Balance sheet belongs to the key modern enterprises. What are the features of its formation? What sources of law regulate the procedure for its preparation?
What is a balance sheet?
Before studying the question of how to fill out a balance sheet, let’s consider what it represents as a document.
This source is intended to reflect the state of the company at a specific point in time. The balance sheet contains information in monetary terms, which thus allows us to evaluate financial position enterprises. The corresponding document is largely necessary for the management of the enterprise, as well as its owners, in order to objectively assess the state of the business. The balance sheet may be of interest to potential investors, partners, and creditors. The document in question allows you to plan the assets and liabilities of the company and serves as a data source for analyzing business processes in the organization.
Let's now learn how to fill out the balance sheet form. To solve this problem, it will be useful to consider its structure.
Balance Sheet Structure
The reporting document in question consists of 2 main elements - an asset and a liability. The first reflects what resources the company has. The second fixes the sources of formation. The main requirement for drawing up a balance sheet is to ensure equality between asset and liability indicators. This is due to the double entry method used in accounting.
Balance sheet assets are classified into non-current and current. The corresponding data forms the individual elements in the document in question. In turn, liabilities reflected in the balance sheet are reflected in sections that record:
Capital and reserves of the enterprise;
Long-term as well as short-term liabilities.
Each component of an asset and a liability is reflected in a separate line item on the balance sheet.
Basic balance requirements
What should you pay attention to when creating a corresponding document, taking into account its structure? The balance sheet of an enterprise, completed in accordance with all the rules, must meet the following criteria:
It is impossible to carry out offsets between different items of assets and liabilities, profits and losses, except for those cases in which such approaches are determined by the requirements of financial legislation;
The information recorded in the balance sheet at the beginning of the year must correspond to the indicators recorded at the end of last year;
Balance sheet items must be confirmed by documents on liabilities and financial calculations.
Let us now consider the basis on which form the balance sheet should be drawn up.
Balance sheet form
The form of the document in question is approved by law - Order of the Ministry of Finance of Russia No. 66n, approved on July 2, 2010. In some cases, organizations can develop a balance sheet form on their own, but based on the one that is officially put into circulation. In addition, the enterprise must comply with established reporting requirements. If an enterprise independently develops a form on the basis of which a balance sheet is created, the form filled out for the corresponding document will have to contain the same codes along the lines of sections and articles that are given in the official form, which is approved by law.
If we talk about the practical nuances of filling out a balance sheet, you can refer to the list of mandatory details that must be present in the relevant document.
Balance details
The source considered should include:
Reporting date;
Name of the organization in accordance with the charter;
TIN of the company;
OKVED company;
Information about the organizational and legal form of the enterprise;
Units of measurement - in thousands or millions of rubles;
Company address;
Date of approval of the document;
The date the document was sent.
Let us now consider how the balance should be filled out in more detail.
Procedure for filling out the balance sheet: non-current assets
Let's look at an example of how to fill out a balance sheet, taking into account its structure. Let's start with the asset. Its first section reflects information about the non-current assets of the enterprise. It records the following indicators:
Intangible assets (to calculate the value for this indicator, it is necessary to calculate the difference between the Debit of account 04 according to the chart of accounts and the Credit of account 05);
Results for research and development (the value is taken from the Debit of account 04);
Intangible assets classified as search assets (Debit 08 for the subaccount for accounting for intangible search costs is filled in only by firms that use natural resources in production);
Material assets that relate to exploration (Debit 08 for the subaccount for accounting for material exploration costs is similarly filled in by firms that use various natural resources);
Fixed assets of the enterprise (the difference between Debit 01 and the amount between Credit 02 and Debit 08 in the subaccount for accounting for those fixed assets that have not been put into operation by the enterprise);
Investments in tangible assets (the difference between Debit 03 and Credit 02 in the subaccount for depreciation of the company's property, which relates to the corresponding investments);
Financial investments (the sum of Debit 58 and 55 for the subaccount, which records deposit accounts, as well as Debit 73 for the subaccount, which records loan settlements, reduced by Credit 59 for the subaccount, which records reserves for long-term obligations);
Tax asset classified as deferred (Debit 09);
Other non-current assets that correspond to those amounts that are not included in other lines within the section;
The final indicator is based on all previous lines.
