Liabilities = Equity +Commitments

Commitments= Borrowed funds+ Accounts payable

An organization for the purposes of its development can use not only the funds of the founders (participants) and the profits received. The source of the formation of the organization's property can be the funds of creditors: loans, loans, bonded loans, etc.

The entity's circumstances arise from contracts between the entity acting as the debtor and other individuals and legal entities acting as creditors. By virtue of these agreements, the debtor organization undertakes to perform a certain action in favor of creditors, such as: transfer property, perform work, pay money. Obligations to legal entities and individuals may also arise as a result of a court decision. Liabilities valued in monetary terms are an integral part of the organization's liabilities. The creditor has the right to demand from the debtor the performance of his obligation.

Grounds for the emergence and types of obligations.

The obligations of the organization arise for various reasons. The creditors of the organization can be various individuals and legal entities that have provided loans and loans to the organization. Obligations incurred by the debtor in the performance of the loan agreement are called borrowed funds.

The creditors of the organization are the state and various off-budget funds, to which the organization bears tax obligations. The creditors of the organization are its employees who have concluded collective and individual labor contracts with the organization. On the basis of contracts with employees, the organization bears obligations for remuneration. These obligations are characterized by the fact that they arise every reporting period and must also be regularly repaid. These obligations are part of the so-called accounts payable organizations.

Obligations may arise from contracts for the supply of inventory, performance of work, provision of services, which provide for:

- receipt by the organization acting as a supplier of an advance or prepayment from buyers and customers;

- receipt by an organization acting as a buyer (customer) of a deferral or installment payment (commercial loan).

Liabilities of the organization for advances received and for the repayment of a commercial loan are also included in accounts payable. Thus, depending on their origin, liabilities are divided into borrowed funds and accounts payable.

Short-term and long-term liabilities

One of the tasks accounting obligations is to control the timeliness of settlements with creditors to avoid delays in debt. For this reason, liabilities, depending on the maturity, are divided into short-term and long-term.

Current liabilities (liabilities)- these are obligations with a maturity date under the concluded agreement of up to one year (starting from the date of acceptance of obligations for accounting). Short-term liabilities are also called current liabilities.

Long-term liabilities (liabilities)- these are received credits and loans with a maturity according to the concluded agreement of more than one year, starting from the date of acceptance of the obligation for accounting.

The division of the organization's liabilities into short-term and long-term is also necessary for the purposes of financial analysis.

At the same time, the economic content and origin of obligations does not depend on the urgency of their repayment, therefore, short-term and long-term obligations (liabilities) do not require separate consideration. In this book, the obligations of the organization are characterized in the division into borrowed funds and accounts payable. Such a classification reveals the economic nature of various types of liabilities and corresponds to the structure of the balance sheet.

Borrowed funds

Borrowed funds - obligations arising from the performance of the loan agreement.

By loan agreement one party (lender) transfers money or other things of a certain kind and quality to the other party (borrower), and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal amount of other things received by him of the same kind and quality. The loan agreement is considered concluded from the moment of transfer of money or other things. Unless otherwise provided by law or the loan agreement, the lender has the right to receive from the borrower percent for the amount of the loan in the amount and in the order determined by the agreement. Unless otherwise agreed, interest is paid monthly until the date of repayment of the loan amount.

Borrowings include liabilities for:

- received bank loans (bank loans);

– sold debt securities (bonds, etc.);

– financial bills issued;

- received loans and advances.

The value of borrowed funds.

As the enterprise functions (growth of the production program, depreciation of fixed production assets, etc.), the need for Money ax increases, which requires appropriate financing of capital gains. therefore, with a lack of own funds, an enterprise can attract funds from other organizations, which are called borrowed capital.

Borrowed capital is a part of the capital used by an economic entity that does not belong to him, but is attracted on the basis of a bank, commercial loan or issuance loan on a repayment basis. The need to attract borrowed capital should be justified by a preliminary calculation of the need for working capital. The composition of borrowed funds includes a financial loan received from banking and non-banking financial and credit institutions, a commercial loan from suppliers, accounts payable of an enterprise, debt on the issue of debt valuable papers etc. In accounting, borrowed funds and accounts payable are reflected separately. Therefore, in a broad sense, it is possible to allocate borrowed funds and, in a narrow sense, the actual financial loan. The difference between borrowed funds in a broad and narrow sense is borrowed funds. On the one hand, raising borrowed funds is a factor in the successful functioning of an enterprise, which helps to quickly overcome the shortage of financial resources, indicates the confidence of creditors and ensures an increase in the profitability of own funds. On the other hand, the enterprise is burdened with financial obligations. One of the main evaluation characteristics of the effectiveness of managerial financial decisions is the amount and efficiency of the use of borrowed funds.

Borrowed capital can be used both for the formation of long-term financial resources in the form of fixed assets (capital), and for the formation of short-term (current) financial resources for each production cycle.

Bank loan

If an organization is planning to implement a certain project, then the organization can borrow funds to finance it. One type of borrowed funds are bank loans.

Bank loan issued by banks (credit institutions) in the form of cash loans on terms of repayment, urgency, payment, security. Depending on the terms of return, there are:

- short-term loans issued for a period not exceeding one year;

- medium-term and long-term loans issued for a period of more than a year.

Short-term loans serve as a source of formation of material current assets of the organization. The transformation of current assets into monetary assets serves as a source of repayment of short-term loans. The repayment period of such loans is determined by the time of turnover of funds in the credited business processes. Long-term loans are a source of investment financing and serve to cover the costs of capital construction, reconstruction, etc. The source of repayment of a long-term loan is the future profit from the commissioning of the credited facilities.

When making a decision on raising borrowed funds, the organization prepares feasibility study project. Based on the needs of the project and taking into account the availability of its own sources and the current financial situation, the organization determines the amount of the required loan, its urgency (expected repayment period), sources of repayment of principal and interest, as well as guarantees for securing the loan. In order to obtain a bank loan, the organization must submit to the bank a loan application drawn up in the prescribed form. A feasibility study of the project is attached to the loan application, as well as documents characterizing the borrowing organization:

– notarized copies of constituent documents;

– accounting (financial) reports for the last three years;

– internal financial reports and data of internal operational accounting;

– other supporting documents.

