Other near-legal disciplines: analysis of financial statements l.v. dontsova n.a
IN study guide substantiates theoretical, methodological and practical provisions of the modern concept of analysis of financial statements of economic entities. Based on the latest regulatory documents, the authors describe in detail the methodology for compiling and analyzing Form No. 1 "Balance Sheet", Form No. 2 "Profit and Loss Statement", Form No. 3 "Statement of Capital Changes", Form No. 4 "Statement of Cash Flows ", Form No. 5" Appendix to the balance sheet ", form No. 6" Report on the targeted use of funds received "by quarters and in general for the reporting period. The material presented is illustrated with an end-to-end digital example.
The publication is addressed to teachers and students of economic universities, employees of accounting services, CFOs, as well as students in the system of training and certification of professional accountants and auditors.
TABLE OF CONTENTS
FOREWORD 3
1. FINANCIAL (ACCOUNTING) STATEMENTS - INFORMATION BASE OF FINANCIAL ANALYSIS 5
1.1. Purpose, basic concepts, objectives of the analysis of financial statements 5
1.2. The concept, composition and procedure for filling out forms of financial (accounting) statements 10
1.2.1. About the volume of financial statements 11
7.2.1. Requirements for the reliability of reporting 13
7.2.3. Financial Statement Users 15
12.4. Reporting period and reporting date 17
1.2.5. The procedure for drawing up reporting forms 18
1.2.6. Role of the Explanatory Note in Disclosure 23
12.7. The procedure for signing financial statements 25
1.2.8. Addresses and timing of financial statements 25
12.9. The procedure for amending the reporting of an organization 26
1.2.10. Publicity of Financial Statements 27
1.2.11. Audit of financial statements 29
1.3. Contents of financial reporting forms 30
1.3.1. Balance sheet content 30
1.32. Contents of the profit and loss statement 39
1.3.3. Contents of the statement of changes in equity 49
1.3.4. Contents of the statement of cash flows 51
1.3.5. Contents of the appendix to the balance sheet 53
1.4. Consistency of analysis of financial statements 56
1.5. Impact of inflation on financial statements 59
1.5.1. Reporting data comparability 59
1.5.2. Inflation and financial reports 60
Chapter 1 Review Questions 71
2. METHODOLOGICAL BASIS OF FINANCIAL ANALYSIS 72
Review questions for chapter 2 86
3. ANALYSIS OF FORM No. 1 "ACCOUNTING BALANCE" 87
3.1. General assessment of the structure of the organization's property and its sources according to balance sheet data 87
3.2. The results of a general assessment of the structure of assets and their sources according to the provided balance sheet 94
3.3. Balance sheet liquidity analysis 97
3.4. Calculation and assessment of financial solvency ratios 102
3.5. Criteria for assessing the insolvency (bankruptcy) of organizations 107
3.6. Determination of the nature of the financial stability of the organization, calculation and assessment of financial ratios of market stability according to reporting data 125
3.6.1. Analysis of indicators of financial stability 125
3.6.2. Analysis of the adequacy of funding sources for the formation of reserves 128
3.7. Classification financial condition organizations according to the consolidated criteria for assessing the balance sheet 131
3.8. Analysis of indicators of intra-annual dynamics 137
3.9. General assessment of the business activity of the organization. Financial Cycle Calculation and Analysis 148
Review questions for chapter 3 160
4. ANALYSIS OF FORM No. 2 "REPORT ON PROFITS AND LOSSES" 162
4.1. Analysis of the level and dynamics of financial results according to reporting data 162
4.2. Analysis of costs incurred by the organization 167
4.2.1. The main types and characteristics of the classification of expenses of the organization 167
4.2.2. Cost Analysis by Item 170
4.3. Analysis of the influence of factors on profit 171
4.4. Profit dynamics analysis 175
4.5. Factor analysis of the profitability of the organization 178
4.6. Consolidated system of indicators of the organization's profitability 182
4.7. Assessing the Impact of Financial Leverage 189
4.7.1. The essence of financial leverage 189
4.7.2. The relationship between economic profitability and return on equity 191
4.7.3. Leverage ratio calculation 194
Control questions for chapter 4 197
5. ANALYSIS OF FORM No. 3 "REPORT ON CAPITAL CHANGES" 199
5.1. Sources of asset financing 199
5.2. Assessment of the composition and movement of equity capital 204
5.2.7. Analysis of the composition and movement of equity capital 204
52.2. Calculation and evaluation net assets 206
Checklist for chapter 5 209
6. ANALYSIS OF FORM No. 4 "REPORT ON CASH FLOWS" 211
6.1. Analysis of cash flows according to financial statements 211
Test questions for chapter 6 220
7. ANALYSIS OF FORM No. 5 "SUPPLEMENT TO THE ACCOUNTING BALANCE" 222
7.1. Composition and motion estimation borrowed money 222
7.2. Analysis of receivables and payables 224
7.2.1. Analysis accounts receivable 224
7.2.2. Accounts payable analysis 230
7.3. Analysis of depreciable property 232
7.3.1. Analysis intangible assets 232
7.32. Analysis of fixed assets 238
7.4. Analysis of the movement of funds for financing long-term investments and financial investments 247
7.4.1. The essence and differences between the concepts of investments and financial investments 247
7.4.2. Investment Analysis Problems 251
7.4.3. Key indicators of profitability analysis valuable papers 252
7.5. Explanatory note to the annual financial statements ... 254
Chapter 7 Test Questions 257
8. CREATING FORECAST BALANCE 259
Review questions for chapter 8 263
9. FEATURES OF COMPOSITION AND ANALYSIS OF CONSOLIDATED STATEMENTS 264
9.1. The essence and basic concepts of consolidated financial statements 264
9.2. Procedures and principles for the preparation and presentation of consolidated financial statements 276
9.3. Primary Consolidation Methods 281
9.4. Subsequent Consolidation 286
9.5. Analysis of consolidated financial statements 288
Test questions for chapter 9 293
10. SPECIFICITY OF THE ORGANIZATION'S SEGMENTARY REPORTING 294
10.1. The essence and purpose of segment reporting 294
10.2. Disclosures by reportable segments 297
10.3. Steps for creating segment reporting of an organization 302
Chapter 10 Test Questions 304
APPENDICES 306
1. Balance sheet 306
2. Profit and loss statement 310
3. Statement of changes in equity 312
4. Statement of cash flows 315
5. Appendix to the balance sheet 317
6. Report on the targeted use of funds received 324
7. Dynamics of balance sheet indicators by quarters of the reporting year 326
8. Dynamics of indicators of the profit and loss statement of the organization in the reporting year 328
REFERENCES 330
1. FINANCIAL (ACCOUNTING) STATEMENTS - INFORMATION BASE OF FINANCIAL ANALYSIS 4 1.1. Purpose, basic concepts, objectives of the analysis of financial statements 4 1.2. Concept, composition and procedure for filling out forms of financial (accounting) statements 11 1.2.2. Requirements for the reliability of reporting 14 1.2.3. Users of financial statements 17 1.2.4. Reporting period and reporting date 20 1.2.5. The procedure for drawing up reporting forms 22 1.2.6. The Role of the Explanatory Note in Information Disclosure 28 1.2.7. The procedure for signing financial statements 30 1.2.8. Addresses and deadlines for submitting financial statements 30 1.2.9. The procedure for amending the reporting of the organization 31 1.2.10. Publicity of financial statements 33 1.2.11- Audit of financial statements 35 1.3. CONTENTS OF THE FINANCIAL STATEMENT FORMS 36 1.3.1. Contents of the balance sheet 36 1.3.2. Contents of the profit and loss statement 49 1.3.3. Contents of the statement of changes in equity 62 1.3.4. Contents of the cash flow statement 65 1.3.5. Contents of the appendix to the balance sheet 67 1.4. The sequence of the analysis of financial statements 72 1.5. Influence of inflation on financial reporting data 75 1.5.1. Comparability of reporting data 75 1.5.2. Inflation and financial statements 76 2. METHODOLOGICAL BASIS OF FINANCIAL ANALYSIS 91 3. ANALYSIS OF FORM №1 “ACCOUNTING BALANCE SHEET 109 3.1. General assessment of the structure of the property of the organization and its sources according to the balance sheet 109 3.2. The results of the general assessment of the structure of assets and their sources according to the balance sheet 117 3.3. Analysis of the balance sheet liquidity 121 3.4. Calculation and assessment of financial solvency ratios 127 3.5. Criteria for assessing the insolvency (bankruptcy) of organizations 133 3.6. Determination of the nature of the financial stability of the organization. Calculation and evaluation of financial ratios of market stability based on reporting data 156 3.6.1. Analysis of financial stability indicators 156 3.6.2. Analysis of the sufficiency of funding sources for the formation of reserves 160 3.7. Classification of the financial condition of the organization according to the consolidated criteria for assessing the balance sheet. 164 3.8. Analysis of indicators of intra-annual dynamics 172 3.9. General assessment of the business activity of the organization. Calculation and analysis of the financial cycle 184 ANALYSIS OF FORM No. 2 "REPORT ON PROFITS AND LOSSES" 198 4.1. Analysis of the level and dynamics of financial results according to the reporting data. 198 4.2. Analysis of costs incurred by the organization 204 4.2.1. The main types and characteristics of the classification of the organization's expenses 204 4. 2.2. Cost Analysis by Elements 207 4.3. Analysis of the influence of factors on profit. 209 4.4. Profit dynamics analysis 214 4.5. Factor analysis of the profitability of the organization. 217 4.6. Consolidated system of indicators of the organization's profitability 222 4.7. Assessing the Impact of Financial Leverage 230 4.7.1. The essence of financial leverage 230 4.7.2. The relationship between economic profitability and return on equity 232 4.7.3. Calculation of the financial leverage ratio 236 5. ANALYSIS OF FORM No. 3 "REPORT ON CHANGES IN CAPITAL" 240 5.1. Sources of asset financing 240 5.2. Assessment of the composition and movement of equity capital 247 5.2.1. Analysis of the composition and movement of equity capital 247 5.2.2. Calculation and valuation of net assets 249 6. ANALYSIS OF FORM No. 4 "REPORT ON CASH FLOWS" 253 6.1. Analysis of cash flows according to reporting data 253 7. ANALYSIS OF FORM №5. "SUPPLEMENT TO THE ACCOUNTING BALANCE" 265 7.1. Composition and assessment of the movement of borrowed funds 265 7.2. Analysis of receivables and payables 268 7.2.1. Analysis of accounts receivable 268 7.2.2. Analysis of accounts payable 274 7.3. Analysis of depreciable property 277 7.3.1. Analysis of intangible assets 277 7.3.2. Analysis of fixed assets 285 7.4. Analysis of the movement of funds for financing long-term investments and financial investments 296 7.4.1. The essence and differences between the concepts of investments and financial investments 296 7.4.2. Investment Analysis Tasks 301 7.4.3. Main indicators of the analysis of profitability of securities 302 7.5. Explanatory note to the annual accounting report 304 8. DRAFTING THE FORECAST BALANCE 308 9. SPECIFIC FEATURES OF DRAFTING AND ANALYSIS OF CONSOLIDATED STATEMENTS 313 9.1. The essence and basic concepts of the consolidated financial statements 313 9.2. Procedures and principles for the preparation and presentation of consolidated financial statements 329 9.3. Primary Consolidation Methods 335 9.4. Subsequent Consolidation 342 9.5. Analysis of the consolidated statements 345 10. SPECIFICITY OF SEGMENTARY REPORTING OF THE ORGANIZATION 351 10.1 The essence and purpose of the segment reporting 351 10.2. Disclosure of information on reporting 355 10.3. Stages of creating segment reporting of an organization 361
1. FINANCIAL (ACCOUNTING) STATEMENTS - INFORMATION BASE OF FINANCIAL ANALYSIS
1.1. Purpose, basic concepts, tasks of the analysis of financial statements
Financial Statement Analysis ~ is the process by which we assess the past and present financial position and performance of an organization. However, the main goal is to assess the financial and economic activity our organization regarding the future conditions of existence. Financial (accounting) statements are the information base of financial analysis, because in the classical sense, financial analysis is the analysis of financial statements data. Financial analysis is carried out in different ways, depending on the task at hand. It can: be used to identify problems in the management of production and commercial activities; serve to assess the performance of the organization's management; be used to select areas of capital investment, finally, to act as a tool for forecasting individual indicators and financial activities in general
Analysis is a tool for cognition of objects and phenomena of the inner and external environment, based on the analysis of the whole into its component parts and their study in interrelation and interdependence. Economic analysis is a system of special knowledge associated with the study of economic processes and phenomena in their interconnection, formed under the influence of objective and subjective factors.
