Impact construction with profit. Construction: accounting for revenue from work with a long cycle Reflection in 1s of revenue as soon as it is ready

L.V. Terekhova, Audit Director of ZAO Finaudit, Ph.D. n.

M.A. Kurapova, Leading Auditor of Finaudit CJSC

Starting with the reporting for 2009, the procedure for recording business transactions under long-term contracts has changed significantly. Now organizations must reflect income and expenses, as well as form the financial result of each. At the same time, the new procedure for recognizing income and expenses depends on how reliably the financial result under the contract can be determined.

Revenue recognition

If the financial result can be reliably determined, then income and expenses are calculated depending on the degree of completion of the work (paragraph 17 of PBU 2/2008).

Otherwise, revenue is recognized under different rules. So, if it is probable that the costs incurred in the performance of the contract will be reimbursed, the revenue from the contract is recognized in the income statement in an amount equal to the amount of costs incurred, which are considered recoverable during this reporting period. If it is probable that the costs will not be reimbursed by the customer, then they are accounted for as expenses for ordinary activities without revenue recognition.

The procedure described in PBU 2/2008 illustrates the principle of matching income with expenses that a company makes to generate income.
In practice, there are often situations when, at the initial stages of the project, the profit is overestimated. At the end of the project, the full amount of expenses is collected and a loss is formed. The new approach aims to form the financial result based on the overall profitability of the project, taking into account all possible additional costs, and thereby distribute the financial result over the reporting periods as evenly as possible. Moreover, the accounting procedure for construction contracts provides for the recognition in accounting of revenue and expenses not according to data primary documents, as it was before, but on the basis of estimated estimates.

Note: one of the key issues is the definition of “measure of readiness”. PBU 2/2008 offers a choice of one of two options- either by the share of work performed in the total volume of work, or by the share of expenses incurred in the total planned volume of expenses.

The choice of one or another method for determining the degree of completion of work should be made reasonably and based on the principle of reliability of separately generated indicators accounting And financial statements generally. The selected method must be fixed in accounting policy organizations and is used to account for business transactions under all construction contracts.

Types of contracts

In the current construction practice, two types of contracts are distinguished depending on the procedure for pricing.

A fixed price contract is a contract whereby the contractor agrees to a fixed contract price or a fixed rate for each unit of work to be performed.

A cost plus contract is a construction contract under which the contractor is reimbursed for eligible or otherwise determinable costs plus a percentage of those costs or a fixed fee.

Most often there is a mixed version. It provides for both the reimbursement by the customer of all costs incurred by the construction organization in connection with the performance of the work provided for by the contract, as well as the payment of a percentage of these costs, and the existence of an agreed maximum price of the work to be performed.

Algorithm for recognition of income and expenses and financial result

The algorithm proposed below (see the diagram in the appendix on page 51) is based on the requirements of PBU 2/2008 and represents a sequence of actions for calculating, recording and reporting indicators in terms of construction contracts. When developing this algorithm, the requirements of PBU 2/2008 are taken as a basis. In situations not regulated by this provision, the authors turned to international standards and projected the practice of applying IFRS to Russian accounting.

Step 1. Assessment of the reliability of the financial result of the contract. At this stage, it is necessary to evaluate the contract for the possibility reliable definition financial result.

If the financial result can be reliably estimated, then we move on to assessing the profitability of the contract.

If it is impossible to reliably determine the financial result of the execution of the contract in some reporting period, the revenue under the contract is recognized in the following order (paragraph 23 of PBU 2/2008).

When it is probable that expenses incurred in the performance of a contract will be recovered, contract revenue is recognized as equal to the amount of expenses incurred in that reporting period.

As a rule, such a situation arises at the initial stage of the execution of the contract, when it is impossible to accurately determine the financial result as a whole under the contract. In other words, until a reliable base is formed for determining contract performance indicators ( estimated cost, estimated costs, etc.), contract profit is not recognised.

In practice, construction companies that apply IFRS usually define in their accounting policies the threshold for the degree of completion, after which the company begins to recognize profit on construction contracts. For example, a company does not recognize gains on construction contracts until the completion rate is 20 percent. In PBU 2/2008, this procedure is not fixed. However, taking into account international practice, you can use the specified procedure. At the same time, the threshold for the degree of completion, after which the company begins to recognize profit, must be justified, fixed in the accounting policy of the company and applied to all construction contracts.

After this point, the degree of reliability of the financial result can be reliably assessed and, accordingly, we proceed to step 2.
When there is no likelihood of reimbursement by the customer, then revenue is not recognized, and expenses should be recognized as part of the current expenses of the reporting period.

Formulation of the procedure: the necessary data under the contract are generated within the framework of the relevant service of the organization (VET or, for example, project management).

The project manager draws up confirmation of the possibility of reliably determining the financial result for each contract, based on the above necessary and sufficient conditions. This confirmation should be provided to the accounting department at the date of the formation of the financial statements.

Step 2. Evaluation of the profitability of the contract. At this stage, the total amount of income under the agreement (taking into account all amounts paid under the agreement) is compared with the total amount of expenses (direct, indirect and other - clauses 7-16 of PBU 2/2008). This approach assumes, as one of the starting points, the timely identification of possible losses.

Note that PBU 2/2008 only specifies that the expected loss is recognized in the relevant reporting period (clause 24). international standard describes this situation in more detail (paragraph 37 of IAS 11).

In particular, an expected loss is recognized in the company's financial statements as an expense immediately and regardless of:

Whether work has begun under the construction contract or not;

Stages of performance of works under the construction contract;

Profits expected to be received from other contracts that are not treated as a single construction contract.

If the overall assessment shows the profitability of the contract, then go to step 3.

Formulation of the procedure: the calculation is submitted to the accounting department of the organization in the same manner as in step 1.

Step 3. Determining the degree of completion of work under the contract as of the reporting date. According to the method of determining the degree of completion of work, fixed in the accounting policy, the company determines the percentage of completion of the construction object at the reporting date. Next, we move on to step 4.
Formulation of the procedure: at this stage documenting procedure depends on the organization of accounting in the company. It can be done either by the accounting department or by the relevant service in the same manner as step 1.

Step 4. Calculation of the amounts of income and expenses from the moment the work began. At this stage, the amounts of income and expenses under the construction contract are determined by calculation from the moment the work began to be performed until the reporting date (on an accrual basis).