The next section records current assets.
Current assets
Let's look at an example of how to fill out a balance sheet taking into account the established requirements for it. The corresponding section reflects the following indicators:
Inventories (the difference between Debit 41, the amount of Credit 42, Debit 15, 16, reduced by the amount between Credit 14 and Debit 97, as well as Debit for such accounts as 10, 11, 20, 21, 23, 29, 43, 44, and also 45);
VAT on valuables that were acquired by the company (Debit 19);
Indicators for accounts receivable (the difference between the amount of Debit 62, 60, 68, 69, 70, 71, 73 - without interest-bearing loans, 75, and 76, and Credit 63);
Financial investments (the difference between the amount of Debit 58, 55, 73 - in the subaccount on which settlements under loans are recorded, and Credit 59);
Cash and equivalents (the amount of Debit 50, 51, 52, 55, 57, reduced by Debit 55 for the subaccount in which deposit accounts are accounted for);
Other current assets, which correspond to the amounts for those current assets that were not reflected in the previous lines,
Total amount for the section.
The asset also contains a balance that corresponds to the sums of the indicators of both sections considered. Next, let's look at an example of how to fill out a balance sheet in terms of liabilities.
Procedure for filling out the balance sheet: capital and reserves
The first section of the relevant part of the balance sheet discloses information about the capital and reserves of the company. Information is recorded here:
On the authorized capital of the enterprise (Loan 80);
About own shares acquired from the company’s shareholders (Debit 81);
On the revaluation of those assets that are classified as non-current (Loan 83 - on the sub-account on which the amounts of revaluation of the enterprise's fixed assets, as well as intangible assets are recorded);
On additional capital - without taking into account revaluation (Credit 83 - except for the amounts reflected in the previous line), on the reserve capital of the enterprise (Credit 82);
About the firm's retained earnings or uncovered losses - depending on the results economic activity(Credit 84);
long term duties
About the organization's borrowed funds (Loan 67 - if interest on short-term loans - lasting less than 1 year - is taken into account);
On tax liabilities that are classified as deferred (Credit 77);
On the estimated liabilities of the enterprise (Credit 96 - if long-term liabilities for a period of more than 1 year are taken into account);
About other liabilities of the company, which correspond to the company’s long debts to creditors, not reflected in other lines;
The final indicator for the section.
Short-term liabilities
The next section of the liability reflects information about the enterprise. How is information about them entered into the balance sheet? The completed example document should be generated taking into account that the following data is reflected in the corresponding section:
About the company's borrowed funds (amount of Loan 66 and 67 - at interest for long-term loans lasting more than 1 year);
About accounts payable (loan amount 60, 62, 68, 69, 70, 71, 73, 75 - according to short loans, and also 76);
On income for future periods (Loan amount 98 and 86);
On estimated liabilities (Loan 96 - if long-term liabilities lasting more than 1 year are taken into account);
Other liabilities, which correspond to the amounts of short-term loans not included in other lines of the section;
Total indicator for short-term liabilities.
Evaluating indicators in the balance sheet: nuances
After the figures for all sections of liabilities are calculated, the total balance is determined. What might a company's balance sheet look like (completed)? LLC - as one of the most common legal forms business may have results of business activities reflected in the following figures.
Based on what patterns should the corresponding indicators be assessed?
The most important nuance here is that for each company they will be presented in special proportions. It all depends on the specifics of the activity, the turnover of the enterprise, and the credit load on the business.
