Russian accounting standards rsbu. What is RSBU in accounting
The content of the balance sheet is determined by PBU 4/99 "Financial statements of the organization". The balance sheet reflects the actual data on the property and financial condition, the sources of own and borrowed ones are clearly distinguished, while the formation of the asset structure provides for the arrangement of items in the order of increasing liquidity, and the liabilities - in the order of the increasing degree of capital demand. In many countries with developed market economy the content of the balance sheet is built in the inverse degree of liquidity, for example, in the United States.
The balance sheet is built in accordance with the classification of economic assets, that is, it consists of two equal parts: one reflects the funds according to their composition - assets, and the other according to the sources of formation - liabilities.
The structure of the balance sheet is based on the principle of duality - the fundamental concept of accounting and implying the equality of the totals of the asset and liability, which can be written in the form of a formula:
Assets = Equity+ Accounts payable
The decomposition of the right side of the balance into two components in the indicated sequence has a deep economic sense... In case of liquidation of an economic entity due to insolvency (bankruptcy) current legislature first of all, it provides for the satisfaction of obligations to creditors, in a strictly established order. At the same time, investors receive only that part of the invested capital that remains after payments on obligations.
The balance sheet can be built vertically, like in most Western companies, or horizontally, like in Russian organizations. In the USA, in the UK, both forms of building a balance are provided.
The asset can be on the left, and the liability on the right (in the Russian balance sheet) or vice versa (typical for British companies of the 50-60s).
The current legislation of Russia establishes uniform fundamental principles and rules for compiling the balance sheet for all subjects. The currently adopted balance sheet structure is largely close to world practice.
PBU 4/99 fixes the requirement for the compilers of the balance sheet to necessarily present assets and liabilities in it with a subdivision, depending on the maturity (maturity), into short-term and long-term. Assets and liabilities are presented as short-term if their circulation (maturity) period is no more than 12 months after the reporting date, or the duration of the operating cycle if it exceeds 12 months. All other assets and liabilities are presented as non-current.
Each element of an asset and a liability is called a balance sheet item. Balance sheet items depending on their economic essence divided into five sections, uniting certain groups of articles.
International standards do not provide for any standard form balance sheet and only the range of mandatory balance sheet items is determined:
- · Fixed assets;
- · intangible assets;
- · Financial assets;
- · Investments accounted for using the participation method;
- · Stocks;
- · Trade and other receivables;
- · Cash and cash equivalents;
- · Receivables from buyers and customers and other receivables;
- · tax liabilities;
- · Reserves;
- · Long-term liabilities, including interest payments;
- · Minority share;
- · Issued capital and reserves.
In Russia, the balance sheet form is enshrined in law (Order of the Ministry of Finance No. 66n dated 02.07.2010 “On the forms accounting statements"). There are a number of differences in the disclosure of balance sheet items, which are summarized below.
The key differences for property, plant and equipment relate to depreciation. In accordance with international accounting standards, the company's management is allowed to independently determine the service life of fixed assets, depending on how long the company expects to use them. Although PBU 6/2001 "Accounting for Fixed Assets" (as amended on 12.24.2010) also states that the organization itself determines the term useful use fixed assets, in practice, the organization for the purposes accounting continue to use the depreciation rates established by the Decree of the Council of Ministers of the USSR dated October 22, 1990 No. 1072 "On uniform norms depreciation charges for the complete restoration of the fixed assets of the USSR national economy ”. In connection with the adoption of Chapter 25 Tax Code many enterprises use the new classification of fixed assets established by the Decree of the Government of the Russian Federation of January 1, 2002 No. 1 "On the classification of fixed assets included in depreciation groups", I.e. preference is given to tax accounting... Differences in service life lead to discrepancies in the value residual value assets, as well as in the amounts of depreciation accrued for a certain period, presented in accordance with the Russian accounting system and IFRS. The main methods of calculating depreciation, in accordance with domestic and international standards, are presented in Table 1.
Table 1
Depreciation methods
However, in practice, Russian enterprises again mainly use the linear method prescribed by the Tax Code.