The bank considers the loan application for compliance with its own credit policy, analyzes the creditworthiness of the organization (the ability to repay the loan and pay interest in a timely manner) and its solvency (the ability to repay all types of existing obligations in a timely manner). If the loan application is approved, the borrowing organization and the bank (credit organization) draw up loan agreement.

The loan agreement together with the rules of the bank regulate the procedure for lending to the organization. According to the loan agreement, the creditor bank undertakes to provide funds (loan) in the amount and on the terms stipulated by the agreement, and the borrowing organization undertakes to return the received amount of money and pay interest on it at a fixed time. The loan agreement specifies:

– objects of crediting and term of the credit;

- conditions and procedure for issuing a loan and its repayment;

– forms of securing obligations;

– interest rates and the procedure for their payment;

– obligations, rights and responsibilities of the parties;

- the list and frequency of submission of the organization's reporting documents to the bank and other conditions.

Securing a loan or a loan with an issued financial bill

The borrower may issue a promissory note to the lender as security for the loan received, such a promissory note is called financial. In the case of issuing a promissory note, the borrower is the drawer, and the lender is the holder of the bill. When a borrower transfers a bill of exchange to a lender under endorsement, the borrower is the endorser, and the lender is the remitter. The lender may also be listed as the payer of a bill of exchange issued by the drawer (borrower) to the holder of the bill. Financial bills may also be issued by an organization to secure a bank loan to reduce the risk of late payment or non-payment.

Example. Issuance of a financial bill

Organization "A" expected to receive a short-term loan from organization "B" in the amount of 50,000 rubles, but organization "B" required guarantees for repayment of obligations. Organization "A", being a subsidiary of organization "C", with the consent of the latter, issued a bill of exchange to secure the loan to organization "B". Organization "B" was the holder of the bill, the parent organization "C" was named the payer on the bill. Under the security of the received bill, organization "B" transferred 50,000 rubles. to Organization A. In this case, the issuance of a financial bill repaid the obligations of the organization "A" on the loan to the organization "B", and at the same time obligations on the bill to the organization "C" arose.

Bank loan secured by accounting (discount) of a promissory note

The organization holding the bill before the due date of payment on the bill can receive funds from the bank for discounting the bill.

Discounting a bill- accounting of the bill in the bank and issuance of a bank loan to the holder of the bill secured by the bill on the terms of the established interest rate ( discount) and for a period equal to the maturity of the bill. The discounted promissory note is kept in the bank, but is on the balance sheet of the organization holding the bill.

Promissory notes submitted for accounting are checked by the bank for their legal reliability. It also assesses the probability of repayment of the bill, the economic situation of persons liable under the bill. The loan issued by the bank is equal to the face value of the bill minus the discount interest (discount).

For promissory notes, in excess of the nominal value of which interest is indicated, these interests are included in the amount of the bank loan. The bank, upon maturity, presents the bills to the payer and receives the payments due on them. Closing of the bill discount operation is carried out on the basis of the bank's notification of payment of this bill by the drawer (or other person liable under the bill). If the drawer has not paid the bill on time, the bank returns the bill to the organization holding the bill with a protest in non-payment. The holder of the bill independently repays the bank loan and submits a claim to the drawer.

Bank loan on loan account

The holder of a bill of exchange may open special loan accounts and receive a loan on them, transferring bills of exchange as collateral. The bank checks accepted bills for their legal reliability. A loan account secured by bills of exchange is a demand account opened before the maturity of bills of exchange accepted as security. Typically, the loan amount is 60-90% of the face value of bills. The client, with the permission of the bank, may replace one bill of exchange with another before the maturity date.

Payment by the client of interest on a special loan account is made in the manner established for the use of bank loans.

The amount of interest paid depends on the creditworthiness of the client and the reliability of the promissory notes provided by him. The repayment of the loan on a special loan account is made by the client-promissory note holder, after which the bills corresponding to the amount of the repaid debt are returned to him from the security.

Bond loan

In cases stipulated by legislative and other legal acts, a loan agreement may be concluded by issuing and selling bonds. Bond certifies the right of its holder to receive from the organization that issued the bonds the par value of the bond or other property equivalent within the period specified in the bond. The bond also gives its holder the right to receive a fixed percentage of the nominal value of the bond or other property rights. The bondholder is the creditor of the organization that issued the bonds.

Corporate bonds must have the following requisites: name of the organization and its location, nominal value of the bond, name of the holder (for registered bonds), maturity date, level and terms of interest paid (for interest-bearing bonds), signature of the head of the organization or other authorized person.

The organization has the right to issue bonds secured by a pledge of certain own property, or bonds secured by third parties for the purpose of issuing bonds, as well as bonds without collateral. The issue of bonds by the organization is allowed after full payment of the authorized capital. A joint stock company may issue bonds in an amount not exceeding 25% of the authorized capital. When issuing registered bonds, the organization maintains a register of their owners.

Raising funds by issuing bonds has advantages for the organization compared to issuing shares and other securities:

1) the sale of bonds can be more successful: financial investments in bonds are attractive to creditors due to guarantees of bond redemption and receipt of a fixed income;

2) loans in the form of bonds entail lower costs for the organization to pay interest on borrowed funds;

3) bonds of the organization do not entitle their holders to participate in the management of this organization.

Payment of interest on bonds. Interest on bonds is calculated in relation to the face value of bonds, regardless of their market value. Interest on bonds is paid quarterly, half-yearly or at the end of the year. Interest on bonds in the first year of their circulation is paid in proportion to the time the bonds are actually in circulation, unless otherwise stipulated by the terms of the issue. Interest on bonds may be paid in securities, commodities or other property rights, if it is provided for by the terms of the issue.

Interest on bonds is paid directly by the organization that issued the loan, by an agent bank or financial intermediary acting on behalf of the client by check, money order, postal or telegraphic transfer. A legal entity that independently pays interest on bonds, or an agent authorized to do so, is obliged to make a note on the payment of interest to a bondholder by redeeming or cutting off a coupon on bonds.

Legal entities that independently pay interest on bonds, pay their agent banks or other financial intermediaries act as agents of the state in collecting taxes and pay interest to bondholders minus the relevant taxes.