If the accounting policy of the company fixes the moment from which the company recognizes profit on construction contracts, then the percentage of completion at the reporting date is compared with the threshold defined in the accounting policy, and depending on this, income is recognized equal to expenses or taking into account profit. Otherwise, regardless of the percentage of completion of work, income is recognized taking into account profit.
To calculate cumulative amounts of revenues and expenses, the percentage of completion obtained is multiplied by the total contract revenue (contract price) and the total contract costs (estimated costs), respectively. Then we move on to the next step.

Step 5. Calculation of income and expenses under this agreement for the current reporting period. The amount of income and expenses is determined and, accordingly, the financial result for the current reporting period, that is, the amount of revenue and expenses recognized in the income statement. To do this, from the estimated amounts of income and expenses on an accrual basis (see step 4), we subtract the amounts of revenue and expenses recognized in the income statement for previous reporting periods.

Step 6. Determining the amounts of receivables or payables under this agreement as of the reporting date. According to paragraph 29 of PBU 2/2008, the difference between the amount of accrued revenue not presented for payment, which is recognized in the income statement for previous and / or current reporting periods, and the amount of accrued revenue on interim accounts presented for payment is reflected in the accounting organization's balance sheet:

As an asset - accrued revenue not presented for payment (if the difference is positive);

As a liability - debt to customers (if the difference is negative).

At this stage, the corresponding indicators are calculated.

EXAMPLE

The company is engaged in the construction of pipelines.

Assume that on December 31, 2009, she had one contract left unfinished, work on which began in March 2009. The following information is available for the contract:

In accounting policy construction company fixed the procedure for recognizing profits under construction contracts after overcoming the threshold of 20 percent.
Revenue and expenses related to construction contracts are recognized as they are completed.

To determine the degree of completion at the reporting date, the company uses the method of the share of expenses incurred at the reporting date in the estimated value of the total costs of the construction contract.

Using the algorithm described above, we determine the revenue, expenses and other mandatory financial indicators of the company's financial statements for the reporting period of 2009.

Based on this calculation, the following entries will be made in accounting (according to the authors, account 47 can be used to reflect the recognized estimated revenue):

DEBIT 20 CREDIT 02, 10, 60, 70, 69, 10...
- 3,500,000 rubles. - reflected the costs of the period under the contract;

DEBIT 47
CREDIT 90 sub-account "Revenue"
- 5 127 100 rubles. (4,345,000 rubles + 4,345,000 rubles x 18%) - estimated revenue, including VAT, for the reporting period was recognized;

DEBIT 90 subaccount "Cost of sales"
CREDIT 20
- 3,500,000 rubles. - recognized expenses for the reporting period;

DEBIT 90 sub-account "Value Added Tax"
CREDIT 76
- 782,100 rubles. (4,345,000 rubles x 18%) - VAT charged on estimated revenue;

DEBIT 62 CREDIT 47
- 4,248,000 rubles. - the completed works are accepted by the customer;

DEBIT 76
CREDIT 68 sub-account "Value Added Tax"
- 648,000 rubles. - VAT charged on works accepted by the customer;

DEBIT 90 CREDIT 99
- 845,000 rubles. - the financial result is revealed.

Based on the above calculation and accounting entries, we form the company's financial statements. In terms of construction contracts, the following elements of financial statements will be formed.

Balance sheet

Gains and losses report

Notes in Explanatory note regarding construction contracts.

1. According to the company's accounting policy, profit on construction contracts is recognized after exceeding the threshold of 20 percent. Revenue and expenses related to construction contracts are recognized as they are completed. To determine the degree of completion at the reporting date, the method is used based on the share of expenses incurred as of the reporting date in the estimated value of the total costs under the construction contract.

2. For construction contracts not closed (not completed) as of the reporting date, the following information is provided:

Algorithm for recognition of income, expenses and financial result

1 step

Assessment of the reliability of the financial result of the contract (clause 17 PBU 2/2008)

The financial result can be reliably determined (clause 17 PBU 2/2008)

2 step

Assessment of the profitability of the contract (clause 24 PBU 2/2008)

The contract is unprofitable

3.1. step

Recognition of a loss in the reporting period (clause 24 PBU 2/2008)

The contract is profitable

3.2. step

Determination of the percentage of completion of the contract (clause 20 PBU 2/2008)

4 step

Determination of income and expenses under the contract on an accrual basis (clauses 17, 20, 21 PBU 2/2008)

5 step

Formation of income and expenses of the reporting period (clause 25 PBU 2/2008)

6 step

Reflection in reporting (clauses 26-29 PBU 2/2008)

The financial result cannot be reliably determined (clauses 17, 23 PBU 2/2008)

2 step

Recognition of income and expenses

There is a possibility of reimbursement by the customer (clause 23 PBU 2/2008)

Revenue is recognized at cost

There is no possibility of reimbursement by the customer (clause 23 PBU 2/2008)

Revenue is not recognized, expenses are recognized in full in the reporting period

Usually, share building carried out over a long period of time. Therefore, for the recognition of tax income from such activities, the requirement of Art. 271 of the Tax Code of the Russian Federation: "For productions with a long (more than one tax period) the technological cycle in the event that the terms of the concluded contracts do not provide for the phased delivery of works (services), the income from the sale of these works (services) is distributed by the taxpayer independently in accordance with the principle of formation of expenses for these works (services).

According to clause 17 of PBU 2/2008, contract revenue and contract expenses are recognized using the “as available” method if the financial result (profit or loss) of the contract execution as of the reporting date can be reliably determined. The “as available” method provides that contract revenue and contract costs are determined based on the degree of completion of work under the contract confirmed by the organization at the reporting date and are recognized in the income statement in the same reporting periods in which the relevant work is performed, regardless of In addition, they should or should not be presented for payment to the customer until the complete completion of the work under the contract (the stage of work provided for by the contract).

When income is recognized in accounting as the work is completed, income for the reporting period is determined as of the end date of this reporting period.

Income as soon as it is ready is characterized by the fact that revenue under the contract is recognized in accounting based on the degree of completion of work confirmed by the organization as of the reporting date and is reflected in the income statement in the same reporting periods in which the relevant work was performed, regardless of whether or they should not be accepted by the customer and presented to him for payment.

The necessary and sufficient conditions for the recognition of income as soon as they are ready are:

• assurance that the entity will receive the economic benefits associated with the contract;
• the possibility of identifying and reliably determining the costs incurred under the contract.

