Financial statements of the enterprise. Financial statements Annual financial statements

27.11.2020

Financial statements are a set of reporting forms compiled on the basis of accounting in order to provide users with generalized information about the financial position and activities of an enterprise.

Financial reporting is regulated by the state and consists of the following forms:

Balance sheet (form No. 1)

Profit and loss statement (form No. 2)

Capital change statement (form No. 3)

Cash flow statement (form No. 4)

Appendix to the balance sheet (form No. 5)

Balance sheet

The balance sheet is the financial model of an organization. This reporting form contains information about the composition of the property (economic assets) of the organization and the sources of its formation as of a certain date.

The balance sheet is in the form of a table consisting of two parts - an asset and a liability. The asset reflects the composition of economic assets, the liabilities - the sources of their formation.

Equal total assets and liabilities are called the balance sheet currency.

The balance sheet consists of five sections:

Section I. "Non-current assets".

Section II. "Current assets".

Section III. "Capital and reserves".

Section IV. "Long term duties".

Section V. "Short-term liabilities".

In this case, the first two sections form an asset of the balance sheet, and the other three - a liability.

The balance sheet contains the information necessary to assess the financial condition of a firm.

Balance sheet structure

Section I. "Non-current assets"

Section I of the balance sheet presents the non-current assets of the enterprise, that is, household assets used over a long period of time (more than a year). Non-current assets include:

§ Intangible assets are economic assets that have no material basis. These include:

Patents, licenses, trademarks, other rights and assets similar to those listed;

Organizational expenses - expenses associated with the formation of a legal entity and recognized in accordance with the constituent documents;

An organization's business reputation is the difference between the market value and the book value of a firm.

§ Fixed assets - land plots, natural resources, products, machinery, equipment, accounted for at residual value.

§ Construction in progress - costs of construction work, installation and purchase of equipment.

§ Profitable investments in material assets - the value of property intended for leasing, as well as under a rental agreement.

§ Long-term financial investments - investments of an enterprise for a period of more than a year in securities, authorized capital of other organizations, government securities, loans provided to other organizations.

Section II. "Current assets"

Current assets are economic assets that have monetary form or can be converted into it during one production cycle or year. Synonyms for this concept are: current assets, current assets, working capital.

The company's current assets include:

§ Stocks - the cost of purchased raw materials, materials and other similar values; fattening animals, work-in-progress costs, finished products and goods for resale, goods shipped, prepaid expenses.

§ Value added tax - the amount of VAT on purchased material resources, fixed assets, intangible assets and other valuables in the reporting period.

§ Accounts receivable - debts of buyers and customers, subsidiaries and affiliates, participants (founders) for contributions to the statutory fund, promissory notes receivable, advances issued and other debtors (financial and tax authorities for overpaid amounts of taxes, fees and other payments to the budget; employees, accountable persons, etc.)

§ Short-term financial investments - investments of an enterprise in securities of the state and other organizations; loans provided to other organizations; own shares purchased from shareholders.

§ Cash - the balance of the enterprise's cash in the cash desk, on the current, foreign currency and special accounts in banks.

Section III. "Capital and reserves"

This section reflects the company's own sources of financing:

§ Authorized capital - a set of contributions (shares, shares, share contributions) of the founders (participants) of the enterprise. The amount of the authorized capital is registered in the constituent documents.

§ Additional capital - includes the amount of revaluation of fixed assets and capital construction objects; material values \u200b\u200breceived by the enterprise free of charge; share premium received as a result of the excess of actual proceeds from the sale of placed shares over their par value.

§ The reserve capital is created in accordance with the legislation of the Russian Federation and may include the balances of other reserve funds formed at the enterprise at the expense of net profit in accordance with the constituent documents.

§ Social Fund.

§ Targeted funding and receipts - funds received from the budget, sectoral and intersectoral special purpose funds, other organizations and individuals for the implementation of special events.

§ Remaining retained earnings of previous years.

§ Uncovered loss of previous years.

§ Retained earnings of the reporting year - the net profit of the reporting year as the difference between profit before tax and income tax and other similar mandatory payments, including sanctions for non-compliance with tax rules.

