Until April 1, inclusive, all organizations must submit financial statements. In 2018, there were changes in reporting forms and accounting rules. Recommendations are given in the review below. What's new to consider when you prepare reports.
one . Submit new forms
Submit reports for 2018 according to the forms from the order of the Ministry of Finance dated 07/02/2010 No. 66n. The Ministry of Finance in 2018 made changes to the forms (order of the Ministry of Finance dated 03/06/2018 No. 41n). The adjustments were minor. But make sure that the reporting form is in the current version.
There are also new forms with a mandatory audit line and indicators. Which take into account the amendments to PBU 18/02. But they cannot be used when submitting reports for 2018. The Ministry of Finance has not yet approved the forms. It will be necessary to report on them already for 2019.
- Balance sheet for 2019
Download... example (.xls 75Kb) + blank form (.xls 54Kb) - Report on financial results for 2019
Download... example (.xls 60Kb) + blank form (.doc 70Kb) - Report on intended use of funds
Download... example + blank form
2. Submit reports in the same composition
Compound financial statements has not changed in 2018. It depends on how and with whom you keep records. In a general manner, in a simplified form or in a non-profit organization.
| Organization type | Composition of accounting |
|---|---|
| Organizations that maintain accounting in a general manner | Balance sheet Income statement Traffic report Money Statement of changes in equity Explanations |
| Organizations that have the right to keep accounting simplified form | Simplified balance sheet(.doc 60Kb) Simplified income statement(.doc 47Kb) An organization that maintains accounting in a simplified form has the right to choose which forms to submit accounting reports: general or simplified |
| Non-Profit Organizations | Balance sheet Report on the intended use of funds Income statement. If the NPO made a profit from commercial activities. And the income from this activity is significant. Explanations NCOs can submit the balance sheet. And Report on the intended use of funds in simplified forms. And don't provide an explanation. If accounting is carried out in a simplified manner |
3 . Submit statistics reports
Submit financial statements for 2018 to both the IFTS and Rosstat. If the organization is required to pass. The statistics still need to pass an audit report. When an organization is not subject to mandatory audit. But the statistics require an audit report, send an explanation. That you don't have to represent it. It is not required to send an audit report for 2018 to the IFTS.
The rules for submitting financial statements will change when you submit them for 2019. Reporting together with the auditor's report will only have to be submitted to the IFTS. Only some organizations will have to submit reports to Rosstat.
four . Reporting can be done on paper.
For 2018, you can submit financial statements as on paper. So it is in electronic form. The size of the organization does not matter.: even large enterprises have the right to draw up a balance sheet and other forms on paper. If the organization reports electronically. Use the format recommended by the Federal Tax Service (Letter of the Federal Tax Service dated July 16, 2018 No. PA-4-6/13687).
But from the reporting for 2019, the requirement for a mandatory electronic form will become mandatory. An exception was made only for small enterprises. They will be able to submit accounting reports for 2019 both on paper and according to the TMS. From 2020, small businesses will report in a general manner, electronically.
5 . Explanations for reporting are required
Explanations to the financial statements are required. If you keep accounting according to general rules. Explanations are not required. Only when you keep records according to simplified rules.
The explanations reflect additional information to other reporting forms. Most often, this is a decoding of individual balance indicators. And the income statement.
Ready-made examples of explanations that will help decipher the data of receivables and payables
- Explanations for accounts receivable
It will be required: if the organization has receivables in accounting, including those covered by a reserve for doubtful debts. Download... (.doc 65Kb) - Accounts Payable Explanations
It will be required: if the organization has accounts payable, including overdue ones, in its accounting records. Download... (.doc 66Kb)
How to draw up a balance sheet for small businesses
Forms of the balance sheet and the Report on the financial results of small businesses were put into effect by order of the Ministry of Finance of Russia No. 113n dated 17.08.2012. Based on the order of the Ministry of Finance of Russia dated 02.07.2010 No. 66n "On the forms of financial statements of organizations".
According to order No. 66n. Organizations - small businesses form financial statements according to the following simplified system:
a) in the balance sheet and the income statement. Indicators are included only for groups of articles (without detailing indicators for articles);
b) in the Appendixes to the balance sheet and the Statement of financial results of a small enterprise, only the most important information is provided. Without knowledge of which it is impossible to assess the financial position of the organization or the financial results of its activities.
The work also needs to be guided. The provisions of the Tax Code of the Russian Federation and the data of the tax registers of the organization.
Before balancing, check:
- Are all business transactions reporting period reflected in the account. To do this, first prepare a statement of financial results, and then a balance sheet
- whether the turnovers on synthetic and analytical accounts are correctly formed.
Note :
Before compiling financial statements for the year, the accountant needs to summarize the activities of the organization and close the accounts accounting, according to which the financial result of the organization's activities is determined.