Under contracts with a fixed (fixed) price, as well as under contracts with a mixed price additional conditions for income recognition are:

• the ability to reliably determine the total amount of revenue under the contract;
• the ability to identify and reliably determine the costs that are necessary to complete the work under the contract, as well as the degree of completion of work under the contract as of the reporting date;
• commensurability of the actual amount of expenses under the contract with previously made estimates of these expenses.

To recognize contract revenue and expenses on a revenue-as-completed basis, an entity may use the following methods to determine the stage of completion of a contract at the reporting date:

• by the percentage of physical readiness of work;
• by percentage of expenses incurred;
• according to the actually executed volumes for the reporting period.

If it is not possible to determine the amount of proceeds from the sale of the services of the general contractor before the completion of construction in accordance with the terms of the contracts concluded at the end of the reporting (tax) period, the general contractor is recommended to provide accounting policy the procedure for determining conditional revenue for the construction period.

The ability to take into account revenue “as soon as it is ready” is enabled by the option “Use RAS 2/2008”:

The accrual of revenue “as soon as it is ready” in the program is implemented by the standard document “1C: Enterprise Accounting 8” “Sales of goods and services”, but with the type of operation “Revenue as soon as it is ready”. The specified type of transaction becomes active when the option "Use RAS 2/2008" is enabled in the Agreement with the counterparty.

The document makes it possible to indicate the work for which the proceeds that are not presented for payment will be accrued. Please note that the document indicates the account for accounting for settlements with counterparty 46.02. And on the basis of a document with this type of operation, an invoice is not generated. This will result in the following entries:

Upon completion of work under a construction contract, when determining revenue “as soon as it is ready”, the final delivery of work will also be documented by the document “Sales of goods and services”, but with the type of operation “Sale, commission”.

The document is filled in automatically. The conditions are as follows: you must specify the counterparty and the contract, then in the Services tab, click the button<Заполнить>select the "Revenue as available" option. All documents Sales of goods and services with the operation type "Revenue as soon as they are ready", related to this agreement and not classified as sales, will be automatically selected in the document.

No instructions. However, this does not mean that this important form of reporting can be compiled by an accountant arbitrarily based on his own understanding. Not at all. The content of the balance sheet is established in sec. IV PBU 4/99 "Accounting statements of the organization" (Approved by Order of the Ministry of Finance of Russia dated 07/06/1999 N 43n).

In addition, it is necessary to take into account the requirements of other accounting provisions, which in one way or another affect balance sheet indicators. The most obvious illustration is paragraph 29 PBU 2/2008 "Accounting for construction contracts" (Approved by Order of the Ministry of Finance of Russia dated October 24, 2008 N 116n).
It says that the difference between the amount of accrued revenue not presented for payment, which is recognized in the income statement for previous and / or current reporting periods, and the amount of accrued revenue on interim accounts presented for payment reflected in the balance sheet organizations:

• as an asset - accrued revenue not presented for payment (if the difference is positive);
• as a liability - debt to customers (if the difference is negative).

Agree, failure to comply with this requirement for a detailed reflection of the named indicator will make the balance sheet unreliable.
Also, a good help to the accountant is the recommendations issued annually by the main financial department of the country to audit organizations, individual auditors, and auditors on conducting an annual audit for the corresponding year.

For your information. These recommendations are brought to stakeholders by letter of the Ministry of Finance, which is assigned the same number every year - N 07-02-18 / 01, which makes it easy to find a document, including for all previous years. These letters are dated late January and usually appear on the website of the Ministry of Finance in early February of the following year, which gives the accountant the opportunity to take into account the position of financiers when preparing annual financial statements.

Since there are no fresh recommendations at the time of preparation of this article, we will be guided by the Letter of the Ministry of Finance of Russia dated January 27, 2012 N 07-02-18 / 01, which contains Recommendations to audit organizations, individual auditors, auditors on auditing the annual financial statements of organizations for 2011 year (hereinafter - Recommendations). And our readers are advised not to miss and not disregard the updated version of the recommendations of the financial department for 2012 reporting.

About the form of balance

It is known that the Order of the Ministry of Finance of Russia N 66n (Order of the Ministry of Finance of Russia dated 02.07.2010 N 66n "On the forms of financial statements of organizations") approved two forms of the balance sheet - general and simplified. (The second can only be used by small businesses.) The main difference between these forms is that the balance of "kids" includes indicators only for groups of articles (without detailing the indicators for articles) (clause "a" clause 6 of the Order of the Ministry of Finance of Russia N 66n ). Accordingly, the principles for compiling the general and simplified forms of balance differ significantly, so we will consider them separately.

As noted above, it is established in sect. IV PBU 4/99. Note that this document, despite its considerable age, is still used for the purposes of preparing financial statements, as evidenced, among other things, by the latest clarifications from the competent department (see Information of the Ministry of Finance of Russia N PZ-10/2012 "On entry into force from January 1, 2013 of the Federal Law of December 6, 2011 N 402-FZ "On Accounting").

Note! The situation will change in the future. The point here is the following. Subparagraph 6, paragraph 3, Art. 21 of the Federal Law of December 6, 2011 N 402-FZ "On Accounting" provides that composition, content and procedure for generating information disclosed in the accounting (financial) statements, including sample forms accounting (financial) statements, as well as the composition of the annexes to the balance sheet and the income statement and the composition of the annexes to the balance sheet and the report on the intended use of funds are established by federal standards. However, in accordance with Part 1 of Art. 30 of the named Law before approval by state accounting regulatory bodies federal standards the rules for accounting and preparation of financial statements approved before the date of entry into force of this Law are applied, which once again testifies to the legitimacy of the provisions enshrined in Sec. IV PBU 4/99, on this moment.

Note. It is the new Law on Accounting that must be guided by the preparation of financial statements, because the federal law dated November 21, 1996 N 129-FZ "On Accounting" from January 1, 2013 became invalid.