In case of non-fulfillment or untimely fulfillment by the organization of the obligation to pay interest and repay the amount indicated in the bond, the collection of these amounts is made on the basis of a notarial inscription made in the manner prescribed by law.

Sources of payment of income and interest on borrowed funds

The cost of paying income and interest on borrowed funds is charged to the sources listed below.

The cost of products (works, services) includes interest amounts:

– on bank loans (excluding loans for the acquisition of fixed assets, intangible and other non-current assets);

- for commercial loans;

- for borrowed funds, including bank loans, used by leasing entities to carry out financial leasing operations;

on budget loans, except for loans issued for investments and conversion activities.

For capital investment include amounts of interest on loans and borrowings received for investments in fixed assets, intangible and other non-current assets before the completion of these investments.

To reduce profit, remaining at the disposal of the organization after taxation, include the amount of interest:

- on bonded loans;

– for borrowed funds received for investments after the objects of completed investments are accepted for accounting;

- on bank loans to fill the lack of working capital.

The concept and essence of categories: debt, debt obligation, borrowed funds and accounts payable

Definition 1

A debt obligation is a form of manifestation of the economic category and expresses the essence of the category "debt".

A debt obligation is a certain form of the concept of "debt", which is the relationship between the creditor and the debtor, the basis of which is the movement of resources, which is planned to be stopped by fulfilling obligations or by forcing the right to claim. The duration of a debt obligation has a fixed term. At the same time, it is important to correctly draw up debt obligations from the point of view of jurisprudence, in addition, they must comply with civil law.

Remark 1

Debt obligations are a special commodity, which has a direct impact on the level of their value. According to its economic content, the category of debt obligations can be attributed to borrowed funds of the enterprise.

Obligations of organizations can be classified according to different criteria, for example, by subjects, maturity, etc. So in the classification of obligations by subjects, they usually distinguish:

• obligations to third parties
• obligations to the owners of the enterprise.

Liabilities to owners represent the "equity" of the organization. It should be noted that the organization's obligations to third parties are different types of accounts payable. In general terms, liabilities to third parties form the borrowed capital of the organization.

Definition 2

Borrowed funds (borrowed capital) are economic and legal obligations of the organization to third parties.

The amount of borrowings reflects future withdrawals of assets (funds) of the organization associated with previously accepted obligations. Considering a commercial bank, it should be noted that it attracts cash (borrowed) funds using the deposit instrument, as well as various loans and credits that the bank receives from the Central Bank of the Russian Federation and other banks.

Definition 3

The bank's debt in general terms is the amount of debts arising in the course of banking operations and obligatorily payable.

Bank debt can be:

• creditor,
• accounts receivable.

The emergence of bank accounts payable and receivable affects the fundamental accounting model as follows:

Definition 4

A bank's accounts payable is the amount of the bank's debts to individuals and legal entities that have arisen in the course of execution of banking operations.

This type of debt for the bank is its own financial obligation. Accounts payable to the bank arises during the execution of transactions with banks, internal banking operations and customer transactions.

Regulatory regulation of accounting for accounts payable in a commercial bank

All activities carried out by commercial banks are regulated by the Central Bank of the Russian Federation. The main document that regulates accounting in commercial banks is the "Regulations on the rules of accounting in credit institutions located in the territory of Russian Federation". This document establishes the key rules for organizing accounting in commercial banks. It defines the main accounting accounts and establishes the procedure for conducting banking operations. Accounting for accounts payable is also regulated using this provision.

In case of insufficient financial resources, a commercial bank may receive loans from the Bank of Russia. Also, loans can be obtained from non-resident banks and other Russian banks. Registration of these operations is carried out by drawing up an application letter, which indicates the amount, term and purpose of the loan. Attached to the letter are: memorandum of association, articles of association, registration certificate, seal imprint, cards with sample signatures, balance sheets as of the date of receipt of the loan and the reporting date, documents on the availability of security for the repayment of the loan. Further, an agreement is concluded on the sale or purchase of credit resources.

The following accounts are used to record these transactions: 312 -325 of the Chart of Accounts of Credit Institutions. Accounts of the second level according to these accounts are divided by terms of the loan.

• Vaulina Alina Alekseevna, student
• Stavropol State Agrarian University
• Tomilina Elena Petrovna, Candidate of Sciences, Associate Professor, Associate Professor
• Stavropol State Agrarian University

• CREDIT
• BORROWED FUNDS
• FINANCIAL STABILITY
• ACCOUNTS PAYABLE
• COMPETITIVENESS
• BANKRUPTCY

The article discusses the concept of accounts payable, its characteristics, the system of accounts payable management and methods of attracting borrowed funds.

• The main problems of compulsory medical insurance of citizens
• Financial aspects of ensuring the competitiveness of the corporation
• Tax accounting under the simplified taxation system

Almost all organizations in the modern world can not do without accounts payable in their business activities. In Russia, in recent years, there has been a deterioration in the economic situation and an increase in accounts payable of economic entities. The debt of enterprises is a factor of their insufficient financial stability and investment unattractiveness.

Accounts payable is an unpaid obligation of a company to creditors. The creditors of the enterprise are suppliers of goods, works, services, landlords, buyers, employees, the budget and extra-budgetary funds. Accounts payable is characterized by the following main features:

1. Free source of used borrowed funds. Accounts payable reduces not only the cost of the borrowed part of the capital, but also the cost of the entire capital of the enterprise.
2. The size affects the duration of the financial cycle of the enterprise. The larger the amount of accounts payable, the less funds the company needs to raise to finance its business activities.
3. The amount of accounts payable is directly dependent on the volume of production and sales of products. With the growth of production volume, the expenses of the enterprise also increase, and this entails the attraction of more funds and an increase in accounts payable.

Accounts payable management is an important aspect of financial management. The success of the organization and its existence in the future depends on how effectively this management will be carried out. With proper management, such debt can become an additional, and most importantly, a cheap source of borrowing. Therefore, from how relations with counterparties are built, the terms of the contracts being concluded are agreed, the terms of their payment are monitored, i.e. what is the mechanism for managing accounts payable, largely depends on the effectiveness of the use of funds received. It is important to note that any debt primarily affects the solvency of the organization. Therefore, in order to effectively manage the debts of an organization, it is necessary:

1. Determine the optimal structure of accounts payable for the enterprise
2. Create an accounts payable budget
3. Develop a system of indicators characterizing relations with creditors and take certain values ​​as planned
4. Analyze the compliance of actual indicators with regulatory
5. Make an analysis of the reasons for the deviations that have arisen
6. Develop a set of practical measures to bring the debt structure in line with planned targets.