Below is a detailed example of filling out the balance sheet and income statement of a small business. Balances and turnovers for which accounts make up the balance sheet. And a report on financial results for small businesses (KND Form 0710098).
The company is located on USN-D 6% and is engaged in appraisal services. Intangible, financial and other non-current assets. As well as financial and other current assets in the organization are absent. Accounting policy stipulates that revenue is determined as money is received from customers. Expenses are recognized as paid and reduce the financial result of the current period. (Clause 7 PBU 1/2008, Clause 12 PBU 9/99, Clauses 18 and 19 PBU 10/99).
Information disclosure service: financial statements, balance sheets. And all other forms are free.
Example FINANCIAL PERFORMANCE STATEMENT for a small business
According to accounting law included in the financial statements includes precisely the report on financial results (clause 1).
Line 2110 "Revenue, minus VAT, excises". It is calculated as the difference between the turnovers on the Credit of account 90.1 and the amount of turnovers on the Debit of accounts 90.3,90.4,90.5.
Line 2120 "Expenses for ordinary activities." The amount of turnovers on the Debit of the account 90.2.
Line 2330 "Interest payable". Turnover on the Debit of account 91 in terms of interest expenses.
Line 2340 "Other income". Calculated on the basis of the Turnover on the Credit of account 91.
Line 2350 "Other expenses". Calculated on the basis of the Turnover on the Debit of account 91, all other expenses are indicated, with the exception of Interest payable (they are reflected in line 2330)
Line 2460 "Income tax (income)". The amount of income tax indicated on account 68 is indicated. For organizations on the simplified tax system, you must specify the simplified tax here. Because this line reflects not only income tax, but also taxes on income. BUT single tax in a simplistic way, that is exactly what it is.
Line 2400 Net profit= Revenue - Expenses for ordinary activities + Interest payable + Other income - Other expenses + (-) Income tax.
BALANCE EXAMPLE firm on the simplified tax system, How to draw up a balance sheet for a small business
Balance asset
Line 1150 "Tangible non-current assets". The line is calculated as the difference between the Balance at the end of the period on the Debit of account 01 and the Balance at the end of the period on the Credit of account 02.
Line 1170 "Intangible, financial and other non-current assets". The line is calculated as the difference between the Amount of balances at the end of the period for the Debit of accounts 03,04,09,58. And Amounts of balances at the end of the period on the Credit of accounts 05.59.
Line 1210 "Stocks". The line is calculated as the difference between the Amount of balances at the end of the period for the Debit of accounts 10,11,15,16.1,20,21,23,25,26,29,41,43,44,45,46,97. And Amounts of balances at the end of the period on the Credit of accounts 14, 16.1,16.2,42.
Line 1250 "Cash and cash equivalents". The line is calculated as the sum of the Balances at the end of the period for the Debit of accounts 50,51,52,55,57.
Line 1260 "Financial and other current assets".
Line 1260 is calculated as the sum of the balances at the end of the period on the debit of accounts 19,60,62,66,67,68,69,70,71,73,75,76,79,86,94 minus the balance on the credit of account 63.
LIABILITY balance
Line 1310 "Capital and reserves". The line is calculated as the sum of the balances at the end of the period on the Credit of accounts 80,82,83,84 minus the Balance on the Credit of account 81.
Line 1410 "Long-term borrowed funds". The line is calculated as the Balance at the end of the period on the Credit of account 67.
Line 1450 "Other long-term liabilities". The line is calculated as the sum of the balances at the end of the period for the Credit of accounts 75.77.
Line 1510 "Short-term borrowings". The line is equal to the Balance at the end of the period for the Credit of account 66.
Line 1520 "Accounts payable". The line is calculated as the sum of the balances at the end of the period for the Credit of accounts 60,62,68,69,70,71,73,75,76.
Line 1550 "Other current liabilities". The line is calculated as the sum of the balances at the end of the period for the Credit of accounts 96.98.
Changes that influenced the formation of accounting statements for 2019. Mandatory audit of annual accounting (financial) statements. Frequent violations in the evaluation of balance sheet items and the reflection of financial results. Drawing up a balance sheet. Explanations in the financial statements. Information related to financial statements.
The relationship between the indicators of the Balance Sheet and the Statement of Financial Results of a Small Business Entity
Download Control ratios for financial statements(.pdf 273Kb)
Note: The indicators are interrelated if during the reporting period there were no turnovers on account 84 (with the exception of the balance sheet reformation). For example, no dividends were accrued, no deductions were made to the reserve capital.
Do not forget that the required copy of the reporting must be submitted in 2019:1) in ROSSTAT (department of state statistics)
Note: How to do it, the link is below
Accounting reports in Rosstat will be canceled from 2020
From 2020, organizations and entrepreneurs will not have to submit balance sheets to Rosstat. A mandatory copy of the financial statements will need to be handed over only in tax office at the location of the economic entity.