Financial analysis as part of economic analysis, represents a system of certain knowledge related to the study of the financial position of the organization and its financial results, formed under the influence of objective and subjective factors, based on the data of the financial statements. The content of financial analysis is determined by its goals, objects of research and the subject and, in essence, gives an answer to the questions: what is being researched, how and why the analysis is carried out. The purpose of the analysis of financial statements is to obtain the key (most informative) parameters that give an objective and most accurate picture of the financial condition and financial results of the enterprise. The goal of the analysis is achieved as a result of solving a certain interrelated set of analytical tasks. An analytical task is a concretization of the objectives of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. The object of analysis is what the analysis is aimed at. Depending on the tasks set, the objects of analysis of financial statements can be: the financial condition of the organization, or financial results, or the business activity of the organization, etc. The subject of analysis is a person who is engaged in analytical work and prepares analytical reports (notes) for management, that is, an analyst. Financial analysis solves the following tasks
1) evaluates the structure of the organization's property and the sources of its formation; 2) reveals the degree of balance between the movement of material and financial resources; 3) assesses the structure and flows of equity and debt capital in the process of economic circulation, aimed at extracting maximum or optimal profit, increasing financial stability, ensuring solvency, etc .; 4) evaluates the correct use of funds to maintain an efficient capital structure; 5) assesses the influence of factors on the financial results of activities and the efficiency of using the assets of the organization; 6) monitors traffic financial flows organization, compliance with the norms and standards for the expenditure of financial and material resources, the feasibility of spending. In today's conditions, the majority of enterprises are characterized by a “reactive” form of activity management, i. E. Adoption management decisions as a reaction to current problems. This form of management gives rise to a number of contradictions between: the interests of the enterprise and the fiscal interests of the state; cost of money and profitability of production; return on equity and profitability financial markets; production interests and financial service etc. The analysis of financial statements acts as a tool for identifying problems in the management of financial and economic activities, for choosing areas for capital investment and forecasting individual indicators. One of the tasks of the enterprise reform is the transition to the management of financial and economic activities based on an analysis of the economic situation, taking into account the setting of strategic goals for the enterprise, adequate market conditions, and search for ways to achieve them. The results of the financial and economic activities of the enterprise are of interest to both external market agents (consumers and manufacturers, creditors, shareholders, investors) and internal (employees of administrative divisions, heads of the enterprise, etc.). Among the main, strategic, development tasks of any organization in the conditions market economy relate
Optimization of the capital structure of the enterprise and ensuring its financial stability; profit maximization; security investment attractiveness enterprises; creation of an effective enterprise management mechanism; achieving transparency of the financial and economic condition of the enterprise for owners (participants and founders), investors, creditors; the use of market mechanisms by the enterprise to attract financial resources. The optimality of the made management decisions depends on different directions of the policy of development of the enterprise's activities:
- from the quality of economic analysis; from the development of accounting and tax policies; from the development of directions of credit policy; from the quality of the management of working capital, accounts payable and receivable; from the analysis and cost management, including the choice of depreciation policy.
1.2. The concept, composition and procedure for filling out forms of financial (accounting) statements
The main source of information for financial analysis is financial (accounting) statements. Financial statements - one system data on the property and financial position of the organization and on the results of its economic activities, compiled on the basis of financial accounting data in order to provide external and internal users with generalized information about the financial position of the organization in a form that is convenient and understandable for these users to make certain business decisions.
The organization must prepare interim financial statements for the month, quarter with the cumulative total of the reporting year, unless otherwise provided by the legislation of the Russian Federation. When forming indicators of financial statements, it is necessary to be guided by
Federal Law "On Accounting" dated 21L 1.96 No. 129-FZ; Accounting Regulations “Financial Statements of an Organization” PBU 4/99, approved by order of the Ministry of Finance of the Russian Federation dated July 6, 1999, No. 43n; by order of the Ministry of Finance of the Russian Federation dated January 13, 2000 No. 4n "On the forms of financial statements of organizations"; Methodological recommendations on the procedure for financing the indicators of the organization's financial statements, approved by order of the Ministry of Finance of the Russian Federation dated June 28, 2000 No. 60n. This block of regulatory documents is associated with the implementation of the Reform Program accounting in accordance with international financial reporting standards 1.2.1. About the volume of financial statements New approaches to the formation of financial statements are expressed in the rejection of standard forms of financial statements, i.e. from the same set of indicators about the work of the organization, regardless of the type of activity, scale of production, organizational and legal form, etc. As practice has shown, the standard forms for some organizations were redundant in terms of the indicators provided, and for others - insufficient. In this regard, there are three options for the formation of financial statements with conventional names: simplified, standard and multiple. A simplified version is for small businesses and non-profit (except for budgetary) organizations. In this case, a number of forms are not included in the annual financial statements - the Statement of Changes in Capital (Form No. 3), Statement of Cash Flows (Form No. 4), Appendix to the Balance Sheet (Form No. 5). By non-profit organ-
It is recommended that the Nation additionally include in the annual financial statements a Report on the intended use of the funds received (Form No. 6). The standard option is for commercial organizations belonging to the group of medium and large organizations. This option involves the formation of financial statements in relation to the samples of forms shown in the appendix to order No. 4n, if the indicators given in these samples of forms allow you to comply with those set out in GTU 4/99 General requirements to financial statements, the rules for assessing the articles of financial statements, as well as the requirements regarding the disclosure of information, which are contained in the provisions on accounting. Multiple option - for commercial organizations belonging to the group of the largest organizations, and large organizations with several types of activities. With this option, the number of forms that make up the organization's financial statements, as well as the variance in the presentation of reporting information, increase significantly for a number of reasons. So, it is advisable, instead of one form No. 5 (Appendix to the balance sheet), to present the indicators of its individual sections in the form of independent forms of financial statements, or a section characterizing the size of the organization's current expenses incurred should be included in the form of an appendix to Form No. 2 (Profit and loss statement ). An important role in large companies is played by segment information (operational and geographic).
However, in terms of the formation of financial statements, it is possible to single out the fourth option for a separate group of organizations - joint-stock companies, whose securities are quoted on stock market... They, along with the accounting statements formed in accordance with Russian rules, prepare annual financial statements based on the requirements of International Financial Reporting Standards (IFRS) and submit them to the organizer of trading on the securities market, investor and other interested parties upon their request. From January 1, 2000, the annual financial (accounting) statements in accordance with the order of the RF Ministry of Finance dated January 13, 2000 No. 4n include the following forms: - Balance sheet (form No. 1); - Profit and loss statement (form No. 2); - Statement of changes in equity (form No. 3); - Cash flow statement (form No. 4); - Appendices to the balance sheet (form No. 5); - Report on the targeted use of funds (form No. 6); - explanatory note; - the final part audit report.
1.2.2. Requirements for the reliability of reporting
When the organization independently develops financial reporting forms based on the sample forms given in the annex to the order of the Ministry of Finance of the Russian Federation dated January 13, 2000 No. 4n "On the forms of financial reporting of organizations", the general requirements for financial reporting must be observed (completeness, materiality, neutrality , comparability, comparability, etc.). The financial statements should include the data necessary to form a reliable and complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position. If there is insufficient data to form a complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position, then the organization includes the corresponding additional indicators and explanations in the financial statements. At the same time, the neutrality of the information contained in the financial statements should be ensured, that is, the unilateral satisfaction of the interests of some groups of interested users of financial statements in front of others should be included. If, through selection or presentation, the information influences the decisions and judgments of users in order to achieve predetermined results, the information is not neutral. The data of the financial statements of the organization should include indicators of the activities of all branches, representative offices and other divisions (including those allocated to separate balance sheets). Indicators on individual assets, liabilities, income, expenses and business operations, as well as components of capital should be presented in the financial statements of the
Owned in cases of their materiality and if without knowledge of them by interested users it is impossible to assess the financial position of the organization or the financial results of its activities. Each material indicator should be presented separately in the financial statements. Insignificant amounts of a similar nature or purpose may be pooled and not presented separately. An indicator is considered significant if its non-disclosure can affect the economic decisions of interested users, taken on the basis of reporting information. The organization's decision on whether a given indicator is significant depends on the assessment of the indicator, its nature, and the specific circumstances of its occurrence. At a minimum, an organization must disclose in its financial statements data on the groups of items included in the balance sheet and items included in the profit and loss statement, in accordance with the requirement of the Accounting Regulations "Financial statements of the organization" PBU 4/99. The interpretation of the relevant indicators of the groups of balance sheet items or items of the income statement, taking into account the size and characteristics of the data included in the group of items of the balance sheet or the item of the income statement, can be given by the organization directly in the above forms (as "including" or “Of them” to the corresponding groups of items or items) or in the notes to the balance sheet and income statement. At the same time, it should be borne in mind that an amount is recognized as significant, the ratio of which to the total of the relevant data for the reporting year is at least five percent. An entity may elect to apply a criterion other than the above for the purposes of recording material information in its financial statements. The organization, when drawing up the balance sheet, profit and loss statement and explanations to them, must adhere to the content and forms of financial statements adopted by it in the prescribed manner from one reporting year to another. At the same time, in the case of non-completion of a particular article (line, column), provided for in the form adopted by the organization, due to the lack of the organization in reporting period related assets, liabilities, income, expenses, business transactions this article (line, column) is crossed out.
For each numerical indicator of financial statements, except for the report drawn up by the newly created organization for the first reporting period, data must be provided for at least two years - the reporting one and the one preceding the reporting one. If an organization decides to disclose data for each numerical indicator for more than two years (three or more) in the financial statements it presents, then the organization must ensure comparability of data for all periods. Comparative information for each numerical indicator can be included directly in the reporting forms adopted by the organization (including in the form of separate tables included directly in the balance sheet or profit and loss statement after the indicators, in the Appendix to the balance sheet (form No. 5), in forms developed and adopted by the organization independently) or in an explanatory note. The financial statements of the organization must ensure the comparability of reporting data with indicators for the previous reporting year (years) or the corresponding periods of previous reporting periods based on changes associated with the application of the Accounting Regulation "Accounting Policy of the Organization" PBU 1/98, legislative and other regulatory acts, taking into account the reorganization performed, etc. If the data for the period preceding the reporting period are incomparable in the data for the reporting period, then the first of the named data is subject to correction based on the rules established regulations accounting. Each material adjustment should be disclosed in the notes to the balance sheet and income statement, together with an indication of the reasons for the adjustment.
1.2.3. Financial reporting users
User of financial statements - a legal or natural person interested in information about the organization. The work of analyzing financial statements must satisfy many requirements. The circle of users contained in financial documents information includes various categories - from serious analysts to casual "amateurs". They all use information about your organization, but with varying degrees of understanding and competence. In PBU 4/99, the user of financial statements is defined as a legal entity or an individual interested in information about an organization. Financial reporting in Russia is of interest to two groups of external users and one group of internal users.