An important role in the management of accounts payable is played by the manager. He must develop and apply a clear strategy in relations with creditors so that they are most consistent with the goals of ensuring the financial stability of the company and increasing its profitability and competitiveness. In the course of developing a strategy, managers should pay great attention to solving such problems as: maximizing profits and minimizing company costs, achieving dynamic development and increasing the creditworthiness of the organization. When all these tasks are completed, the maximum financial stability of the organization will be determined. Funding for these tasks should also be provided in full. The organization should first use all its own sources of financing, and then attract borrowed funds from creditors. At the same time, it is important to take into account the cost of borrowed capital, which should allow maintaining the profitability of the organization at an optimal level.

An important step in the management of accounts payable is to determine the most appropriate tactical approaches. There are several approaches to attracting borrowed funds:

1. Funds of investors (expansion of authorized capital)
2. Bank loan
3. Commodity credit (deferred payment to suppliers)
4. Using your own "economic superiority"

The method of raising funds at the expense of investors has its own characteristics. Firstly, this method is distinguished by its cheapness. As a rule, investors, exchanging their money for a share in the organization, count on certain dividends prescribed in the constituent documents in the form of interest. At the same time, in the absence of profit at the enterprise, the capital invested in the business may be "free". Secondly, investors get the opportunity to influence the processes taking place in the organization. Therefore, great care must be taken to maintain a controlling stake, otherwise your own capital may turn into capital loaned to a new investor. Thus, when attracting funds from investors, a certain limitation must be observed, they should not be more than their own initial investments.

A bank loan is usually issued by banks. This type of raising funds is the most expensive, as it involves high percent and the need for security. Despite the "high cost" and "problematic" attraction, the possibilities of a bank loan, unlike an investment loan, should be used by the company at 100%. A significant drawback of financial borrowings is the presence of strictly defined terms for their return.

Attracting borrowed funds with the help of a commodity loan is the simplest way, since it does not require collateral and is not associated with significant costs and duration of registration.

The essence of using the advantages associated with one's own economic superiority lies in the ability to dictate and impose on the supplier (creditor) their own "rules" of the game in the market and the nature of contractual relations. The economic superiority of the borrower over the lender may arise in the event of:

• monopoly position of the borrower in the market
• the buyer's assets greatly outnumber the supplier's assets
• marketing benefits
• organizational shortcomings in the management of receivables from the creditor.

Thus, the manager, in an effort to use all sources of borrowed funds to the maximum, should pay attention to the possibility of paying these funds in the future, as well as compare the organization's capabilities with approaches to attracting borrowed funds.

Also one of the most important stages of accounts payable management is tracking payment terms. In case of delay in payment, an increased percentage of payments under the contract is often applied, in the event of a subsequent delay, the delivery may be canceled.

Thus, the accounts payable management system must necessarily include the following elements: accounts payable planning, its regulation, control, analysis and regulation of these processes. Efficient accounts payable management provides the organization with working capital for continuing operations. Only an integrated approach will ensure effective management of accounts payable, as well as reduce the risk of insolvency and bankruptcy of the enterprise.

Bibliography

1. Bogomolov, A. M. Management of receivables and payables as an element of the internal control system in an organization // Modern accounting. - 2012. - N 5. - S. 46–51.
2. Emelin, V. N., Pivkina E. I. Management of accounts payable of an organization // Young scientist. - 2014. - No. 8. - S. 465-467.
3. Zakharov, V. Ya. Anti-crisis management. Theory and practice [Electronic resource]: textbook. allowance / V. Ya. Zakharov and others; ed. V. Ya. Zakharova. - 3rd ed., revised. and additional - M. : UNITI-DANA, 2012. - 319 p.
4. Kokin, A.S. Corporate Finance: Textbook / Kokin A.S., Yashin N.I., Yashin S.N. and others - M.: ITs RIOR, NITs INFRA-M, 2016. - 369 p.
5. Samylin, A.I. Corporate Finance: Textbook / A.I. Samylin. - M.: NITs INFRA-M, 2014. - 472 p.

Analytical accounting of debts on credits and loans is kept separately by types of credits and loans, according to credit institutions and other lenders, for individual credits and loans (types of loan obligations).

In accordance with the provisions of PBU 15/01, debt on debt obligations may be urgent (the maturity of which, under the terms of the contract, has not come or extended (prolonged) in the prescribed manner) and overdue (debt on received loans and credits that have expired).

Note!

Accounting for urgent and overdue debts is kept separately on separate sub-accounts opened for accounts and.

The organization that received the borrowed funds, at the end of the payment period is obliged to carry out transfer of urgent debt into overdue debt, and this transfer is made by the borrowing organization on the day following the day when, under the terms of the loan or credit agreement, the borrower was supposed to repay the principal amount of the debt.

Paragraph 6 of PBU 15/01 allows organizations - borrowers to take into account long-term debt on loans and borrowings in any of two possible ways, while the method used must be in without fail enshrined in accounting policy organizations.

Option 1.

The borrowing entity accounts for borrowings under a long-term agreement as long-term debt before the expiration of the agreement.

Option 2.

The borrower organization first records debt under a long-term agreement as part of long-term debt and transfers it to short-term debt at the moment when 1 year remains before the expiration of the agreement.

If an organization borrows money from foreign currency, then this operation is governed by the Accounting Regulation “Accounting for Assets and Liabilities Denominated in Foreign Currency” PBU 3/2000, approved by Order of the Ministry of Finance of the Russian Federation No. 2n dated January 10, 2000 (hereinafter PBU 3/2000).

Borrowed funds can be provided not only in the currency of the Russian Federation - rubles, but also in foreign currency or in conditional monetary units. In case of receiving such borrowings, the borrowing organization is obliged to be guided by paragraph 9 of PBU 15/01:

“Debt on a loan granted to a borrower and (or) a loan received or expressed in foreign currency or conditional monetary units is accounted for by the borrower in ruble valuation at the exchange rate Central Bank Russian Federation, acting on the date of the actual transaction(provision of a loan, loan, including the placement of loan obligations), and in the absence of the exchange rate of the Central Bank of the Russian Federation - at the exchange rate determined by agreement of the parties.

