The procedure for filling out a report on financial results. Report on financial results - the result of activities for the period
General characteristics of the report on financial results
Income statement (profit and loss statement) reports on the amount of the company's income over a certain period of time, as well as on the amount of expenses that were made to generate this amount of income. Net profit is formed as the difference between the sum of income and expenses. The basic equation underlying the statement of financial performance:
Revenues - Expenses \u003d Net Income
Investment Analysts intensively studying reports on financial results of companies. Stock analysts They are interested in them, because stock markets often respond positively or negatively to high or low growth in company profits with, respectively, above average or below average profit. Analysts who focus on fixed income instruments, should study the components of reports on financial results for previous periods and with a forecast for the future to obtain information about the capabilities of companies. Stable profit generation will allow us to expect the promised payments on their debts during the business cycle. Corporations often pay more attention to the report on financial results in comparison with other financial statements.
Components and Report Format
An example of a statement of financial performance is presented in table 1. Note that years can be listed in ascending order from left to right from the most recent year in the last column, and in descending order with the last year in the first column. These are alternative data display formats. There are also differences in the provision of information on the various elements. Companies can detail sources of income, expenses, etc. The analyst should always check the order of years and the way in which negative elements are presented before starting the analysis.
A statement of financial performance is also called a statement of operations, a statement of earnings or a statement of profit or loss. The following elements exist in this document:
- income - This is a positive cash flow from earned intermediary operations, sales of goods and services, provision of own funds on credit, etc.
- costs constitute a negative cash flow, which is formed in order to generate income. This includes money that was expended during the reporting period, as well as expenses for which future value cannot be measured.
In the top line of the profit and loss statement, as a rule, are information about revenue. Revenue is the amount charged for the delivery of goods or services in the ordinary course of business. Revenue is often used as a synonym for income from sales, sales, turnover.
Table 1. An example of a report on financial results
Explanations |
Name of indicator |
January - December 2015 |
For January - December "2014 |
|
Cost of sales |
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Gross profit (loss) |
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Selling expenses |
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Management expenses |
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Profit (loss) from sales |
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Income from participation in other organizations |
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Interest receivable |
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Percentage to be paid |
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Other income |
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other expenses |
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Profit (loss) before tax |
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Current income tax |
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including permanent tax liabilities (assets) |
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Change in deferred tax liabilities |
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Change in deferred tax assets |
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Net income (loss) |
Explanations |
Name of indicator |
January - December 2015 |
January - December 2014 |
|
The result from the revaluation of non-current assets not included in the net profit (loss) of the period |
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Result from other operations not included in net profit (loss) of the period |
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The total financial result of the period |
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REFERENCE Basic earnings (loss) per share |
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Diluted earnings (loss) per share |
Profit represents the excess of income over expenses, and also includes sales of a long-term asset at a value that is higher than its carrying amount; in addition, this includes repayment of obligations at an amount that is less than their carrying amount.
Lesion - this is the excess of expenses over the company's income, as well as the sale of a long-term asset at a cost less than its carrying amount; in addition, this repayment of the obligation in the amount higher than its carrying amount.
Cost price sold goods and services includes the costs of the direct production of these goods and services.
Gross profit represents the difference between revenue and cost of goods and services sold. When the report on financial results shows gross profit, the company uses a multi-stage format for displaying data, otherwise a single-stage format is used. For industrial and trading companies for which gross profit is the most relevant, gross profit is calculated as revenue minus the value of the goods that were sold. For service companies, gross profit is calculated as revenue minus the cost of the services that were provided. Thus, gross profit is the sum of income after deducting the cost of producing goods or services. Other expenses related to business management, raising capital, etc. deducted from gross profit.
Sales and administrative expenses - This is operating expenses that are associated with the management of the company and the organization of the sales process.
Operating profit - This is the profit from operating activities and represents a pre-tax result excluding non-operating income and expenses. Operating expenses, such as cost of sales, administrative, sales and R&D expenses and others, are additionally deducted from operating profit. Operating profit reflects the company's profit from its ordinary business before taxes. For financial companies, interest expenses will be included in operating expenses and deducted in calculating operating profit. For non-financial companies, interest expenses will not be included in operating expenses and will be deducted after operating profit, as they relate to non-operating activities for such companies. For some companies, consisting of several separate business segments, operating profit may be useful in assessing the performance of individual enterprises. This reflects the fact that interest and tax expenses are more relevant at the level of the general company, and not at the level of an individual segment. The specific calculations of gross profit and operating profit may vary in different companies, so the reader of the financial statements may familiarize themselves with the explanations to the financial statements to identify significant differences.
Non-operating profit - profit from auxiliary activities.
Net profit often called the bottom line. The basis for this expression is that net profit is the final line in the statement of financial performance. Since net profit is often considered the most appropriate number to describe a company's performance over a period of time, the term bottom line is sometimes used in general business jargon and means any final or most appropriate result.
Net profit also includes gains and losses, which are inflows and outflows of assets, respectively, are not directly related to ordinary business activities. For example, if a company sells its products, this amount is shown as income and expenses, which are indicated separately. However, if a company sells surplus land that is not needed, the value of the land is deducted from the sale price and the net result is reported as profit or loss.
The total financial result of the period. The general equation of definition for net profit is expenses minus expenses. However, there are some items of income and expenses that, according to accounting rules, are excluded from the calculation of net profit. To understand the relationship between the fair value of equity of one period with the amount of equity for another period, it is necessary to consider the nature of these elements and their impact on the total financial result.
In addition to presenting net income, financial statements also present some other financial results that are material to users of the financial statements. Some of the financial results are determined by international financial reporting standards (IFRS), in particular, the income from non-core operations. International Financial Reporting Standard (IAS) No. 1, Presentation of Financial Statements, requires certain elements, such as revenue, interest payments and income taxes, to be separately disclosed in the statement of financial performance. IFRS 1 also requires that financial results be also " presented in the statement of financial performance when such a presentation is appropriate for understanding the financial performance of an enterprise.“IFRS No. 1 says that expenses can be grouped either by their nature or by function. For example, grouping expenses, such as depreciation of equipment or depreciation of administrative facilities, into one element called depreciation, there is a grouping by the nature of expenses. Example of grouping by functions will occur, for example, if all expenses related to sales are summed up in a separate cost line, which will include some salaries (for example, production personnel), material nye costs, depreciation of fixed production assets, and other costs associated with production.
Thus, some aspects of the preparation and presentation of reports depend on the industry, while others reflect differences in accounting policies and practices of a company. In the process of analyzing the report on financial results, it is worth paying attention to such a difference, which will allow us to formulate more correct conclusions about the company's ability to generate profit.
Determining the company's revenue in the statement of financial performance
Revenue is the top line in the income statement. In a simple hypothetical scenario, revenue recognition is not a problem. For example, a company sells goods to a buyer for cash without the ability to return the goods: When should a company recognize revenue? In this case, it is obvious that income should be recognized when goods are exchanged for cash. In practice, however, determining income can be a bit more challenging for a number of reasons.