§ Uncovered loss of the reporting year.

The total in Section III constitutes equity.

Section IV "Long-term liabilities"

Section IV characterizes the company's liabilities due more than 12 months after the reporting date. For loans and credits received, the debt is shown including interest payable at the end of the reporting period.

In addition, this section may also include long-term loans from non-credit organizations, long-term bonds of an enterprise, etc.

Section V "Short-term liabilities"

Section V characterizes the company's liabilities due less than 12 months after the reporting date and includes:

§ Loans and credits - the debt of the enterprise, taking into account the interest payable at the end of the reporting year.

§ Accounts payable - the company's debt to suppliers and contractors, subsidiaries and independent firms, personnel for the payment of accrued wages, the budget, extra-budgetary funds; promissory notes payable, advances for forthcoming settlements, arrears in property insurance payments, fines, penalties and forfeits recognized by the debtor, etc.

§ Debts to participants (founders) for the payment of income - the amount of debts of the enterprise for dividends, interest, loans due to be paid.

§ Deferred income - income received in the reporting period, but related to the following periods.

§ Reserves for future expenses - balances of funds reserved by the enterprise for the purpose of their even inclusion in the expenses of the reporting period. These can be reserves for vacation payments, payment of bonuses at the end of the year, repair work, preparatory work related to seasonal production, etc.

The balance sheet is nothing more than the balance sheet at the reporting date, aggregated according to certain rules.

The general rule is that balance sheet assets are based on debit balances and liabilities are based on balance sheet credit balances.

Report about incomes and material losses

This report shows the formation of the profit (loss) of the company for the reporting period. Enterprises are obliged to draw up it at the end of each quarter on an accrual basis from the beginning of the reporting year.

Report structure

I. Income and expenses from ordinary activities.

§ Revenue (net) from the sale of products - the amount of cash receipts from the sale of finished products (excluding value added tax).

§ Cost of products sold (production) - the sum of all production costs of the products sold.

§ Gross profit is the difference between the two previous indicators.

§ Selling expenses - expenses of an enterprise related to the sale of products.

§ Administrative expenses - general expenses of the enterprise.

§ Profit (loss) from sales is the result of deducting selling and administrative expenses from gross profit.

II. Operating income and expenses.

§ Interest receivable - interest on deposits received during the reporting period.

§ Interest payable - interest and other expenses on loans paid during the reporting period.

§ Income from participation in other organizations - dividends on shares of other organizations in the company's portfolio.

§ Other operating income - proceeds from the sale of equipment, raw materials and shares of other organizations, as well as gratuitous financial assistance.

§ Other operating expenses - expenses related to disposal of equipment, raw materials and shares of other organizations, as well as taxes attributable to the financial result, and expenses for the buyback of own shares in excess of their par value.

III. Non-operating income and expenses.

§ Non-operating income (expenses) - taxes attributable to financial results; penalties, fines, penalties paid by the enterprise for violation of the terms of contracts, losses of previous years revealed in the reporting year, the amount of bad accounts receivable, exchange rate differences, etc.

§ Profit (loss) before tax is profit from sales, adjusted for the sum of operating and non-operating income and expenses.

§ Income tax and other similar mandatory payments. Income tax - one of the main taxes paid by an enterprise - is obtained as the product of the tax rate and profit before tax. Similar compulsory payments are understood as penalties, taxes and fees paid out of profits remain at the disposal of the enterprise.

§ Profit (loss) from ordinary activities is the difference between profit before tax and mandatory payments from it.

IV. Extraordinary income and expenses.

Extraordinary income (expenses) - income (insurance compensation for the loss of material values) and costs associated with overcoming the consequences of extraordinary circumstances - fire, accident, natural disaster.

Net profit is retained earnings (loss) of the reporting period (the result of deducting from profit (loss) from ordinary activities the amounts of extraordinary income and expenses intended for use for purposes determined by the enterprise).

The last indicator, as applied to the period from the beginning of the year, always coincides with the item "Retained earnings of the reporting year" of Section III of the Balance Sheet. This is the relationship between these two forms of financial reporting: the company's own sources of funds increase over the reporting period by the amount of net (retained) profit and decrease by the amount of the resulting loss.

