Russian enterprises are obliged to form and submit to the Federal Tax Service and other structures various types of reporting. Among those - accounting. This type of reporting involves, based on legal requirements, the company filling out several forms at once. What is their specificity? What are the key features of filling out the documents forming the financial statements?
Who is required to provide financial statements?
The obligation under consideration to provide the Federal Tax Service and other institutions with the sources prescribed by law must not be fulfilled by all firms. Before you study the composition of the financial statements, we will consider what in relation to which subjects of legal relations there is a requirement for its formation.
Since 2013, a legislatively corresponding requirement has been enshrined in respect of all legal entities, including those that work under the simplified tax system. Entrepreneurs, in turn, are not required to keep financial statements. The relevant documentation may be requested by the Federal Tax Service, sometimes by other government agencies.
Accounting is sometimes referred to as financial. In most cases, both concepts are considered synonyms. However, some researchers consider the term “financial reporting” broader, as its structure may contain sources that are not included, in fact, in accounting. Most often these are internal documents of the organization. The composition of the financial statements of the company may be of interest to its owners, investors or potential creditors. The information in the relevant sources is also useful for the management of the company - they allow you to analyze how stable the company is and determine possible ways to optimize certain business processes. Let us consider in more detail for what purposes the financial statements may be involved.
The usefulness of financial statements
In the documents of this type, the company should reflect the information of synthetic as well as analytical accounting, which are generalized and structured, based on the criteria established in the regulatory legislation. Accounting is one of the most comprehensive. The information contained in it allows you to adequately assess the state of affairs in the business, analyze the structure of revenue, determine the factors that determine the profitability of the company.
Financial statements are one of the key sources reflecting information about the company’s activities, accumulating economically significant information on financial transactions and the results of commercial activities. This is a convenient tool for planning and monitoring the economic development of the enterprise. Correct drafting and interpretation of relevant documents is an important factor in achieving the goals set by the company's management, increasing the profitability of the business, and increasing revenue.
Accounting Structure
What sources form the financial statements? Among those:
- balance sheet;
- report fixing financial results;
- attachments to these documents (such may be reports reflecting changes in capital, movement of financial resources, as well as the intended use of resources).
The financial statements may include other additional sources (in the form of texts or tables). Relevant information can help inspection bodies or owners better understand how things are going in the company.
Audit as a component of financial statements
Due to legal requirements, some organizations must be audited periodically. In this case, these sources may be supplemented by audit reports. According to one version, these documents should be considered as part of the financial statements. The fact is that the audit reports, first of all, are designed to confirm the reliability of the information contained in the documents noted above. Therefore, even if the legislation does not oblige the company to conduct an audit, contacting the relevant consulting companies and drawing up the indicated conclusions will increase the trust of business owners, investors and creditors in the basic documents that form the financial statements.
Having studied the concept and composition of financial statements, let us consider in more detail the specifics of the forms by which it can be provided to the Federal Tax Service, other government agencies and other structures interested in studying the state of affairs in business. Their correct filling is the most important condition for the company to fulfill its obligations, which is prescribed by law.
The main forms of financial statements
What forms can be submitted documents that are part of the financial statements?
The main source of law that governs their structure is the Order of the Ministry of Finance of the Russian Federation No. 66n. The first document that is included in the reporting statements is the balance sheet. In Order No. 66, there are 3 options for the form for him. The main one meets the criteria contained in Appendix No. 1. It can be used by any enterprises compiling financial statements. In Appendix No. 5, the parameters of the simplified form are fixed. It can be used only by small enterprises. Appendix No. 6 contains the parameters of the balance sheet form, adapted for socially oriented NGOs and other non-profit organizations, which have the right to keep relevant records in a simplified form.