So, sec. IV PBU 4/99 consists of three paragraphs - from 18 to 20. The first two contain well-known phrases that the balance sheet should characterize the financial position of the organization as of the reporting date (paragraph 18). Assets and liabilities should be presented in it with a division, depending on the maturity (maturity) for short-term and long-term. Assets and liabilities are presented as short-term if the term of circulation (repayment) for them is not more than 12 months after the reporting date or the duration of the operating cycle, if it exceeds 12 months. All other assets and liabilities are presented as non-current (paragraph 19). Paragraph 20 is interesting in that it indicates which numbers must contain a balance sheet. For example, as part of the group of articles "Intangible assets", it is prescribed to separate into separate articles:

• rights to objects of intellectual (industrial) property;
• patents, licenses, trademarks, service marks, other similar rights and assets;
• organizational expenses;
• business reputation of the organization.

In the group of articles "Fixed assets" should be reflected separately:

• land and objects of nature management;
• buildings, machinery, equipment and other fixed assets;
• Construction in progress.

The balance sheet section "Current assets" provides for the following detailing of indicators (since in the article we will repeatedly refer to this fragment of the balance sheet, we will agree that in the future it will be referred to as the Table):

Even without considering liabilities, we understand that the form of balance given in the Order of the Ministry of Finance of Russia N 66n does not provide this detail. How to be? In any case, enter the missing listed lines into the balance sheet on your own? No, you don't need to do that. But such an approach to the formation of a balance sheet, when only those lines that are presented in the form recommended by the Ministry of Finance, are filled in it, is also incorrect.

For your information. In the hierarchy of documents regulating accounting, PBUs occupy a higher place than the orders of the Ministry of Finance. Therefore, in principle, the norms of PBU 4/99 are priority, and not Order of the Ministry of Finance of Russia N 66n. However, PBU 4/99 does not meet the requirements of the time, and officials, as often happens, did not get around to updating it. Therefore, the Ministry of Finance currently recommends using a compromise option - to draw up a balance sheet on the form introduced by Order No. 66n, and, if necessary, include additional lines in it to reflect significant indicators. In this case, for the purpose of detailing, it is necessary to be guided by clause 20 of PBU 4/99.

In accordance with paragraph 3 of the Order of the Ministry of Finance of Russia N 66n organizations independently determine the detailing of indicators by balance sheet items. What does this mean? The answer is simple: when detailing indicators for balance sheet items, the accountant should proceed from the level of materiality established in the accounting policy of the organization for 2012. Thus, if one or another indicator is recognized as significant, the accountant must enter an additional line in the balance sheet for its separate reflection.

The same conclusion follows from paragraph 11 of PBU 4/99, according to which indicators on individual assets, liabilities, income, expenses and business transactions should be presented separately in the financial statements if they are significant 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. If each of these indicators individually is insignificant, then they can be given in the reporting forms as a total amount.

How to be guided in determining the detail and names of indicators of the balance sheet? According to the Ministry of Finance, expressed in the Recommendations, in this case it is advisable to proceed from:

• essence of the reflected asset;
• the nature and conditions of the organization's activities;
• the need to present in the financial statements objective and useful information(in particular, so that the meaning of the name of the indicator is clear to the user of financial statements).

The last of these conditions again brings us back to the level of materiality established by the organization.

Materiality level of balance sheet indicators

In the previous Order of the Ministry of Finance of Russia dated July 22, 2003 N 67n "On the Forms of Accounting Statements of Organizations", it was established that an enterprise can decide when an amount is recognized as significant, the ratio of which to the total result of the relevant data for the reporting year is at least 5%. At present, the recommended five percent materiality barrier is not fixed in regulatory documents, but an organization can either continue to proceed from the named five percent limit, or change it both up and down. There are no restrictions. The solution to this issue is at the mercy of the accountant. However, the accounting policy should not only indicate that the materiality level is 5%, but also determine from what value these 5% are calculated.

The easiest way is to establish that the materiality limit is calculated from the balance sheet currency. But along with simplicity and versatility, this option has an obvious drawback - it will not allow presenting in the balance sheet those indicators that, based on the nature of the asset (liability) and the nature and conditions of the organization's activities, are important (for reporting users), but have a small specific gravity relative to the balance sheet.

Note. These are the first two of the conditions named by the Ministry of Finance, which should be taken into account when determining the detail and name of the balance sheet indicators (see above).

Note. Significant indicators about certain types assets and liabilities should be separated from the corresponding group of articles into separate articles (lines) of the balance sheet.

If an organization is interested in making the balance sheet more informative, the materiality level should be set as a percentage of the total for the corresponding section of the balance sheet, or even from the value presented for each of the lines. At the same time, the lower the level of materiality, the more meaningful is the balance sheet. However, in order to ensure the completeness of the information presented in the balance sheet, it is not necessary to overload the balance sheet with unnecessary information, because there are still explanations that provide a breakdown of the balance sheet indicators. In other words, when filling out the balance sheet, you need to find that golden mean, which, on the one hand, will allow you to reflect information important for users of reporting in separate lines, and on the other hand, will not lead to the transformation of the balance sheet into some kind of turnover sheet, containing all, even the most insignificant, account balances.

Note. This possibility is also confirmed by clause 18.1 of PBU 9/99 "Income of the organization", approved. Order of the Ministry of Finance of Russia dated 06.05.1999 N 32n, in accordance with which in the income statement (report on financial result) proceeds, other income (revenue from the sale of products (goods), proceeds from the performance of work (rendering services), etc.), amounting to five or more percent of the total amount of the organization's income for the reporting period, are shown for each type separately. Accordingly, information about the expenses of the organization is also separately reflected.

Example 1 .

Note. Recall that construction organizations may well have balances on accounts 41 "Goods" and 43 "Finished products". In particular, real estate objects intended for sale can be taken into account as part of goods, and finished products, for example, from a developer who performed construction and installation work on their own, are recognized as completed objects (Letter of the Ministry of Finance of Russia dated 18.05.2006 N 07-05-03 / 02) .

The currency of the balance sheet compiled by the accountant is 40,600 thousand rubles, the total for Section. II "Current assets" - 14,800 thousand rubles.

According to the accounting policy of the organization, the level of materiality for the purposes of compiling the balance sheet is equal to:

• option 1: 5% of the balance sheet, that is, 2030 thousand rubles. (40,600 x 5%);
• option 2: 5% of the total for the corresponding section of the balance sheet, that is, 740 thousand rubles. (14,800 x 5%);
• option 3: 5% of the indicator of the corresponding line of the balance, that is, 193 thousand rubles. (3855 x 5%).