2) in the Federal Tax Service of the Russian Federation (inspectorate of the tax service)
The article will help you find out who is obliged to submit statistical reports to Rosstat on the statistics website. The procedure and deadlines for the submission of statistical reports. What are the ways to submit a statistical form.
Download small business balance sheet... in Excel format
- order of the Ministry of Finance of Russia dated 02.07.2010 No. 66n "On the forms of financial statements of organizations"
The balance sheet format for the submission by small businesses of simplified reporting forms for 2019 to the IFTS in electronic form was approved by order of the Federal Tax Service of Russia dated December 31, 2015 N AS-7-6 / [email protected]. The law does not require , through the Internet. You can draw up a balance sheet and income statement on paper and send by mail by registered mail with Or bring them in person or by proxy to the tax office.
ATTENTION!
Some Tax authorities, when submitting reports there in person, accept accounting reports of a small business only in the form of CND. This form is barcoded. Because they then scan those statements. Moreover, the form and file must be prepared for the program Taxpayer LE version 4.60 and higher !! The easiest way is to download the program Taxpayer LE version 4.60. And enter your data there and print a hard copy and a file on a USB flash drive and hand it over to the tax office.
ROSSTAT will probably most likely accept the second copy of the financial statements in printed form on forms without a barcode.
Balance sheet according to a simplified system for a small business with a barcode.
Ministry of Finance of Russia in Appendix No. 5 to the order of the Ministry of Finance Russian Federation July 2, 2010
Accounting and reporting to tax and statistical authorities is mandatory for all economic entities in Russia. Financial reporting is a set of numerous forms and forms that reflect the results of financial and economic activity enterprises.
Preferential conditions are provided for small businesses: they have the right to keep accounting according to a simplified system and report to the Federal Tax Service using simplified forms:
- Balance sheet.
- Income statement.
- Report on the intended use of funds (for non-profit institutions).
The rest of the forms can be omitted at all if the information in these reporting forms is not essential for assessing the economic activity of a small enterprise. Such a right is enshrined in clause 6 of the Order of the Ministry of Finance dated 02.07.2010 No. 66n. A relaxing condition for the organization must be written in the accounting policy, otherwise the tax authorities may issue a fine for inconsistency in reporting forms.
Simplified financial statements for 2019 (you will find the form below) are provided in the usual manner until March 31 of the year following the reporting year. But since 03/31/2019 is Sunday, submit a simplified accounting report before 04/01/2019 (subclause 5, clause 1, article 23 of the Tax Code of the Russian Federation, parts 1, 2, article 18 of the Federal Law of December 6, 2011 No. 402-FZ). Forms are provided to the Federal Tax Service and statistical authorities in electronic or paper form.
Who submits simplified financial statements
Those economic entities that have an indulgence in keeping simplified accounting can report using simplified forms. In paragraph 4 of Art. 6 of Law No. 402-FZ of December 6, 2011, a list of such organizations is fixed:
- Small business entities (SMEs).
- non-profit companies.
- Institutions participating in the Skolkovo project.
But there are exception organizations that do not have the right to facilitated accounting and reporting (clause 5, article 6 of Law No. 402-FZ):
- Firms whose financial statements are subject to mandatory audit.
- Cooperatives housing and construction-housing.
- consumer credit cooperatives.
- Organizations providing microfinance lending, loans.
- Public sector institutions and political parties (branches and regional divisions).
- Collegiums, chambers and bureaus of lawyers, legal consultations.
- Notary chambers.
- Non-profit institutions included in the register of foreign agents.
To accurately determine whether your institution can submit simplified accounting financial statements for 2019, you should check the organization on both lists. Also check whether the tax authorities recognize the SMP company according to the following indicators:
- the average number of employees should not exceed 100 people for the previous year (how to check the indicator is stated in the Order of Rosstat dated December 30, 2014 No. 739);
- income from entrepreneurial activity- no more than 800 million rubles per year ( residual value fixed assets and assets should also not exceed 800 million rubles);
- the share in the authorized capital of the company belongs to the public sector of the Russian Federation (but not more than 25%) or foreign organizations (not more than 49%).
What is included in the simplified financial statements
Forms under the simplified system are approved in the Order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n (as amended on March 6, 2018). You can download the 2019 simplified financial statements form for free below.
An economic entity entitled to facilitated accounting is required to report to the Federal Tax Service and statistics in three forms.
Balance sheet
Statement of Financial Performance
Report on intended use of funds
Download KND 0710096 (simplified accounting financial statements)
Rules and features of filling out accounting records
- Inclusion financial information in reporting forms is allowed without detailing by accounting items.