An important aspect regarding revenue recognition is that it can occur independently of cash flow. For example, suppose a company sells goods to a buyer on credit and therefore does not actually receive cash at the time of delivery of the goods. The basic principle of the accrual method is that income is recognized when it is earned, so that the financial statements of the company reflect the sale when the relevant transaction is completed and the related receivables are generated.
Later, when the money is transferred to the company, the financial accounts of the company simply reflect that the money was received and part of the receivable is repaid (the part that is associated with a particular transaction). In addition, there are situations when a company receives cash in advance and actually provides a product or service later, possibly over a period of time. In this case, the company will record deferred income, which is then recognized as earned after a certain period of time. (One example would be an upfront subscription to a magazine, which should be delivered periodically over time.).
Basic principles for revenue recognition promulgated by relevant regulatory authorities.
The International Accounting Standards Board (IASB) provides that revenue for the sale of goods must be recognized (in the income statement) when the following conditions are met:
The entity transferred significant risks and benefitsrelated to ownership of goods.
The company does not reserve no managerial functions to the extent that is usually associated with ownership, nor effective control over the goods sold.
The amount of revenue may be accurately appreciated.
It is likely that the economic benefits associated with the operation, will go to the enterprise.
Costs incurred or which will be incurred in connection with the transaction may be reliable priced.
The International Accounting Standards Board notes that the transfer of risks and rewards of ownership usually occurs when the goods are delivered to the buyer or when the legal ownership of the goods is transferred. However, as noted above under other conditions, the transfer of goods does not always result in revenue recognition. For example, if the goods are delivered to a retail store in order to be sold, but subject to a possible return in case of low demand for the product, and the ownership of the goods is not transferred, then the income will not be recognized at the time of transfer.
The Accounting Standards Board (FASB) indicates that revenue should be recognized when it is "realized, or realized and earned." The US Securities and Exchange Commission (SEC), which was motivated to explain the essence of determining revenue because of the frequency of overstatement of income due to fraud and / or misrepresentation, gives recommendations on how to apply accounting principles. These guidelines call four criteria for determining whether income is realized, whether it is realizable, and whether income is earned:
1. There is evidence of an agreement between the buyer and seller. This approach eliminates the practice when the seller delivers the goods to the client before the end of the reporting year, and returns the goods after the end of the reporting year and compiling a report on the financial results of the company.
2. The product has been delivered or the service is provided. This approach eliminates the practice when the goods have already been delivered, but the main risks and rewards for the goods still belong to the company.
3. The price is determined or can be determined.
4. The seller is confident that the transaction funds will be returned. This principle allows us to exclude the situation when most likely the seller will not receive funds for the services provided.
Council Standards IFRS separately consider revenue recognition for services:
1. If the result of a transaction involving the provision of services can be reliably estimated, the proceeds associated with the transaction are recognized at the stage of completion of the transaction at the reporting date.
2. The result of the transaction can be reliably evaluated if the following conditions are met:
The amount of revenue can be estimated.
It is likely that the economic benefits (such as cash) associated with the transaction will flow to the entity.
The stage of completion of the transaction at the reporting date can be precisely determined.
The costs incurred in the transaction and the costs necessary to complete the transaction can be accurately estimated.
Companies may disclose their revenue recognition policies in the notes to their financial statements. Analysts should carefully study this policy to understand how and when the company recognizes revenue, which may differ depending on the types of products sold and services rendered.
Determination of company expenses in the statement of financial performance
Expenses are deducted from income to obtain the net profit or loss of the company. In accordance with the IFRS Concept, expenses are "a decrease in economic benefits during the reporting period in the form of cash outflows, decrease in assets or liabilities that result in a reduction in capital, other than those relating to distributions to shareholders."
The definition of expenses includes various kinds of losses, as well as expenses that arise in the normal course of business of an organization. Costs that arise in the ordinary course of business of an organization include, for example, cost of sales, salaries and depreciation. They usually represent the disposal or "depletion" of assets, such as cash and cash equivalents, stocks, fixed assets.
Losses are other items that satisfy the definition of expenses and may arise both in the normal course of business of an organization and without regard to it. Losses represent a decrease in economic benefits and, therefore, do not differ from other expenses in nature. Therefore, they are not considered a separate element of these Conceptual frameworks.
Similar to the issue of revenue recognition, in a simple hypothetical scenario, cost recognition is not a problem. For example, suppose a company purchased goods for cash and sold all goods in the same period. When the company paid for the goods, it is clear that the amount of the outflow is equal to the value of these goods, and it should be recognized as an expense (cost of goods sold) in the financial statements. Assume also that the company paid all operating and administrative expenses in cash during each reporting period. In such a simple hypothetical scenario, there would be no problem of recognition of expenses. In practice, however, both revenue recognition and cost determination can be somewhat more complex.
General principles
In general, a company recognizes expenses in the period in which the economic benefits associated with the expenses are consumed (that is, used) or lose some previously recognized economic benefits.
The general principle of cost recognition is the principle of conformity, also known as " matching income". In accordance with the principle of conformity, the company directly compares certain expenses (for example, the cost of goods sold) with the related income. Unlike a simple scenario in which a company buys goods and sells them all during one reporting period, in practice, more likely, some of the sales for the current period will be made from stocks purchased in the previous period, and it is also likely that some of the stocks purchased in the current period will remain unsold at the end of the current period Yes, and so it will be implemented in the next period. The correspondence principle requires that the cost of goods sold by the company to meet certain period income.
Non-production expenses of the reporting period, that is, expenses that are less directly related to certain incomes, are reflected in the period in which the company incurs expenses or in the period when the payment is due. Administrative expenses are an example of non-production expenses of the reporting period. Other expenses, which are also less directly related to the income of the reporting period, are associated more with future expected benefits; in this case, expenses are distributed systematically over time. An example is depreciation expense.
Of great importance in the process of determining costs is the chosen method of estimating the value of stocks. According to RAS 5/01 Accounting for inventories, in domestic practice, such methods are used to assess the value of inventories.
Table 2. - Summary table on methods for assessing the value of stocks
Problems in the cost estimation process
The following questions may arise in the cost estimation process.
Doubtful receivables
When a company sells its goods or services on credit, it is likely that some customers will not be able to answer for their obligations (i.e. not able to pay). At the time of the sale, it is not known what the solvency of a particular client will be. (If it were known that a particular client would ultimately be insolvent, then, presumably, the company would not sell the goods on credit to that client.) One possible approach to recognizing credit losses on customers' receivables would be for the company to simply wait until as long as the client is declared bankrupt and only then the losses will be recognized. This approach, as a rule, is not consistent with generally accepted accounting principles.
In accordance with the principle of conformity, at the time of recognition of revenue, the company must assess how much of the revenue will ultimately be hopeless. Companies make such estimates based on previous experience managing bad accounts. Such estimates can be expressed as a fraction of total sales, total receivables, or receivables overdue for a certain amount of time. The company records its valuation of receivables as an expense in the income statement, and not as a direct reduction in revenue.