The completed balance sheet of an LLC, however, can be compared with a similar document from another business company in order to identify a more efficient business model. In some cases Russian enterprises has the right to prepare a balance sheet in a simplified form. Let's take a closer look at its features.
Simplified balance: nuances
Small enterprises have the right to prepare a simplified balance sheet. This document is less difficult to fill out compared to traditional form balance. This is due to the smaller list of indicators that are reflected in it. If we are talking about drawing up a simplified balance sheet, the completed form must be drawn up on the basis of the one approved in Appendix No. 5 to Order No. 66n.
It can be noted that the main indicators recorded in the corresponding document will be the same as those that characterize the basic form of the balance sheet. Let's look at an example of how to fill out a simplified balance sheet, taking into account the features of its structure.
Simplified balance sheet structure: asset
As in the standard form of the document, the corresponding source contains two main blocks - an asset and a liability. Simplified balance sheet of the enterprise, filled out according to established rules, the asset part must contain information:
About those tangible, intangible, as well as current assets that are classified as non-current;
About stocks;
About cash and equivalents;
On financial and other current assets.
The balance of the corresponding block of the document is calculated in the same way.
Simplified balance sheet structure: liability
If we consider the indication of information about liabilities in the simplified balance sheet of an enterprise, a completed example of it involves reflecting:
Data on capital and reserves;
About long-term and short-term loans;
About accounts payable;
On other liabilities classified as short-term.
As in the previous block, the balance is recorded for all lines. What might a simplified balance sheet look like when completed? An example of the corresponding document is in the picture below.
As is the case with the standard form of the balance sheet, its simplified modification allows you to analyze the effectiveness of the enterprise’s business model when comparing its indicators with those included in the considered other company of a similar segment. From an informational point of view, a simplified balance sheet can be just as valuable a resource as that presented in the standard variety.
The concepts of asset and liability are the main components of the balance sheet of an organization, which summarizes materials about the activities and economic situation of the enterprise. Let us consider in more detail what the sections and items of the balance sheet show, as well as what is reflected in the assets and liabilities of the balance sheet.
The sections of the enterprise's balance sheet are shown in tabular form: the left side is Asset, the right side is Liability.
To submit Form 1 of the financial statements to the Federal Tax Service, according to Order of the Ministry of Finance dated July 2, 2016 N 66n, the balance sheet of the enterprise is detailed by item. Detailing by item allows you to highlight the main types of property and liabilities of the enterprise.
In essence, balance sheet items are indicators of assets and liabilities of the balance sheet, which characterize certain species economic means and sources of formation. Using the list of balance sheet items, you can always obtain summary indicators for the statements for analysis financial activities enterprises.
To fill out data on balance sheet items, enterprises use the balances in their accounting accounts as of the reporting date, in accordance with PBU 4/99.
An important rule when drawing up a balance sheet for an enterprise is that the amount of an asset should always be equal to the amount of a liability.
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The assets of the enterprise's balance sheet reflect the following economic assets:
- fixed assets on account 01;
- intangible assets on account 04;
- investments in non-current assets on accounts 07 and 08;
- accounts receivable on accounts 62; 76; 73, etc.;
- financial investments on account 08;
- inventories on accounts 10; 26; 41; 43, etc.;
- cash on the accounts 50; 51; 52; 55, etc.
The liabilities side of the enterprise’s balance sheet shows the sources of formation of economic assets:
- profit on accounts 84 and 99;
- authorized capital on account 80;
- reserve capital on account 82;
- additional capital on account 83;
- long-term loans and borrowings on account 67;
- short-term loans on account 66;
- accounts payable on accounts 60; 76; 70; 68 and 69.
It is important to note that the assets and liabilities of the balance sheet reflect different aspects of accounting for economic assets; they are interrelated. That is, when an asset increases by a certain amount, it is necessary to increase the liability by the same amount. This principle of increasing amounts also applies to liabilities.
How are the assets and liabilities of the balance sheet formed?