An important difference is that Russian accounting does not use regular analysis of assets for impairment, while IAS 36 “Impairment of Assets” applies to a large number of assets recognized in the balance sheet (intangible assets, fixed assets, investments). The main objective of this standard is to provide a realistic valuation of assets in financial statements by recognizing a loss from their impairment (decrease in value, value) when the net carrying amount exceeds the recoverable amount. The loss is recognized in the income statement for the reporting period, and if the asset was previously revalued, it is referred to a decrease in the revaluation reserve. IAS 36 provides for a number of possible impairment indicators that an entity must check at each reporting date using a variety of external and internal sources of information. If any of these are identified, the asset's recoverable amount must be estimated to determine an impairment loss.
V Russian rules there is no provision for recognition of such a loss. PBU 6/01 provides for the depreciation of fixed assets based on the revaluation results, while the amount of the markdown is charged to the account of retained earnings ( uncovered loss) or to reduce the additional capital of the organization, formed by the sums of the revaluation of this object, carried out in the previous reporting periods. However, Russian standards do not aim at regular analysis of assets for impairment and recognition of losses in the reporting year.
Definitions intangible assets according to IAS 38 "Intangible Assets" and PBU 14/2007 "Accounting for Intangible Assets" are generally consistent with each other, although there are some differences. The first is that according to PBU 14/07, intangible assets (intangible assets) must be used for a long time, i.e. have a useful life of over 12 months. IFRS does not provide for temporary criteria for the recognition of intangible assets, i.e. suggests a more flexible approach. The second difference is that, according to clause 3 of PBU 14/07, for the recognition of intangible assets, it is necessary to have properly executed documents confirming the existence of the asset itself and the exclusive right of the organization to the results of intellectual activity (patents, certificates, other documents of title, an assignment (acquisition) agreement patent, trademark, etc.). There is no requirement for legal rights in IAS 38, since the main criterion is the ability to control the future economic benefits from the use of intangible assets, since the company can control these benefits in a different way.
As a result of the inconsistency of definitions, there are a number of differences in the recognition of certain intangible assets in accounting. For example, PBU 14/2007 refers organizational costs to intangible assets. In accordance with IAS 38, organizational expenses are not recognized by intangible assets, since they are not directly related to receiving from them economic benefits... Despite the fact that the costs of setting up an organization are incurred with the aim of obtaining future economic benefits, there is no real probability of their receipt at the time of the company's creation - the company may turn out to be unprofitable, for example.
In Russian accounting, assets created by the enterprise itself, such as the value of its own created software, "Know-how", the exclusive right to a trademark may be reflected as intangible. Under IFRS, self-generated assets must meet the following criteria: the asset must be potentially profitable in economically and the value of the asset must be measured reliably. Internally created trademarks should not be recognized as part of intangible assets at all, since the costs of them cannot be distinguished from the costs of the development of the company as a whole.
14/2007 to the IA the business reputation of the organization. IAS 38 distinguishes between internally generated goodwill and goodwill arising from a business combination. Internal goodwill is not recognized by intangible assets and is not recorded as an asset at all, since it is not an identifiable resource and cannot be measured reliably. Goodwill as an asset arises and is recorded only when another company is purchased as a whole as a property complex. In this case, the organization takes over all the assets and liabilities of the acquired company, paying a certain fee for it. The difference between the amount paid and the value of the assets and liabilities acquired is goodwill. Although IAS 38 explicitly requires a positive goodwill to be recorded as a depreciable asset, goodwill is shown on a separate line in the section of non-current assets. Unlike IAS 38, PBU 14/2000 does not distinguish between internally created and acquired goodwill.
Another important issue is accounting for research and development costs. Research work - original and planned research carried out in order to obtain new scientific or special knowledge. Development work - application of results scientific research or other knowledge in the development of a plan or project for the production of new or substantially improved materials, devices, products, technologies, systems or services, prior to the commencement of industrial production or use. According to IFRS, research and development costs must be recorded as expenses of the period during which they were incurred, unless the following conditions are met (in such cases, they must be accounted for as intangible assets):
- 1.the technical feasibility of a product or process can be demonstrated;
- 2. the company intends to manufacture, sell or use a product or process;
- 3. It can be demonstrated that there is a market for a product or process, or, if it is intended for internal use rather than for sale, then its usefulness to the company;
- 4. there are sufficient resources, or their availability can be demonstrated, to complete a project, sell or use a product or process;
- 5. The costs attributable to a product or process can be reliably estimated.