Warranty
Sometimes companies offer warranties for the products they sell. If the product has a defect in some respects covered by the terms of the warranty, the company will bear the cost of repairing or replacing the product. At the time of sale, the company does not know the amount of future expenses that it will incur in connection with the use of the right to guarantee. One of the possible approaches for the company is simply to wait for the actual expenses to be incurred under the guarantee program for customers. In this case, the costs will be displayed at the time they are made. However, this leads to some discrepancy in time of expenses and incomes.
In accordance with the principle of compliance, the company must evaluate the amount of future costs associated with the guarantees in order to recognize the estimated warranty expenses during the sale period, as well as update the amount of expenses according to our own experience during the term of the guarantee program.
Depreciation and Amortization
Companies often carry acquisition costs of long-term assets. Long-term assets are assets that can bring economic benefits over a future period of time exceeding one year. Examples are land (property), installations, equipment, and intangible assets (assets that do not have physical substance), such as trademarks. The value of most long-lived assets is allocated over the period of time during which they provide economic benefits. The two main types of non-current assets for which expenses are not allocated during the time of use are land and those intangible assets that have an indefinite useful life.
Depreciation is a process of systematic allocation of costs to non-current assets for the period during which the assets will bring economic benefits. Depreciation is a term that is usually applied to this process for physical long-term assets, for example, such as fixed assets (land is not subject to depreciation). Depreciation also applies to intangible fixed assets with a limited useful life. Examples of intangible fixed assets with a limited useful life include an acquired mailing list, a patent with an expiration date, and copyright with a specified validity period. The term depreciation is also widely used to systematically deduct a premium or discount from the face value of a fixed income security over the life of its circulation.
To calculate depreciation and amortization, a company must choose a depreciation method, evaluate the useful life of the asset, and estimate the residual value. Obviously, the different options will be different and have different effects on depreciation and, consequently, on net profit.
Implications for financial analysis
A company's valuation of doubtful debts and / or guarantee costs may affect its net income. In addition, a company's selection of the main aspects of depreciation, the depreciation method, the estimated useful lives of the assets, and the valuation of the assets at their expected residual values \u200b\u200bmay adversely affect net income. These are just some of the features and ratings that affect the final financial result of the company.
As is the case with revenue recognition policies, a company's choice of costing method can be classified by level of conservatism. Policies that lead to the recognition of costs later, rather than earlier, are considered less conservative. In addition, many expense items require the company to forecast future costs, which can significantly affect net income. An analysis of the financial statements and, in particular, comparing the data of one company with the financial statements of a competitor requires an understanding of the differences in these estimates and their potential impact.
If, for example, a company shows significant annual changes in its approaches to the assessment of bad receivables, warranty costs or expected useful lives of the assets, the analyst should strive to understand the main reasons for this. Are changes associated with changes in business operations (for example, lower estimated warranty costs reflect the recent experience of fewer warranty claims in connection with improved product quality)? Or changes that seem unrelated to changes in business operations and, thus, perhaps this is a signal that the company is manipulating estimates to achieve a certain effect in relation to the amount of net profit?
As another example: if two companies in the same industry are strikingly different in evaluating bad accounts as a percentage of total sales, warranty costs as a percentage of sales or expected useful lives as a percentage of assets, it’s important to understand the main reasons such a phenomenon. These differences have arisen due to differences in the business activities of the two companies (for example, a lower share of receivables in one of the companies will reflect a higher creditworthiness of the client base or, perhaps, stricter credit policy rules)? Another difference will be manifested in the difference in the expected useful lives of the assets, if one of the companies operates using more modern equipment. Or, on the contrary, the revealed differences in the conditions of the same economic activity of the two companies, perhaps signal that one of the companies is manipulating the estimates?
Information about the accounting policies of the company and its significant estimates can be described in the notes to the financial statements.
Whenever possible, the monetary effect of using different approaches in policies and evaluations should be taken into account by the analyst when comparing different companies. The analyst can use the monetary effect to adjust the reporting data, including in terms of the formation of expenses in order to ensure compliance with the principle of comparability in the process of financial analysis.
Even when the monetary consequences of differences in policies and estimates cannot be accurately calculated, as a rule, one can characterize the relative conservativeness of policies and estimates and, therefore, qualitatively assess potential differences that may affect the amount of expenses in reporting and, therefore, financial indicators.
Analysis of the report on financial results
In the process of analyzing the report on financial results, it is worth using two main analytical tools: horizontal vertical analysis and coefficient analysis. When analyzing a statement of financial performance, the goal of the process is to evaluate a company's performance over a period of time - compared to its own historical performance or compared to another company.
Horizontal-vertical analysis of the report on financial results
A vertical analysis of the income statement provides for the display of each position in the income statement as a percentage of revenue. This analysis allows you to compare data by time periods (time series analysis) and between individual companies of different sizes.
An analysis example is presented in the following table:
Table 3 - an Example of vertical analysis of the report on financial results
Report on financial results, thousand rubles |
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Indicator |
Company A |
Company B |
Company B |
Cost price |
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Gross profit |
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Management expenses |
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Distribution costs |
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Other operating expenses |
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Operating profit |
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Vertical analysis of the report on financial results,% |
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Indicator |
Company A |
Company B |
Company B |
Cost price |
|||
Gross profit |
|||
Management expenses |
|||
Distribution costs |
|||
Other operating expenses |
|||
Operating profit |
Thus, the analyst can compare reports on the financial results of various companies of unequal size. In preparing a vertical analysis of the statement of financial performance, as shown in table 3, the analyst can easily see that the percentage of expenses of company B and profit in relation to the amount of revenue are exactly the same as for company A. In addition, although the operating profit of the company C is lower than in company B in absolute terms, it is higher in percentage terms (20 percent for company B compared to 15 percent for company B). This means that for every 100 rubles of sales, company B generates 5 rubles more operating profit than company B. In other words, company B is more efficient and able to generate more profit from the available limited resources compared to company B.
A vertical analysis of the statement of financial performance also highlights differences in company strategies. When comparing the two large companies, we see that company A reports a higher share of gross profit in the total sales compared to company B (70 percent versus 25 percent). Given that both companies operate in the same industry, the question arises, why can company A generate so much more gross profit?
One possible explanation can be found by comparing the operating expenses of the two companies. Company A spends significantly more on other operating expenses and on advertising (marketing expenses), while company B does not. Advertising costs are likely to lead to greater brand awareness. Thus, based on these differences, it can be assumed that Company A sells more recognizable products, which over time will become even more competitive in the market by improving the image of brand A.
Company B can sell its products cheaper (with a lower share of gross profit in the amount of sales), but not save money, but invest them in research and development or advertising. In practice, differences between companies are more subtle than in such a hypothetical example, but this example allowed us to demonstrate the essence of vertical analysis of the report on financial results. The analyst, noting significant differences, will seek to understand the main causes of differences and their consequences for the future activities of companies.
For most costs, comparing with revenue is an acceptable technique. However, in determining the effectiveness of managing corporate income taxes, it is necessary to compare tax expenses with the amount of profit before tax. In the case of various shares of the current income tax in the total amount of profit before tax, the analyst can use the explanations to the financial statements, which will allow to study the reasons for the differences in the size of effective tax rates. To project companies' net profit in the future, the analyst will forecast the profit before tax and then apply the estimated effective tax rate based in part on historical tax rates.