Expenses in the form sum difference arise for the taxpayer if the amount of obligations and claims that have arisen, calculated at the exchange rate established by agreement of the parties in conventional monetary units on the date of sale (posting) of goods (works, services), property rights, does not correspond to the amount actually received (paid) in rubles.

The resulting difference between the ruble valuation of liabilities for date of acceptance for accounting of accounts payable and its ruble valuation at expense recognition date represents sum difference. It would be most correct to recognize the date of occurrence of sum differences - the date of repayment of debt under credit and loan agreements.

On March 13, the organization made a preliminary payment for goods that were accepted for accounting on March 20, 2006. The organization returned the loan amount to the bank on April 10, 2006.

In the accounting of the organization, the accountant of the organization reflected this as follows:

Account correspondence		Amount, rubles
Debit	Credit
			The amount of the loan received
			Advance payment for goods
			Goods from the supplier accepted for accounting
			Accounted for VAT on goods received
			Advance payment for goods
			Interest accrued on the loan received (30%: (365: 100) x 500,000 rubles x 11 days)
			Interest accrued on the loan received (30%: (365: 100) x 500,000 rubles x 10 days)
			The amount of borrowed funds and the amount of interest due were returned 500,000+ 4109.59 + 4520.54 + 4109.59

End of example.

Let us first explain what is meant by an investment asset.

“Additional costs incurred by the borrower in connection with obtaining loans and credits, issuing and placing loan obligations, may include costs associated with:

provision of legal and advisory services to the borrower;

implementation of copying and duplicating works;

payment of taxes and fees (in cases stipulated by the current legislation);

carrying out examinations;

consumption of communication services;

other costs directly related to obtaining loans and credits, placement of loan obligations”.

As you can see, this list of additional costs is open. Such costs are accounted for by the borrowing entity, including reporting period, in which they were made, can be previously accounted for as receivables, with subsequent inclusion in operating expenses during the maturity of the loan obligation.

Example 3

Let's pretend that Building company On January 10, 2006, she received a loan from a bank in the amount of 1,000,000 rubles for a period of 6 months. At the same time, the organization paid a remuneration in the amount of 6,000 rubles (excluding VAT) to a third-party organization for the examination of this agreement.

The entity's accounting policy stipulates that incremental borrowing costs are deferred and then charged to operating expenses over the term of the contract.

In the accounting of the organization, this will be reflected as follows:

Account correspondence		Amount, rubles
Debit	Credit
			The costs of paying for the services of experts are taken into account
	51 "Settlement account"		Paid expertise services
51 "Settlement account"	66 sub-account "Settlements on the principal amount of the loan"		Received funds under a loan agreement
Then, on a monthly basis, during the term of the loan agreement (6 months), the accountant will include in the operating expenses the corresponding part of the costs of examining the agreement.
91 sub-accounts "Other expenses"			Part of additional costs included in operating expenses

The procedure for organizing the accounting of loans and borrowings is regulated by the Accounting Regulation "Accounting for loans and credits and the costs of servicing them" PBU 15/01, approved by order of the Ministry of Finance of Russia dated 02.08.2001 No. 60n.

Currency transactions to attract a loan are carried out in a non-cash manner and are recorded in the borrower's account at the time of receipt of funds. Foreign currency is credited to the organization's current currency accounts in authorized banks.

The borrowing organization accepts for accounting at the time of the actual transfer of foreign exchange funds credit obligations for the principal amount of the debt as part of accounts payable. The principal amount of the debt (debt) under the loan and (or) credit received from the lender is accounted for by the borrowing organization in accordance with the terms of the loan agreement or credit agreement in the amount of actually received funds.

Debt on a loan granted in a foreign currency is accounted for by the borrower in ruble terms at the exchange rate of the Bank of Russia effective on the date of the actual transaction.

Depending on the term of the loan, accounts payable can be short-term or long-term.

When receiving a loan or loan for a period of more than 12 months, an entry must be made in the accounting of the borrowing organization on the debit of the account for accounting for cash or other valuables received and the credit of the account.

The working chart of accounts may provide for the use of the following accounts:

The repayment of foreign currency loans is made within the terms established by the loan agreement. According to civil law, the organization's obligations to repay the loan are considered fulfilled after the foreign currency is credited to the creditor's bank account, unless otherwise provided by the agreement.

In accounting, the repayment of credit obligations is recognized at the time the funds are debited from the borrower's foreign currency account.

Depending on the content of bank credit and loan agreements, the existence of amounts of urgent and (or) overdue debts is established.

The agreement comes into force and becomes binding on the parties from the moment of its conclusion, for loan and credit agreements, this is the moment of transfer of funds.

If the terms of the agreement provide for the repayment of a foreign currency loan in parts, then the delay in the return of its next part gives the creditor the right to demand early return of the entire remaining amount of the debt and interest.

Foreign exchange transactions for the payment of penalties to fulfill credit obligations, carried out from the accounts of the organization in authorized banks or third parties in favor of residents and non-residents, can be carried out without a special permit (license) from the Bank of Russia.

In accordance with paragraph 7 of PBU 3/2000, the value of funds expressed in foreign currency in settlements (including settlements on loan obligations) with any legal and individual on the date of compilation financial statements.

The exchange rate difference is reflected in accounting in the reporting period to which the date of fulfillment of payment obligations refers or for which financial statements are prepared.

The exchange rate difference between the ruble valuation of foreign exchange liabilities at the exchange rate set by the Bank of Russia as of the reporting date and their ruble valuation at the Bank of Russia exchange rate in effect on the date the funds were credited or on the date of the last revaluation is accounted for at the end of the current period.

The debt on the received credit (loan) in foreign currency is written off in ruble terms at the exchange rate of the Bank of Russia effective on the date of payment. At the same time, the organization records the exchange rate difference between the ruble valuation of foreign exchange liabilities at the exchange rate of the Bank of Russia effective on the date of return of foreign exchange funds and their ruble valuation at the Bank of Russia exchange rate effective on the date of the last revaluation.