Let's look at it in more detail using an example.
Example 1. Let's say an enterprise purchased a fixed asset worth 500,000 rubles. for the production of semi-finished products.
Fixed assets are reflected in the asset, that is, the amount of the enterprise’s asset increased by 500,000 rubles. The other side is that you need to pay the supplier 500,000 rubles for the fixed asset. The debt to the supplier is reflected in the liability, that is, the company's liability also increased by 500,000 rubles. Therefore, the main condition is met: Active = Passive
Example 2. Let’s say an enterprise has taken out a loan from a bank in the amount of 750,000 rubles.
The enterprise's debt to the bank is reflected in the liability, that is, the enterprise's liability increased by 750,000 rubles. The other side is that after transferring the received loan, the amount in the current account increased by 750,000 rubles. Cash in the company's current account is reflected in the asset, that is, the company's asset increased by 750,000 rubles. Therefore, the main condition is met: Active = Passive
Conclusion: Assets participate in the economic activities of the enterprise to generate profit, and liabilities are sources of increasing assets, and must always be equal.
All organizations periodically prepare information about their financial position as of the reporting date, financial results of operations and cash flows for the reporting period in accordance with the requirements of Federal Law dated December 6, 2011 No. 402-FZ. We are talking about accounting (financial) reporting. About the balance sheet and its form in 2018-2019. We'll tell you in our material.
Why do you need a balance sheet?
As part of the financial statements, the balance sheet form is the most important form to fill out. It characterizes the financial position of the organization as of the reporting date (clause 18 of PBU 4/99).
In the balance sheet, assets and liabilities are divided depending on their maturity (maturity) into short-term and long-term. Assets and liabilities are considered short-term if their circulation (repayment) period is no more than 12 months after the reporting date or the duration of the operating cycle, if it exceeds 12 months. All other assets and liabilities are shown on the balance sheet as non-current.
What form is the balance presented in?
The form of the balance sheet was approved by Order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n. This Order has been in effect since the annual financial statements for 2011 and has not changed significantly over the past years.
When drawing up a balance sheet, the organization independently determines the detail of indicators by item, taking into account the level of materiality.
Form 1 “Balance Sheet”:
In Excel format, balance sheet 2018-2019 form:
At the same time, in the accounting reports submitted to the tax and statistical authorities, after the column “Name of the indicator”, the column “Code” is given, in which the codes of the indicators are indicated according to
07.09.2017 2515 0Hello! In this article we will talk about the balance sheet.
Today you will learn:
- What is a balance sheet;
- Structure and components of the balance sheet;
- Step-by-step instructions for drawing up a balance sheet;
- What does a balance sheet analysis tell you?
Balance sheet: concept and its essence
Balance (translated from French) - scales. Or in a simple, modern understanding, it is balance. Like “heads” and “tails” on a coin or medal.
Balance is the balance between resources and obligations, between property and the sources of its creation, between “ Debit" (Dt) And " Credit"(Kt).
In Form No. 1 of the Accounting Statements we will not see the cash flow of the enterprise. This reflects the summary (balance) of the entire property of the enterprise as of a certain date. The balance is shown in monetary terms.
Form No. 1, according to OKUD 0710001) is one of five forms to be filled out when submitting financial statements in a year.The standard type kit itself includes several forms:
- No. 1 “Balance Sheet”;
- No. 2 “Profit and Loss Statement”;
- No. 3 “Statement of changes in capital”;
- No. 4 “Cash Flow Statement”;
- No. 5 Appendix to the balance sheet.
The deadline for submitting reports is no later than 31.03 of the year following the reporting year (reference: until 2013, the balance sheet was submitted quarterly!).
According to international rules The IFRS balance sheet has three sections and contains information about assets, liabilities and equity.
Russian legislation implies division into two bowls or groups: “ Assets" And " Passive«:
- The “Assets” section shows what assets the company has.