In Russian accounting, R&D expenditures can be capitalized both for R&D and R&D in the event of a positive result. Since the presence of a positive result does not unambiguously mean the possibility of using or selling the results of research and development, it is necessary to recognize a significant difference in the qualifications of these objects in Russian accounting from the requirements of IFRS. Therefore, when preparing financial statements in IFRS format, those costs should be written off as expenses corresponding period that do not meet the definition of research and development costs under IFRS.
Also, Russian legislation does not yet have any clearly defined procedures for accounting for business combinations (purchase and merger of interests) and reflecting the positive or negative business reputation (goodwill) that arises in this case. According to PBU 14/2007, goodwill is the difference between the purchase price of an organization and the value on the balance sheet of all its assets and liabilities. Under IAS 38, goodwill is defined as the excess of the acquisition cost of the acquiree over the fair value of the assets and liabilities acquired. Fair value, according to international standards, is the amount at which an asset could be exchanged in a current transaction between knowledgeable willing parties. The fair value of items may differ materially from their book value... Thus, the difference between the fair and carrying amounts of the acquiree's assets and liabilities results in different estimates of goodwill in Russian and international standards.
Similar to fixed assets, Russian accounting does not provide for regular analysis of intangible assets for possible impairment (IAS 36). Also, the list of disclosed information in financial statements in IFRS is wider than in Russian accounting.
Thus, with regard to intangible assets, there are differences between Russian and international standards in almost all respects. Perhaps the Russian national standard should not be a complete copy of the corresponding international one. However, the interaction of domestic organizations with foreign partners requires a foreign user to understand the reporting of our companies. Intangible assets are one of the most difficult accounting objects, their intangibility, problems with identification and assessment can lead to ambiguous interpretations of reporting.
A number of differences can be distinguished when accounting for inventories. Accounting for inventories is regulated by IFRS 2 “Inventories” and PBU 5/01 “Accounting for inventories”. PBU 5/01 prescribes to evaluate inventories at actual cost. And at the end of the reporting period, the material productive reserves should be revalued: "Inventories that are obsolete, have completely or partially lost their original quality, or the current market value, the selling value of which has decreased, are reflected in the balance sheet at the end of the reporting year, less the provision for depreciation material values". Based this definition it is somewhat unclear how stocks should be valued, the price of the possible sale of which in one reporting period was below the actual cost, and in the next reporting period increased above the actual cost. In accordance with IFRS 2, inventories must be measured at the lower of cost and possible net realizable value. At the same time, in accordance with IFRS, the possible sales price is calculated net of selling costs, which is not provided for in Russian accounting.
Further, upon receipt and write-off of the same types of inventories with different actual cost it becomes possible to use several methods of calculating the current cost of a unit of inventory. The cost of inventories (except for goods in trade, accepted for accounting at sales prices and low-value and wearing out items) by Russian legislation can be done in the following ways:
- - at the cost of each unit;
- - at the average cost;
- - at the cost of the first purchase of inventories (FIFO method);
Unlike Russia, international practice provides 2 methods:
- - FIFO method (basic accounting procedure);
- - Weighted average method (basic accounting);
Investments can be classified as short-term or long-term. Ongoing investments by their nature are readily realizable and are designed for a period not exceeding one year. Long-term investments are investments calculated for a period of more than one year. Russian system accounting requires that both current and long-term investments be presented in the balance sheet at their acquisition cost. In contrast, international accounting standards allow long-term investments to be accounted for depending on their nature:
- - at cost (i.e. including acquisition costs such as brokerage and bank commissions, fees, duties);
- - at a revalued cost;
- - at the lesser of two values: cost and market value.