The profit and loss statement is compiled on the basis of the data of accounts 90 "Sales", 91 "Other income and expenses" and 99 "Profit and loss".

Statement of changes in equity

This report is compiled for the whole calendar year and contains information on changes in all elements of equity.

For retained earnings of previous years, the "Increase" line shows the net profit from the Profit and Loss Statement, and the "Decrease" line shows the amount of dividends paid for the reporting period.

The share capital can be increased through the additional issue of shares, revaluation of property and an increase in property, including through the reorganization of the enterprise. A decrease in capital is possible as a result of a decrease in the par and the number of shares, reorganization of a legal entity.

Cash flow statement

This is a form of financial reporting that discloses items of receipts and expenditures of funds for the reporting period in the context of the current (operating), investment and financial activities of the enterprise.

The primary source of information for the statement of cash flows is the data of the General Ledger for account 51 "Current account".

This Statement of Cash Flows has been drawn up according to the so-called direct method, which aims to show the dynamics of changes in real cash for the reporting period in the context of the specified activities. In Western practice, it is customary to draw up a financial report with a similar title, but with a completely different content, according to the so-called indirect method. In this report, there is a balance linkage between net cash flow and net profit for the reporting period.

Appendix to the balance sheet

The application to the balance sheet allows you to more accurately assess the aspects of the enterprise.

It reflects the movement of long-term and short-term loans and borrowings; change and decoding of receivables and payables; composition and movement of depreciable property; movement of funds for financing long-term investments and financial investments; expenses on ordinary activities in the context of economic elements, deductions to extra-budgetary funds.

At the end of each reporting year, there are financial statements, which in accordance with the tradition of using this concept in foreign countries, also called financial statements. What is invested in this concept, what responsibilities arise in connection with the need to draw up and submit reports, as well as some practical points related to this, we will consider in this article.

Composition of financial statements

The legislation provides that different business entities report in different ways. This is reflected both in and in the order of subsequent actions after its preparation.

The main documents that make up the reporting are the balance sheet and the statement of financial results. Depending on the reporting entity, these two basic forms are complemented by the required attachments. Differences in the composition of the generated reporting are provided for the Bank of Russia, public sector organizations, non-profit organizations, as well as small businesses.

Submission and publication of financial statements

After drawing up, the statements are signed by the sole executive body of the economic entity. Only from the moment of signing the statements, it is considered drawn up. By March 31 of the year following the reporting year, reports must be submitted to the following state bodies at the place of their location:

federal Tax Service Inspectorate,
territorial statistics body.

The mandatory procedure for publishing reports is provided for:

banks and other credit institutions,
insurance organizations,
stock and commodity exchanges,
funds,
limited liability companies that have placed publicly securities,
public joint stock companies.

What is the reporting period for financial statements:

Form 4 accounting statements - Cash flow statement. This document reflects the cash flows of the organization. At the same time, “cash flows” means not only cash flows, but also so-called cash equivalents. The latter are understood as easily tradable funds that can be easily converted into a predetermined amount of money. For example, demand deposits in a bank. At the same time, the organization itself must determine what is cash equivalents for it, indicating this at the beginning of the year in the order on accounting policy.

Form 5accounting statements (Appendix to the balance sheet) is not currently applied. It was introduced by the currently invalid Order No. 67n.

Form 6 financial statements - Report on the targeted use of funds received. This document is not binding on all organizations. It is included in the reporting by non-profit public organizations that do not have income from the sale of goods, works and services. This form reflects the amount of voluntary, membership and admission fees and other receipts. The figures are for the reporting and previous years.

Reporting forms are filled out using office programs Word and Excel or in 1C. But, if you wish, you can use the required form for the preparation of accounting (financial) statements.

All indicators entered in require reconciliation with each other. If it is necessary to interconnect the accounting indicators, then a special table is used.