Vertical analysis of the report on financial results is especially useful when comparing companies with each other over a certain period of time or for comparing companies with industry data. The analyst can select individual competing companies for comparison, use industry data from published sources, or collect data from databases based on a selection of peer companies or wider industry data. The performance of an individual company can be compared with industry data to measure relative performance.
As for horizontal analysis, this method involves comparing company data for several periods and calculating growth or growth indicators. An example is shown in table 4.
Table 4 - an Example of vertical analysis of the report on financial results
Horizontal analysis of the report on financial results,% |
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Indicator |
Absolute deviation, +, - |
Vertical deviation,% |
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Cost price |
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Gross profit |
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Management expenses |
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Distribution costs |
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Other operating expenses |
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Operating profit |
Horizontal analysis makes it possible to understand whether a company is developing, whether it is increasing sales, and increasing the size of the financial result from its activities. All this allows us to understand the direction of the company’s development, which provides analytics with information about business prospects. A higher rate of revenue growth compared to expenses will indicate an increase in the efficiency of the company.
Net Profit Margin \u003d Net Profit / Revenue (1)
Net profit margin measures the amount of net profit that a company generated for each ruble of revenue. A higher level of net profit indicates a higher profitability of the company and, therefore, this situation is more desirable. Net profit margin can also be found directly using the vertical method of analyzing financial statements.
A positive value of the indicator will indicate that each ruble of sales allows the company to make a profit. However, it is not always possible to accurately determine whether a positive value is high enough to substantiate conclusions about effective activities or whether the current indicator is still too low. Therefore, to determine the exact position of the company and the quality of management work, it is worth comparing the net profit margin of the enterprise with other companies in the industry. Profitability can also be compared with your own indicator in previous periods of work. An increase in the indicator during the study period will indicate a constant improvement in the production, marketing, and financial work of the company. A decrease will indicate a decrease in the effectiveness of the main and non-core activities of the company.
Another measure of profitability is the gross margin. Gross profit is calculated as revenue minus cost of goods sold, and gross profit margin is calculated as the ratio of gross profit and company revenue for the same period.
Gross margin \u003d Gross profit / Revenue (2)
The rate of gross profit (it is the gross profit margin) measures the amount of gross profit that falls on each ruble of sales. In this case, a higher level of gross profit also indicates a higher profitability, and this situation is usually more desirable, although differences in the level of gross profit margin reflects the peculiarities of company strategies. For example, consider the situation when a company implements a strategy for selling a differentiated product (for example, a product is differentiated on the basis of a brand, quality, advanced technologies or patent protection). A company is likely to be able to sell a differentiated product at a higher price than similar but undifferentiated products and, therefore, is likely to show a higher level of gross profit than a company that sells an undifferentiated product. Although a company selling a differentiated product is likely to show a higher gross margin, it may take some time to reach this market position. At the initial stage of the implementation of the strategy, the company is likely to incur additional costs for creating a differentiated product, such as, for example, advertising or research and development, which will not be reflected in the calculation of gross profit.
Thomas R. Robinson, International financial statement analysis / Wiley, 2008, 188 pp.
Kogdenko V.G., Economic analysis / Textbook. - 2nd ed., Revised. and add. - M .: Unity-Dana, 2011 .-- 399 p.
Buzyrev V.V., Nuzhina I.P. Analysis and diagnosis of financial and economic activities of a construction company / Textbook. - M .: KnoRus, 2016 .-- 332 p.
The general form of the report on financial results is given in Appendix No. 1 to Order No. 66н.
The statement of financial performance provides data for the current and previous years.
Column 1 "Explanations" indicate the number of explanations to the corresponding line of the report on financial results.
Column 3 needs to be added independently to indicate the line code in it.
Consider what should be reflected in one or another indicator presented in the statement of financial performance.
IN line 2110 reflect income from ordinary activities - revenue for goods sold, work performed, services rendered. Please note: income must be indicated excluding VAT and excise taxes.
The cost of goods sold (work performed, services rendered) corresponds to the indicator for line 2120. When calculating the total, it is taken into account with a minus sign, therefore it is enclosed in brackets.
IN line 2100 indicate the amount of gross profit (the difference between the indicators of lines 2110 and 2120), in line 2210 - , in line 2220 - .
The financial result from the sale of goods (work, services) (the sum of lines 2100, 2210 and 2220) is recorded in line 2200. If it is negative, then the organization worked at a loss.
Income due to participation in the authorized capital of other organizations (dividends on shares) and joint activities are indicated in line 2310but only if such income is not basic. Otherwise, its value should be on line 2110.
IN line 2320 the sums of interest that the organization received in the reporting period on bonds, deposits, government securities, funds held in the current account, loans and borrowings are combined. And the amounts that are accrued for payment already on their bonds and bills, as well as on loans and borrowings, are paid into line 2330. These are costs, so write down the amount in parentheses.
IN lines 2340 and 2350 give other income and expenses that are not included in the indicators of the previous lines.
IN line 2300 calculate profit before tax by summing lines 2200 - 2350 and taking into account that expenses are indicated with a minus sign.
Lines 2410 - 2450 intended for income tax payers, therefore, “simplistic” put dashes in them and go to the next line - 2460. On it, in particular, reflect the tax paid under the simplified tax system (in brackets), as well as penalties and fines accrued for violation of tax laws.
IN line 2400 calculate net profit (or loss) for the reporting year. For "simplists" it will be profit minus accrued single tax under a simplified system. By the way, the indicator on line 2400 of the statement of financial results should coincide with the indicator of retained earnings (uncovered loss) from Sec. III liabilities of the balance sheet for this year (minus the same indicator for the last year).
The following is background information. By line 2510 show the result of the revaluation of non-current assets of the organization carried out in the reporting period. Note that this line only indicates the change in additional paid-in capital arising from the revaluation of non-current assets carried out in the reporting period. The amounts of revaluation (devaluation) of fixed assets and intangible assets, allocated to the financial result as other income (other expenses), are shown on line 2340 "Other income" or 2350 "Other expenses".
By line 2520 show the result of other operations not included in the net profit (loss) of the period.
Dt Kt (accrued single tax on the simplified tax system)
The report on financial results for 2015 in the general form will be completed as follows:
Explanations |
Name of indicator |
year 15 |
year 14 |
|
REFERENCE |
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The result from the revaluation of non-current assets not included in the net profit (loss) of the period |
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Result from other operations not included in net profit (loss) of the period |
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The total financial result of the period |
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Basic earnings (loss) per share |
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Diluted earnings (loss) per share |
The lines of columns 1 accountant crossed out. This is possible because the company does not draw up explanations for the financial statements, the numbers of which are indicated in this column.
Column 4 is the only one that requires completion by the newly created organization. The accountant entered indicators into this column based on the data given in the table. Column 3 has also been added to indicate line codes.
So in line 2110 accountant showed revenue. The value is 427.
IN line 2120 - the cost of sales - 186. This indicator is in parentheses, that is, negative.
IN line 2210 reflected selling expenses - 43.
IN line 2220 - management - 22.
Indicator lines 2200 "Profit (loss) from sales" is 176 (241 - 43 - 22).