External users: 1. Users directly interested in the organization's activities; 2. Users who are indirectly interested in it. The first group of external users includes the following users: 1) the state, first of all, represented by the tax authorities, which check the correctness of the preparation of accounting documents, the calculation of taxes, and determine the tax policy; 2) existing and potential lenders using the reporting to assess the feasibility of granting or extending a loan, determining the terms of lending, strengthening loan repayment guarantees, assessing the credibility of the organization as a client; 3) suppliers and buyers who determine the reliability of business relations with this client; 4) existing and potential owners of the organization's funds, who need to determine the increase or decrease in the share of their own funds and assess the efficiency of the use of resources by the organization's management; 5) external employees interested in reporting data in terms of level wages and prospects of work in this organization. The second group of external users of financial statements are those who are not directly interested in the activities of the organization, but they need to study the statements in order to protect the interests of the first group of users of the statements. This group includes
1) audit services that check the compliance of the reporting data with the established rules in order to protect the interests of investors; 2) consultants on financial issues who use the reporting in order to make recommendations to their clients regarding the placement of their capital in a particular company; 3) stock exchanges, evaluating the information provided in the reporting, upon registration of the relevant organizations, making decisions on the suspension of the activities of any company, assessing the need to change the accounting and reporting methods; 4) legislative bodies; 5) lawyers who need reporting information to assess the fulfillment of the terms of contracts, compliance with legal norms in the distribution of profits and the payment of dividends, as well as to determine the conditions of retirement benefits; 6) the press and news agencies that use reporting to prepare reviews, assess development trends and analyze the activities of individual companies and industries, and calculate generalized indicators of financial performance; 7) state organizations on statistics, using reporting for statistical generalizations by industry, as well as comparative analysis and performance assessment at the industry level; 8) trade unions interested in reporting information to determine their requirements for wages and terms of employment agreements, as well as to assess trends in the development of the industry to which this organization belongs. Internal users of reporting include: 1) top management of the organization; 2) managers of the appropriate levels, who, according to the reporting data, determine the correctness of the investment decisions and the efficiency of the capital structure, determine the main directions of the dividend policy, draw up forecast reporting forms and carry out preliminary calculations of financial indicators for the upcoming reporting periods, assess the possibilities of merging with another organization or its acquisition, structural reorganization.
1.2.4. Reporting period and reporting date
The reporting year for all organizations is the calendar year - from January 1 to December 31 inclusive. Reporting date - the date as of which the organization must prepare financial statements.
For the preparation of financial statements, the reporting date is the last calendar day of the reporting period. The organization must generate periodic financial statements no later than 30 days after the end of the reporting period, unless otherwise provided by the legislation of the Russian Federation. The first reporting year for newly created organizations is the period from the date of their state registration to December 31 of the corresponding year, and for organizations created after October 1 - to December 31 of the next year. Data on business transactions carried out for state registration of organizations are included in their financial statements for the first reporting year. Monthly and quarterly reports are interim and are compiled on an accrual basis from the beginning of the reporting period. In accordance with the Accounting Regulations “Events after the reporting date” (PBU 7/98), the procedure for reflecting events after the reporting date in the financial statements of commercial organizations has been established. An event after the reporting date is a fact of economic activity that has had or may have an impact on the financial condition, cash flow or performance of the organization and which took place between the reporting date and the date of signing the financial statements for each year. An event after the reporting date is also the declaration of annual dividends based on the results of operations. joint stock company for the reporting year. Events after the reporting date include: events confirming the existence at the reporting date of the economic conditions in which the organization conducted its activities; events indicating the occurrence after the reporting date of the economic conditions in which the organization operates. An approximate list of the facts of economic activity that can be recognized as events after the reporting date is given in the appendix to Regulation PBU 7/98.
1.2.5. The procedure for drawing up reporting forms
When preparing financial statements, it should be borne in mind that the accounting process in organizations is carried out on the basis of
From the accounting policy adopted by them in accordance with the Accounting Policy of the Organization, PBU 1/98, which presupposes property isolation and continuity of the organization's activities, the sequence of application of accounting policies, as well as the temporal certainty of the facts of economic activity. Accounting policies should also meet the requirements of completeness, prudence, priority of content over form, consistency and rationality. In accordance with the requirements of the Accounting Regulations "Financial Statements of the Organization" (PBU 4/99) in the financial statements, offset between the items of assets and liabilities, items of profit and loss is not allowed, unless such offset is provided for by the relevant accounting regulations. The balance sheet must include numbers in the net valuation, i.e. minus the regulatory values that should be disclosed in the notes to the balance sheet and income statement. Given this, in the balance sheet, data on intangible assets, fixed assets are given according to residual value(with the exception of tangible assets, fixed assets, for which, in accordance with the established procedure, depreciation is not charged). In the event that an organization that has investments in shares of other organizations that are quoted on stock exchange whose quotations are regularly published, a reserve is formed at the end of the reporting year for the depreciation of investments in securities due to the financial results of the organization, in the annual balance sheet the balances of the corresponding financial investments are reflected at market value, if the latter is lower than the value accepted for accounting. In the liabilities of the balance sheet, the amount of the formed reserve for the depreciation of investments in securities and recorded on the corresponding account is not separately reflected. In the event that the organization, in accordance with the established procedure, creates reserves for doubtful debts for settlements with other organizations and citizens for products, goods, works and services with the attribution of the amounts of reserves to the financial results of the organization, the accounts receivable for which reserves have been created are shown in the balance sheet in the amount minus the formed reserve. In this case, the amount of
The reserve called and reflected in the accounting is not separately reflected in the liabilities of the balance sheet. When preparing financial statements, the requirements of accounting regulations and other regulatory documents on accounting for disclosure in financial statements of information on changes in accounting policies that have or may have a significant impact on the financial position, cash flow or financial performance of the organization must be met, operations in foreign currency, on inventories, on fixed assets, on the income and expenses of the organization, on the consequences of events after the reporting date, on the consequences of contingencies of economic activity, as well as on the disclosure in the financial statements of one or another information about assets, capital and reserves and liabilities organizations. Such disclosure can be carried out by the organization by including the relevant indicators, tables, transcripts directly in the financial reporting forms or in an explanatory note. When reflecting data in financial statements, it should be borne in mind that if, in accordance with the regulatory documents on accounting, the indicator is deducted from the corresponding indicators (data) when calculating the corresponding data (interim, total, etc.) or has a negative value, then in the financial statements this indicator is shown in parentheses (uncovered loss, cost of goods sold, products, works, services, sales loss, interest payable, operating expenses, use of funds (reserves), capital reduction, direction of funds, disposal of fixed assets, etc. .). Form headers are filled in the following order
The reporting date or reporting period for which the financial statements were drawn up ("for the year 200_", "for the year 200_") is indicated; props "Organization" - indicate the full name legal entity(in accordance with the constituent documents registered in accordance with the established procedure); the taxpayer identification number (TIN) assigned by the tax authority in the prescribed manner is indicated;
Props "Type of activity" - indicates the type of activity that is recognized as the main one in accordance with the requirements of regulatory documents approved by the State Committee of the Russian Federation on Statistics; requisite "Legal form / form of ownership" - this line indicates the organizational and legal form of the organization according to the Classification of legal forms of business entities (KOPF). In this case, in the left half of the column, the code for the KOPF is indicated, and in the right half - the code of ownership for the Classifier of Forms of Ownership (KOF); variable "Unit of measurement" - the format of presentation of numerical indicators is indicated: thousand rubles. - code 384 for OKEI; million rubles - code 385 for OKEI; "Address" variable - the full postal address of the organization is indicated; variable "Date of approval" - the established date for the annual financial statements is indicated; requisite "Date of sending / acceptance" - the specific date of mailing of the financial statements or the date of its actual transfer according to their affiliation is indicated; requisite "State property management body" - organizations that have federal property and are obliged, in accordance with the Decree of the Government of the Russian Federation of 03.07.1998, No. 696 "On the organization of accounting for federal property", to receive certificates of entry into the register of the specified property, must indicate the number in the register federal (state) property ("Number in the register of federal (state) property") and the name of the body responsible for coordinating and regulating the activities of a state or municipal unitary enterprise and to which financial statements are sent. Financial statements are prepared and presented in thousands of rubles without decimal places. Organizations with significant volumes of turnover of goods, liabilities, etc., are allowed to submit financial statements in millions of rubles without decimal places.
Small businesses, public organizations(associations) and other organizations with an insignificant amount of assets accounted for in the balance sheet, and in order to avoid difficulties in using these financial statements, can prepare and submit annual financial statements in whole rubles. Financial statements must be drawn up in Russian in the currency of the Russian Federation. An organization subject to liquidation or reorganization, changing its state form of ownership to another in the reporting year, submits a report on standard forms of annual financial statements for the period from the beginning of the year to the moment of liquidation (reorganization). ) and their sources from the date of its state registration in accordance with the established procedure until December 31, inclusive of the reporting year, and an organization created after October 1 of the reporting year, including October 1, - until December 31 of the following year (this procedure does not apply to organizations created on the base of liquidated (reorganized) organizations, their structural divisions). An organization transferring and acquiring (receiving) new divisions not as of January 1, in an explanatory note provides an explanation of the discrepancy between the balance sheet data at the beginning and end of the reporting year. PBU 7/98 “Events after the reporting date” and PBU 8/01 “Contingencies of economic activity” establish the rules for reflecting these events and facts in the financial statements. In this case, events after the reporting date and contingent facts are reflected in accounting depending on their materiality (significance). The materiality of facts and events is determined by the organization independently based on the requirements of the accounting regulations. The consequences of events after the reporting date and contingent facts are estimated in monetary terms in a special calculation and are shown in the financial statements either by reflecting in the synthetic and analytical accounting by the final turnovers of the reporting period before the approval of the annual financial statements, or by disclosing the relevant information in the notes to the balance sheet and the report about financial results. In this case, the conditional profit as financial
The balance sheet result of a contingent fact is disclosed only in the notes to the balance sheet and the profit and loss statement for the reporting period, and in the synthetic and analytical accounting of the reporting period, no contingent profit is recorded. The procedure for calculating and reflecting in accounting and reporting events after the reporting date and conditional facts is established by a separate regulation on accounting. In some cases, when disclosure of information on contingent facts of economic activity may adversely affect the likelihood of these facts occurring, an organization may not disclose information in full, but indicate in the notes to the income statement only the general nature of the contingent fact and the reason, due to for which more detailed information is not disclosed. Issues regulated by PBU 7/98 “Events after the reporting date” and PBU 8/01 “Contingencies of economic activity” are closely related to PBU 4/99 “Financial statements of the organization”.
1.2.6. Role of the Explanatory Note in Disclosure
An explanatory note to the annual financial statements must contain essential information about the organization, its financial position, comparability of data for the reporting and previous years, valuation methods and material items of the accounting statements. The explanatory note should provide: - a brief description of the organization's activities, i.e. provide the main performance indicators, factors that influenced the financial results of the reporting period, as well as the decision based on the results of the consideration of the annual financial statements and the distribution of the organization's net profit; - analytical indicators characterizing the state, structure and efficiency of using fixed assets, intangible assets, financial investments, etc .; calculate the profitability of the organization; - assessment of the financial condition of the organization in the short term in terms of financial stability and solvency of the organization;
Assessment of the financial condition for the long term in terms of indicators of the structure of sources of funds, the degree of dependence of the organization on external investors and creditors, to determine the effectiveness of investments, etc.; - assessment of the business activity of the organization. The explanatory note should report on the facts of non-application of accounting rules in cases where they do not allow to reliably reflect the property status and financial results of the organization's activities with appropriate justification. Otherwise, non-application of accounting rules is considered as evasion from their implementation and is recognized as a violation of the legislation of the Russian Federation on accounting. In an explanatory note to the financial statements, an entity announces changes to its accounting policies for the next reporting year. This article of the Russian law complies with international standard accounting No. 1 "Presentation of financial statements" (IAS 1-97). It says that “financial statements should provide information about the financial position, financial performance and cash flows of the company that is useful to a wide range of users in making economic solutions". If the report lacks clarity and clarity, it is impossible to make responsible decisions and make judgments on its basis. This should fully apply to the information contained in the Russian financial statements. Standard No. 1 indicates that in financial statements should contain the corresponding figures for the previous period. This undoubtedly increases the analyticity of the reports. “Comparative information should be disclosed in relation to the prior period for all the amounts in the financial statements. Comparative information should be included in summary and descriptive information when relevant to an understanding of the financial statements of the current period. ” In order to draw the right conclusions and make the right decision, it is necessary to have not only reports for the current period, but also for past periods, which are not available to any user.