In accordance with international accounting standards, short-term investments can be reflected in the balance sheet at market value or at a lower of cost and market value (i.e. the amount that will be received as a result of the sale of an investment in stock market). The resulting profit (loss) should be recognized in the income statement.
In case of a decrease in value long-term investment, which is not estimated to be short-term, its carrying amount is reduced. Such a decrease in the value of long-term investments, other than a temporary decrease, is recognized in the income statement. The increase in the carrying amount of long-term investments arising from the revaluation of long-term investments should be credited to the account of changes in the value of investments resulting from revaluation in equity. To the extent that a decrease in the value of an investment offsets a previous increase in the value of the same investment that was credited to the revaluation change in the investment and was not subsequently reversed, the decrease is credited to the revaluation change in the investment. In all other cases, the decrease in the carrying amount should be recognized as an expense.
There are differences in the approach to creating a provision for doubtful accounts receivable. When creating a reserve, Russian enterprises are mainly guided by Article 266 of the Tax Code, as a result of which this approach suffers from formalism. Russian accounting and reporting standards provide for the creation of provisions only for specific debt. IFRS allow the possibility of creating a general reserve for the entire accounts receivable, for example, as a percentage of net sales. In practice, when Russian companies prepare financial statements in accordance with IFRS, the allowance for doubtful debts is a very significant percentage and significantly reduces the profit indicators.
Twenty years ago about international standards accounting statements (IFRS) in Russia knew only a few. Now the situation is changing, the number of specialists in the field of IFRS is growing every year.
Perhaps you would also like to know a little more about IFRS to keep up with the times. Maybe some of you even started reading textbooks on IFRS or the standards themselves, but due to the fact that this is a very large amount of information, and the accountant has little free time, the desire to delve into IFRS has passed. IFRS experts say that it takes several years to study international standards.
But the main difficulty in mastering IFRS is that the very approach to accounting in international standards differs significantly from the Russian accounting tradition, and it is difficult for our accountants to reorganize, as they say. Read about how IFRS differ from Russian PBUs, that is, Russian accounting standards (RAS), in our series of articles.
They will be useful to anyone looking for a quick general understanding of international standards.
IFRS were developed by a non-governmental non-profit organization - the International Accounting Standards Board (IASB) - at the initiative of large companies. Formally, no state can influence the decisions made by this organization.
The IASB is funded on a voluntary basis by international accounting firms, numerous large companies, banks, and governments of many countries.
The main goal of the organization is to develop, in the public interest, a single set of high quality, understandable and practically implementable globally accepted financial reporting standards based on clearly articulated principles.
Currently, more than 100 countries already formally prescribed or allowed the application of IFRS.
Reporting period
RAS
In RAS, the reporting year always coincides with the calendar year ending on December 31 (an exception is provided for newly created organizations) nn. 1, 3 tbsp. 15 of the Law of 06.12.2011 No. 402-FZ... This procedure is established by law, therefore all organizations are obliged to comply with it.
IFRS
IFRSs approach this issue more flexibly. The company can prepare reports for the year ending on any date Clause 36 of IAS 1... For example, the reporting year for Siemens starts on October 1 and ends on September 30.
Moreover, companies are allowed to report for a period of 52 weeks (i.e. 364 days) Clause 37 of IAS 1... After all, the calendar year contains a non-integer number of weeks (approximately 52.14 weeks), and it is inconvenient for some companies to prepare reports for this period.
Chart of accounts and reporting forms
RAS
In Russia, companies are required to comply with a single Chart of Accounts (however, banks and the public sector have their own charts of accounts and approved reporting forms). If a company wants to use an account number that is not provided for in the Plan, it can only do so with the permission of the Ministry of Finance. Instructions approved By order of the Ministry of Finance dated October 31, 2000 No. 94n.
Mandatory reporting forms - approved by the Order of the Ministry of Finance a Order of the Ministry of Finance dated 02.07.2010 No. 66n.
IFRS
There is no single approved or recommended chart of accounts in IFRS. Each company that prepares reporting in accordance with IFRS develops its own chart of accounts based on the specifics of its activities and the required detail of financial information.