IN line 2300 "Profit (loss) before tax" duplicated indicator from lines 2200 - 176.
IN line 2460 the accountant entered the amount of the accrued "simplified" tax - 26. The indicator is enclosed in brackets.
IN line 2400 calculated net profit of the company. It is equal to 150 (176 (line 2300) - 26 (line 2460)).
In the reference part of the report on line 2500 The aggregate financial result of the reporting period is indicated - 150.
Columns 4 have dashes in all blank lines.
Management at each enterprise seeks to generate revenue, increase sales, and solve other similar problems. Any activity should have an essence that comes down to a certain result. Reports are needed in order to document any kind of financial transactions.
This document is the basis for the work of accounting. It gives a description of the financial performance of the enterprise for a certain time. Such periods are called reporting periods.
Most of the information is related to expenses and income.
And the direct results of activities, expressed in financial indicators.
The document requires the reflection of the expenses of any group - management and commerce, production of finished products.
The document should be submitted to the tax organization no later than three months after the end of the reporting period.
Step-by-step instructions for filling out a document
Without the ability to calculate economic indicators, the correct completion of the report becomes impossible. There are a lot of such indicators in the form of report number 2. And each of the indicators has an individual code.
Let's start with a general listing of the data that must be present in the report:
- Reference data.
- Net profit at a loss.
- Data on deferred assets, annual changes.
- Profit and loss indicators before tax.
- Losses or profit from sales.
- Group with other revenue and expense items for the year.
- Interest received or already paid.
- Gross profit, loss for the past year.
- Commerce, management expenses.
- The level of cost of branded sales.
- What revenue was received during the year?
Excise taxes and VAT are not contained in all indicators mentioned in the report. This is especially important for the income group.
Where can I download a sample form?
When compiling a document, it is better to look at an example. The form for the statement of financial performance is possible.
Diversity of any negative indicators does not require the use of a minus sign. To indicate a negative value, simply use round brackets.
Data for the current period are compared without fail with what was before.
How to fill line by line?
To fill out, you can use the electronic form, tables. Then this process will be much simpler.
Your values \u200b\u200bmust be entered literally in each line.
- 2460. Here they write about amounts that are not included in the previous lines.
- 2450. Dedicated to changes in tax assets deferred for some time.
- 2430. Changes to IT.
- 2421. The remainder of the PNO.
- 2410. With income tax on the basis of the data referred to in the declaration.
- 2350. The result of subtracting the value of line 2330 from expenses.
- 2340. Other income net of VAT and excise taxes, values \u200b\u200bfrom lines 2310 and 2320.
- 2330. Dedicated to the interest paid on the use of loans.
- 2310. Dividends and property received by the organization. For their calculation, the balance amount for the debit of 91 accounts is taken, we analyze this type of income, use the account correspondence 76.
- 2100. Gross profit minus commercial expenses.
- 2210. Income from main activities, commercial type
- 2120. Excises with VAT are deducted from the amount of expenses from core activities.
- 2110. Here they write about the revenue that brought the activities of an operational nature. Only taxes and other fees, VAT with excise taxes are not taken into account.
What data should be reflected in the statement of financial flows on foreign accounts? The rules for filling out the document are in.
Comparison of indicators in the report
Previously, it was reported about the need for comparison between indicators of the current period and past.
This means that using the uniform rules all the figures are formed, which are included in the report.
They talk about two main reasons why disparate data types appear:
- Serious errors of past years identified in the reporting period.
- Changes in accounting policies of organizations.
Last year's data needs to be adjusteduntil a match is reached with the situation in which the company is now. It’s not worth making changes to reports compiled over the past years.
Numbering of lines is absent in the approved form No. 2. The encoding of strings is separately specified on the basis of Order No. 66n of 2010.
Typically, accountants rely on the fourth appendix to this document. Line numbering is mandatory for those who plan to submit a report to the statistical authorities, the Federal Tax Service.
The main thing is to take into account the features that are characteristic of a particular legal entity. For example, a special kind of form number 2 exists for entities working in small business.
It is with them the introduction of data of an enlarged type is connected. They add a large number of lines included in the standard form.
On different copies, the presence of signatures that are different from each other is unacceptable.
If the report is sent to regulatory authorities in electronic form, then there is no need to duplicate it in paper.
Submission of a document to the tax authorities and possible fines
The document is submitted to the inspection along with other elements of the accounting statements. There is an intermediate option, which is formed a maximum of a month after the reporting time has ended.
Penalties apply only to those organizations where the requirements of current law are not complied with. The main thing is to carefully approach the filling out of the document.
Then there will be no problems in the future. Reporting is useful for those who want to identify reserves that can improve the efficiency of current work.
On the nuances of compiling a statement of financial results, see this video:
The statement of financial results in 2019 is the form in which the organization's income, expenses and financial results for 2018 are presented. In the article, we presented a table with a breakdown of the articles in the report. You will also find samples and examples of filling out the form, you can download the form and sample, as well as fill out the report online.
What is a statement of financial performance
Report on financial results - a mandatory form, which is part of the accounting. The Ministry of Finance fixed this rule in PBU 4/99 and approved it by order of July 6, 1999 No. 43n).
In the regulation, the officials indicated what is included in the reporting: “the financial statements consist of a balance sheet, a profit and loss statement, appendices to them and an explanatory note, as well as an audit report.” You can create a report online and without leaving the article.
Statement of Financial Results and Profit and Loss Statement for 2018
The Ministry of Finance, in the statement of financial position, gives the name “Profit and Loss Statement". However, this is the old name for the financial results report. Back in 2015, the Ministry of Finance renamed the form by its order of April 6, 2015 No. 57n. Many accountants out of habit call the form in the old way.
The composition of the financial statements is told by experts. Read the full course in the program "". And in the section "Report on financial results", you can download the form for both the typical form and the simplified one.
Who signs the OFR
The financial statements (form 2) are considered completed after the paper head is signed by the head of the company (part 8 of article 13 of Law No. 402-FZ). But officials allow reporting to be signed by any other proxy instead of the director. The chief accountant is no exception. But all copies of the statements must be signed by the same representative of the organization. That is, both the IFTS and Rosstat must submit reports with the same signatures.
Tax authorities agree with this approach, as stated in the letter of the Federal Tax Service of Russia dated June 26, 2013 No. ED-4-3 / 11569 @. The document is posted on the official website of the service and brought to subordinate inspections.
In any case, annual reports must be signed on paper. If you send it to the inspection electronically, then you do not need to hand over the paper version either. But in case of verification, the printed signed version should be kept in the accounting department.
Where to report
Forms of the company are submitted to tax and statistics as part of annual tax reporting. Other users, for example, shareholders, also look at the report. Reporting rules in such cases vary.
Answers Elena Popova,
state Tax Advisor of the Russian Federation I rank
“In a typical form, the lines are not numbered. See codes for lines in Appendix 4 to the order of the Ministry of Finance of 02.07.2010 No. 66n. You need to number lines only if you submit reports to the statistics department and the tax office.
Moreover, there are features for certain categories of organizations. For example, small businesses reflect in the balance sheet aggregated indicators, which include several indicators. In this case, put the code of the line according to the indicator, which is larger than the others included in this line.