1.2.7. The procedure for signing financial statements
The financial statements are signed by the head and the chief accountant (accountant) of the organization. In organizations where accounting is kept on a contractual basis by a specialized organization (centralized accounting) or a specialist, the financial statements are signed by the head of the organization, the head of a specialized organization (centralized accounting) or a specialist who keeps accounting. In organizations where accounting is carried out by a centralized accounting department, a specialized organization or a specialist accountant, the statements are signed by the head of the organization, centralized accounting department or specialized organization or by a specialist accountant keeping accounting. PBU 7/98 "Events after the reporting date" introduces a new concept "the date of signing the financial statements" into the accounting regulation system. The date of signing of the financial statements is the date indicated in the financial statements submitted to the addresses specified by the legislation of the Russian Federation when they are signed in the prescribed manner.
1.2.8. Addresses and deadlines for submitting financial statements
Organizations, with the exception of budgetary organizations, submit annual financial statements in accordance with the constituent documents to the founders, members of the organization or the owners of its property, as well as territorial bodies state statistics at the place of their registration. State and municipal unitary enterprises submit financial statements to bodies authorized to manage state property. Accounting statements are submitted to other executive authorities, banks and other users in accordance with the legislation of the Russian Federation. Organizations, with the exception of budgetary organizations, are required to submit quarterly financial statements within 30 days
At the end of the quarter, and annual - within 90 days after the end of the year, unless otherwise provided by the legislation of the Russian Federation. The submitted annual financial statements must be approved in accordance with the procedure established by the constituent documents of the organization. Budget organizations submit monthly, quarterly and annual financial statements higher authority within the time frame set by him. The date of presentation of financial statements by an organization is determined by the date of its mailing or by the date of actual transfer of ownership. If the date of submission of financial statements falls on a non-working (day off) day, then the deadline for submission of financial statements is the first following business day.
1.2.9. The procedure for making changes to the organization's reporting
To ensure the reliability of accounting data and financial statements, organizations are required to conduct an inventory of property and liabilities, during which their presence, condition and assessment are checked and documented. The inventory is carried out in accordance with the Methodological Guidelines for the Inventory of Property and Financial Liabilities, approved by order of the Ministry of Finance of the Russian Federation dated June 13, 1995 No. 49. In cases where the organization reveals an incorrect reflection of business transactions of the current period before the end of the reporting year, corrections are made by entries in the corresponding accounting accounts in the month of the reporting period when the distortions were identified. If an incorrect reflection of business transactions in the reporting year after its completion is revealed, but for which the annual financial statements have not been approved in the prescribed manner, corrections are made by the entries of December of the year for which the annual financial statements are prepared for approval and submission to the appropriate addresses.
In cases where the organization reveals in the current reporting period the incorrect reflection of business transactions in the accounting accounts in the last year, corrections in the accounting and financial statements for the last reporting year (after the approval of the annual financial statements in the prescribed manner) are not made. From the moment of entry into force Tax Code RF organization is responsible for every tax violation, even in those cases when it is identified and corrected by it on its own. Accounting errors lead to miscalculation taxable base or the tax amount itself. As a result, the organization fills out the tax declaration incorrectly and the tax amount is not transferred to the budget in full. When the taxpayer identifies an error on his own, he must make changes to tax return... In this case, the organization will have to pay the unpaid tax amount, pay penalties for late payment of tax and, in some cases, a fine for violating the rules for drawing up a tax return.
1.2.10. Publicity of financial statements
Open joint stock companies, banks and others credit institutions, insurance organizations, stock exchanges, investment and other funds created at the expense of private, public and state funds (contributions) are required to publish annual financial statements no later than June 1 of the year following the reporting year. The Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, their representative offices and branches on the territory of the constituent entities of the Russian Federation, the Federal Compulsory Medical Insurance Fund and territorial compulsory medical insurance funds, as well as in the cases established federal laws, other organizations are required to publish annual financial statements. The publicity of financial statements consists in its publication in newspapers and magazines available to users of financial statements, or distribution among them of brochures, booklets and other publications containing accounting
Terek reporting, as well as in its transfer to the territorial bodies of state statistics at the place of registration of the organization for provision to interested users. In this regard, the Ministry of Finance of the Russian Federation approved the procedure for publishing financial statements (order of the Ministry of Finance of the Russian Federation of November 26, 1996, No. 101). In particular, this order says that joint stock companies can publish an abbreviated form of the balance sheet and income statement. The balance sheet can be presented only by the totals for the sections provided for in clause 20 of PBU 4/99, if the following conditions are present simultaneously; 1) the balance sheet currency (at the end of the reporting period) should not exceed 400,000 times (400,000 minimum wages) of the minimum wage; 2) revenue (net) from the sale of goods, products, works, services for the reporting period should not exceed 1,000,000 times (1,000,000 minimum wages) of the minimum wage. If the organization has more of these indicators, then the balance sheet is published in full. As for Form No. 2 “Profit and Loss Statement”, when it is published, it is possible not to include the subtotals provided for in clause 23 of PBU 4/99, and also not to cite the report items for which the company does not have indicators. The form of the profit and loss statement in an abbreviated version should contain the following indicators: proceeds from the sale of goods, products, works, services, the cost of goods sold, products, works, services, gross profit, selling, administrative expenses, distribution of profits or coverage of losses. Information on the results of the audit should be published along with the financial statements. The publication should contain the opinion (assessment) of an independent auditor or an audit firm on the reliability of the financial statements. If the financial statements are published in full, then the publication should include the full text of the final part of the auditor's report.
1.2.11- Audit of financial statements
In cases stipulated by the legislation of the Russian Federation, the financial statements are subject to mandatory audit. The final part of the auditor's report should be attached to the accounts. Federal Law "On audit activity"No. 119-ФЗ dated 07.08.2001 established the criteria for organizations whose financial statements are subject to a mandatory annual audit
Organizational and legal form - open joint stock company; - credit organizations; insurance organizations or mutual insurance companies; commodity or stock exchange; investment funds, state extra-budgetary funds, the source of the funds of which are provided for by the legislation of the Russian Federation compulsory estimates produced by individuals and legal entities; funds, the sources of which are the voluntary contributions of individuals and legal entities; - if the amount of revenue of the organization or individual entrepreneur from the sale of products (performance of work, provision of services) for one year exceeds 500,000 times established by the legislation of the Russian Federation minimum size wages or the amount of assets on the balance sheet exceeds by 200,000 times the minimum wage established by the legislation of the Russian Federation at the end of the reporting year; - organizations that are a state unitary enterprise, a municipal unitary enterprise based on the right of economic management, if financial indicators its activities meet the established criteria. For municipal unitary enterprises, the law of a constituent entity of the Russian Federation may lower financial indicators. The final part of the auditor's report issued on the basis of the results of the statutory audit of financial statements should be attached to these statements.
Section 1 "Non-current assets" of the balance sheet presents the following groups of items: - intangible assets; - fixed assets; - Construction in progress; - profitable investments in material values; - long-term financial investments; - Other noncurrent assets. Intangible assets are carried in the balance sheet at their residual value, i.e. at the actual costs of purchasing, manufacturing and the costs of bringing them to a state in which they are suitable for use for the planned purposes, minus the accrued depreciation. Intangible assets used in the manufacture of products, performance of work, provision of services during the period of economic activity exceeding 12 months, and bringing economic benefits (income), include objects of intellectual property: - the exclusive right of the patent holder to an invention, industrial design, utility model; - exclusive copyright for computer programs, databases; - the exclusive right of the owner to the trademark and service mark, appellation of origin. In addition, organizational expenses (expenses associated with the formation of a legal entity, recognized in accordance with the constituent documents as the contribution of participants (founders) to the authorized (pooled) capital), as well as the business reputation of the organization may be related to intangible assets. An explanation of the composition of intangible assets is given in the appendix to the balance sheet (form No. 5). The balance sheet shows data on fixed assets, both active and in conservation or in stock, at residual value.
This subsection also reflects capital investment for land improvement (reclamation, drainage, irrigation and other works) and in rented buildings, structures, equipment and other objects related to fixed assets. In the amount of actual acquisition costs, land plots, objects of nature use, acquired by the organization as property in accordance with the legislation, are shown.
A breakdown of the movement of fixed assets during the reporting year, as well as their composition at the end of the year are given in the appendix to the balance sheet (form No. 5). The item "Construction in progress" shows the costs of construction and installation work carried out both by economic and contractual means, the acquisition of buildings, equipment, Vehicle, tools, inventory, material durables, other capital works and costs (design and survey, geological exploration and drilling, land plots and resettlement in connection with construction, for training personnel for newly built organizations, etc.). This article reflects the cost of capital construction objects that are in temporary operation until they are put into permanent operation, as well as the cost of objects real estate, for which there are no documents confirming the state registration of real estate objects in cases established by law. Capital investments in progress are reflected in the balance sheet at actual costs for the developer (investor). In addition, this item reflects the costs of forming the main herd, the cost of equipment that requires installation and is intended for installation. The decoding of information on the movement of funds under the item "Construction in progress" is given in Form No. 5. Under the item "Profitable investments in tangible assets", income investments in values provided under a lease (rental) agreement are reflected for a fee for temporary possession and use in order to obtain income. Long-term financial investments are long-term investments of an organization (for a period of more than a year) in profitable assets (securities) of other organizations, statutory (share)
Capital of other organizations established on the territory of the Russian Federation or abroad, government securities, as well as loans provided by the organization to other organizations. Financial investments are taken into account in the amount of actual costs for the investor. For debt securities, the difference between the amount of actual acquisition costs and the par value during the period of their circulation is allowed evenly, as the income attributable to them is accrued, to be attributed to the financial results of the organization. Financial investment items (other than loans) that have not been paid in full are shown in the asset of the balance sheet in the full amount of the actual costs of their acquisition under the agreement with the attribution of the outstanding amount under the item of creditors in the balance sheet liability in cases where the rights to the object have been transferred to the investor. In other cases, the amounts contributed to the account of the objects of financial investments to be acquired are shown in the asset of the balance sheet under the item of debtors. Investments of an organization in shares of other organizations, quoted on the stock exchange or special auctions, whose quotes are regularly published, are reflected at the end of the year at market value, if the latter is lower than the value accepted for accounting. This difference is written off to the reserve formed at the end of the year for the depreciation of investments in securities, created due to the financial results of the organization. The item "Other non-current assets" reflects funds and investments of a long-term nature that are not reflected in section I of the balance sheet. Section 2 "Current assets" of the balance sheet is represented by the following groups of items: - reserves; - value added tax on purchased valuables; - accounts receivable (payments for which are expected more than 12 months after the reporting date); - accounts receivable (payments for which are expected within 12 months after the reporting date); - short-term financial investments; - cash; - Other current assets.