At the same time, a company can use the Russian accounting chart of accounts for IFRS purposes if it compiles international reporting by transformation method.
Of course, there are no approved forms of financial reporting in IFRS either. Instead, IAS 1 Presentation of Financial Statements provides general guidance on the structure of financial statements and minimum requirements to its content.
The composition of financial statements in IFRS is the same as in RAS. Only the names of some forms differ. So, our balance sheet in IFRS corresponds to the statement of financial position, and the statement of financial results- statement of comprehensive income. Statement of changes in equity and statement of movements Money(ODDS) in IFRS are called the same as in Russian accounting.
However, the names of the reporting forms in IFRS are also optional - if only they were understandable to users of reporting and Clause 10 of IAS 1... Further, for simplicity, we will call the IFRS reporting forms as they are called in RAS.
The balance sheet in IFRS can be compiled in two ways (at the option of the organization):
- <или>with a division into short-term and long-term assets and liabilities, that is, as in RAS;
- <или>without such division, but in order of decreasing or increasing liquidity.
The submission form should provide reliable and relevant information. For example, banks usually choose to present in decreasing order of liquidity, while manufacturing companies tend to split it into short-term and long-term assets and liabilities.
In the statement of financial performance, expenses related to core activities can also be presented in two ways (at the option of the organization):
- <или>by function of expenses (cost, selling expenses, administrative expenses, etc.), that is, as in RAS;
- <или>by the nature of the expense (depreciation expense, employee benefit expense, etc.).
Cash flow statement
RAS
PBU 23/2011 provides for only one method for compiling ODDS, it is called direct. With this method, detailed information about the species is revealed. cash receipts on current, investment and financial activities.
IFRS
Under IFRS, a company can present information about cash flows from current (in IFRS the term "operating" is used) activities in one of two ways: Clause 18 of IAS 7:
- direct method, as in RAS;
- indirect method.
A feature of the ODDS, compiled by the indirect method, is that the indicator “Net cash inflow (outflow) from current operations"Are obtained by calculation. To do this, the net profit (loss) is adjusted for items that were taken into account when calculating profit (loss), but did not entail an inflow (outflow) of money. For example, depreciation is an item that reduces profits, but does not entail an outflow of money, therefore, when adjusting profits, this item is added. Obviously, the result (net cash inflow (outflow) from current operations) with the indirect method will be the same as if it were obtained by the direct method. However, the report compiled by the indirect method does not contain information about cash flows in operating activities.
It is easier to compose ODDS by an indirect method than by a direct one. However, IFRS recommends using the direct method of compiling ODDS, since it gives useful information for estimating future cash flows, not available in the case of using the indirect method a Clause 19 of IAS 7.
Reporting currency
RAS
According to RAS, accounting is maintained and reporting is prepared only in rubles x clause 9 of the Regulations, approved. By order of the Ministry of Finance dated July 29, 1998 No. 34n.
IFRS
In IFRS, accounting is maintained in the so-called functional currency. Functional currency - this currency economic environment in which the company operates Clause 8 of IAS 21.
When determining the functional currency, in particular, the nn. 9, 10 IAS 21:
- in what currency prices are set and payments are made for the company's goods and services;
- the currency of the country whose conditions determine the sales prices for the company's goods and services (for example, Russian gas can be sold for rubles, but in fact its price is pegged to the dollar exchange rate);
- in what currency the payment of labor, materials and other costs associated with the provision of goods and services by the company is mainly carried out.
Example. Definition of functional currency
/ condition / The Russian company is engaged in the wholesale of raw materials. Raw materials are bought and sold for USD. The company bears all other costs in rubles.
/ solution / The functional currency of the company will be USD, since it is in this currency that the prices for the company's goods are set and the payment for the purchased goods takes place. All other expenses of the wholesale company are likely to be significantly less than the cost of goods sold.
For transactions in any currency other than the functional currency, translation into the functional currency is performed at Clause 17 of IAS 21... Reporting can be made in any currency, it is called the reporting currency and Clause 8 of IAS 21... That is, the accounting currency and the reporting currency may be different. If the reporting currency of the company is one, and the functional currency is different, then the financial results of work and financial position converted into the reporting currency and Clause 18 of IAS 21... All translation differences arising from the transfer are recognized in other comprehensive income (i.e. charged to equity) Clause 39 of IAS 21.