If the reporting is for shareholders ... ... .. "
Deadline for submitting a financial report
Companies must submit tax accounting forms no later than three months after the end of the reporting year (Article 23 of the Tax Code, Article 18 of the Federal Law dated 06.12.2011 No. 402-ФЗ).
For 2018, the form will be filled in 2019, with the deadline moving to April, since March 31 is Sunday. The next business day is Monday, April 1.
Statement of financial performance
The annual financial statements consist of the Balance Sheet and Form 2, as well as their annexes (part 1 of article 14 of the Federal Law of December 6, 2011 No. 402-ФЗ).
The balance sheet and financial report are submitted on standard or simplified forms. Both those and others are approved by the order of the Ministry of Finance of Russia of July 2, 2010 No. 66n. About how to fill in the lines in the section below.
The report on financial results reflects indicators:
- revenue
- cost of sales;
- gross profit (loss);
- selling and management expenses;
- profit (loss) from sales;
- interest receivable and payable;
- other income and expenses;
- profit (loss) before tax;
- change in deferred tax assets and liabilities;
- net income (loss);
- reference Information.
A sample report on the financial activities of the enterprise (form 2) is given in the next section.
Sample of filling in the report on financial results in 2019
How to fill out a statement of financial performance
When compiling the Statement of Financial Results (Form 2 or OFR) for 2018 in 2019, see the recommendations of the Ministry of Finance of Russia on conducting an audit for the reporting period.
Reflect all income in the report minus VAT and excise taxes (paragraph 3 of PBU 9/99). Indicate all expenses, as well as negative indicators in parentheses, without a minus sign.
Comparability of indicators of the report on financial results
Indicators of the reporting period should be comparable with indicators of the same period last year. That is, they must be formed according to the same rules. Incomparability of indicators may arise if significant errors of past years were identified in the reporting period or the accounting policy of the organization changed. In this case, in Form 2 of the balance sheet for the current period, last year’s indicators will have to be adjusted based on the current conditions. But historical reports do not need to be corrected.
If some balance sheet information requires a detailed detailed breakdown, it is entered in a separate form - Notes to the Balance Sheet and the Statement of Financial Results. And in the Report in the column “Explanations” make a link to the corresponding table or number of explanations of this form.
Please note: errors identified in accounting and financial reporting should be corrected. How to make corrections, experts explain.
Income tax line 2410-2400
The third category includes organizations that do not pay income tax under the law, but must keep records (paragraph 1 of PBU 18/02). This, for example, payers UTII or tax on gambling. Such organizations, when filling in the lines,, can put dashes.
The amount of UTII or the tax on gambling, reducing the indicator of line 2300 “Profit (loss) before tax”, indicate in line 2460 “Other”. At the same time, the organization has the right to determine the details of this line independently. The same rules should be followed by organizations that combine a common taxation system with the payment of UTII or a gambling tax.
On which line should the single tax on simplified income or UTII be reflected:
Net profit in line 2400
On line 2400 "Net profit (loss)" indicate the result calculated by the formula:
Check that the net profit (loss) reflected in the Report for the year coincides with the final balance of account 99 “Profit and loss” (taking into account rounding ) It must be debited to account 84 “Retained earnings (uncovered loss)” in the reformation of the balance sheet (form No. 1).
Transcript of report items
In the table we have articles of the report on financial results of operations and indicators that reflect on each line of form 2.
Title of report items |
Line codes |
Accounting accounts |
Note |
---|---|---|---|
The total loan turnover of account 90 "Sales" subaccount "Revenue"; |
Revenue is income from ordinary activities, which include the sale of products and goods, the performance of work, and the provision of services. The list of such incomes is given in paragraph 5 of PBU 9/99 |
||
Cost of sales |
The total turnover on the debit of account 90 "Sales" subaccount "Cost of sales" in correspondence with the accounts: |
||
Gross profit (loss) |
The difference between the amounts shown in lines 2110 and 2120 |
||
Selling expenses |
The total turnover on the debit of account 90 "Sales" subaccount "Cost of sales" in correspondence with account 44 "Cost of sale" |
Indicate the indicator in parentheses (without a minus sign) |
|
Management expenses |
The total turnover on the debit of account 90 "Sales" subaccount "Cost of sales" in correspondence with account 26 "General expenses" |
Fill this line if the accounting policy provides for writing off general business expenses directly to the debit of account 90 “Sales”. |
|
Profit (loss) from sales |
The difference between the amounts shown in lines 2100, 2210 and 2220 |
The indicator should correspond to the difference between the total turnover for the reporting period on the debit and credit of account 90 “Sales”, subaccount “Profit (loss) from sales” in correspondence with account 99 “Profit and loss”. |
|
Income from participation in other organizations |
The total loan turnover of account 91 “Other income and expenses” subaccount “Other income” in correspondence with account 76 “Settlements with different debtors and creditors” subaccount “Calculations for due dividends and other income” |
||
Interest receivable |
The total loan turnover of account 91 “Other income and expenses” subaccount “Other income” in correspondence with the accounts of accrued interest: |
||
Percentage to be paid |
The total turnover of the debit of account 91 “Other income and expenses” subaccount “Other expenses” in correspondence with accounts: |
Indicate the indicator in parentheses (without a minus sign) |
|
Other income |
The total turnover of the loan account 91 “Other income and expenses” subaccount “Other income” minus: |
The list of other income is given in paragraph 7 of PBU 9/99. Moreover, accrued VAT, excise taxes and other similar payments are not income (paragraph 3 of PBU 9/99). Therefore, these amounts should be excluded when determining the indicator on line 2340 |
|
other expenses |
The total turnover of the debit of account 91 “Other income and expenses” subaccount “Other expenses” minus: |
Indicate the indicator in parentheses (without a minus sign) |
|
Profit (loss) before tax |
The sum of the data in rows 2200, 2310, 2320, 2340, minus the data in rows 2330 and 2350 |
Negative indicator value in parentheses (without minus sign) |
|
Current income tax |
The difference between the total turnover of the debit and credit of account 68 “Calculations for taxes and fees” subaccount “Calculations for the current income tax” in correspondence with the accounts: |
The indicator should correspond to the amount of income tax shown on line 180 of sheet 02 of the income tax declaration approved by order of the Federal Tax Service of Russia of October 19, 2016 No. MMV-7-3 / 572. |
|
Including permanent tax liabilities (assets) |
The difference between the total turnover of the debit and credit of account 99 “Profit and loss” subaccount “Permanent tax liabilities (assets)” in correspondence with account 68 “Calculations for taxes and fees” |
If the turnover on the debit of account 99 “Profit and loss” subaccount “Permanent tax liabilities (assets)” is less than the turnover on the loan, indicate the permanent tax asset - without brackets If the turnover on the debit of account 99 “Profit and loss” sub-account “Permanent tax liabilities (assets)” is greater than the turnover on the loan, indicate the permanent tax liability - in parentheses |
|
Change in deferred tax liabilities |
The difference between the total loan and debit turnover of account 77 “Deferred tax liabilities” in correspondence with account 68 “Calculations on taxes and fees” subaccount “Calculations on current income tax” |
If the turnover on the credit of account 77 “Deferred tax liabilities" is less than the turnover on debit, then indicate the difference without brackets If the turnover on the credit of account 77 “Deferred tax liabilities” is greater than the turnover on debit, then indicate the difference in parentheses |
