to submit an explanatory note and specialized forms of accounting statements. The contents and forms of the balance sheet, statement of financial results and notes to them are applied consistently from one reporting period to another. Let us give as an example the form of the balance sheet (form No. 1), a certificate of the presence of values accounted for in off-balance sheet accounts, and the form of a profit and loss statement (form No. 2). Enterprises are recommended to refer to Form No. 1 “Balance Sheet” for the summary of data on the enterprise’s assets, capital and reserves, and the enterprise’s liabilities to provide data on the availability of valuables accounted for in off-balance sheet accounts. The 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 enterprise. In accordance with the Instructions for filling out financial reporting forms, it is recommended to submit this information in the form of a Certificate of the availability of assets recorded in off-balance sheet accounts at the end of Form No. 1 “Balance Sheet”. The financial statements of the enterprise must ensure comparability of the reporting data with the indicators for the previous reporting year or the corresponding periods of previous reporting periods based on changes associated with the application of the Accounting Regulations “Accounting Policy of the Organization” PBU 1/98. If the data for the period preceding the reporting period are not comparable with the data for the reporting period, then the first of these data are subject to adjustment based on the rules established by regulatory acts on accounting. Accounting statements are prepared for the reporting year. The reporting year is considered to be the period from January 1 to December 31 inclusive. The initial reporting year for a newly created or reorganized enterprise is considered to be the period from the date of its state registration to December 31 inclusive, and for an organization first created after October 1 - from the date of state registration to December 31 of the following year inclusive. For the preparation of financial statements, the reporting date is considered to be the last calendar day of the reporting period. Reporting is prepared in the currency of the Russian Federation. In the case of the presence (movement) of funds in foreign currency, a calculation is first made in foreign currency for each type, and then recalculation is made at the rate of the Central Bank of the Russian Federation on the date of preparation of the financial statements. Items in the financial statements prepared for the reporting year must be confirmed by the results of an inventory of property and liabilities in accordance with the Law “On Accounting”, during which their presence, condition and valuation are checked and documented. The procedure for conducting an inventory is regulated by the Regulations on Maintaining Accounting and Financial Reporting in the Russian Federation (approved by Order of the Ministry of Finance of the Russian Federation dated July 29, 1998 No. 34n), Standard Guidelines for Inventorying Property and Financial Liabilities (approved by Order of the Ministry of Finance of the Russian Federation dated June 13, 1995 city No. 49). In cases where an enterprise identifies an incorrect reflection of business transactions of the current period before the end of the reporting year, corrections are made by entries in the corresponding accounting accounts in the month of the reporting period when the distortions were identified. If an incorrect reflection of business transactions is detected in the reporting year after its completion, but for which the annual financial statements have not been approved in the prescribed manner, corrections are made by entries in December of the year for which the annual financial statements are prepared for approval and submission to the appropriate addresses. If an enterprise discovers in the current period that business transactions were incorrectly reflected in the accounting accounts last year, corrections are not made to the accounting records and financial statements for the last reporting year (after the annual financial statements have been approved in the prescribed manner). The financial statements are attached to the covering letter of the enterprise, drawn up in the prescribed manner and containing information on the composition of the financial statements presented. There should be no erasures or erasures in the financial reporting forms. In case of correction of errors, appropriate reservations are made, confirmed by the persons who signed the balance sheet and other forms, indicating the date of correction. Accounting statements are signed by the director and chief accountant (accountant) of the enterprise. At enterprises where accounting is carried out on a contractual basis by a specialized organization or specialist, the financial statements are signed by the head of the enterprise, the head of a specialized organization or a specialist conducting accounting. Responsibility for organizing accounting lies with the head of the enterprise, and the reliability of the presented financial statements, as established in the Federal Law on Accounting, is primarily certified by the head of the enterprise, and not the chief accountant. Standard forms of financial statements, rules for preparation, deadlines