- Disclosure of information in a smaller volume, in comparison with the full volume of reporting.
- An entity may choose not to disclose information about a discontinued operation.
- Transactions after the balance sheet date are recorded on a rational basis (if changes are significant).
Consider the features of filling in the context of accounting forms.
Institutional balance sheet
|
clarification |
|
|---|---|
|
Tangible non-current assets |
Indicate the value of the organization's fixed assets, as well as capital investments into fixed assets. |
|
Intangible, financial and other non-current assets |
The total value of investments in intangible assets, development and design of intangible assets, we also indicate long-term loans, bonds and bills. |
|
Finished products, inventories, work in progress, fuel and lubricants, etc. |
|
|
Cash and cash equivalents |
Funds of the organization in cash or on a current account in rubles or foreign currency(equivalent). |
|
Financial and other current assets |
Accounts receivable in total terms for the financial period. |
|
Capital and reserves |
The amount of authorized, additional, reserve capital and retained earnings. Non-profit organizations include targeted funds and especially valuable property. |
|
Long-term borrowings |
Credit obligations, loans and interest on them (the term of the obligation is more than 1 year). |
|
Other long-term liabilities |
Creditor and reserves for future expenses for a period of more than one year. |
|
Short-term borrowings |
Loans, credits, installments (term - less than 1 year). |
|
Accounts payable |
Current accounts payable (suppliers, contractors, founders, budgets, employees). |
|
Other current liabilities |
Reserves for future expenses, targeted financing (term - less than a year). |
Simplified form of income statement
|
clarification |
||
|---|---|---|
|
Revenue minus VAT and excises. |
||
|
Expenses for ordinary activities |
Cost, management and selling expenses. |
|
|
Percentage to be paid |
Interest payable, in the financial period, on credit loans. |
|
|
Other income |
Income received not from the implementation of the main activity. |
|
|
other expenses |
Other expenses, excluding interest payable. |
|
|
Income taxes (revenues) |
The amount of income tax for the reporting period. |
|
|
Net income (loss) |
Calculated according to the formula: Page 1 + page 4 - page 2 - page 3 - page 5 - page 6. |
A sample of filling out simplified financial statements 2019
Here is a simplified accounting financial statement, an example of filling out in Excel format for delivery in 2019:
At the end of each reporting period balance sheet filling for small businesses has its own characteristics, since it is shorter than the standard form of this report and includes mainly generalized accounting indicators. In our consultation, we will tell you how to correctly perceive and fill in certain of its lines.
General requirements
In most cases filling out the balance sheet for a small business comes on a simplified form, which is approved by order of the Ministry of Finance of Russia dated July 02, 2010 No. 66n.
If a small firm has been operating for more than a year and submits an annual report not for the first time, then any balance sheet template for small businesses implies an indication for each line of the amount:
- as of the reporting date of the reporting period (i.e. as of December 31, 2016);
- as of December 31, 2015;
- as of December 31, 2014.
Thus, information and amounts for the period of 2015 must be taken from last year's reporting. And to fill out a simplified balance sheet form for small businesses indicators for 2016, you need:
- balance sheet for all accounts for 2016;
- statement of accrued interest for 2016 on loans and borrowings received by the company (CT of account 66 “Short-term loans and borrowings” and account 91 “Other income and expenses”).
You can often find an example of filling out a balance sheet for a small business, where there are empty lines with dashes. Is this allowed? Quite. After all, the balance sheet does not always have the appropriate data to fill in the individual lines of the balance sheet. And in this case, the accounting rules are allowed to put dashes. The basis is paragraph 11 of PBU 4/99.
Then how to fill out a balance sheet for small businesses who developed his own letterhead? The answer is simple: if you do not work with a standard balance sheet form, then do not provide the missing indicators.
The codes for the lines of the balance sheet of a small enterprise are assigned according to the table from Appendix No. 4 of Order No. 66n of the Ministry of Finance. At the same time, the principle must be observed: according to aggregated indicators, a code is taken based on the indicator that has the largest share in it.
Also, do not forget to put dashes in the remaining empty cells of the lines. This approach to sample balance sheet for small businesses for 2016 a year will allow you not to make mistakes or unnecessary additions, which will inevitably affect the outcome of the report.
Below is shown balance sheet template for small businesses, which should be followed when entering the amounts for each line:
How to fill in the lines
Now about what balance sheet procedure for small businesses for specific lines. Here you need to know the rules of the main PBUs, with which the activities of small businesses usually intersect.