The items of the "Inventories" group show the balances of stocks of raw materials, basic and auxiliary materials, fuel, purchased semi-finished products and components, spare parts, containers and other material values. In accordance with PBU 5/01, inventories are taken into account according to actual cost... The actual cost of inventories purchased for a fee is the amount of the organization's actual acquisition costs, excluding value added tax and other recoverable taxes (except as provided for by the legislation of the Russian Federation). When issuing inventories (except for goods accounted for by sales value) in production and other disposal, their assessment is made in one of the following ways: - at the cost of each unit; - at the average cost; - at the cost of the first in the time of acquisition of inventories (FIFO method); - at the cost of the most recent acquisition of inventories (LIFO method). The item "Costs in work in progress (distribution costs)" shows the costs of work in progress and work in progress (services), the accounting of which is carried out in the corresponding accounts of the accounting of production costs. Organizations (construction, scientific, engaged in geology, etc.) that carry out settlements with customers in the current year in accordance with concluded contracts for completed stages of work that are of independent importance, reflect on this line the stages accepted in the established manner by the customer at the contractual cost. In this case, the customer reflects the cost of work in accounting at the end of all stages. As part of sales costs, the amount of distribution costs attributable to the balance of unsold goods in organizations operating in accordance with the constituent documents in trade, supply and other intermediary activities is taken into account. If organizations do not recognize the recorded distribution costs in the cost of goods (services) sold in full in the reporting period as
With the costs of ordinary activities, the amount of distribution costs (in terms of transportation costs) attributable to the remainder of unsold goods and raw materials is reflected in the balance sheet under the item "Costs in work in progress (distribution costs)". Finished goods and goods for resale shows the actual production cost of the remainder of finished goods, tested and accepted, completed with all parts in accordance with the terms of contracts with customers and the corresponding specifications and standards. Products that do not meet the specified requirements and work not handed over are considered unfinished and are shown as part of work in progress. This article shows the value of the balances of goods purchased by an organization operating in trade and public catering. At the same time, the organization Catering under this item also reflects the remains of raw materials in kitchens and pantries, the remains of goods in buffets. Organizations operating in the industry display items for this line that are purchased specifically for sale. The item "Goods shipped" reflects data on the actual cost of goods shipped (goods) in the event that the contract stipulates a different from general order the moment of transfer of ownership, use and disposal of it and the risk of accidental death from the organization to the buyer, customer. The item "Deferred expenses" includes the amount of expenses incurred in the reporting year, but to be attributed to the costs of production of products (works, services) in the following reporting periods. The item "Value added tax on acquired assets" reflects the amount of value added tax on acquired material resources, low-value and wearing out items, fixed assets, intangible assets and other valuables, works and services, subject to attribution in the prescribed manner in the following reporting periods in reduction of tax amounts to be transferred to the budget or reduction of the corresponding sources of their discovery. Two subsections of section 2 of the balance sheet reflect the organization's settlements with other organizations and persons and are given in detail
Chickpea: Account Balances analytical accounting for which there is a debit balance - in an asset for which there is a credit balance - in a liability. For the group of items "Accounts receivable, payments for which are expected more than 12 months after the reporting date" and "Accounts receivable, payments for which are expected within 12 months after the reporting date", data on accounts receivable is shown separately. An explanation of the status of accounts receivable is given in the annex to the balance sheet in form No. 5. The item "Buyers and customers" shows, at contractual or estimated cost, goods shipped, work handed over and services rendered to customers (buyers) until payments for them are received on the settlement ( or another) account of the organization or offset of mutual claims, and the item “Bills receivable” shows the debt of buyers, customers and other debtors for shipped products (goods), work performed and services provided, secured by received bills. The assets and liabilities of the balance sheet under the items "Debt of subsidiaries (dependent) companies" and "Debts to subsidiaries (dependent) companies" reflect data on current operations with subsidiaries (dependent) companies. The article "Debt of participants (founders) for contributions to the authorized capital" shows the debt of the founders (participants) of the organization for contributions to the authorized (pooled) capital of the organization. The item "Advances issued" shows the amount of advances paid to other organizations for forthcoming settlements in accordance with the concluded agreements. The item "Other debtors" of these groups of items shows the debt for financial and tax authorities, including overpayment of taxes, fees and other payments to the budget; indebtedness of employees of the organization for loans and borrowings provided to them at the expense of this organization or a bank loan, for compensation for material damage to the organization; debt for accountable persons; arrears in settlements with suppliers for shortages of inventory items discovered during acceptance; fines, penalties and forfeits recognized by the debtor or on which a court decision has been received ( arbitration court) on their recovery.
The subsection "Short-term financial investments" shows short-term (for a period not exceeding one year) loans provided to organizations, reflects own shares purchased from auctioneers, and the organization's investments in securities of other organizations, government securities, etc. The subsection "Cash" includes items "Cash", "Settlement accounts", "Currency accounts", which reflect the balances of cash on hand, on settlement and foreign currency accounts with credit institutions. Section 3 of the balance sheet "Capital and reserves" unites the organization's own sources and consists of the following items: - authorized capital; - Extra capital; - Reserve capital; - fund social sphere; - targeted funding and receipts; - retained earnings of previous years; - uncovered loss of previous years; - retained earnings of the reporting year; - uncovered loss of the reporting year. In the article “ Authorized capital»The amount of the authorized or contributed capital is shown in accordance with the constituent documents. An increase or decrease in the authorized (joint-stock) capital, made in accordance with a certain procedure, is reflected in the accounting and reporting after amendments to the constituent documents. The item "Additional capital" reflects the share premium of a joint-stock company, an increase in the value of property with the revaluation of fixed assets, a part of retained earnings in the amount allocated for capital investments. Article " Reserve capital»Includes the amounts of the balances of the reserve and other similar funds created in accordance with the legislation of the Russian Federation or if the creation of funds is stipulated by the constituent documents or the accounting policy of the organization. The article "Fund of the social sphere" shows the balance of the fund of the social sphere, formed by the organization in the case of the presence of housing facilities and objects of external improvement (received free of charge, including under a donation agreement, acquired by the organization) that were not previously registered
Tennyh as part of the authorized (joint-stock) capital, authorized capital, additional capital. An explanation of the composition and movement of the fund during the reporting year is given in Form No. 3 “Report on changes in equity”. Under the item "Earmarked funding and receipts", non-profit organizations reflect the balances of received and unused earmarked funds as entrance membership and voluntary contributions, as well as other sources. Data on the balances of targeted funding at the beginning and end of the reporting period by their types and sources, their movement during the reporting period by non-profit organizations are given in the Report on the targeted use of funds received (form No. 6). The article "Retained earnings of previous years" shows the profit remaining at the disposal of the organization based on the results of work for the previous reporting period. The article "Retained earnings of the reporting year" shows the retained earnings of the reporting period in the net amount, calculated as the difference between the revealed financial result for the reporting period and the amount of taxes and other mandatory payments for the reporting period in accordance with the legislation of the Russian Federation. Article " Uncovered loss previous years ”shows the remainder of the uncovered loss received as a result of the organization's activities for the periods preceding the reporting one. The item "Uncovered loss of the reporting year" shows the organization's loss for the reporting period as the difference between the revealed financial result for the reporting period and the amount of taxes and other similar obligatory payments due. Uncovered losses are reflected in the balance sheet as negative indicators and reduce the amount of the organization's equity capital. When considering the results of the organization's activities for the reporting year, a decision should be made on the sources of coverage for losses. For these purposes, retained earnings of previous years can be directed, reserve fund, additional capital (excluding property revaluation amounts). Section 4 "Long-term liabilities" is represented by the following items: - bank loans due to be repaid more than 12 months after the reporting date;
Loans maturing more than 12 months after the reporting date; - other long-term liabilities. Section 5 "Current liabilities" combines the amounts of accounts payable due within 12 months after the reporting date: bank loans due within 12 months after the reporting date; loans payable within 12 months after the reporting date; accounts payable, including: - suppliers and contractors; - promissory notes payable; - debts to subsidiaries and affiliates; - debt to the organization's personnel; - debt to state extra-budgetary funds; - debt to the budget; - received advances; - other creditors; indebtedness to participants (founders) for the payment of income; revenue of the future periods; reserves for future expenses; other short-term liabilities. For the group of articles "Accounts payable", various types of debts are presented: the article "Suppliers and contractors" shows the amount owed to suppliers and contractors for received material values, work performed and services rendered; the item "Bills payable" shows the amount owed to suppliers, contractors and other creditors to whom the organization issued bills of exchange to secure their supplies, works and services; the item "Indebtedness to the personnel of the organization" shows the accrued but not yet paid amounts of wages, and the item "Indebtedness to state extra-budgetary funds" reflects the amount of arrears on contributions to state social insurance, pensions and health insurance employees of the organization;
The item "Debt to the budget" shows the debt of the organization for all types of taxes, fees to the budget; the item "Advances received" shows the amount of advances received from third-party organizations for forthcoming settlements under concluded contracts; the item "Other creditors" shows the organization's debt for settlements that have not been reflected in other items. An explanation of the state and movement of accounts payable is given in the annex to the balance sheet (form No. 5). The article "Debt to participants (founders) for the payment of income" shows the amount of the organization's debt on accrued but not paid dividends, interest on shares, bonds. The item "Deferred income" shows the income received in the reporting period, but related to the next reporting periods. The item "Provisions for future expenses" shows the balances of reserves formed by the organization in accordance with the regulatory accounting system, such as reserves for vacation payments, repairs of fixed assets, for preparatory work due to the seasonality of production, etc. In addition, behind the balance sheet in the certificate on the availability of valuables recorded on off-balance sheet accounts, data on leased fixed assets, inventory items accepted for safekeeping, goods accepted for commission, etc. are provided.
Let us consider the procedure for forming indicators of Form No. 2 "Profit and Loss Statement". The classification of income and expenses is established in the Accounting Regulations “Income of the Organization” (P BU 9/99) and “Expenses of the Organization” (PBU 10/99). PBU 9/99 defines the income of the organization as a whole, their types, as well as revenue. The Regulation determines the procedure for recognizing income in accounting and the procedure for disclosing information about an organization's income in the financial statements.
The income of the organization is recognized as an increase economic benefits as a result of the receipt of assets (cash, other property) and (or) the repayment of obligations, leading to an increase in the capital of this organization, with the exception of contributions from participants (property owners). For the purposes of the Regulations, receipts from other legal entities and individuals are not recognized as income of the organization: - the amount of value added tax, excise taxes, sales tax, export duties and other similar mandatory payments; - under commission agreements, agency and other similar agreements in favor of the principal, principal, etc .;
- Workshop - Dontsova L.V., Nikiforova N.A. - 2004
Presented in the workshop examples, exercises and tasks are intended for in-depth study of the methodology for analyzing the financial statements of economic entities. The workshop contains a set of tasks covering the main theoretical and applied aspects of the analysis of standard reporting forms: Form No. 1 "Balance Sheet", Form No. 2 "Profit and Loss Statement", Form No. 3 "Report on Capital Changes", Form No. 4 "Report on cash flow ”, form No. 5“ Appendix to the balance sheet ”.
The publication is addressed to teachers and students of economic universities, employees of accounting services, as well as students in the system of training and certification of professional accountants, financial analysts and auditors.
Dontsova L.V., Nikiforova N.A.
Analysis of financial statements: Workshop.
M .: Publishing house "Delo and Service", 2004. - 144 p.
ISBN 5-8018-0244-4
BBK 65.053
Foreword
Section 1. ANALYSIS OF FORM No. 1 "ACCOUNTING BALANCE"
1.1. General assessment of the structure of the property of the enterprise and its sources according to the balance sheet.?.
1.2. Analysis of the balance sheet liquidity and assessment of the company's solvency
1.3. Assessment of the likelihood of insolvency (bankruptcy) of an enterprise
1.4. Determination of the nature of the financial stability of the enterprise. Calculation and assessment of financial market stability ratios based on the balance sheet data
1.5. Classification of the financial condition of the enterprise according to the consolidated criteria for assessing the balance sheet
Section 2. ANALYSIS OF FORM № 2 "REPORT ON PROFITS AND LOSSES".