Video - "Forms of financial statements"

It sometimes happens that entrepreneurs and organizations have to restore accounting. The reasons for the need to restore accounting may be different. The main ones are as follows:

change of the owner (main shareholder, participant) of a legal entity, in which the previous one did not leave behind accounting documents, or did not leave them in full,
change of the general director, chief accountant with similar consequences,
establishment, as a result of an audit (voluntary or mandatory) or an audit carried out by the participants of a legal entity, incorrect accounting,
complete or partial absence of accounting documents caused by fire, flooding, failure of computer bases or other events.

As a rule, the restoration of accounting is of two types:

full recovery,
partial recovery.

In case of partial restoration of documents, it is necessary to carry out one or several sections of the accounting department: accounting of materials, payroll, settlements with suppliers, etc. The need for partial restoration can be caused both by the loss of documents in one of the areas, and by the incompetence of the accountant who worked in this area. The task of complete restoration of accounting looks much more difficult than in the absence of accounting in only one of the sections. Quite often, it is trusted by third-party organizations or newly hired employees.

The volume and complexity of the work required for the restoration of accounting depends on several factors:

terms during which it is necessary to restore accounting (for example, if the tax inspectorate blocks the company's current accounts),
terms during which accounting was not conducted,
the number of remaining documents,
availability of computer bases,
assistance of accounting staff,
features of the organization in which accounting is restored: the scale of activities, the number of employees, the taxation system, etc.

As a rule, in case of restoration of accounting, specialists who have undertaken this work have to do without the assistance of accountants who were previously engaged in accounting, which of course complicates the work.

The stages of accounting restoration are as follows:

assessment of the availability of primary documents, accounting registers and other accounting documents,
determination of the volume of missing documentation,
reconciliation with tax authorities and extra-budgetary funds,
conducting reconciliation with counterparties, requesting copies of missing documents,
preparation of the necessary accounting documentation,
submission of non-submitted reports to tax authorities and funds.

The process of restoring accounting is a rather long task. Timing is especially important if the time for filing accounting or tax reporting is right. Or, if the tax authorities have blocked the current accounts of the company, in connection with which the activities of the organization are completely suspended.

What is the transformation of financial statements:

Some consulting organizations specializing in accounting recovery offer services for fast accounting recovery. This service consists in the fact that the financial statements are drawn up not on the basis of the data of the accounting documentation, but on the basis of the performance indicators of the organization for previous years. This "trick" allows you to remove the blocking of current accounts in banks, or prevent them from blocking. In the future, as the primary documents are restored, the accounting documentation will be “adjusted” to the already submitted reporting, or the clarifying documents for reporting will be submitted to the tax office. In any case, one must understand that the responsibility for such operations will lie with the head of the legal entity - the taxpayer.

Accounting is a rather complicated and time-consuming process. In order to draw up financial statements in accordance with the requirements of the legislation and so that in the future you do not have to resort to the restoration of financial statements, you need to contact qualified accountants.

Requirements for accounting

Each company actively conducting commercial activities, regardless of the taxation system, at the end of the year must draw up and submit to tax officials a special document called "Financial Statement", previously known as "Profit and Loss Statement" (Form 2).

Files

Why is this document needed

The report records the movement of funds in the company during the reporting period. This includes the income, expenses, losses and profits of the organization, which are calculated on an accrual basis from the beginning to the end of the year.

Who prepares the report

Reporting is the responsibility of an accounting department employee or chief accountant. In small companies, this can be a third-party specialist working on an outsourced basis.

After registration, the document must be submitted for signature to the head of the company.

Where to submit the document

A prepared and properly executed statement of financial results must be submitted to the territorial tax office together with other documents included in the financial statements.

Financial report deadline

Like any other accounting documents submitted to the tax authorities, this one also has strict filing deadlines. In this case, the period is three months from the end of the reporting year (i.e. the report must be submitted until the end of March). If this rule is violated, the company faces administrative liability in the form of a fine.

Rules for drawing up a document

The statement of financial results has two unified forms:

the usual (includes extended information),
simplified (the information is more concise).

Regardless of which form the company uses, the report contains the following mandatory data:

company details,
date of preparation of the document,
profit and loss indicators,
total values.

You should be very careful when filling out the document, since mistakes, and even more so the introduction of inaccurate or knowingly false information into it, is fraught with unpleasant consequences.

If in the process of filling out the document some inaccuracies or corrections were made, it is best to print a new form and re-issue it.