Balance asset
| Line | How to count |
|---|---|
| Tangible non-current assets | Use the formula: BALDO 07 "Equipment for installation" |
| Intangible financial and other non-current assets | Fill in only if there is a balance on at least one account: 04 "NMA"; When there are balances on them, indicate the amount of intangible assets and long-term financial investments. It is determined by the rules of extended reporting. |
| Stocks | Use the formula: BALANCE 10 "Materials" Please note: this formula does not work if the company uses other accounts to account for costs and inventory. Then the indicator is determined according to the rules of extended reporting. |
| Cash and cash equivalents | Use the formula: SALDO 50 "Cashier" |
| Financial and other current assets | Use the formula: Dt BALANCE of all sub-accounts to accounts (62 + 60 + 68 + 69 + 70 + 71 + 73 + 75 + 76) If there are balances on account 58, the indicator of this line must be increased by the amount of short-term financial investments (according to the rules for extended reporting). |
Simplified version of financial statements for small businesses, it was developed in accordance with the principles of accounting regulation, regulated by the Federal Law No. 402-FZ “On Accounting”. In particular, they include the simplification of accounting methods and the content of accounting forms for small businesses.
It can be stated that in recent years in Russia there have been significant changes in the structure and content of the forms of accounting financial statements. They are associated with changes in the balance sheet items, income statement, cash flow statement, and separate explanations to them. One of the innovations in 2012 is the change in the forms of accounting for small businesses. At the same time, the new simplified reporting forms do not apply to medium-sized businesses. Tables 1 and 2 present the forms of the balance sheet and income statement recommended by the Ministry of Finance of the Russian Federation for small businesses.
Table 1. The form of the balance sheet for small businesses, thousand rubles.
| Index | The code | As of 31.12.2012 | As of 31.12.2011 |
| Assets | |||
| 1150 | 2 029 | 2 182 | |
| Intangible, financial and other non-current assets | 1110 | 130 | 134 |
| Stocks | 1210 | 7 549 | 8 455 |
| 1250 | 2 952 | 2 45 | |
| 1230 | 910 | 356 | |
| Balance | 1600 | 13 570 | 13 586 |
| Passive | |||
| Capital and reserves | 1300 | 9 120 | 8 500 |
| Long-term borrowings | 1410 | - | - |
| Other long-term liabilities | 1450 | - | - |
| Short-term borrowings | 1510 | 2 056 | 2 589 |
| Accounts payable | 1520 | 2 394 | 2 497 |
| Other current liabilities | 1550 | - | - |
| Balance | 1700 | 13 570 | 13 586 |
Table 2. The form of the report on financial results for small businesses, thousand rubles.
| Index | The code | 2012 | 2011 |
| Revenue | 2110 | 19 200 | 17 292 |
| Expenses for ordinary activities | 2120* | -14 568 | -16 121 |
| Percentage to be paid | 2330 | -110 | (-) |
| Other income | 2340 | 258 | 2 130 |
| other expenses | 2350 | -1 925 | -944 |
| Income taxes (revenues) | 2410 | -571 | -471 |
| Net income (loss) | 2400 | 2 284 | 1 886 |
*The line code is indicated for the indicator that has the largest share in the composition of the aggregated indicator.
Analysis of table No. 1 shows that in the new balance sheet form for small businesses there are no standard sections of assets and liabilities; indicators of receivables, intangible assets, capital and financial investments are not separated. The statement of financial results (see table 2) does not contain items of selling and administrative expenses, gross profit, interim results of profit (loss) from sales, profit (loss) before tax, reference information on individual income and expenses, the cumulative financial result of the period and etc.
Upon careful reading normative document related to the formation of financial statements, you should pay attention to the fact that if the preparation of financial statements reveals insufficient data to form a complete picture of the financial position, financial performance of the company and changes in its financial position, then relevant additional indicators are included in the financial statements and explanations.
Since only two main forms are included in the financial statements of small businesses, for the analysis of income, expenses and profits of these organizations, it can be recommended to present the relevant indicators for three years in the statement of financial results: reporting, previous and previous, as in the balance sheet. According to the statement of financial results (see table 2), the formation of net profit can be represented as:
- Revenue (line 2110) - Expenses for ordinary activities (line 2120) = Profit (loss) from ordinary activities
- Profit (loss) from ordinary activities + Interest payable (line 2330) + Other income (line 2340) - Other expenses (line 2350) = Profit (loss) before tax
- Profit (loss) before tax - Income taxes (line 2410) = Net profit (loss) (line 2400)
Comparison of aggregated indicators given in a simplified form of the balance sheet of a small enterprise with indicators of the generally accepted form for asset items are shown in table 3.