With option 1 information on reserves as of 12/31/2012 will be presented in the balance sheet in one line. The balance sheet will look like this:

With option 2 information on reserves on the same date will be presented in the balance sheet more fully, since such significant indicators as:

• Cost of materials;
• the cost of finished products and goods (by virtue of clause 20 PBU 4/99, one balance sheet item reflects finished products, goods for resale and goods shipped - see table above).

In this case, the balance sheet will look like this:

With option 3 Another significant indicator is the cost of work in progress in the amount of 195 thousand rubles, which is also subject to separate reflection in the balance sheet. Then the same fragment of the balance will take the following form:

Now each user of the organization's reporting will immediately understand what the indicator of the line "Stocks" of the balance sheet includes, because the decoding of the components is the most detailed.

However, we will not rush to conclude that it is the third option that should be used. According to the author, this example clearly shows that a 5% level of materiality from the indicator of each line of the balance sheet can lead to excessive detail. Judge for yourself. Under option 3, the indicator is recognized as significant if it is greater than or equal to 193 thousand rubles. This value in comparison with the balance sheet is 40,600 thousand rubles. is negligible and amounts to less than 0.5%. Is it really so important for users of the balance sheet to get an idea of ​​the asset, the share of which in the total value of all assets of the organization is equal to half a percent? We think the answer is obviously no.

And to dispel the remnants of doubt, we will give one more example. Let's assume that the indicator of line 1250 "Cash and cash equivalents" is 1500 thousand rubles, including cash on settlement accounts in the bank - 1420 thousand rubles, at the cash desk - 80 thousand rubles. A five percent materiality level of the line indicator will be 75 thousand rubles. (1500 x 5%). In this case, the accountant is obliged, in addition to line 1250, to enter two more lines to reflect non-cash and cash separately. However, how valuable is the information that a small part of the organization's cash as of 12/31/2012 is kept in cash? According to the author, this information can hardly be considered fundamentally important, capable of influencing decision-making.

Nevertheless, it is impossible to exclude the situation when the establishment of a 5% level of materiality from the indicator of each line of the balance sheet will be justified. Let's consider a simple example.

Example 2 OOO "Stroymontazh" as of December 31, 2012 has the following indicators:

According to the accounting policy of the organization, the level of materiality for the purposes of compiling the balance sheet is 5% of the indicator of the corresponding line of the balance sheet, that is, in relation to reserves, it is 193 thousand rubles. (3855 x 5%).

In this case, the stocks will be presented in the balance sheet in the same way as in option 3 of example 1. However, it is no longer necessary to say that the allocation of costs in work in progress to a separate line led to excessive detailing of the balance sheet, because the share of this indicator in the currency balance sheet is slightly less than 5% (to be precise, 4.7%), and its absolute value exceeds the size of other indicators presented in separate lines (VAT on acquired valuables, receivables, cash).

In view of the foregoing, it is obvious that the choice of materiality level should not be arbitrary, it is necessary to take into account the specifics of the indicators of each particular organization.

This, of course, ideally ... But in practice it often happens that the accounting policy of an organization does not contain a clause on the level of materiality at all. In this case, the accountant needs to prepare an addition to the accounting policy, which must be approved by the head of the organization. It is clear that this must be done before the preparation of the annual financial statements.

Fixed assets, construction in progress

Throughout 2011 and 2012 experts argued as part of which group of articles to reflect the balance of account 08 "Investments in non-current assets". Some stated that it is advisable not to include the cost of construction in progress in the group of articles "Fixed assets" and reflect it in line 1190 "Other non-current assets" so that tax inspectors do not have unnecessary questions when checking tax base on property tax. Others insisted that the value of construction in progress should be included in line 1150 Property, plant and equipment. Taking into account the requirements of clause 20 of PBU 4/99, it is obvious that the accountant has no alternative, the balance of account 08 must be included in the indicator of line 1150 "Fixed assets". This conclusion also follows from the Order of the Ministry of Finance of Russia N 66n (construction in progress and incomplete operations for the acquisition, modernization, etc. of fixed assets are reflected in the explanations to section 2 "Fixed assets" - table 2.2 "Incomplete capital investments". At the same time, the code of the corresponding lines begins with the numbers 52, which corresponds to the code of the group of articles "Fixed assets").

It is possible that it will be enough for the accountant to reflect in the named line the residual value of all fixed assets and the value of construction in progress in one amount. However, if such indicators as land plots and nature management facilities, buildings, machinery, equipment and other fixed assets, construction in progress are recognized as significant, additional lines must be entered into the balance sheet to reflect them.

Note! If the organization during the reporting year carried out transactions for the sale and purchase of fixed assets - real estate, then the buildings, structures, structures transferred under the act, even in the absence of state registration of the transfer of ownership, must be excluded by the seller from the list of fixed assets and accepted by the buyer for accounting in this category of assets (with mandatory segregation on a separate sub-account, for example, "Fixed assets, the rights to which have not passed state registration"). Thus, the value of the retired object in the seller's balance sheet will be reflected in line 1210 "Inventories", and for the buyer - in line 1150 "Fixed assets" (This accounting procedure for the disposal of fixed assets is due to the convergence of Russian accounting standards with international ones. In the latter, priority is given not the organization's registered ownership of the asset, but the transfer of control of the asset and the risks of accidental loss and damage). At the same time, having reflected the disposal of the object from the composition of fixed assets on the date of signing the acceptance certificate, the seller ceases to be recognized as a payer of property tax - this obligation passes to the buyer. The legitimacy of this conclusion is confirmed, among other things, by the Information Letter of the Presidium of the Supreme Arbitration Court of the Russian Federation dated November 17, 2011 N 148.

Note. To reflect the retired fixed asset until the moment of recognition of income and expenses from its disposal, the Ministry of Finance recommends that the seller use account 45 "Goods shipped", opening a separate sub-account "Transferred real estate objects" for it (Recommendations, Letter dated 03/22/2011 N 07-02-10 /20 that was sent tax authorities Letter of the Federal Tax Service of Russia dated March 31, 2011 N KE-4-3 / [email protected]).

So, to fill in line 1150 "Fixed assets", the accountant uses the data reflected on accounts 01 and 02. Information about the property (including real estate) provided by the organization for a fee for temporary use (temporary possession and use) in order to generate income, according to the named line of the balance sheet are not reflected, but are indicated on line 1160 "Profitable investments in material values". The indicator of this line is equal to the value of the property recorded in the debit of account 03, reduced by the amount of accrued depreciation, which should be accounted for on account 02 separately.