Another document that is part of the financial statements of the enterprise is a report on financial results. As in the case with the above form of balance, it can be made in several ways. The parameters of the main form of the document are fixed in Appendix No. 1 to the marked order No. 66n. Small businesses can use income statement, compiled in accordance with the criteria that are reflected in Appendix No. 5. An important nuance should be noted. In Order No. 66, these forms are marked as “Profit and Loss Statement”. This document name is considered obsolete. In accordance with current legislation, another name should appear in the document structure - “Report on financial results”. Therefore, before sending reports to the Federal Tax Service, it is better to change the name of the document to a new one.
The financial statements include in some cases, as we noted above, some additional sources. Among them is a report reflecting the targeted use of funds. In general, companies should focus on the form that is regulated by Appendix No. 2 to Order No. 66n.
Reporting deadlines
In accordance with the current provisions of the law, companies can submit financial statements to the Federal Tax Service and other state bodies only at the end of the year. Previously, this had to be done quarterly. But at the request of managers or owners of the company, relevant sources can be compiled more often than provided for by law. At the same time, the marked documents can be included in the annual financial statements, as well as in the quarterly structure. In this sense, the sources considered by us are uniform. We will study how the basic forms included in the annual financial statements are filled in - the corresponding balance sheet, as well as a document reflecting the financial results of the company.
The main forms of financial statements: balance sheet
What should you pay special attention to when filling out the appropriate source? First of all, it is important to correctly fix the date of preparation of the document. If we are talking about filling out the form, which is part of the accounting (financial) statements for the year, then this should be December 31 of the year for which the company reports. It is also important to indicate the correct name of the enterprise, its legal status, form of ownership.
In the general case, the balance sheet is filled in thousands of rubles. The unit of measure that will not be used in the document should be crossed out.
If the company draws up the balance for the first time, then in those forms that should include figures for previous years, dashes should also be put down. Let us agree that the company reporting to the Federal Tax Service is new.
As we noted above, the composition of the forms of financial statements can be different depending on which applications to order No. 66n the company uses. Consider the nuances of filling out the form, which is provided by the Federal Tax Service in the general case. Its structure is reflected in Appendix No. 1.
If it is not planned to include explanations in the accounting (financial) statements of the company (we agree that this is so), then we need to put down dashes in column 1. Since we are considering an example of creating a balance sheet for a new company, the only, in fact, column is that need to fill - 4th.
Balance sheet: asset
The numbers in line 1110 are calculated by subtracting the balance of account 04 from the debit of the corresponding value for the credit of account 05.
In order to determine the value for paragraph 1150, you must subtract from the balance in the debit of account 01 the corresponding figure for the credit of account 02.
Line 1170 records the balance of the debit of account 58.
In paragraph 1100, the sum of the above figures is fixed.
In line 1210, you need to record the balance of the debit of accounts 10 and 43.
Paragraph 1220 should reflect the figures for the debit balance bills 19.
In order to calculate the numbers for line 1250, you need to summarize the figures for the debit of the balance of two accounts - 50 and 51.
In paragraph 1200, the total for the above indicators is recorded.
In turn, in line 1600, it is necessary to reflect the sum of the values in paragraphs 1100 and 1200. As for the remaining lines, which line 1360 includes, in this case you can put dashes.
The above items form an asset balance. Our next task is to consider the structure of the liability. If the inspection structure or other interested entity analyzes the composition of the financial statements, then both parts of the document will have the same value.
Balance sheet: liability
The liability of the balance sheet begins with the indicators of line 1310. The numbers in it must correspond to the balance of the credit of account 80.
Paragraph 1360 reflects the balance of the credit of account 82.
In line 1370, you need to fix the balance figures for account 84.
In paragraph 1300, you need to fix the sum of the values on the lines noted above.
Our next task is to determine the numbers for line 1520. To do this, we need to summarize the credit balances of several accounts - 60, 62, 69, as well as 70.
In paragraph 1500, in our case, the same figures will be recorded as in paragraph 1520.