Exchange differences resulting from the recalculation of the amount of the principal debt under the loan agreement are included in the financial results of the organization as non-operating income and expenses.

Thus, the exchange difference is recognized at each revaluation of funds in settlements on loans and borrowings in foreign currency on the reporting date, as well as on the date of fulfillment of credit obligations (repayment of the loan).

Example 4

The organization received a loan of $150,000 for 2 months.

The exchange rate of the US dollar against the ruble was (conditionally):

Account correspondence		Amount, rubles
Debit	Credit
			The received short-term loan in foreign currency was credited to the current foreign currency account (150,000 USD x 30.50 rubles/USD)
			Foreign currency funds were debited from the current foreign currency account upon repayment of the loan (150,000 USD x 30.70 rubles/USD)
			A positive exchange rate difference is reflected between the ruble valuation of loan liabilities at the Bank of Russia exchange rate as of the loan repayment date and their ruble valuation at the Bank of Russia exchange rate as of the date of the last revaluation

The rules for the formation in accounting of information on the costs associated with the fulfillment of obligations on loans and credits received are given in PBU 15/01, according to clause 2 of which these rules do not apply to interest-free loan agreements and state loan agreements.

Interest for the use of the provided foreign exchange funds is accrued monthly from the moment the foreign currency is credited to the account of the organization in accordance with the procedure established by the agreement. The amount of interest increases the principal loan obligation.

The fulfillment by the organization of obligations to pay interest must be carried out within the time limits established by the agreement. If such terms are not defined, then interest is paid monthly until the day of repayment of the loan amount.

Indebtedness on outstanding credits and loans is shown in the accounting records taking into account the interest payable in accordance with the terms of the agreements at the end of the reporting period.

Accrued interest is taken into account in ruble terms at the rate of the Bank of Russia in effect on the date of their recognition, and in its absence, at the rate agreed by the parties to the transaction. The procedure for recalculating interest debt is similar to the procedure established for the principal debt.

Therefore, the exchange rate difference is determined at each revaluation of unpaid interest on credit obligations in foreign currency on the reporting date, as well as on the date of fulfillment of obligations to pay them.

The basis for terminating the accrual in accounting of exchange rate differences arising from the revaluation of the balance of funds in settlements of credit and loan obligations in foreign currency is the termination of obligations under this loan agreement.

Exchange differences under a loan agreement, in which obligations to the creditor are expressed in foreign currency, are not accrued from the moment (indicated in the text of the agreement) of the expiration of the loan agreement (which can be extended), if it provides that from this moment (date) obligations of the parties (lender and borrower) under the contract.

In the absence of the above condition in the text of the loan agreement, exchange differences are accrued until the moment (date) stipulated by the agreement when the parties fulfill their obligations to repay the entire amount of the loan (loan) and interest on it by the borrowing organization.

Exchange differences resulting from the recalculation of the amount of the principal debt under a loan agreement are recognized as non-operating income and expenses, while exchange differences arising from the revaluation of accrued interest are reflected in accordance with the procedure provided for the recognition of costs for servicing loans.

The costs of loans and credits received are expenses of the period in which they are incurred and are related to operating expenses, with the exception of their part to be included in the cost of an investment asset - an object of property, the preparation of which for the intended use requires a significant amount of time.

Borrowing and credit costs are included in current expenses in the amount of payments due in accordance with the terms of the agreements concluded, regardless of the form and when the above payments are actually made.

Accrued interest on loans and borrowings attributable to operating expenses are reflected in the accounting records of the borrowing organization on account 91 "Other income and expenses", sub-account "Other expenses" (91-2)

Note!

Debt on received loans and credits is shown taking into account interest payable at the end of the reporting period according to the terms of the contracts.

In the accounting of the organization, the amounts of accrued interest for the use of borrowed funds are reflected in the credit of accounts 66 “Settlements on short-term loans and borrowings” and 67 “Settlements on long-term loans and loans” in correspondence with the debit of account 91 “Other income and expenses”. It should be noted, however, that the amount of accrued interest is taken into account apart.

Payment of accrued interest reduces accounts payable on borrowed funds received.

Example 5

On March 10, 2006, the bank granted a loan in the amount of 1,000,000 rubles to the manufacturing enterprise Tekhnika LLC for a period of 3 months at 24% per annum. In accordance with the terms of the loan agreement, the organization is obliged to pay interest to the bank on a monthly basis for using the loan no later than the 5th day of the next month.

The total amount of interest to be paid by Technika LLC for the use of the provided loan will be:

1,000,000 rubles x 24: (366 x 100) x 93 days = 60,983.61 rubles;

In the accounting of Tekhnika LLC, transactions with borrowed funds were reflected as follows:

Account correspondence		Amount, rubles
Debit	Credit
51 "Settlement account"			Loan amount received
			The amount of interest on the loan for March 2005 was accrued (1,000,000 rubles x 24: (366 x 100) x 22 days)
	Therefore, if the terms of the agreement do not determine the monthly calculation of interest, then in accordance with clause 18 of PBU 15/01, the borrower organization must still calculate interest evenly (on a monthly basis). Advice: provide for monthly accrual of interest in contracts, otherwise possible deviations may appear in accounting when reflecting interest accrued in accordance with the terms of the contract and accrued monthly. Since the accounting standard allows for the calculation of interest in two possible ways, the organization must choose any of the options and fix this provision in its accounting policy. Let us give an example from the consulting practice of BKR-Intercom-Audit CJSC on the recognition of interest on a loan used for the construction of a residential building. Example 6 Question: A commercial organization (CJSC) received a loan in the amount of 10 million rubles. at 6% per annum from another commercial company. The loan agreement does not specify for what specific purposes it is issued. 5 working days after the receipt of the borrowed funds, the CJSC sent an amount of 9.5 million rubles. to invest in the construction of a residential building. There were no other receipts to the current account of the CJSC during this period. Question: For accounting purposes, should the accrued interest on a loan be included in the value of the investment asset (and in what part - in full or in proportion to the share of payment under the investment agreement) or should the amount of interest be attributed to operating expenses? Answer: The rules for the formation of information on fixed assets of an organization in accounting, including the rules for the formation of the initial cost of a fixed asset, establishes the accounting regulation "Accounting for fixed assets" PBU 6/01, approved by order of the Ministry of Finance of the Russian Federation dated March 30, 2001 No. 26n (hereinafter PBU 6/01). The actual costs that form the initial cost of fixed assets include interest accrued before the acceptance of an item of fixed assets for accounting on borrowed funds, if they are involved in the acquisition, construction or manufacture of this item. However, the provisions of PBU 15/01 provide for two options for classifying interest on a loan as an expense. In general, the costs of loans and credits received, directly related to the acquisition and (or) construction of an investment asset, should be included in the cost of this asset and repaid through depreciation (paragraph 23 of PBU 15/01). The costs of received loans and credits related to the formation of an investment asset, for which, according to the accounting rules, depreciation is not charged, are not included in the cost of such an asset, but are charged to the current expenses of the organization in the generally established manner. Since depreciation is not charged for housing stock objects (paragraph 17 of PBU 6/01), interest on a loan used to build a residential building does not apply to costs included in the initial cost of the fixed asset. These percentages are operating expenses of the organization and are subject to inclusion in the financial result of the organization. Assessing the ratio of the norms of PBU 6/01 and PBU 15/01 from the standpoint of the theory of law, we can conclude that the norms of PBU 6/01 are general, as they regulate the formation of the initial cost of any fixed assets. The norms of PBU 15/01 are special, since they deal with the accounting of expenses on loans and credits for a specific type of property - not subject to depreciation. Thus, it seems to us that in the case under consideration one should be guided by the norms of PBU 15/01, which are special in relation to the norms of PBU 6/01. In the light of the above, we can conclude that the entire amount of accrued interest on the received loan is included in the operating expenses of the reporting period of their recognition. During the oral discussion, it was found out that the object under construction - a residential building can be intended for resale, and accordingly, after the transfer of ownership to CJSC, the apartments will not be put into operation as fixed assets, but included in the composition of goods. However, at the time of investing funds in the construction, the CJSC does not unequivocally determine the purpose of the property. Since the general principle for recognizing costs for loans and credits received under PBU 15/01 is that these costs should be recognized as current expenses, we focus on the exception. A special procedure has been established for the portion of borrowing costs that is to be included in the cost of an investment asset. Also, if the organization uses the funds received from loans and credits to pre-pay for inventories, other valuables, works, services or to issue advances and deposits on account of their payment. The concept of an investment asset is defined as an object of property, the preparation of which for the intended use requires a significant amount of time. Items purchased directly for resale are excluded from this category. Since an organization cannot qualify an object under construction as intended directly for sale, it is unlawful to exclude a house under construction from the category of an investment asset. It is also unreasonable to regard investments in the construction of a residential building as an advance payment for inventory items, since at the construction stage the organization does not have sufficient grounds to qualify the future object as a commodity. Therefore, in relation to interest on a loan received, the rules for accounting for expenses on loans aimed at acquiring an investment asset should be applied. As noted above, in general, the costs of loans and credits directly related to the acquisition or construction of an investment asset should be included in the cost of this asset and repaid through depreciation. The rules of paragraph 23 of PBU 15/01 regarding the inclusion of interest in the cost of an investment asset, first of all, aim to comply with the principle of uniform inclusion of expenses in the cost of goods sold. In relation to fixed assets, for which depreciation is not charged, the cost of the object does not participate in the formation of the cost of sales. Therefore, the cost in the form of interest on a loan aimed at acquiring an object is recognized by the organization as operating expenses at the time of their accrual. Upon completion of construction, the object can be qualified as a commodity. The cost of goods sold forms the costs of the organization at the time of sale. Based on the rules of PBU 5/01, the cost of goods consists of the actual costs of their acquisition, including accrued interest on borrowed funds before the accounting of inventories, if they are involved in the acquisition of these stocks. Based on this, it can be concluded that the amount of interest on a loan allocated for the construction of a construction object affects the financial result from the sale of this object in the future. Therefore, the cost of goods, formed without taking into account the amount of accrued interest, will affect the size of the profitability of transactions for the purchase and sale of apartments, which may affect the decisions of users of financial statements. At the same time, it should be borne in mind that financial statements are prepared according to certain rules, taking into account the materiality indicator. It is necessary to declare what value of the indicator will be accepted as significant in the accounting policy. Paragraph 11 of PBU 1/98 establishes that the organization must disclose the accounting methods adopted in the formation of accounting policies that significantly affect the assessment and decision-making by interested users of financial statements. Methods of accounting are recognized as essential, without knowledge of the application of which by interested users of financial statements it is impossible to reliably assess the financial position, cash flow or financial results organization's activities. Accounting methods include, in particular, methods for evaluating goods and recognizing profits from the sale of goods. Deciding by an organization whether this indicator significant, depends on the assessment of the indicator, its nature, the specific circumstances of occurrence. The organization can decide when, for the formation of the actual cost of goods, an amount is recognized as significant, the ratio of which to the cost of this product is at least 10 percent. Since the loan was received at 6% per annum, when construction is carried out for no more than a year, the amount of interest will not exceed the materiality limit. Therefore, interest on a loan used for the construction of a residential building may be recognized as an operating expense on the date it accrues. If the organization is sure that the amount of interest accrued on the loan will exceed the materiality level, then we recommend using the account to accumulate the costs of servicing the loan and evenly include it in expenses as the apartments are sold. The fact is that today there is a different procedure for accounting for these differences in received borrowed funds. Differences relating to interest are operating expenses, and differences arising from the assessment of borrowed funds (on the principal amount of the debt) in accordance with the norms of accounting legislation are classified as non-operating expenses. But the return of the principal amount of the debt is not considered an expense. How to be in such a situation? Example 7 Let's assume that Raduga LLC received on March 12, 2006 from Katyusha CJSC a loan, the cost of which is expressed in conventional monetary units. The amount of borrowed funds is equivalent to 5,000 euros. Borrowed funds are provided for a period of 1 month at 40% per annum. The euro exchange rate is taken conditionally and is:	51 "Settlement account"		The amount of borrowed funds was returned (5,000 c.u. X 34.70 rubles)

As you can see, as a result, the amount of 1,000 rubles (173,500 rubles - 172,500 rubles) remained on the account, which actually represents the amount difference that has arisen.