Financial investments

For reflection financial investments two lines are allocated in the balance sheet: 1170 - in the composition of non-current assets and 1240 - in the number of current assets. The division of financial investments available to the organization into long-term and short-term ones is carried out on the basis of an analysis of investments, based not only on the period of their circulation or redemption (the conditions for issuing the corresponding valuable papers, the duration of loan agreements, etc.), but also from the intentions of the organization in relation to these investments. Let us explain what has been said on the example of investments in the authorized capital of other organizations. On the one hand, such investments are indefinite, but this is not a reason to classify them as long-term in any case. In particular, if a share in the authorized capital of an LLC was acquired in order to influence this company for a long time, control it and regularly receive dividends (income), this is a long-term financial investment. If the acquired share is expected to be resold in the near future (during 2013, i.e. within less than 12 months after the reporting date) and make a profit on the difference between the purchase price and its sale price, such investments must be classified as short-term and reflected in sec. II "Current assets" balance sheet.

For your information. As part of financial investments, along with contributions to the authorized capitals of other organizations, loans granted to other organizations, deposits in credit organizations, receivables acquired on the basis of the assignment of the right to claim, contributions from a partner organization under a simple partnership agreement, etc.

Stocks

We have already said a lot about the reflection in the balance of reserves. Therefore, in this section, we will only focus on whether it is necessary to present information on reserves in the balance sheet for 2012, dividing them into non-current and current ones, referring to the first category the cost of materials purchased for the construction of fixed assets. The answer to this question is negative. The fact is that such a procedure is applied in IFRS, but at the moment it is, firstly, not provided for by Russian national standards and, secondly, does not comply with the same paragraph 20 of PBU 4/99. From the table presented in it, it can be seen that this paragraph provides the only option reflections in the balance sheet of information about materials, namely as part of current assets. Other regulatory documents on accounting currently do not contain instructions on the obligation to isolate in the reporting information about materials intended for the construction of fixed assets. Therefore, in the reporting for 2012, the cost of materials must be reflected in line 1210 "Stocks".

Note! If the draft of the new PBU "Reserves", as expected, will be put into effect from the reporting for 2013, then raw materials, materials, finished products or work in progress intended to create non-current assets of the organization will no longer be recognized as reserves (this is expressly stated in item 4 of the project). Accordingly, the procedure for reporting the listed assets in the reporting will change.

Cash equivalents

The concept of "cash equivalents" was introduced by PBU 23/2011 "Cash flow statement" (Approved by Order of the Ministry of Finance of Russia dated 02.02.2011 N 11n), in accordance with paragraph 5 of which, cash equivalents are understood as highly liquid financial investments, which can be easily converted into a known amount of cash and which are subject to an insignificant risk of changes in value. Cash equivalents may include, for example, demand deposits opened with credit institutions. The international methodology uses the concept of "cash equivalents". These are short-term, highly liquid investments that are easily convertible into known amounts of cash and are subject to an insignificant risk of changes in their value (IFRS (IAS) 7 "Statement of Cash Flows" (Enacted in the territory Russian Federation Order of the Ministry of Finance of Russia dated November 25, 2011 N 160n)).

Due to the fact that cash equivalents should be reflected in the balance sheet not as part of long-term and short-term financial investments in lines 1170 and 1240, but in line 1250 "Cash and cash equivalents", the accountant needs to classify them correctly, that is, separate them from financial investments highly liquid falling under the definition of cash equivalents. As an example of cash equivalents, PBU 23/2011 names demand deposits opened with credit institutions. In addition, as follows from paragraph 5 of the Letter of the Ministry of Finance of Russia dated December 21, 2009 N PZ-4 / 2009 "On the disclosure of information about the organization's financial investments in the annual financial statements", for example, bills of Sberbank of Russia used organizations when making payments for goods sold, work performed, services rendered, with a maturity of up to three months.

Note! By virtue of clause 20 of PBU 4/99 and clarifications of the financial department, information on funds in current accounts, foreign currency accounts and other funds should be allocated in separate articles in the balance sheet (in the case of materiality of indicators). However, if cash equivalents are a significant indicator, the accountant is obliged to allocate them in a separate line.

Accounts receivable, advances issued

Accounts receivable should be reflected in the balance sheet less the amount of the allowance for doubtful debts (if any). In other words, in order to correctly form the indicator of line 1230 of the balance sheet, you need to add up the balances of receivables on accounts 62, 76 and other settlement accounts, and subtract the credit balance of account 63 "Reserves for doubtful debts" from the resulting amount.

Recall that the mandatory formation of such a reserve since 2011 is enshrined in clause 70 of the Regulation on accounting and financial reporting in the Russian Federation (Approved by Order of the Ministry of Finance of Russia dated July 29, 1998 N 34n). However, if the organization's debtors are disciplined (in terms of meeting the deadlines for payments) and reliable (that is, despite the delay, the organization has no doubts about repaying the debt) or provided appropriate security, the organization does not have an obligation to make deductions to this reserve.

Note. It is necessary to determine the amount of the reserve separately for each doubtful debt, depending on the financial condition (solvency) of the debtor and the assessment of the probability of repaying the debt in full or in part. At the same time, a specific methodology (procedure) for such an assessment should be fixed in the accounting policy of the organization.

The details of the significant indicators included in the group of articles "Accounts receivable" (line 1230 of the balance sheet) are given in the Table. It shows that advances issued should be reflected in the balance sheet separately from the rest of the receivables. The Ministry of Finance also drew attention to this nuance in the Recommendations, emphasizing that such an obligation arises only if the indicator on the amount of advances issued to suppliers is significant.

Special mention should be made of advances issued in connection with the acquisition and creation of non-current assets. In 2011, the Ministry of Finance, unexpectedly for everyone, announced that when issuing advances and pre-payment for works, services, etc., related to the construction of fixed assets, the repayment of which is carried out within a period exceeding 12 months, the amounts of advances issued and pre-payment are reflected in balance sheet in sect. I "Non-current assets" regardless of the terms of repayment by counterparties of obligations on advances issued to them (advance payment)(Letters dated 01/24/2011 N 07-02-18/01 and dated 04/11/2011 N 07-02-06/42). These recommendations were based on the principle of liquidity enshrined in IFRS. However, this principle has not yet been established. normative documents in Russian accounting. And by virtue of the same paragraph 20 of PBU 4/99, receivables should be reflected in section. II "Current assets" of the balance, and the accountant has no alternative. Supporters of this approach believe that the Ministry of Finance accepted these criticisms and that is why similar explanations were not included in the text of the Letter with recommendations on reporting for 2011. It is to be hoped that they will not appear in the fresh letter on the nuances of reporting for 2012 either.