In line 1700, you need to sum the values by numbers, which we defined above. That is, recorded in lines 1300 and 1500. In the remaining paragraphs of the liabilities side of the balance sheet, in this case, you can put dashes. The most important criterion for the correctness of the document under consideration, which is part of the organization’s financial statements, is the same figures in lines 1600 and 1700. If this is not so, then it is necessary to double-check the indicators that affect the determination of figures for these items
Balance Sheet Forms: Statement of Financial Performance
The next document, the process of filling in which is useful to consider, is a statement of financial performance. This document records the figures reflecting the revenue and expenses from the main activities, income and expenses, calculation of financial results, taking into account the specifics of the tax system. Consider some of the key points of the report in question.
So, in the field 2110, referred to as “Revenue”, indicators are recorded for the company's turnover from the main types of commercial activities, net of VAT and excise taxes. The figures that need to be recorded here correspond to the loan on account 90 minus the debit on account 90. The revenue that is generated as a result of other activities is recorded in other income.
The next major component of the statement of financial performance is column 2120, which is called “Specificity of Sales”. Here you need to fix the figures reflecting the costs that accompany the main types of commercial activities of the enterprise minus the amounts of VAT and excise taxes. The indicators for the item in question correspond to the amounts of debit on account 90 and credit on accounts 20, 40, 41, as well as 43.
Line 2100 is called Gross Profit. It records revenue minus cost.
In column 2210, which is called "Selling expenses", the costs characterizing the costs of the main commercial activities are entered. In order to determine the numbers on this line, it is necessary to summarize the credit on account 90 with the debit on account 44.
Column 2220, which is called "Profit (loss) from sales", records the difference between gross profit and selling costs.
In paragraph 2310, it is necessary to reflect the amount of revenue based on the results of the company's participation in other organizations. It corresponds to the debit amount of the account 91 and 76.
Column 2330 records the amount of interest paid by the company (if it took loans). It happens that this is not so, but the composition of the financial statements and the requirements for it are adapted, including for businesses that have debt obligations. The numbers for it correspond to the debit amount of accounts 91, 66, and also 67.
Paragraph 2340 should include other income minus VAT, excise taxes, and also indicators that are recorded in columns 2310 and 2320. The necessary figures for the item in question can be obtained using data from a loan on account 91.
Line 2350 shall contain other expenses minus those specified in paragraph 2330.
Column 2300 records profit excluding the calculation of the corresponding tax. Determining the right indicator for her is a rather complicated procedure. Firstly, you need to summarize the numbers on lines 2200, 2310, 2320, as well as 2340. Secondly, you need to subtract the values on points 2330 and 2350 from the resulting number.
In column 2410 it is necessary to fix the calculated income tax corresponding to the information in the declaration. If the company does not pay it, then these columns, as well as all the others, in which the income tax is supposed to be indicated, can be left blank.
The most important column is 2400. It records the net profit or loss of the company. In order to calculate the values for it, the numbers are used at paragraphs 2300, 2410, 2430, 2450, as well as 2460. Another important indicator is contained in column 2500. In order to get the number to be entered in it, it will be necessary to take into account the indicators on the lines 2510 and 2520. Many business owners and managers, forming the composition and content of financial statements subject to internal use, consider the indicators of paragraphs 2400 and 2500 key. Of course, the Federal Tax Service is also attentive to the corresponding figures.
So, we studied what the financial statements of the organization, the composition, content of documents that are included in its structure. Businesses, which are required by law to provide the Federal Tax Service and other bodies with relevant sources, fill out forms whose structure is approved in Order of the Ministry of Finance of the Russian Federation No. 66n.
The main source for filling out the documents included in the financial statements is the company's accounts. The correct use of the financial indicators contained in them is one of the key factors for successful enterprise management. According to many researchers, the composition and structure of the financial statements provided for by Russian law are quite balanced and can be regularly used so that company managers get the opportunity to conduct effective analytical work aimed at optimizing the company's development model.