Table 3 Formation of asset indicators of the balance sheet of a small enterprise
| Article in the asset of the balance sheet of a simplified form | Account balances that are accounted for under this item | Corresponding asset item of the balance sheet of the generally accepted form | Line code |
| Tangible non-current assets | Account 08 (according to the relevant sub-accounts) + Account 01 + Account 03 - Account 02 | fixed assets | 1150 |
| Capital investments in progress | 1155 | ||
| Profitable investments in material values | 1160 | ||
| Tangible Exploration Assets | 1140 | ||
| Intangible, financial and other non-current assets | Account 08 (for the relevant sub-accounts) + Account 04 - Account 05 + Account 58 + Account 55, sub-account "Deposit accounts" - Account 59 + Account 09 (if applicable), etc. | Intangible assets | 1110 |
| Research and development results | 1120 | ||
| Intangible search assets | 1130 | ||
| Financial investments | 1170 | ||
| Deferred tax assets | 1180 | ||
| Other noncurrent assets | 1190 | ||
| Stocks | Sc.10 + Sc.11 + Sc.15 +/- Sc.16 + Sc.20 + Sc.21 + Sc.23 + Sc.28 + Sc.29 + Sc.41 - Sc.42 + Sc.43 - Score 14 + Score 44 + Score 45 + Score 97 | Stocks | 1210 |
| Cash and cash equivalents | Sc.50 + Sc.51 + Sc.52 + Sc.55 (except for term deposits) + Sc.57 | Cash and cash equivalents | 1250 |
| Financial and other current assets | Sch.58 + Sch.55, sub-account "Deposit deposits" - Sch.59 + Sch.19 + debit Sch.60, 62, 68, 69, 70, 71, 73, 75, 76 - Sch.63 | Accounts receivable | 1230 |
| Financial investments (excluding cash equivalents) | 1240 | ||
| Other current assets | 1260 |
In the liabilities side of the balance sheet, the aggregated indicators generally correspond to the final sections of the balance sheet with the allocation of accounts payable and the generalization of indicators of equity and borrowed capital. If in the financial statements certain categories organizations, aggregated indicators are included that include several indicators (without their details), the line code is indicated for the indicator that has the largest share in the composition of the aggregated indicator.
When filling out financial statements in a simplified form, it is necessary to take into account the conditions for recognition and classification of the relevant accounting objects, their economic essence. The working chart of accounts of accounting organizations is approved as part of accounting policy along with reporting forms, accounting form, internal control organization system, methods and options for accounting for the facts of economic life, document flow procedures and taxation regime. The information presented in the financial statements must meet the requirements of completeness, reliability, comparability, materiality, neutrality, objectivity, consistency.
The completeness and reliability of the reporting indicators of small enterprises is influenced by a number of factors:
- irregular accounting records, if accounting is maintained by an outside specialist who is not on the staff of the organization;
- the impossibility of separating responsibilities and powers in various areas of accounting and tax accounting if the organization has one or two accountants;
- the use of one or two computers with a simplified accounting program, which allows you to enter transactions into the system retroactively or carry out transactions that are not approved in the prescribed manner, etc.
In this regard, the requirements of the new Law No. 402-FZ on the creation of an effective internal control system in each organization, thanks to which undesirable risks of business development and distortion of accounting (financial) statements are prevented, are relevant.
The need to improve the control and analysis of the activities of small enterprises is confirmed by the presence of various kinds of research by modern economists. In the literature on the analysis of the financial condition of enterprises, a distinction is made between the assessment of solvency and financial stability. The concepts of identifying the stages of the life cycles of an enterprise are presented in the works N.P. Lyubushina, L.E. Basovsky, I.A. Blanca etc. The method of analysis and control over the activities of small business entities, based on the grouped stages of the life cycle of an enterprise, allows you to develop plans for the development of the organization for the long and short term, to identify the main areas that require special attention from management, i.e. internal users of accounting and economic information.
Indicators of the financial and economic activities of a small enterprise may be of interest not only to internal users (owners and managers), but also to external users - creditors, potential investors, suppliers and contractors, credit organizations, etc. These organizations are mainly interested in the question of the solvency of this enterprise and its business activity. Assessment of the financial condition and solvency of a small enterprise is carried out, as a rule, on the basis of financial statements.
Financial condition refers to the ability of an organization to finance its activities. To develop in the conditions market economy and to prevent bankruptcy, you need to know how to manage finances, what should be the capital structure in terms of composition and sources of education, what proportion should be occupied by own funds, and which should be borrowed. The overall financial condition of a small business can be assessed based on the following indicators:
- structure and dynamics of assets and funding sources;
- liquidity and solvency;
- financial stability;
- financial performance.
Consider what information can be extracted from the reporting that is currently recommended for small businesses.
Analysis of the structure and dynamics of property and sources of financing
Assessment of the structure and dynamics of property (assets) gives an idea of the ratio of fixed and working capital, the share of reserves in current assets, as well as changes in their value over the analyzed period.
The structure and dynamics of funding sources (liabilities) shows the share of own, borrowed and borrowed funds, as well as their change over the analyzed period, which is a well-known method of analyzing financial statements.