2.1. General assessment of the business activity of the organization. Calculation and analysis of the financial cycle
2.2. Analysis of the level and dynamics of financial results according to reporting data
2.3. Analysis of the influence of factors on profit
2.4. Factor analysis of the profitability of the organization
Section 3. ANALYSIS OF FORM No. 3 "REPORT ON CAPITAL CHANGES".
3.1. Assessment of sources of financing assets
3.2. Analysis of the composition and movement of equity capital. Valuation of net assets
Section 4. ANALYSIS OF FORM No. 4 "CASH FLOW REPORT".
4.1. Analysis of cash flows according to reporting data.
Section 5. ANALYSIS OF FORM No. 5 "APPENDIX TO THE ACCOUNTING BALANCE SHEET"
5.1. Analysis of the movement of borrowed funds
5.2. Analysis of receivables and payables
5.3. Analysis of depreciable property.
5.4. Analysis of the movement of funds for financing long-term investments and financial investments
Section 6. FEATURES OF ANALYSIS OF CONSOLIDATED REPORTING
6.1. Analysis of the consolidated financial statements.
Applications
Literature
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Name: Analysis of financial statements.
The textbook substantiates the theoretical, methodological and practical provisions of the modern concept of the analysis of financial statements of business entities. Based on the latest regulatory documents, the authors describe in detail the methodology for compiling and analyzing Form No. 1 "Balance Sheet", Form No. 2 "Profit and Loss Statement", Form No. 3 "Statement of Capital Changes", Form No. 4 "Statement of Cash Flows ", Form No. 5" Appendix to the balance sheet ", form No. 6" Report on the targeted use of funds received "by quarters and in general for the reporting period. The material presented is illustrated with an end-to-end digital example.
The publication is addressed to teachers and students of economic universities, employees of accounting services, financial directors, as well as students in the system of training and certification of professional accountants and auditors.
This textbook has been compiled in accordance with the requirements of the State Educational Standard for Higher Professional Education, approved by the Ministry of Education of the Russian Federation on March 17, 2000 in the discipline "Analysis of financial statements".
The purpose of this book is to acquaint the reader with the methodology for analyzing financial statements, which is becoming increasingly important in making management decisions, when rational and logical arguments are required to justify them.
This book is recommended especially for those who study at the faculties of economics, accounting and auditing, management, since it describes in detail a wide variety of analytical situations.
TABLE OF CONTENTS
FOREWORD 3
1. FINANCIAL (ACCOUNTING) STATEMENTS - INFORMATION BASE OF FINANCIAL ANALYSIS 5
1.1. Purpose, basic concepts, objectives of the analysis of financial statements 5
1.2. The concept, composition and procedure for filling out forms of financial (accounting) statements 10
1.2.1. About the volume of financial statements 11
7.2.1. Requirements for the reliability of reporting 13
7.2.3. Financial Statement Users 15
12.4. Reporting period and reporting date 17
1.2.5. The procedure for drawing up reporting forms 18
1.2.6. Role of the Explanatory Note in Disclosure 23
12.7. The procedure for signing financial statements 25
1.2.8. Addresses and timing of financial statements 25
12.9. The procedure for amending the reporting of an organization 26
1.2.10. Publicity of Financial Statements 27
1.2.11. Audit of financial statements 29
1.3. Contents of financial reporting forms 30
1.3.1. Balance sheet content 30
1.32. Contents of the profit and loss statement 39
1.3.3. Contents of the statement of changes in equity 49
1.3.4. Contents of the statement of cash flows 51
1.3.5. Contents of the appendix to the balance sheet 53
1.4. Consistency of analysis of financial statements 56
1.5. Impact of inflation on financial statements 59
1.5.1. Reporting data comparability 59
1.5.2. Inflation and financial statements 60
Chapter 1 Review Questions 71
2. METHODOLOGICAL BASIS OF FINANCIAL ANALYSIS 72
Review questions for chapter 2 86
3. ANALYSIS OF FORM No. 1 "ACCOUNTING BALANCE" 87
3.1. General assessment of the structure of the organization's property and its sources according to balance sheet data 87
3.2. The results of a general assessment of the structure of assets and their sources according to the provided balance sheet 94
3.3. Balance sheet liquidity analysis 97
3.4. Calculation and assessment of financial solvency ratios 102
3.5. Criteria for assessing the insolvency (bankruptcy) of organizations 107
3.6. Determination of the nature of the financial stability of the organization, calculation and assessment of financial ratios of market stability according to reporting data 125
3.6.1. Analysis of indicators of financial stability 125
3.6.2. Analysis of the adequacy of funding sources for the formation of reserves 128
3.7. Classification of the financial condition of the organization according to the consolidated criteria for assessing the balance sheet 131
3.8. Analysis of indicators of intra-annual dynamics 137
3.9. General assessment of the business activity of the organization. Financial Cycle Calculation and Analysis 148
Review questions for chapter 3 160
4. ANALYSIS OF FORM No. 2 "REPORT ON PROFITS AND LOSSES" 162
4.1. Analysis of the level and dynamics of financial results according to reporting data 162
4.2. Analysis of costs incurred by the organization 167
4.2.1. The main types and characteristics of the classification of expenses of the organization 167
4.2.2. Cost Analysis by Item 170
4.3. Analysis of the influence of factors on profit 171
4.4. Profit dynamics analysis 175
4.5. Factor analysis of the profitability of the organization 178
4.6. Consolidated system of indicators of the organization's profitability 182
4.7. Assessing the Impact of Financial Leverage 189
4.7.1. The essence of financial leverage 189
4.7.2. The relationship between economic profitability and return on equity 191
4.7.3. Leverage ratio calculation 194
Control questions for chapter 4 197
5. ANALYSIS OF FORM No. 3 "REPORT ON CAPITAL CHANGES" 199
5.1. Sources of asset financing 199
5.2. Assessment of the composition and movement of equity capital 204
5.2.7. Analysis of the composition and movement of equity capital 204
52.2. Calculation and measurement of net assets 206
Checklist for chapter 5 209
6. ANALYSIS OF FORM No. 4 "REPORT ON CASH FLOWS" 211
6.1. Analysis of cash flows according to financial statements 211
Test questions for chapter 6 220
7. ANALYSIS OF FORM No. 5 "SUPPLEMENT TO THE ACCOUNTING BALANCE" 222
7.1. Composition and estimation of the movement of borrowed funds 222
7.2. Analysis of receivables and payables 224
7.2.1. Analysis of accounts receivable 224
7.2.2. Accounts payable analysis 230
7.3. Analysis of depreciable property 232
7.3.1. Analysis of intangible assets 232
7.32. Analysis of fixed assets 238
7.4. Analysis of the movement of funds for financing long-term investments and financial investments 247
7.4.1. The essence and differences between the concepts of investments and financial investments 247
7.4.2. Investment Analysis Problems 251
7.4.3. Main indicators of the analysis of profitability of securities 252
7.5. Explanatory note to the annual accounting report 254
Chapter 7 Test Questions 257
8. CREATING FORECAST BALANCE 259
Review questions for chapter 8 263
9. FEATURES OF COMPOSITION AND ANALYSIS OF CONSOLIDATED STATEMENTS 264
9.1. The essence and basic concepts of consolidated financial statements 264
9.2. Procedures and principles for the preparation and presentation of consolidated financial statements 276
9.3. Primary Consolidation Methods 281
9.4. Subsequent Consolidation 286
9.5. Analysis of consolidated financial statements 288
Test questions for chapter 9 293
10. SPECIFICITY OF THE ORGANIZATION'S SEGMENTARY REPORTING 294
10.1. The essence and purpose of segment reporting 294
10.2. Disclosures by reportable segments 297
10.3. Steps for creating segment reporting of an organization 302
Chapter 10 Test Questions 304
APPENDICES 306
1. Balance sheet 306
2. Profit and loss statement 310
3. Statement of changes in equity 312
4. Statement of cash flows 315
5. Appendix to the balance sheet 317
6. Report on the targeted use of funds received 324
7. Dynamics of balance sheet indicators by quarters of the reporting year 326
8. Dynamics of indicators of the profit and loss statement of the organization in the reporting year 328
REFERENCES 330
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Dear Readers!
We offer you a new book on analysis financial reporting enterprises.
The textbook, consisting of 10 chapters, substantiates the theoretical, methodological and practical provisions of the modern concept analysis financial reporting business entities.
Based on the latest regulatory documents, the authors describe in detail the methodology for compiling and analysis form No. 1 " Accounting balance", Form No. 2" Profit and Loss Statement, Form No. 3 "Statement of Changes in Capital", Form No. 4 "Statement of Cash Flows", Form No. 5 "Appendix to accounting balance", Form No. 6" Report on the targeted use of funds received "by quarters and in general for the reporting period.
In the first chapter financial reporting organization is considered from the point of view of a source of information on financial and economic activities and as a basis for conducting financial analysis.
The second chapter is devoted to the methodological foundations analysis financial reporting... It describes the main techniques and methods financial analysis.
The chapters that follow provide a specific, comprehensive analysis of all forms financial (accounting) reporting organizations - from analysis financial fortunes generally up to analysis specific articles and sections reporting... Features are also considered analysis consolidated reporting and specifics analysis segmental reporting of organizations.
We offer you a fragment from the chapter “ Analysis Form No. 2 "Profit and Loss Statement" ".
4.1. Analysis of the level and dynamics of financial results according to reporting data
The financial result of the enterprise is expressed in the change in the value of its equity capital for the reporting period. The ability of an enterprise to ensure a steady growth in equity capital can be assessed by a system of indicators of financial results. Summarized, the most important indicators of the financial results of the enterprise are presented in the form No. 2 of the annual and quarterly financial statements.
Indicators of financial results (profit) characterize the absolute efficiency of the enterprise in all areas of its activities: production, sales, supply, financial and investment. They form the basis economic development enterprise and strengthening it financial relations with all participants in the business.
Profit growth creates a financial basis for self-financing, expanded reproduction, solving problems of social and material incentives for personnel. Profit is also the most important source of formation of budget revenues (federal, republican, local) and repayment of the organization's debt obligations to banks, other creditors and investors. Thus, profit indicators are the most important in the system for assessing the performance and business qualities of an enterprise, the degree of its reliability and financial well-being as a partner.
Profit - this is a positive financial result of the organization's activities. A negative result is called loss .
Profit Loss)- this is the difference between all the income of the organization and all of its expenses.
From a philosophical point of view, profit can be defined as follows: "It's a function of time and a reward for patience.".
The analysis of each component of the profit of the enterprise is not abstract, but quite specific, because it allows the founders and shareholders, the administration to choose the most important directions for enhancing the activities of the organization.
The analysis of the financial results of the organization's activities includes:
- Study of changes in each indicator for the current analyzed period (horizontal analysis, calculation in column 5 of Table 4.1).
- Study of the structure of the relevant indicators and their changes (vertical analysis, calculation in columns 6, 7, 8 of Table 4.1).
- Studying the dynamics of changes in indicators for a number of reporting periods (trend analysis).
- Study of the influence of factors on profit (factor analysis).
During the analysis, the following indicators are calculated:
1. Absolute deviation:
± ΔP = P 1 _ P 0,
where P 0 is the profit of the base period;
P 1 - profit of the reporting period;
Δ P - change in profit.