Financial Reporting Rules

All information in the form can be entered both in handwritten form and in printed form. The main condition is that it contains the original signature of the head of the enterprise or an employee authorized to act on his behalf.

Starting from 2016, the seal on the report is not necessary, since legal entities are legally exempted from the need to endorse their documents with seals and stamps.

Financial results report is drawn up in duplicate:

one is transferred to the tax office,
the second remains in the organization.

After losing its relevance, this document is transferred to storage in the archive of the enterprise, where it is kept for the entire period established for this type of paper.

How to send a statement of financial results

Today, the document can be transferred to the tax office in three main ways.

First: by a personal visit to the tax office. In this case, the report can be given both by the head of the company directly and by a trustee acting on his behalf (but then you must have a power of attorney certified by a notary).
Second option: to send the report on financial results via electronic means of communication: however, here it must be borne in mind that the company must have a registered electronic signature.
Third method of submitting the report: sending via Russian post by registered mail with acknowledgment of receipt.

A sample of a report on financial results

At the beginning of the form, the date on which the document is filled in is entered. Further, the lines on the left side are entered:

name of company,
the type of its economic activity (in words),
organizational and legal status (IP, LLC, CJSC, OJSC),
form of ownership (in words).

The plate on the right includes:

date of preparation of the document,
organization code according to (All-Russian Classifier of Enterprises and Organizations),
code for (All-Russian Classifier of Economic Activities),
oKFS codes (All-Russian Classifier of Forms of Ownership),
unit code (rubles or millions) according to EKEI (All-Russian classifier of units of measurement).

Into a string code 2110 fit income from standard activities, such as:

performance of work,
provision of various types of services,
sale of goods.

Data are entered without excise taxes and VAT;

Code 2120 includes costs for the same standard activities. Indicators here need to be entered in parentheses, which will indicate that they are subject to subtraction;

Code 2100 captures gross profit equal to the following formula: line 2110 value minus line 2120 value;

Code 2210 here, also in parentheses, the costs incurred in the sale and sale of goods and services are indicated;

Code 2220 takes into account management costs (also in parentheses);

Code 2200: here the value calculated by the formula is put: data 2210 is subtracted from data 2100, then line 2220 is minus, i.e. profit or loss resulting from sales;

Code 2310 shows the income of the organization from the authorized shares of other companies;

Code 2320 shows interest earned in the form of profit on shares, bonds, deposits, etc .;

Code 2330 shows the interest payable (the value fits in parentheses);

Code 2340 contains all other income not included in the higher-ranking lines (for example, proceeds from the sale of intangible assets, fixed assets, materials, etc.);

Code 2350 in parentheses contains all other expenses (fines, penalties, etc.);

Code 2300 indicates profit before income tax is calculated and deducted. The calculation formula is simple: line 2200 plus 2310 plus 2320 minus 2330 plus 2340 minus 2350;

Code 2410: The calculated income tax is indicated here. If an enterprise uses a "simplified" code in its activities, there is no need to write anything here;

Code 2460 includes fines, tax surcharges, penalties, etc .;

Code 2400: This contains the net profit for the year, calculated from the values \u200b\u200bin the previous lines.

The second part of the document contains background information, which is also divided into separate items.

Code 2510 includes data on the results of revaluation of assets not included in net income;

Code 2520 fixes the result from other operations not included in the net profit;

Code 2500 records the final financial result: i.e. from 2400, subtract 2510 and add 2520;

Code 2900 shows basic profit or loss per share (i.e. basic profit (loss) divided by the number of shares);

Code 2910 provides information about diluted earnings or loss per share. Calculation formula: (net income minus dividends on preferred shares) divided by the number of ordinary shares.

After all the necessary information has been entered into the document, it must be sign from the head of the company and again date.

Every company should keep records of its activities. Depending on the size of the company, and, consequently, the turnover of the selected form of taxation, the company submits reports in a certain amount to the appropriate government authorities. The main task of the chief accountant in this case is to prepare and submit financial reporting forms, which will contain information about the economic condition of the enterprise based on the results of a certain period.