However, this information is not of particular importance in assessing the activities of a small enterprise. Authorized capital small business is usually small. They carry out their current activities mainly at the expense of their own funds and accounts payable. Trade and purchasing activities and settlement operations, as a rule, are carried out on the terms of prepayment or by obtaining a commercial (commodity) loan. Therefore, a very important factor is the maintenance of liquidity and solvency, which characterize the ability of the enterprise to timely and in full carry out settlements on current liabilities.
Calculation of liquidity and solvency ratios
The concept of “insolvency of an organization” is associated with the assessment of solvency, in the assessment of which two criteria are used: insufficiency of property to pay debts and inability of debtors to pay. The degree of solvency for current liabilities Ktl is defined as the ratio of current borrowed funds ( short-term liabilities) to the average monthly gross revenue . However, according to the income statement, we can only get the net revenue indicator (see table 3).
The liquidity of an asset is understood as its ability to be transformed into cash. The shorter the period of possible transformation into cash, the higher the liquidity of assets. The liquidity of an enterprise means that the enterprise has current assets in an amount sufficient to pay off current liabilities. To assess the level of liquidity, we calculate indicators of absolute, critical and current liquidity.
Current solvency ratio (Ктп) = (P1+P2)/(N/T)
Absolute liquidity ratio (Ka) = A1/(P1+P2)
Critical liquidity ratio (Cl) = (А1+А2)/(P1+P2)
Current liquidity ratio (Ktl) = (А1+А2+А3)/(P1+P2)
Where, P1 - accounts payable; P2 - short-term borrowed funds; N - revenue; T is the number of months in the period under review; A1 - cash, cash equivalents; A2 - financial investments, receivables and other current assets; A3 - stocks.
Calculation by balance lines:
Ktp \u003d (str. 1510 + str. 1520) / (str. 2110 / 12 months)
Ka = str.1250 / (str.1510+str.1520+str.1550)
Cl = (str.1250+str.1230) / (str.1510+str.1520+str.1550)
Ktl = (str.1250+str.1230+str.1210) / (str.1510+str.1520+str.1550)
As a result, we get the following values:
Ctp: 2011 - 3.5; 2012 - 2.8
Ka: 2011 - 0.5; 2012 - 0.7
Cl: 2011 - 0.6; 2012 - 0.9
Ktl 2011 - 2.2; 2012 - 2.6
On the basis of the calculated indicators, it is possible to draw a conclusion about the liquidity of the funds of the analyzed enterprise and its solvency for the reporting year.
Absolute liquidity ratio (Ka) characterizes the extent to which current liabilities are covered by cash and cash equivalents as of the reporting date. A value of 0.2-0.5 or more is considered normative.
The critical liquidity ratio (CL) characterizes the extent to which current liabilities are covered by the most liquid assets and expected receipts from buyers. The recommended indicator value is greater than or equal to 1.0.
The current liquidity ratio (Ktl) characterizes the degree of coverage of current liabilities by working capital and the ratio 2/1 is considered optimal.
However, the balance sheet reflects the state of current assets and current liabilities at the end of the month, and subsequently the situation may change significantly. These may be problems with delayed payments from buyers and customers, the appearance of any financial difficulties. Credit organizations to assess solvency, statements from the current account for the analyzed period are usually used, analyzing the cash flow on the settlement accounts of the organization.
Calculation of coefficients characterizing financial stability
To assess financial stability, the following relative indicators can be used that characterize the state of working capital, the structure of funding sources, and the financial independence of the enterprise:
| Name | Recommended value | Formula |
| The coefficient of security of current assets with own working capital (Kss) | greater than or equal to 1.0 | Kss = SOS / OA, SOS = Capital and reserves - Non-current assets; |
| The coefficient of security of material reserves with own working capital (Kmz) | from 0.6 to 0.8 | Kmz \u003d SOS / Z |
| Equity maneuverability ratio (Kmsk) | 0,5 | Kmsk = SOS/CR |
| Long-term borrowing ratio (Kdz) | less than or equal to 1.0 | Kdz = Long-term borrowed funds / Own funds |
| Autonomy coefficient (Ka) | greater than or equal to 0.5 | Ka \u003d SK / WB |
| Financial activity ratio (shoulder of financial leverage) (Kfa) | Kfa \u003d (DZS + KZS) / KR | |
| Financial stability ratio (share of long-term sources of financing in assets) (CFU) | from 0.5 to 0.7 | Kfu \u003d (KR + DZS) / WB |
| where, SOS - own working capital; OA - current assets; З - stocks; CR - capital and reserves; SC - equity; WB - balance sheet currency (total cost of funding sources); DZS - long-term borrowed funds; GLC - short-term borrowings | ||
Let us summarize the procedure for calculating the considered coefficients according to the corresponding codes of the balance sheet lines:
Kss = (str.1300-(str.1150+str.1110)) / (str.1210+str.1250+str.1230)
Kmz \u003d (str. 1300-(str. 1150 + str. 1110)) / str. 1210
Kmsk \u003d (p. 1300-(p. 1150 + p. 1110)) / p. 1300
Kdz = str.1400 / str.1300
Ka = str.1300 / str.1700
Kfa = (str.1410+str.1510) / str.1300
Kfu = (str.1300+str.1410) / str.1700
Using these financial stability indicators in analytical practice, it must be borne in mind that they reflect the financial condition as of a past date. Therefore, it is advisable to consider them in dynamics for several reporting periods, which will indicate a certain constancy in the activities of the enterprise. In addition, the recommended values of these coefficients are conditional and depend on the characteristics of financial and economic activities, on internal and external economic factors.