for submission, procedure for consideration and approval of financial statements are regulated by the law on accounting, the Regulations on accounting and reporting in the Russian Federation, as well as instructions and directions of the Ministry of Finance of the Russian Federation on the preparation of quarterly and annual financial statements. The Law on Accounting and Reporting states that standard forms of financial statements and instructions on the procedure for filling out these forms are approved by the Ministry of Finance of the Russian Federation. When preparing financial statements, it should be borne in mind that the accounting process at the enterprise is carried out on the basis of the accounting policy adopted by it in accordance with the Accounting Regulations “Accounting Policy of the Organization” PBU 1/98, which assumes property isolation and continuity of activity of the enterprise, the sequence of application of the accounting policy , as well as the temporal certainty of the facts of economic activity. The accounting policy must also meet the requirements of completeness, prudence, priority of content over form, consistency and rationality. In accordance with the requirements of PBU 4/99 “Accounting statements of an organization”, offsets between items of assets and liabilities, items of profit and loss are not allowed in the financial statements, except in cases where offset is provided for by the relevant accounting provisions. The rules for evaluating balance sheet items and other forms of reporting are established by the Regulations on accounting and financial reporting in the Russian Federation and orders of the Ministry of Finance of the Russian Federation on the preparation of financial statements. The balance sheet must include numerical indicators without valuation, i.e. minus regulatory values, which must be disclosed in the notes to the balance sheet and profit and loss account. Taking this into account, in the balance sheet, data on intangible assets, fixed assets, low-value and wear-and-tear items are presented at residual value (with the exception of intangible assets and fixed assets, but for which, in accordance with the established procedure, depreciation is not charged). When filling out financial reporting forms, they must include performance indicators of branches, representative offices and other divisions, including those allocated to separate balance sheets. The definition of a representative office and a branch is given in Art. 55 Civil Code of the Russian Federation. When preparing financial statements, the requirements of accounting provisions and other regulatory documents on accounting must be fulfilled regarding the disclosure in the financial statements of information about changes in accounting policies that have had or may have a significant impact on the financial position, cash flow or financial results of the enterprise, about transactions in foreign currency, on inventories, on fixed assets, on income and expenses of the enterprise, on the consequences of events after the reporting date, on the consequences of contingent facts of economic activity, as well as on the disclosure in the financial statements of certain information about assets and capital and reserves and liabilities of the enterprise. Such disclosure can be carried out by the enterprise by including relevant indicators, tables, transcripts directly in the forms of financial statements or in an explanatory note. When reflecting data in the financial statements, it should be borne in mind that if, in accordance with regulatory documents on accounting, an indicator must be subtracted from the corresponding indicators (data) when calculating the relevant data (interim, final, etc.) or has a negative value, then in the accounting reporting, this indicator is shown in parentheses (uncovered loss, cost of goods sold, products, works, services, loss on sales, interest payable, other expenses, use of funds (reserves), reduction of capital, direction of funds, disposal of fixed assets and etc. ). An enterprise must submit financial statements:♦ founders, participants of the organization or owners of its property in accordance with the constituent documents; ♦ territorial bodies of state statistics at the place of its registration. The openness of financial statements for interested users in accordance with the Decree of the Government of the Russian Federation of April 21, 1995 No. 399 “On improving the information system for the presentation of financial statements” is ensured by the submission of financial statements to the state statistics body; ♦ accounting statements are presented to other executive authorities, banks and other users in accordance with the legislation of the Russian Federation. In addition, in accordance with paragraphs. 4 paragraphs 1 art. 23 of the Tax Code of the Russian Federation, it must also be submitted to the tax authorities at the place of registration of the organization. State and municipal unitary enterprises are required to send financial statements also to bodies authorized to manage state property. In cases provided for by the legislation of the Russian Federation, enterprises publish financial statements (including the final part of the auditor's report). Enterprises that are open joint-stock companies are classified as such enterprises.