Table 4.1
Profit analysis
Indicator name | Line code | During the reporting period | For the same period last year | Deviation (+, -) | Level in% of revenue in the reporting period | Level in% of revenue in the base period | Level deviation |
1 | 2 | 3 | 4 | 5 = 3-4 | 6 | 7 | 8 = 6-7 |
Revenue (net) from the sale of goods, works, services (net of VAT, excise taxes and similar mandatory payments (B) |
010 | 106969 | 99017 | +7952 | 100 | 100 | — |
Cost of goods, products, works, services sold (С) |
020 | 69744 | 70203 | -459 | 65,2 | 70,9 | -5,7 |
Including: | |||||||
finished products | 011 | 88988 | 80504 | +8484 | 83,2 | 81,3 | +1,9 |
goods | 012 | 12533 | 14652 | -2119 | 11,7 | 14,8 | -3,1 |
industrial services | 013 | 5448 | 3861 | +1587 | 5,1 | 3,9 | +1,2 |
Selling expenses (KR) | 030 | 5562 | 594 | + 4968 | 5,2 | 0,6 | +4,6 |
Administrative expenses (SD) | 040 | 3102 | 198 | +2904 | 2,9 | 0,2 | +2,7 |
Profit (loss) from sales (line 010-020-030-040) (PP) | 050 | 28561 | 28022 | +539 | 26,7 | 28,3 | -1,6 |
Interest to received (% sex) | 060 | 1610 | 4654 | -3044 | 1,5 | 4,7 | -3,2 |
Interest payable (% paid) | 070 | 3102 | 4188 | -1086 | 2,9 | 4,2 | -1,3 |
Income from participation in other organizations (ДрД) | 080 | 4814 | 1064 | +3750 | 4,6 | 1,1 | +3,5 |
Other operating income(PrOD) | 090 | 749 | 600 | +149 | 0,7 | 0,6 | +0,1 |
Other operating expenses (OOPE) | 100 | 11344 | 3584 | +7760 | 10,6 | 3,6 | +7,0 |
Other non-operating income (IR) | 120 | 1604 | 495 | +1109 | 1,5 | 0,5 | +1,0 |
Other non-operating expenses(VNR) | 130 | 642 | 1715 | -1073 | 0,6 | 1,7 | -1,1 |
Profit (loss) before tax (line 050 + 060-070 + 080 + 090-100 + 120-130) (PB) | 140 | 22250 | 25348 | -3098 | 20,8 | 25,6 | -4,8 |
Income tax (n / a) | 150 | 6675 | 8872 | -2197 | — | — | |
Profit (loss) from ordinary activities(UNDER) | 160 | 15575 | 16476 | -901 | 14,6 | 16,6 | -2 |
Extraordinary income (BH | 170 | — | — | — | — | — | |
Extraordinary expenses (CR) | 180 | — | — | — | — | — | — |
Net profit (retained earnings (loss) of the reporting period) (line 160 + 170-180) (IF) | 190 | 15575 | 16476 | -901 | 14,6 | 16,6 | -2 |
3. The level of each indicator to sales revenue (in%)
Indicators are calculated in the baseline and reporting periods.
(the level of the reporting period - the level of the base period).
5. Factor analysis.
The amount of profit of the organization is influenced by various factors. In fact, these are all factors of the financial and economic activities of the organization. Some of them have a direct impact, and their impact can be fairly accurately determined using the methods of factor analysis. Others have an indirect impact through some indicators (Fig. 4.1). In this case, the magnitude of the impact can be determined only with a certain degree of probability, or even impossible.
The amount of net profit is influenced by all factors-indicators that determine it:
This is an additive factorial model.
where П В - gross profit;
P P - profit from sales;
P B - accounting profit (before tax);
P OD - profit from ordinary activities;
P H - net (retained) profit.
Fig. 4.1.
4.2. ANALYSIS OF THE COSTS OF THE ORGANIZATION
4.2.1. The main types and characteristics of the classification of expenses of the organization
The main factors affecting the profit of an enterprise are, first of all, proceeds from the sale of products, goods (works, services) or income from operating activities and expenses (cost, etc.). With regard to revenue, its volume is influenced by such indicators as the number of products (goods) sold and the selling price. We will give the calculation of the influence of revenue on the profit of the organization in another paragraph, and now - about the costs.
Having only the "Profit and Loss Statement" (Form No. 2), it is possible to analyze the effect of changes in costs on profit, but it is impossible to assess the influence of factors on changes in the costs themselves. For such an analysis, it is necessary to have management accounting data and form No. 5. Paragraph 6 of Form No. 5 reflects the expenses incurred by the organization in the reporting and last year, grouped by economic elements... Figure 4.2 shows a scheme for classifying the composition of costs according to various criteria.
Cost classification attributes
Before proceeding with the analysis of costs, it is necessary to determine the differences in terms: payments, cost, expenses, costs.
Pay - this is a transfer (cash) or transfer (non-cash settlement) of funds of an organization to another organization, or natural person with the complete alienation of these funds.
Production cost - these are the expenses of the enterprise expressed in monetary terms (for a certain period of time for the manufacture of products that are at various stages of readiness: in work in progress, in the warehouse of finished products, shipped to this period buyer). Distinguish between the total cost of production and the cost of a unit of production. The higher production costs, the higher the cost. Cost price- These are the costs of simple reproduction, the current costs of a particular manufacturer.
Organization costs a decrease in economic benefits is recognized as a result of the disposal of assets (cash, other property) and (or) the emergence of liabilities, leading to a decrease in the capital of this organization, with the exception of a decrease in contributions by the decision of the participants (property owners).
Expenses Is the value of any resources (material, labor, financial), expressed in monetary terms, used to ensure the process of expanded reproduction. Unlike the general concept of "costs" (except for distribution costs), the concept of "costs" in accounting refers primarily not to absorbing objects, but to absorbing resources. The concept of "costs" is broader than the concept of "cost", which is the cost of simple reproduction, the current costs of a particular manufacturer. Costs increase the value of a certain type of asset (for example, work in progress). At the same time, either the value of other assets (for example, inventories) decreases, or the liabilities to be paid increase. Costs are reflected by the debit turnover of the corresponding active accounts: 20 "Main production", 21 "Semi-finished products of own production", 23 "Auxiliary production", 25 "General production costs", 26 " General running costs", 29" Serving production and economy "and others. The category of costs also includes assets recorded on account 44 "Expenses for sale".
Figure 4.2 shows one of the possible options for classifying the costs of an enterprise according to various criteria.
4.2.2. Cost analysis by item
The quality of the cost analysis depends on the quality of the underlying information. A complete cost analysis is not possible from the financial statements. For this, it is necessary to have data from analytical and synthetic accounting. In order to analyze costs by type, by product, and by cost center, appropriate analytical tables can be drawn up.
Using the data in clause 6 of Form No. 5, we will draw up table 4.2. In the reporting year, compared to last year, the company's expenses increased by 7413 thousand rubles, or by 10.4%. There have been some changes in the composition of all cost elements. Thus, in the reporting year, material costs decreased by 19.3% compared to last year, and their share decreased by 17.5 percentage points. The rest of the cost elements of the organization increased in the reporting year. The amount of labor costs increased by 7647 thousand rubles. or by 57.5%, and their share increased by 7.98 percentage points compared to last year. Social deductions and depreciation of fixed assets also increased by 66.7% and 57.8%, respectively. The significant growth rate of other costs for the organization (2 times) occurred due to a significant increase in management costs (in particular, general business), as well as other indirect costs.
Table 4.2
Analysis of the organization's expenses by elements(thousand roubles.)
Cost types |
For the previous year |
For the reporting year |
Deviations |
||||
Amount | Amount in% | Amount | Amount in% | Amount | Ud. weight, % | ||
1. Material costs | 46142 | 64,9 | 37239 | 47,49 | -8903 | -17,50 | 80,7 |
2. Labor costs | 13295 | 18,73 | 20942 | 26,71 | +7647 | +7,98 | 157,5 |
3. Social contributions | 5603 | 7,89 | 9339 | 11,92 | +3736 | +4,06 | 166,7 |
4. Depreciation of fixed assets | 4147 | 5,84 | 6542 | 8,34 | +2395 | +2,50 | 157,8 |
5. Other costs | 1808 | 2,55 | 4346 | 5,54 | +2538 | +2,99 | 204,4 |
70995 | 100 | 78408 | 100 | +7413 | — | 110,4 |
4.3. Analysis of the influence of factors on profit
The methodology for calculating the influence of factors on profit from ordinary activities includes the following steps (data from table 4.1):
1. Calculation of the influence of the factor "Sales proceeds".
The calculation of the influence of this factor must be decomposed into two parts. Since the revenue of the organization is the product of the quantity and the price of products sold, we first calculate the effect on profit from sales of the price at which the products or goods were sold, and then calculate the effect on profit of changes in the physical mass of the products sold.
When conducting factor analysis, it is necessary to take into account the influence of inflation. Suppose that the prices for products in the reporting period increased compared to the baseline by an average of 19%.
Then the price index
Consequently, the proceeds from sales in the reporting period in comparable prices will be equal to:
where B´ - sales proceeds in comparable prices;
В 1 - proceeds from the sale of products in the reporting period.
For the analyzed organization, revenue in comparable prices will be:
(thousand roubles.)
Consequently, the proceeds from the sale of products in the reporting year compared to the previous period increased due to an increase in prices by 17079.1 thousand rubles:
A decrease in the number of products sold led to a decrease in revenue in the reporting period by 9127.1 thousand rubles, while the overall increase in revenue (+7952 thousand rubles) resulted from a 19% increase in prices. In this case, the increase in the qualitative factor overlapped the negative influence of the quantitative factor.
To determine the degree of influence of a price change on a change in the amount of profit from a sale, the following calculation must be made:
Thus, the increase in prices for products in the reporting period compared to the previous period by an average of 19% led to an increase in the amount of profit from sales by 4833.4 thousand rubles.
The effect on the amount of profit from sale (TP) of changes in the quantity of products sold can be calculated as follows:
where ΔП П (К) is the change in profit from sales under the influence of the factor "quantity of products sold";
IN 1 and IN 0 - sales proceeds in the reporting (1) and base (0) periods, respectively;
Δ IN q - indicator (*), change in sales proceeds under the influence of price;
R 0 p - profitability of sales in the base period (Table 3.1).
For the analyzed organization:
Thus, the impact was negative, i.e. as a result of a decrease in the volume of proceeds received in comparable prices in the reporting period, the amount of profit from sales decreased by 2,583 thousand rubles, because, in addition to the price, the amount of products (goods) sold also affects the proceeds:
It is carried out as follows:
where US 1 and US 0 - respectively, the cost levels in the reporting and base periods.
Here, when analyzing, you need to be careful, since costs are the opposite factors in relation to profits. If we look at table 4.1, we will see that the prime cost in the reporting period decreased by 459 thousand rubles, and its level in relation to sales proceeds decreased by 5.7 percentage points. therefore the savings led to an increase in the amount of profit from the sale by 6097 thousand rubles.
For the calculation, a formula similar to the previous one is used:
where УКР 1 and УКР 0 - respectively, the levels of commercial settlements in the reporting and base periods.
Thus, the overexpenditure on commercial expenses in the reporting period and an increase in their level by 4.6% points led to a decrease in the amount of profit from the sale by 4920.3 thousand rubles.
where SDM 1 and SDM 0 are, respectively, the levels of management costs in the reporting and base periods.
This means that overruns on administrative expenses in the reporting period compared to the previous one and an increase in their level by 2.7 percentage points reduced the amount of profit by 2888.1 thousand rubles.
The rest of the indicators - factors from other operating and non-operating activities and extraordinary ones - do not have such a significant impact on profit as factors in the economic sphere. However, their influence on the amount of profit can also be determined. In this case, the balance linking method is used, a factor model of the net profit of the reporting period of an additive type.
The influence of the factor is determined by column 5 in table 4.1 (absolute deviations). All indicators must be divided into factors of direct and reverse influence in relation to profit. How much increases (decreases) direct action factor, the profit increases (decreases) by the same amount. Reverse factors (costs) affect the amount of profit in the opposite way.
Thus, it is possible to generalize the influence of factors affecting the profit from the sale and, consequently, on the profit of the reporting period.