|
Change in deferred tax assets |
The difference between the total debit and credit turnover of account 09 “Deferred tax assets” in correspondence with account 68 “Calculations on taxes and fees” subaccount “Calculations on current income tax” |
If the turnover on the debit of account 09 “Deferred tax assets” is greater than the turnover on the loan, indicate the difference without brackets If the turnover on the debit of account 09 “Deferred tax assets” is less than the turnover on the loan, indicate the difference in parentheses |
|
Turnover of account 99 “Profit and loss”, not reflected in the previous lines |
Negative indicator value in parentheses (without minus sign) |
||
Net income (loss) |
Line 2300 + (-) line 2430 + (-) line 2450 - line 2410 + (-) line 2460 |
The indicator should be equal to the final balance in account 99 “Profit and loss”, which, when restructuring the balance, is written off to account 84 “Retained earnings (uncovered loss)”. |
|
For reference Result from revaluation of non-current assets not included in net profit (loss) |
Turnover of the debit and credit of accounts 83 “Additional paid-in capital” in correspondence with accounts 01 and 04 |
||
Result from other operations not included in net profit (loss) of the period |
Turnover in capital accounts (excluding revaluation of non-current assets) |
Currently, the legislation on accounting, the concept of the total financial result is not defined. And there are no rules for calculating the result of other operations that are not included in net profit, but affecting the total result. Therefore, when filling out line 2520, organizations should be guided by the rules established by IFRS (paragraph 7 of PBU 1/2008). Organizations that do not apply IFRS may not fill out this line. |
|
The total financial result of the period |
Sum of data for rows 2400, 2510, 2520 |
||
Basic earnings (loss) per share |
The calculation procedure is defined in Section II of the Methodological Recommendations, approved by Order of the Ministry of Finance of Russia dated March 21, 2000 No. 29n |
||
Diluted earnings (loss) per share |
The calculation procedure is defined in Section III of the Methodological Recommendations, approved by order of the Ministry of Finance of Russia dated March 21, 2000 No. 29n |
Joint stock companies are counting. |
The statement of financial results in 2019 is the form in which the organization's income, expenses and financial results for 2018 are presented. In the article, we presented a table with a breakdown of the articles in the report. You will also find samples and examples of filling out the form, you can download the form and sample, as well as fill out the report online.
What is a statement of financial performance
Report on financial results - a mandatory form, which is part of the accounting. The Ministry of Finance fixed this rule in PBU 4/99 and approved it by order of July 6, 1999 No. 43n).
In the regulation, the officials indicated what is included in the reporting: “the financial statements consist of a balance sheet, a profit and loss statement, appendices to them and an explanatory note, as well as an audit report.” You can create a report online and without leaving the article.
Statement of Financial Results and Profit and Loss Statement for 2018
The Ministry of Finance, in the statement of financial position, gives the name “Profit and Loss Statement". However, this is the old name for the financial results report. Back in 2015, the Ministry of Finance renamed the form by its order of April 6, 2015 No. 57n. Many accountants out of habit call the form in the old way.
The composition of the financial statements is told by experts. Read the full course in the program "". And in the section "Report on financial results", you can download the form for both the typical form and the simplified one.
Who signs the OFR
The financial statements (form 2) are considered completed after the paper head is signed by the head of the company (part 8 of article 13 of Law No. 402-FZ). But officials allow reporting to be signed by any other proxy instead of the director. The chief accountant is no exception. But all copies of the statements must be signed by the same representative of the organization. That is, both the IFTS and Rosstat must submit reports with the same signatures.
Tax authorities agree with this approach, as stated in the letter of the Federal Tax Service of Russia dated June 26, 2013 No. ED-4-3 / 11569 @. The document is posted on the official website of the service and brought to subordinate inspections.
In any case, annual reports must be signed on paper. If you send it to the inspection electronically, then you do not need to hand over the paper version either. But in case of verification, the printed signed version should be kept in the accounting department.
Where to report
Forms of the company are submitted to tax and statistics as part of annual tax reporting. Other users, for example, shareholders, also look at the report. Reporting rules in such cases vary.
Answers Elena Popova,
state Tax Advisor of the Russian Federation I rank
“In a typical form, the lines are not numbered. See codes for lines in Appendix 4 to the order of the Ministry of Finance of 02.07.2010 No. 66n. You need to number lines only if you submit reports to the statistics department and the tax office.
Moreover, there are features for certain categories of organizations. For example, small businesses reflect in the balance sheet aggregated indicators, which include several indicators. In this case, put the code of the line according to the indicator, which is larger than the others included in this line.
If the reporting is for shareholders ... ... .. "
Deadline for submitting a financial report
Companies must submit tax accounting forms no later than three months after the end of the reporting year (Article 23 of the Tax Code, Article 18 of the Federal Law dated 06.12.2011 No. 402-ФЗ).
For 2018, the form will be filled in 2019, with the deadline moving to April, since March 31 is Sunday. The next business day is Monday, April 1.
Statement of financial performance
The annual financial statements consist of the Balance Sheet and Form 2, as well as their annexes (part 1 of article 14 of the Federal Law of December 6, 2011 No. 402-ФЗ).
The balance sheet and financial report are submitted on standard or simplified forms. Both those and others are approved by the order of the Ministry of Finance of Russia of July 2, 2010 No. 66n. About how to fill in the lines in the section below.
The report on financial results reflects indicators:
- revenue
- cost of sales;
- gross profit (loss);
- selling and management expenses;
- profit (loss) from sales;
- interest receivable and payable;
- other income and expenses;
- profit (loss) before tax;
- change in deferred tax assets and liabilities;
- net income (loss);
- reference Information.
A sample report on the financial activities of the enterprise (form 2) is given in the next section.
Sample of filling in the report on financial results in 2019
How to fill out a statement of financial performance
When compiling the Statement of Financial Results (Form 2 or OFR) for 2018 in 2019, see the recommendations of the Ministry of Finance of Russia on conducting an audit for the reporting period.
Reflect all income in the report minus VAT and excise taxes (paragraph 3 of PBU 9/99). Indicate all expenses, as well as negative indicators in parentheses, without a minus sign.
Comparability of indicators of the report on financial results
Indicators of the reporting period should be comparable with indicators of the same period last year. That is, they must be formed according to the same rules. Incomparability of indicators may arise if significant errors of past years were identified in the reporting period or the accounting policy of the organization changed. In this case, in Form 2 of the balance sheet for the current period, last year’s indicators will have to be adjusted based on the current conditions. But historical reports do not need to be corrected.
If some balance sheet information requires a detailed detailed breakdown, it is entered in a separate form - Notes to the Balance Sheet and the Statement of Financial Results. And in the Report in the column “Explanations” make a link to the corresponding table or number of explanations of this form.
Please note: errors identified in accounting and financial reporting should be corrected. How to make corrections, experts explain.