IFRS do not set requirements for the language of preparation of the statements, but they are usually drawn up in English.
In the next issue, we will continue to review the differences between RAS and IFRS.
The results of the production and financial activities of any Russian company should be reflected in the statements submitted at the end of each reporting period to various authorities - from statistical offices and extrabudgetary funds before inspections of the Federal Tax Service. Financial statements in our country are based on strictly regulated rules, united by a single abbreviation - RAS . Let's try to understand these complex specific definitions and find out about the requirements that they impose on the preparation of a financial statement.
What is RAS in accounting
Russian accounting standards, and this is how RAS stands for, are a set of legally approved rules and regulations on accounting (PBU), which very strictly regulate accounting and financial reporting.
Knowledge of RAS is mandatory for financial workers Russian companies... There is a whole package of legislative documents that have become the basis for RAS and are binding on companies throughout Russia (except for banks / credit organizations, whose activities are corrected by the rules issued by the Central Bank of the Russian Federation). These include the Law "On Accounting" dated 06.12.2011 No. 402-FZ, Chart of accounts for accounting with instructions for use, Regulations on accounting and reporting, as well as 24 PBU explaining various aspects of accounting.
Balance sheet currency and accounting in Russian enterprises
All the listed documents, which represent the basics of RAS, also interpret the accounting rules: financial reporting, as well as accounting of property and monetary assets, obligations, business transactions carried out in national currency RF - rubles, and documenting all business transactions of each company - exclusively in Russian. In partnerships with foreign companies, the primary documents accepted for accounting must be translated into Russian, if they are drawn up in another language.
RAS reporting
Interim RAS reporting is prepared on a quarterly basis. At the end of the calendar year, the financial year also ends. Legally established reporting date consider December 31. The results of operations for the year are reflected in the company's annual financial statements. It is formed from:
- balance sheet;
- reports - on financial results, capital movements, cash;
- attachments to the forms provided for by law;
- explanatory note;
- an audit report confirming the correctness of accounting (for organizations with a mandatory auditor's report).
The composition of the interim reports is identical to the annual package of forms, with the exception of the auditor's report.
Consolidated financial statements according to RAS
Domestic holdings, which have a detailed structure of subsidiaries and affiliates, prepare consolidated financial statements, that is, they combine the results in a general report for the company. Consolidation techniques are based on the systematization of information that reflects financial condition, changes and results of the organization's activities. Compilation of consolidated financial statements is governed by the law “On Consolidated Financial Statements” dated July 27, 2010 No. 208-FZ. It contains the basic requirements for registration, presentation and disclosure of reporting for almost all enterprises and groups of companies, except those belonging to the public sector, municipal or formed by budgetary allocations.
Consolidated statements consist of a consolidated balance sheet, statements of financial results, cash flows, changes in equity and annexes to them. She is presented to the Central Bank of the Russian Federation within 3 days after the end fiscal year, some companies, depending on the requirements of the law and the Central Bank of the Russian Federation, also submit interim quarterly consolidated statements.
Internal and external users of RAS statements
Information from the financial statements compiled in accordance with RAS is required:
- internal users - founders, management, owners of the company's property, to make informed decisions for the further development of the company;
- external users - lenders, investors to analyze the current situation and government bodies, for example, the IFTS for fiscal purposes, checking compliance with established standards, calculating taxes and fees.
Thus, RAS, the decoding and essence of which are discussed in the publication, are a set of documents dictating the framework for accounting and drawing up financial reporting forms.
- The use of customer-supplied raw materials for the production of finished products: accounting, consumption rates, write-off Reflection of services for the processing of materials
- Terms of payment of insurance premiums and submission of reports under the new rules
- Reminder of admission to off-budget (paid) places How to pay for tuition
- Online courses for accountants, distance accounting courses online, online training for accountants Accounting for cash transactions and transactions with accountants