- The “Liabilities” section explains who exactly provided these funds.
Parts that make up the balance
We are surrounded by enterprises that conduct a wide variety of activities. And, accordingly, the balance sheet will also have significant differences.
For example:
- An agricultural enterprise will probably use account 11 “Animals for growing and fattening”;
- In production main role allocated to section 3 “Production costs” (account 20 “Main production”, account 25 “General production costs”, account 28 “Defects”, etc.);
- In general, all funding in the budget comes from government sources, and the balance sheet items are completely special, prescribed according to budget classifiers;
- Trade also has its own peculiarities - working with sales accounts: goods (41 accounts), markup (42 accounts) and selling expenses (44 accounts).
However, the fundamental principles underlying the construction of any balance are always the same.
Let's look at the balance sheet structure in more detail. As mentioned above, the balance sheet (by Russian standards) consists of an asset and a liability. Depending on the period of circulation or repayment, assets and liabilities are divided into short-term and long-term.
What do assets consist of?
- Fixed assets (property whose useful life is long): fixed assets (land, production equipment); intangible assets (licenses, trademarks); investments; long-term loans.
- Working capital (which can be used for less than a year): first of all, these are inventories (raw materials, materials, spare parts, work in progress, finished products in warehouses, as well as goods for sale); accounts receivable (buyers, customers, advances issued, other debtors, bills presented for receipt); financial investments (short-term loans, other short-term financial investments); cash (cash, ruble and foreign currency bank accounts);
In other words, assets– this is all the property that is on the balance sheet of the enterprise.
Let's look at the balance sheet liability:
- Capital and reserves: authorized capital (named in your constituent documents); reserve capital (if provided); retained earnings (uncovered loss, summed up with a “-“);
- long term duties: long-term loans and credits for a period of more than 12 months;
- Short-term liabilities: borrowed funds for a period of less than a year (credits and borrowings); accounts payable (suppliers, contractors, bills presented for payment, advances received, arrears of wages, debt to funds and the budget).
Thus, passive– these are the sources of acquisition of property and debts of the enterprise.
Drawing up a balance sheet is not an easy process. It raises questions and difficulties even among accountants who have been working in this capacity for many years. We will try to explain the entire procedure as clearly as possible.
Stage 1. Fill out the title page.
This is the step from which you begin to fill out any reporting form. It is filled out on a form approved by the Ministry of Finance.
You will need to fill in the following details:
- The date on which you fill out the form;
- Your company name;
- The type of activity you conduct;
- Your company's ownership form;
- Location of your company.
Stage 2. We are filling in the lines.
At this stage, we fill in the balance sheet assets. We take information about this from the balance sheet. We fill out all information item by item.
Stage 3. Fill out the table of liabilities.
Do the same with assets.
Stage 4. We compare values.
There is a simple formula: asset = liability. This means that if there are differences in some lines, then errors have been made in the accounting and they will have to be found and corrected.
Let us note that this activity certainly cannot be called easy. Check the arithmetic first, and then the accounting entries.
Stage 5. Analyze the balance.
We'll talk about this process a little later. Based on the results of such an analysis, you will be able to optimally formulate the financial policy of your company. But in order for decisions to be made correctly, it is necessary that the analysis be carried out qualitatively.
Balance Sheet Analysis
The balance has been handed over, it’s time to start analyzing it in order to confidently make plans for the future. There are several stages of balance analysis. Let's tell you more about each of them.
Step 1. Analyze the structure and dynamics.
At this stage, the key balance sheet items are usually identified and the most important ones for a particular company are identified. The absence of problem areas is also checked: accounts payable to personnel and unpaid loans.
Step 2. Analyze how financially stable the company is.
A number of different coefficients are used for this analysis. For example: to calculate the autonomy ratio, you need to divide your equity into assets.
If you apply this formula to the book. balance, then: line 1300/line 1600. The remaining coefficients are calculated by analogy.