Income tax line 2410-2400
The third category includes organizations that do not pay income tax under the law, but must keep records (paragraph 1 of PBU 18/02). This, for example, payers UTII or tax on gambling. Such organizations, when filling in the lines,, can put dashes.
The amount of UTII or the tax on gambling, reducing the indicator of line 2300 “Profit (loss) before tax”, indicate in line 2460 “Other”. At the same time, the organization has the right to determine the details of this line independently. The same rules should be followed by organizations that combine a common taxation system with the payment of UTII or a gambling tax.
On which line should the single tax on simplified income or UTII be reflected:
Net profit in line 2400
On line 2400 "Net profit (loss)" indicate the result calculated by the formula:
Check that the net profit (loss) reflected in the Report for the year coincides with the final balance of account 99 “Profit and loss” (taking into account rounding ) It must be debited to account 84 “Retained earnings (uncovered loss)” in the reformation of the balance sheet (form No. 1).
Transcript of report items
In the table we have articles of the report on financial results of operations and indicators that reflect on each line of form 2.
Title of report items |
Line codes |
Accounting accounts |
Note |
---|---|---|---|
The total loan turnover of account 90 "Sales" subaccount "Revenue"; |
Revenue is income from ordinary activities, which include the sale of products and goods, the performance of work, and the provision of services. The list of such incomes is given in paragraph 5 of PBU 9/99 |
||
Cost of sales |
The total turnover on the debit of account 90 "Sales" subaccount "Cost of sales" in correspondence with the accounts: |
||
Gross profit (loss) |
The difference between the amounts shown in lines 2110 and 2120 |
||
Selling expenses |
The total turnover on the debit of account 90 "Sales" subaccount "Cost of sales" in correspondence with account 44 "Cost of sale" |
Indicate the indicator in parentheses (without a minus sign) |
|
Management expenses |
The total turnover on the debit of account 90 "Sales" subaccount "Cost of sales" in correspondence with account 26 "General expenses" |
Fill this line if the accounting policy provides for writing off general business expenses directly to the debit of account 90 “Sales”. |
|
Profit (loss) from sales |
The difference between the amounts shown in lines 2100, 2210 and 2220 |
The indicator should correspond to the difference between the total turnover for the reporting period on the debit and credit of account 90 “Sales”, subaccount “Profit (loss) from sales” in correspondence with account 99 “Profit and loss”. |
|
Income from participation in other organizations |
The total loan turnover of account 91 “Other income and expenses” subaccount “Other income” in correspondence with account 76 “Settlements with different debtors and creditors” subaccount “Calculations for due dividends and other income” |
||
Interest receivable |
The total loan turnover of account 91 “Other income and expenses” subaccount “Other income” in correspondence with the accounts of accrued interest: |
||
Percentage to be paid |
The total turnover of the debit of account 91 “Other income and expenses” subaccount “Other expenses” in correspondence with accounts: |
Indicate the indicator in parentheses (without a minus sign) |
|
Other income |
The total turnover of the loan account 91 “Other income and expenses” subaccount “Other income” minus: |
The list of other income is given in paragraph 7 of PBU 9/99. Moreover, accrued VAT, excise taxes and other similar payments are not income (paragraph 3 of PBU 9/99). Therefore, these amounts should be excluded when determining the indicator on line 2340 |
|
other expenses |
The total turnover of the debit of account 91 “Other income and expenses” subaccount “Other expenses” minus: |
Indicate the indicator in parentheses (without a minus sign) |
|
Profit (loss) before tax |
The sum of the data in rows 2200, 2310, 2320, 2340, minus the data in rows 2330 and 2350 |
Negative indicator value in parentheses (without minus sign) |
|
Current income tax |
The difference between the total turnover of the debit and credit of account 68 “Calculations for taxes and fees” subaccount “Calculations for the current income tax” in correspondence with the accounts: |
The indicator should correspond to the amount of income tax shown on line 180 of sheet 02 of the income tax declaration approved by order of the Federal Tax Service of Russia of October 19, 2016 No. MMV-7-3 / 572. |
|
Including permanent tax liabilities (assets) |
The difference between the total turnover of the debit and credit of account 99 “Profit and loss” subaccount “Permanent tax liabilities (assets)” in correspondence with account 68 “Calculations for taxes and fees” |
If the turnover on the debit of account 99 “Profit and loss” subaccount “Permanent tax liabilities (assets)” is less than the turnover on the loan, indicate the permanent tax asset - without brackets If the turnover on the debit of account 99 “Profit and loss” sub-account “Permanent tax liabilities (assets)” is greater than the turnover on the loan, indicate the permanent tax liability - in parentheses |
|
Change in deferred tax liabilities |
The difference between the total loan and debit turnover of account 77 “Deferred tax liabilities” in correspondence with account 68 “Calculations on taxes and fees” subaccount “Calculations on current income tax” |
If the turnover on the credit of account 77 “Deferred tax liabilities" is less than the turnover on debit, then indicate the difference without brackets If the turnover on the credit of account 77 “Deferred tax liabilities” is greater than the turnover on debit, then indicate the difference in parentheses |
|
Change in deferred tax assets |
The difference between the total debit and credit turnover of account 09 “Deferred tax assets” in correspondence with account 68 “Calculations on taxes and fees” subaccount “Calculations on current income tax” |
If the turnover on the debit of account 09 “Deferred tax assets” is greater than the turnover on the loan, indicate the difference without brackets If the turnover on the debit of account 09 “Deferred tax assets” is less than the turnover on the loan, indicate the difference in parentheses |
|
Turnover of account 99 “Profit and loss”, not reflected in the previous lines |
Negative indicator value in parentheses (without minus sign) |
||
Net income (loss) |
Line 2300 + (-) line 2430 + (-) line 2450 - line 2410 + (-) line 2460 |
The indicator should be equal to the final balance in account 99 “Profit and loss”, which, when restructuring the balance, is written off to account 84 “Retained earnings (uncovered loss)”. |
|
For reference Result from revaluation of non-current assets not included in net profit (loss) |
Turnover of the debit and credit of accounts 83 “Additional paid-in capital” in correspondence with accounts 01 and 04 |
||
Result from other operations not included in net profit (loss) of the period |
Turnover in capital accounts (excluding revaluation of non-current assets) |
Currently, the legislation on accounting, the concept of the total financial result is not defined. And there are no rules for calculating the result of other operations that are not included in net profit, but affecting the total result. Therefore, when filling out line 2520, organizations should be guided by the rules established by IFRS (paragraph 7 of PBU 1/2008). Organizations that do not apply IFRS may not fill out this line. |
|
The total financial result of the period |
Sum of data for rows 2400, 2510, 2520 |
||
Basic earnings (loss) per share |
The calculation procedure is defined in Section II of the Methodological Recommendations, approved by Order of the Ministry of Finance of Russia dated March 21, 2000 No. 29n |
||
Diluted earnings (loss) per share |
The calculation procedure is defined in Section III of the Methodological Recommendations, approved by order of the Ministry of Finance of Russia dated March 21, 2000 No. 29n |
Joint stock companies are counting. |