Borrowed funds

To reflect them in the balance sheet form approved by the Ministry of Finance, two lines are intended: 1410 (in section IV "Long-term obligations") and 1510 (in section V "Short-term obligations"). However, it is wrong to assume that the balance of account 67 "Settlements on long-term credits and loans" should be clearly indicated as part of long-term liabilities. The fact is that the obligation for a loan (credit) may contain both long-term and short-term parts, and these parts will constantly change as the payment deadlines approach. Therefore, the accountant needs to allocate the long-term and short-term parts of the debt based on the maturity of the loan and the loan. Amounts of loans and borrowings due to be repaid within 12 months after the reporting date are reflected in line 1510.

The same approach applies to the reflection of accrued interest in the balance sheet. If their amounts must be paid during 2013, we indicate them in section. V "Short-term obligations", otherwise - we reflect in the composition of long-term obligations in section. IV balance. In this regard, the amounts of loans and borrowings can be classified as long-term liabilities, and accrued interest - as short-term debt.

Note! Paragraph 20 of PBU 4/99 obliges to separate the amounts of loans and borrowings in the balance sheet. Therefore, if the corresponding indicator is recognized as significant, the accountant must enter an additional line in the balance sheet to reflect it.

Let us explain what has been said on a specific situation.

Example 3 . As of December 31, 2012, Stroitelnye Tekhnologii LLC has a short-term debt on borrowed funds in the amount of 18,500 thousand rubles, including:

• loans in the amount of 10,000 thousand rubles;
• loans in the amount of 8500 thousand rubles.

There are no outstanding interest payments. The level of materiality, determined in accordance with the accounting policy in the amount of 5% of the total for the relevant section of the balance sheet (in this case, section V "Current liabilities"), is equal to:

• option 1: 11,000 thousand rubles;
• option 2: 9000 thousand rubles;
• option 3: 8000 thousand rubles.

With option 1 information on borrowed funds as of 12/31/2012 will be presented in the balance sheet in one line. The balance sheet will look like this:

With option 2 information about borrowed funds on the same date will be presented in the balance sheet more fully and the same fragment of the balance sheet will take the following form:

With option 3 significant indicators will be information about loans and credits. Since they should be reflected in the balance sheet separately, it will be filled in like this:

Estimated liabilities

Information about estimated liabilities ah, as well as borrowed funds, are presented in two sections of liabilities - IV "Long-term obligations" and V "Short-term obligations". In accordance with PBU 8/2010 "Estimated Liabilities, Contingent Liabilities and Contingent Assets" (Approved by Order of the Ministry of Finance of Russia dated December 13, 2010 N 167n) and the Recommendations, the obligation to reflect an estimated liability arises:

• under obviously unprofitable contracts;
• in connection with participation in legal proceedings, if the organization has reason to believe that judgment will not be decided in her favor and she can reasonably estimate the amount that will have to be paid to the plaintiff;
• on future expenses for paying vacations to employees;
• in connection with upcoming payments to employees at the end of the year or for length of service (if such payments are provided for by the collective or employment contracts);
• in connection with the existence of obligations for warranty service of the products sold, the work performed.

Recall that all types of estimated liabilities are reflected in account 96, the credit balance for which forms the indicators of lines 1430 and 1540 (depending on the expected time for the fulfillment of this obligation).

Accounts payable

In the composition of accounts payable in the balance sheet, if there are indicators and their materiality, the following items should be distinguished (paragraph 20 of PBU 4/99):

• suppliers and contractors;
• bills payable;
• debt to subsidiaries and dependent companies;
• debt to the staff of the organization;
• debt to the budget and state off-budget funds;
• debts to participants (founders) for payment of income;
• advances received;
• other creditors.

In this case, additional balance lines must be assigned codes 1521, 1522, 1523, etc.

"Simplified" balance

As a small business entity, Building company has the right to use the opportunity provided by the Order of the Ministry of Finance of Russia N 66n to present a "simplified" balance sheet, in which indicators are given only for groups of articles (without detailing by articles). Thus, the balance sheet for small enterprises includes only eleven indicators (five lines in assets and six in liabilities).

Note. The accountant of a small business does not have an obligation to enter additional lines into the balance sheet, it is enough to fill in the ones provided for in the approved form.

Fixed assets (including profitable investments in tangible assets (In the traditional balance sheet, as we noted above, there is a separate line to reflect the residual value of such assets)) and unfinished capital investments in fixed assets, the accountant must reflect in the line "Tangible non-current assets".

The line "Intangible, financial and other non-current assets" provides information on the value of intangible assets, results of research and development, investments in intangible assets, research and development, deferred tax assets and long-term financial investments.

Inventories include materials, work in progress, goods and finished goods.

The line "Cash and cash equivalents" is intended to reflect data on the organization's cash on hand and on current accounts, demand deposits, bills that serve as a means of settlement.

The indicator of the line "Financial and other current assets" implies the inclusion of receivables, VAT on acquired valuables, short-term financial investments, and other current assets.

The liability of the simplified balance sheet contains the lines:

• "Capital and reserves" (authorized, additional, reserve capital, retained earnings (uncovered loss));
• "Long-term borrowed funds" (borrowed funds, including bank loans);
• "Other long-term liabilities" (deferred, estimated and other liabilities);
• "Short-term borrowings" (borrowings, including bank loans);
• "Accounts payable" (debt to suppliers and contractors, personnel, budget, funds);
• "Other current liabilities" (estimated and other liabilities).

Note. A small enterprise may not have deferred and estimated liabilities if the accounting policy provides that it does not apply PBU 18/02 "Accounting for corporate income tax calculations" (approved by Order of the Ministry of Finance of Russia dated November 19, 2002 N 114n) and PBU 8 /2010.

When filling out a simplified balance sheet (as opposed to a traditional one), the accountant may have to devote a little more time to coding the lines. Due to the fact that in a "small" balance sheet several heterogeneous indicators can be included in one line, a special procedure for assigning codes is provided - the line code is indicated for the indicator that has the largest share in the composition of the aggregated indicator (clause 5 of the Order of the Ministry of Finance of Russia N 66n). The necessary information for specifying the codes is available in Appendix 4 to this Order.