It should be noted that each reporting has a tax return code. It is important that the data presented in the reporting forms correspond directly to the information in the primary documents. Based on this information, the state of the company and its possibilities for further work are determined.

Financial reporting: forms

Forms of financial statements of the enterprise, according to the classification code 0710099, include several reports that represent the financial situation in the company in different ways. Thus, the following reports are filled in:

Balance sheet. This reporting is one of the main ones for companies. The balance sheet reflects the assets and liabilities of the company that are valued.
The financial results reporting form is filled in on the basis of actual data on the company's performance. This form includes indicators of revenue, and accordingly, and cost, gross profit, expenses (divided into commercial and management), tax liabilities are taken into account, etc. Previously, this form of reporting was called “On profit and loss”.
The statement of changes in equity is considered a supplement to the balance sheet and provides an explanation of what changes have occurred in the company's capital structure. This form reflects the dynamics of changes in capital due to securities or revaluation of the company's property.
Cash flow statement is a type of reporting that opens information about the organization's cash flow in any currency. Here you can see the turnovers for all company accounts, as well as cash.
The report on the targeted use of funds reflects the funds received and the structure of their spending. That is, on what items of expenditure and what amounts were spent for the specified period.

Financial reporting methods

The considered accounting financial statements (KND 0710099 form) are approved by a special order of the Ministry of Finance. It must be submitted within a certain time frame to the tax authority.

It should be noted that for the tax authority, these data are submitted once a year based on the results of activities for the previous period. The deadline for filing is three months after the end of the previous calendar year.

The reporting methods vary. With the development of communication channels, the predominant method of delivery is the electronic version. At the same time, other methods are still supported - by sending them by the postal service or directly personal submission of reports with arrival at the tax authority.

Reporting on financial indicators can be formed throughout the year. In this case, it is not provided to the tax authority, but is sent to the authorized person who made a request for it. Most often these are the founders or shareholders of the company.

Structure of providing information in financial reporting forms

For greater clarity and better perception of information about data, tables have been developed for each form of financial reporting. Since most of the companies keep records in specialized programs, these forms are filled out in electronic form almost automatically. That is, if all the primary data for any area of \u200b\u200bthe company's activities are entered into the accounting program, then for the person responsible for the preparation and submission of reports, it will be enough only to form the necessary form and check the correctness of the data.

For those companies that maintain accounting without a program, the tax authorities provide their own specialized program that allows you to enter all the necessary data into it and submit them to the tax authorities.

The task of state bodies in obtaining reports

The main task of the enterprise is to provide information on the company's financial indicators in a timely manner, in full and without errors in filling out. For the tax authority, these data are needed to determine the performance of the enterprise, including as a taxpayer.

Another state body where information is also sent is the statistics body. In this case, the data obtained form a picture of the economic activity of the enterprise, dynamics and development opportunities. By collecting such information from enterprises in the same industry, you can get an idea of \u200b\u200bthe processes operating in this area, such as stagnation or growth.

Shareholders as customers of financial statements

These forms of analysis of financial statements are in demand not only by the tax authorities. The information provided in these forms will be of particular interest to the company's shareholders. From each form of financial reporting, you can get data on how the company performed in the previous period, what risks are in the company's work, what should be changed in certain company processes. For example, a report on the use of funds will show the structure of expenses. If non-production costs exceed direct production costs, then such a distribution of costs will be dangerous for the efficient operation of the company.

Disclosure of information on financial results to banks and creditors

Lenders and banks will act as interested parties in obtaining information from the reporting, for example, from such a form of financial reporting as the balance sheet. Other reports on the financial results of the company are no less interesting for this type of organization.

In the event that a company makes a request for loan funds, it must provide information on its indicators. And these are not just documents signed by the company's executives, but financial statements, the form of which is certified by the tax authority. With this, creditors and banks insure the transaction, since a document certified by another inspection body should no longer contain incorrect data.

Conclusion

As a result of the implementation of its activities, any company should see its results. In addition, there is a duty of companies to submit information on financial results to the relevant authorities and disclose it to stakeholders. For a more structured type of providing information, special forms of financial reporting have been developed, through which you can analyze various blocks of financial indicators.