Analysis of financial performance
The financial condition of a small enterprise is also characterized by financial performance. Based on the report on financial results, the dynamics of income and expenses, the net profit of the enterprise is estimated. Profitability indicators characterize the profit per unit of resources expended. Based on simplified reporting forms for a small business, the following indicators can be assessed:
Profitability of ordinary activities (Crob) = (Revenue - Expenses for ordinary activities) / Expenses for ordinary activities
Profitability of all activities of a small enterprise (Kro) \u003d Net profit / (Expenses for ordinary activities + Other expenses)
Marginal profitability (Krp) = Net profit / Expenses for ordinary activities
Return on total assets based on net profit (Ksa) = Net profit / Average value of total assets
Profitability of working capital on net profit (Kos) = Net profit / Average value of working capital for the period
If it is possible to compare these indicators with similar average indicators in a certain field of activity, then we can judge the degree of efficiency of the case in the analyzed enterprise, which is important for its financial stability and solvency.
The indicators of business activity testify to the business activity and success of the business. The most obvious of them are the periods of turnover of receivables and payables. Indeed, in certain economic conditions, in which all enterprises operate, certain average indicators are added up (for example, the terms for granting a commercial loan). Based on the new reporting forms, it is only possible to calculate accounts payable turnover indicators (Kobk), since deferred cash receipts from buyers (accounts receivable) are not shown in the balance sheet, i.e.:
Kobk = Sales revenue / Average accounts payable for the period
Since the financial position of an organization is characterized by assets, liabilities and capital, it is quite clear that these reporting indicators need to be structured for the information needs of interested users, as well as indicators of income, expenses and financial results.
Summarizing the above, we can conclude that small businesses, when preparing financial statements in 2013, independently determine the form of these statements (in a simplified or full version) and decide at their discretion which items of the balance sheet and income statement need to be detailed, what explanations the most significant performance indicators should be given in annexes to the main reporting forms (in tabular or text form).
In turn, the optimal structuring of reporting information will allow all groups of interested users to make objective economic decisions in relation to the analyzed organization. As for the possibilities of analyzing simplified forms of financial statements, the directions and methods for calculating the most important economic indicators covered in sufficient detail in the specialized literature.
Bibliography:
- Kovalev V.V. Introduction to financial management. M.: Finance and statistics, 2006.
- Lyubushin N.P. Economic analysis: Proc. for stud. universities. 3rd ed., revised. and additional M.: UNITY-DANA, 2010.
- tax code RF (Chapter 26.2 as amended on June 25, 2012 No. 94-FZ).
- About accounting: the federal law dated December 6, 2011 No. 402-FZ.
- On the introduction of International Financial Reporting Standards and Interpretations of IFRS in the territory of the Russian Federation: Order of the Ministry of Finance of Russia dated November 25, 2011 No. 160n IFRS (IAS) 1.
- On the marginal values of revenue from the sale of goods (works, services) for each category of small and medium-sized businesses: Decree of the Government of the Russian Federation of July 22, 2008 No. 556.
- On the development of small and medium-sized businesses in the Russian Federation: Federal Law No. 209-FZ of July 24, 2007 (as amended on December 6, 2011).
- On the forms of financial statements of organizations: Order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n (as amended by Orders of the Ministry of Finance of Russia dated October 5, 2011 No. 124n, dated August 17, 2012 No. 113n, dated December 4, 2012 No. 154n).
- On approval of the Accounting Regulations "Accounting Statements of the Organization" (PBU 4/99): Order of the Ministry of Finance of Russia dated 06.07.1999 No. 43n.
- Trubnikova L.S. Development of a system for monitoring and analyzing the activities of small business entities // Economic analysis: theory and practice. 2011. No. 25.
The article is published based on the materials of the journal "Economic Analysis: Theory and Practice" 26/2013
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