End of example.

For more information on the issues of accounting for transactions with borrowed funds from a borrowing organization, you can find in the book of CJSC “BKR-Intercom-Audit” “Borrowed and credit funds. Pledge and surety.

In economic science, the postulate is accepted that an enterprise using its own working capital in economic activities is more stable than an organization that has some part of borrowed funds in its structure. This statement can be disputed, because credit money can allow an enterprise to get more profit if it is used effectively and, accordingly, improve its financial position.

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The difference lies in the cost of capital - the company uses its money for free, you have to pay interest on borrowed money. The proportion between own working capital and borrowed funds must be reasonable, maintaining a high financial stability ratio.

Proper management of accounts payable significantly affects the stability of the enterprise: the higher the debt, the more problems the organization experiences, starting from payment wages employees and to a decrease in staff motivation. Relations with partner organizations and tax authorities may deteriorate, which can literally put the organization on the brink of survival.

Among borrowed funds, a special place is occupied by long-term accounts payable.

What it is

Long-term accounts payable (KZ) - the organization's obligations in relation to other business entities, exceeding a period of one year. In order to be able to successfully manage the company's debts, it is necessary to determine their optimal ratio to their own working capital and develop a system of relations with creditors that allows the most profitable use of other people's funds.

On the one hand, it turns out that a long-term KZ is a part, a share of property legally owned by an enterprise, transferred to it by a creditor on the basis of an agreement, on the other hand, it is a debt that acts as an object of created legal obligations.

Taking into account the mechanisms of inflation, it can be seen that the use of long-term debt in financial activities Firms can be useful because the actual value of money at the time of receipt differs significantly from the value of funds at the time of payment.

The reasons for the emergence of debt can be different: lack of working capital of the enterprise or a long production cycle that requires additional financial injections. Also, one of the main reasons for the occurrence of a long-term short circuit may be the specifics of production.

The appearance of a long-term short-term credit occurs during the acquisition of assets in the event that the buyer is granted a deferred payment. Its actual cost will be equivalent to the amount of money required for repayment on the date of its acceptance for accounting (discount).

The difference between the price in the event of immediate payment and its value at the date of recognition is recognized as amortization. If the price of an asset upon immediate payment is unknown, you can apply the interest rate on bank loans with similar terms or the weighted average interest rate of the Central Bank. Tax liabilities cannot be discounted.

What applies

The chart of accounts in Russia defines 7 main types of debts as long-term liabilities:

• long-term bank loans - the amounts that the company must pay to creditors, taking into account accrued interest;
• loans and credits taken from non-bank sources (for example, a loan from a founder);
• promissory notes with a maturity of more than one year;
• bonds issued by the company with a maturity of more than one year;
• deferred tax liabilities are the amount of taxes due in the near future. A similar situation may arise if there are discrepancies between accounting standards and tax accounting and accounting indicators exceed the amount of tax in the reporting tax period;
• pension provision of employees - the planned obligations of the enterprise for payments to retired former employees of the organization. This item reflects the amount of money required to be paid today against future pension obligations;
• long-term financial lease obligations.

Timing

Long-term loan commitments include all debt with maturities of more than 12 months or after the operating cycle if it is longer than one year. They will be reflected as the present value of future payments.

Long-term accounts payable in the balance sheet

Every accountant knows that long-term KZ in the balance sheet is accounted for in section IV with the same title: Long-term liabilities balance sheet. It is in the passive part of the balance sheet and contains numerical data on debts with maturities exceeding one year.

Line 1410 "Borrowed funds"

In this line, based on the accounting rules, the amounts of long-term loans reflected in accounting on account 67 - “calculations on long-term loans and loans” should be indicated. Only amounts actually received by the borrower should be reflected in long-term debt.

If the subject of filling is borrowed funds in the form of loan agreements, their execution is completely different. Based on the receipt of a loan, the accountant must reflect in the balance sheet not the actual amount of funds received, but the figure specified in the contract.

When compiling an explanatory accounting note, the same approach is applied: it must indicate the lost amounts under the loan agreement.

Filling in line 1410 Loans and credits includes the amount of loans and credits received by the organization. It also reflects the accrued interest at the end of the reporting period.

Line 1420 "Deferred tax liabilities"

In the next line, the accountant is required to reflect the amount of deferred tax liabilities that are part of the budget allocations. Their presence leads to an increase in the total amount of payment of corporate income tax. How do they arise? It's all about the difference between two approaches: traditionally politics tax authorities differs from the accounting requirements based on the requirements of the Ministry of Finance.

When filling out this line, the accountant takes account 77 as a basis.

Line 1430 "Estimated liabilities"

In line 1430, the amount of long-term estimated liabilities, including, among other things, reserves for future expenses (account 96).

This may include:

• unavoidable costs associated with economic activity organizations;
• probable expenses whose occurrence can be foreseen. They reduce the economic benefit of the enterprise;
• amounts of possible costs that can be valued. Estimated liabilities also include the payment of holiday money and insurance premiums accrued on it.

Accounting rules prohibit this line from including unfulfilled contracts under which one of the counterparties has not yet fulfilled its obligations to the other.

Also not subject to inclusion in line 1430 are reserves whose formation comes from retained earnings organizations.

The calculation of estimated liabilities should be formally fixed in the accounting policy of the enterprise.

Line 1450 "Other liabilities"

In line 1450, the accountant indicates the totality of other long-term liabilities that were not included in the previous lines of the balance sheet.

This, as a rule, includes credit balances on accounts: 60, 62, 68, 69, 75, 76, 86.

Settlements with suppliers and contractors, buyers and customers, tax and social insurance, target financing - everything is reflected in line 1450.

The final line 1400 summarizes all long-term liabilities of the enterprise at the end of the reporting period and shows the total amount of credit debt

Information requirements for a long-term short circuit, as a rule, are available at the enterprise.

Sources of information can be:

• loan agreements with banking or other institutions;
• information on the terms of the bond issue;
• long-term financial lease agreements.

Thus, in conclusion, we note that the presence of accounts payable indicates the resulting gaps between the needs of the enterprise to pay current expenses and its ability to this moment requiring borrowed funds.