Example 4 . LLC "Stroyservis" as of December 31, 2012 has the following assets:

• residual value of fixed assets - 25,500 thousand rubles;
• the cost of construction in progress - 12,000 thousand rubles;
• the cost of materials - 400 thousand rubles;
• the cost of goods - 90 thousand rubles;
• cash on the current account - 500 thousand rubles;
• cash on hand - 2 thousand rubles;
• accounts receivable - 600 thousand rubles;
• VAT on acquired valuables - 50 thousand rubles.

Information about the presence of fixed assets and work in progress forms the indicator of the line "Tangible non-current assets", which is assigned code 1150, set for fixed assets.

For stocks, a code other than 1210 is not provided.

For cash and cash equivalents, only one code is also entered - 1250.

Accounts receivable and VAT on acquired valuables are reflected in the line "Financial and other current assets", the code of which is determined by the code established for "accounts".

Therefore, the balance sheet asset will look like this:

Set account 90 "Sales" sub-account 1 "Revenue"- reflects the revenue of the reporting period under the contract "as soon as it is ready";

Dt account 90 "Sales" subaccount 2 "Cost of sales"

Set of accounts 20 "Main production"- deducted expenses for work performed.

As the work is agreed with the customer and an invoice is issued to him, the following postings can be made:

as of the date of signing the certificate of completion (stages)

Dt account 46 “Completed stages of work in progress” sub-account 1 “Completed stages”

Set of accounts 46 “Completed stages of work in progress” sub-account 2 “Accrued revenue not presented for payment” - the work was accepted by the customer.

on the date of issuing an invoice to the customer for payment for the work performed

Set of accounts 46 “Completed stages for work in progress” sub-account 1 “Completed stages”- the work performed is presented for payment (for the amount indicated in the KS-2 act).

When there is an insignificant period of time between the signing of the act of completed work and the date of their proposed payment by the customer (for example, an invoice for payment is issued simultaneously with the signing of the act), then you can not use the intermediate account 46-1 “Completed stages”. As of the date of signing the certificate of completion (stages) and issuing an invoice for
payment immediately do posting:

Dt account 62 “Settlements with buyers and customers” sub-account 1 “Revenue”

Set of accounts 46 “Completed stages of work in progress” subaccount 2 “Accrued revenue not presented for payment” - the work performed was presented for payment (for the amount indicated in the KS-2 act).

This posting can be used when, within the framework of the contract, it is possible to issue interim invoices for payment for the work performed (for which an act has already been signed with the customer). If the customer does not pay part of the work performed until certain conditions are met or until the identified deficiencies in the work are eliminated, this amount must be indicated separately in the interim invoice. If there is no such clause, then all proceeds from the work performed must be written off from account 46.

And pay attention to this moment. The price of the work performed (or a stage of work), agreed with the customer and reflected in a bilateral act, may differ from the revenue recognized in accounting by calculation “as soon as it is ready”. Therefore, on subaccount 46-2 "Accrued revenue not presented for payment" until the completion of work under the contract, there can be both an active and a passive balance. This means that score 46 has now become active-passive.

Accrual in tax accounting

Taking into account the rules of PBU 2/2008

For the purposes of profit taxation, income from long-term contracts must be determined in each quarter (in each month - depending on the length of the reporting period). Therefore, you have the opportunity to bring tax and accounting closer together by choosing the same method of determining sales revenue “as soon as it is ready”. Differences according to the rules of PBU 18/02 “Accounting for corporate income tax settlements”, approved by Order of the Ministry of Finance of Russia dated November 19, 2002 No. 114n, may arise if you have chosen different methods for determining revenue in tax and accounting records or if any expenses accounted for in accounting and tax accounting according to different rules.

VAT is charged only on the work (services) performed and accepted by the customer, that is, it is calculated on the basis of acts of work performed (services rendered). At the same time, accounting revenue must now be determined for each reporting date. Therefore, there are two options for reflecting VAT in accounting.

Option 1. VAT is reflected in accounting only on the date of signing of acts of completed work.

For each reporting date, revenue “as soon as it is ready” is reflected on account 46 “Completed stages of work in progress”, sub-account 2 “Accrued revenue not presented for payment”, excluding VAT. At the same time, VAT is not charged - after all, in addition to the fact that the moment of determining the tax base for VAT has not yet come, the amount of this base has not yet been determined. Subsequently, when the customer accepts the work performed, the amount of VAT will be reflected in the accounting records.

Example. The beginning of the contract - December 2010, the end - January 2011. The work is handed over to the customer after full completion (at the end of the contract).
The total cost of work under the contract is 3,540,000 rubles, incl. VAT - 540,000 rubles.
Estimated expenses - 2,450,000 rubles, incl. the estimated cost of work in December is 1,000,000 rubles, in January - 1,450,000 rubles.
Actual expenses in December amounted to 870,000 rubles, in January - 1,400,000 rubles.
Revenue and expenses under the contract are determined using the "as available" method. The degree of completion of work - by the share of expenses incurred as of the reporting date.
The degree of completion of work as of December 31, 2010: 870,000 rubles. : (870,000 rubles + 1,450,000 rubles) x 100% = 37.5%.
Revenue (including VAT) under the contract in December: 3,540,000 rubles. x 37.5% \u003d 1,327,500 rubles. (including VAT - 202,500 rubles).
The accountant must make the following entries:
December:
Dt 46/2 Kt 90/1 - 1,327,500 rubles. - accrued revenue for December;
Dt 90/3 Kt 76 (VAT) - 202,500 rubles. - deferred VAT is accrued on revenue;
D-t 90/2 Set 20 - 870,000 rubles. - reflected the cost of work performed;
January:
Dt 62 Kt 90/1 - 2,212,500 rubles. - accrued revenue for January;
Dt 62 Kt 46/2 - 1,327,500 rubles. - proceeds not presented for payment are included in accounts receivable;
D-t 90/3 Set 68 (VAT) - 337,500 rubles. - accrued VAT payable to the budget;
Dt 76 (VAT) Kt 68 (VAT) - 202,500 rubles. - accrued VAT payable to the budget;
D-t 90/2 Set 20 - 1,400,000 rubles. - reflected the cost of work performed.

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