Step 3. Assess the liquidity of the company.
Assets and liabilities in accounting. balance sheets are divided into several types:
- Highly liquid;
- Quickly implemented;
- Slow to implement;
- Difficult to implement.
Liabilities:
- Most urgent;
- Short-term liabilities;
- Long term duties;
- Permanent.
Liquidity is determined by comparing the assets and liabilities of the balance sheet. As for solvency, this term refers to the company’s ability to fulfill its debt obligations on time.
Step 4. Analyze assets.
This is an indicator that is important for any company. You need to analyze the composition of assets and how effectively they are used. The analysis compares the growth of current assets with the growth of non-current assets.
If, during the analysis, we see that accounts receivable are growing, it turns out that the buyers of our products are credited with funds from turnover.
Step 5. Analyze business activity.
At this stage, they usually calculate various coefficients:
- Cost turnover;
- Capital turnover;
- Debt turnover to creditors and so on.
2.2.1. Structure and content of the balance sheet. Characteristics of its sections and articles
Financial statements – a unified system of data on the property and financial position of an organization and the results of its economic activities, compiled on the basis of accounting data in established forms. 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).
Balance sheet(Form No. 1) - the main most important form of financial statements, is the main source of information about the property status of the organization, about 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- these are economic assets over which the organization received control as a result of the accomplished facts of its economic activities and which should bring it economic benefits in the future;
2) obligations– 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 international system financial statements (IFRS):
assets are resources controlled by the company as a result of past events from which the company expects economic benefits in the future;
obligations– this is the company’s current debt, arising from events of past periods, the settlement of which will lead to an outflow of resources containing economic benefits from the company;
capital 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, section data is grouped by 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. Appendix 3 to the training manual contains Form N1 of the balance sheet, 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.
What unites these assets is 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 - these 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.
The organization’s business reputation and organizational expenses (expenses related to education) are also taken into account as part of intangible assets 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) represent 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 clause 4 of this provision, assets as fixed assets include those used in the production of products, when performing work or providing 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) 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 can be transferred for temporary use land 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.
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.
TO financial investments organizations 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 recognizing 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 working capital. Unlike non-current assets, they are very dynamic.
Current assets(current assets) are the funds of the organization, which during the normal course of business production cycle or within a period of one year, if the cycle is shorter than one year, must be converted back into cash.
Normal production cycle– 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 purchased 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 shows the balance 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 period. 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 is formed due to the forms of payment used for goods and services.
Unjustified accounts receivable arises as a result of shortcomings in the organization’s work (when identifying shortages, waste and theft of inventory and cash)
The presence of significant accounts receivable should be considered as a factor negatively affecting the financial position of the organization, and its growth specific gravity As a result, the balance sheet indicates a deterioration in the economic activity of the organization.
The article “Short-term financial investments” (line 250) includes the following types attachments:
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 in a certain sense is subjective, since at the time of acquisition valuable papers It is not always possible to predict with certainty how long an organization will find 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 separately in the balance sheet.
Absolute value authorized capital has significance 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.
Additional capital of the organization- this is part of it equity, 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 nominal value over market value placed 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 due for repayment 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, is 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– these are obligations for the unified social tax (UST), which is credited to Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation and the Compulsory Medical Insurance Funds of the Russian Federation and is intended to mobilize funds for the implementation of the rights of citizens to state pension and social Security and medical assistance.
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.”
In the article Other creditors shows the organization's debt for settlements, data on which are not reflected in other items 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.
In 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”).
Article revenue of the future periods(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 income for future periods equal to the credit balance of account 98 “Deferred income”.
Article 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. These 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.”
By balance line Other current 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 total amount fixed assets, the cost of fixed assets held by the organization under a leasing agreement is highlighted.
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 records accrue 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: trademark, invention, computer program etc. Such intangible assets are taken into account off the balance sheet at the value specified in the contract.
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