Table 4.3
Summary table of the influence of factors on the net profit of the reporting period
Indicators-factors | Amount, thousand rubles |
1. The number of products sold (works, services) | -2583,0 |
2. Change in prices for products sold | +4833,4 |
3. Cost of sold products, goods, works, services | +6097 |
4. Selling expenses | -4920,3 |
5. Administrative expenses | -2888,1 |
6. Interest receivable | -3044 |
7. Interest payable | +1086 |
+3750 | |
+149 | |
-7760 | |
+1109 | |
12. Other non-operating expenses | +1073 |
13. Income tax | +2197 |
The cumulative influence of factors | -901 |
4.4. Profit dynamics analysis
Using interim profit and loss statements, you can analyze the intra-year dynamics of changes in the profit and profitability of the organization.
According to Appendix 8, you can make a calculation of the influence of factors on the change in the profit of the organization (see Table 4.4).
According to table 4.4, the following conclusions can be drawn: in the first quarter of the reporting year, the profit of the organization decreased by 28,151 thousand rubles. as a result of the negative influence of all factors except prices. The largest decrease in profit occurred due to a sharp decrease in the number of products sold (by 13201 thousand rubles) and due to an increase of 18.258% in the level of cost of goods sold (by 9953.8 thousand rubles).
In the second quarter, the trend of profit decline continued, but not so sharply (_3024 thousand rubles). This was mainly influenced by the increase in the levels of production costs (by 3.401%) and selling expenses (by 2.298%), and as a result of these changes, the profit decreased by 2271.3 and 1534.6 thousand rubles.
In the third quarter there was a turning point in the organization's activities towards improvement. For the first time in a year, profit increased by 15,744 thousand rubles. This happened mainly due to a decrease in the level of production costs (by 16.151%) and a decrease in the level of administrative expenses of the organization (by 2.876%). Due to changes in these factors, profit increased by 14359.4 and 2556.8 thousand rubles, respectively.
In the IV quarter, the position of the organization strengthened even more, and the increase in profit amounted to 15970 thousand rubles. Due to a decrease in the level of the cost of products sold by 11.208%, profit increased by 11,988.8 thousand rubles, due to an increase in the number of products sold - by 1,836.6 thousand rubles, due to a decrease in the level of management costs, an increase in the profit of the organization amounted to 1,613.2 thousand roubles.
Fig. 4.3. Dynamics of profit from sales and factors affecting it
In general, for the reporting year, the profit growth of the organization amounted to + 1.92%, or 539 thousand rubles.
Table 4.4
Intra-annual dynamics of the influence of factors on the profit of the organization(thousand roubles.)
Indicators | For the first quarter | For the second quarter | For the third quarter | For the fourth quarter | Per year |
52370,8 | 63356,7 | 84997,1 | 101875,2 | 89889,9 | |
2. Impact of price changes on revenue | 2147,2 | 3421,3 | 3909,9 | 5093,8 | 17079,1 |
3. The impact on revenue of changes in the number of products sold | -46646,2 | 8838,7 | 18219,1 | 12968,2 | -9127,1 |
4. The effect on profit of changes in the amount of products sold | -13201,0 | -20,9 | -860,2 | 1836,6 | -2583,0 |
5. Impact of price changes on profit | 607,7 | -8,1 | -184,6 | 721,4 | 4833,4 |
6. Effect on profit of changes in the level of cost of goods sold | -9953,8 | -2271,3 | 14359,4 | 11988,8 | 6097,0 |
7. The effect on profit of changes in the level of selling expenses | -1079,9 | -1534,6 | -127,4 | -189,9 | -4920,3 |
8. The impact on profit of changes in the level of management costs | -4524,0 | 810,9 | 2556,8 | 1613,2 | -2888,1 |
9. Change in the profit (loss) of the organization for the reporting period | -28151,0 | -3024,0 | +15744,0 | +15970,0 | +539,0 |
* To calculate the proceeds in comparable prices, the average consumer price indices for the quarters of 200__ were used: I quarter - 1.041, II quarter - 1.054, III quarter - 1.046, IV quarter - 1.05, on average for the reporting year - 1.19.
Figure 4.4 clearly reflects the change in the main indicators of the profit (loss) of the organization.
Fig. 4.4
4.5. Factor analysis of the profitability of the organization
The third component of the concept of "performance" are indicators of profitability or profitability.
According to the "Profit and Loss Statement" (Form No. 2), it is possible to analyze the dynamics of the profitability of sales, the net profitability of the reporting period, as well as the influence of factors on the change in these indicators.
R P) is the ratio of the amount of profit from sales to the volume of products sold:From this factor model, it follows that the profitability of sales is influenced by the same factors that affect the profit from the sale. To determine how each factor affected the profitability of sales, the following calculations need to be performed.
1. The effect of changes in sales proceeds on R P:
where B 1 and B 0 - reporting and basic revenue;
С 1 and С 0 - reporting and basic cost price;
КР 1 and КР 0 - reporting and basic business expenses;
SD 1 and SD 0 - administrative expenses in the reporting and base periods.
2. The impact of changes in cost of sales on R P:
R P:
R P:
The cumulative influence of factors is:
The profitability of sales of the reporting period in comparison with the profitability of the previous period decreased by 1.6% (Table 4.1).
The net profitability of the organization in the reporting period is calculated as the ratio of the amount of the net profit of the reporting period to the sales proceeds:
and, therefore, this profitability ( R W) influenced by the factors that form the net profit of the reporting period.
The net profitability of the reporting period (R P) is influenced (except for the above) by changes in the levels of all indicators of factors:
Thus, the increase in the profitability of the reporting period by 1.5% of points was mainly due to a decrease in the level of profitability of sales and the level of interest relative to receipt, as well as due to the relative cost overruns of other operating expenses.
Analysis of the dynamics of profitability
The analysis of the dynamics of the organization's profitability is also carried out on the basis of the calculated indicators of Appendix 8.
Fig. 4.5.
The influence of factors on the change in profitability is calculated using the chain substitution method. Table 4.5 shows the calculations of the influence of factors on the profitability of sales and the net profitability of the organization for each quarter of the reporting year and in general for the analyzed period. The organization's activities were unprofitable in the first and second quarters of the reporting year, and profitable in the third and fourth quarters.
Table 4.5
Dynamics of the influence of factors on the profitability of sales of the organization
Factors affecting profitability |
Calculation of the influence of factors |
||||
1st quarter | 2 quarter | 3 quarter | 4th quarter | Overall for the year | |
1. Sales proceeds | -58,523 | +18,403 | +26,065 | -42,699 | +5,330 |
2. Cost price | +39,613 | -19,770 | -6,887 | +24,052 | +0,429 |
3. Selling expenses | -1,491 | -2,772 | -1,358 | +23,369 | -4,644 |
4. Administrative expenses | -8,135 | -0,346 | +1,063 | +7,817 | -2,715 |
5. Profitability (unprofitableness) of sales | -28,537 | -4,485 | 18,884 | 12,538 | -1,600 |
6. Interest receivable | -4,308 | -0,246 | +0,156 | +1,203 | -3,195 |
7. Interest payable | -2,706 | +3,380 | +1,186 | -0,531 | +1,330 |
8. Income from participation in other organizations | -0,895 | -0,096 | -0,052 | +4,469 | +3,426 |
9. Other operating income | -0,567 | +0,062 | +0,130 | +0,470 | +0,094 |
10. Other operating expenses | -3,347 | -0,624 | -1,594 | -1,420 | -6,985 |
11. Other non-operating income | -0,401 | -0,065 | +0,947 | +0,518 | +1,000 |
12. Other non-operating expenses | -1,362 | +1,467 | -1,460 | +2,487 | +1,132 |
13. Income tax | +8,138 | +0,227 | -0,359 | -5,286 | +2,720 |
14. Extraordinary income | — | — | — | — | — |
15. Extraordinary expenses | — | — | — | — | |
16. Net profitability (loss ratio) | -33,984 | -0,380 | 17,838 | 14,447 | -2,079 |
4.6. Consolidated system of indicators of the organization's profitability
In addition to the analyzed profitability ratios, the profitability of all capital, equity capital, production assets, financial investments, permanent funds is distinguished (Table 4.6).
It should be noted that in countries with developed market relations, information on "normal" values of profitability indicators is usually published annually by the chamber of commerce, industry associations or the government. Comparison of their indicators with their permissible values allows us to draw a conclusion about the state of the financial position of the enterprise. In Russia, this practice is still absent, so the only basis for comparison is information on the value of indicators in previous years.
Gross margin ( R 6) reflects the amount of gross profit in each ruble of products (works, services) sold. In foreign practice, this indicator is called marginal income(commercial margin).
Of particular interest for the external assessment of the performance of the organization's financial and economic activities is the analysis of not such traditional indicators of profitability as cost return ( R 7), which shows how much profit from the sale falls on 1 ruble of costs. More informative is the analysis of the return on assets ( R 4) and return on equity ( R 5).
Open table 4.6 "Indicators characterizing profitability (profitability)" >>>
To assess the performance of the organization as a whole and analyze its strengths and weak sides, it is necessary to synthesize indicators, and in such a way as to identify causal relationships that affect the financial situation and its components.
One of the synthetic indicators economic activity the organization as a whole is economic profitability (indicator R 4 in table 4.6), it is also customary to call it the return on assets. This is the most general indicator that answers the question of how much profit an organization receives per ruble of its property. Its level, in particular, determines the size of dividends on shares in joint-stock companies.
In the indicator of return on assets ( R 4) the result of the current activity of the analyzed period (profit) is compared with the fixed and circulating assets (assets) available to the organization. With the help of the same assets, the organization will make a profit in subsequent periods of activity. Profit is mainly (almost 98%) from the sale of products (works, services). Sales revenue is an indicator that is directly related to the value of assets: it consists of the natural volume and selling prices, and the natural volume of production and sale is determined by the value of the property.
If we transform the formula for the return on assets by entering the multiplier
then it will take the following form:
Thus, we come to the well-known formula developed in the firm "DuPont de Nemours". This DuPont formula allows you to determine which factors are most influencing economic profitability.
We can say that return on assets is an indicator derived from revenue.
The return on assets can increase with a constant return on sales and an increase in sales that outstrips the increase in the value of assets, that is, an acceleration of asset turnover (resource efficiency). And, conversely, with a constant resource efficiency, the return on assets can also grow due to an increase in the accounting (before tax) profitability.
Does it matter for the assessment of the financial and economic activities of the organization, due to what factors increases or decreases the return on assets? Of course it does. Because different companies have different opportunities to improve profitability of sales and increase sales.
You can increase your sales profitability by raising prices or lowering costs. However, these methods are temporary and not sufficiently reliable in the current environment. The most consistent policy of the organization, which meets the goals of strengthening the financial condition, is to increase the production and sale of those products (works, services), the need for which is determined by improving the market conditions.
The theory of financial analysis contains an assessment of the turnover and profitability of assets by its individual components: the turnover and profitability of material working capital, funds in calculations, own and borrowed sources of funds. However, in our opinion, these indicators themselves are not very informative. Purely arithmetically, as a result of a decrease in the denominators in calculating these indicators in comparison with the denominator of the profitability or turnover indicator of all assets, we have a higher profitability and turnover of individual elements of capital.
When analyzing economic profitability, of course, it is necessary to take into account the role of its individual elements. But the dependence, in our opinion, is advisable to build not through the turnover of elements, but through the assessment of the capital structure in conjunction with the dynamics of its turnover and profitability. From the formula R 4 the possible ways to increase economic profitability are clearly visible - ways to increase the profitability of capital.
Return on equity indicator (R 5) allows you to establish the relationship between the amount of invested own resources and the amount of profit received from their use (Figure 4.6).
It should be noted that the factors presented in this diagram, both by the level of values and by the trend of change, are inherent in industry specificity, which should not be forgotten when conducting an analysis. So, the indicator of resource efficiency (d 1) may have a relatively low value with a high capital intensity. Return on sales indicator (R 1) at the same time it will be high. Relatively low value of the financial independence ratio (U 3) can only be in organizations that have a stable and predictable cash flow for their products (work, service). The same applies to organizational