What is interim reporting? Interim reporting includes

Introduction

Form No. 5 “Appendix to the Balance Sheet” (intangible assets, fixed assets)

2 The procedure for drawing up and submitting Appendixes to the balance sheet (form No. 5)

Conclusion

Bibliography

Introduction

Interim financial statements provide information for an interim period, where an interim period is defined as a financial period shorter than a full financial year.

Summarizing accounting data creates the basis for reporting, which is the final element of the accounting method. This is also true for agricultural organizations.

The composition of reporting, its content and methodological basis for its formation are determined at the federal level. It is necessary to provide a brief description and determine the directions of analysis of each form included in the annual reporting of an agricultural organization of any legal form.

The balance sheet in the reporting structure of organizations, including agricultural enterprises, is the most important form. The balance sheet reflects the composition of the organization's property (balance sheet asset) and the sources of formation of this property (balance sheet liability) as of a specific date.

The balance sheet is the main source of information in the analysis of solvency, financial stability and financial condition of the organization. The main purpose of the analysis of the balance sheet is defined as the assessment of the enterprise's assets, its liabilities, and equity capital. To form this assessment, it is necessary to analyze the structure of the property and liabilities of the enterprise, determine the degree of liquidity of the balance sheet, calculate and evaluate the financial solvency and financial stability ratios. Analysis of the balance sheet is the basis for determining the likelihood of bankruptcy of an agricultural organization.

At the same time, the composition of the reporting of agricultural organizations is regulated not only by federal legislation, but also by regulations of the Ministry of Agriculture of Russia, which regularly develops and approves forms for annual and interim reporting of agricultural organizations.

Interim Financial Reporting follows that statements showing the financial position of a company and the results of its operations for a period not exceeding one year are called interim financial statements. Presenting interim reports to users allows them to improve the quality of their decisions, making it possible to conduct a comparative analysis of the enterprise's activities over a shorter period than one year. Despite the obvious advantages of submitting these reports, their preparation often poses certain difficulties.

The purpose of the course work is to study the periodic (interim) reporting of agricultural enterprises.

To achieve the goal, the following tasks were set:

1. Determine the economic essence and content of periodic (interim) reporting of agricultural enterprises;

Consider the procedure for drawing up and timing of financial statements;

.Study accounting standard reporting forms for agricultural enterprises (form No. 5);

When developing the course work, various methods of information processing were used, such as: - dialectical - allowing to identify phenomena and processes in constant development; - method of systems approach, which is used to study the relationship of indicators, their interaction and interdependence; - factor analysis method; - method of chain substitutions.

Characteristics of periodic (interim) reporting

1 Concept and composition of interim reporting

interim reporting balance sheet

Requirements for the composition of interim reporting are contained in the Federal Law “On Accounting” and PBU 4/99 “Accounting Reports of an Organization”. The Ministry of Finance of Russia, by order No. 67n dated July 22, 2003, established the following forms of annual financial statements:

) balance sheet (form No. 1);

) profit and loss statement (form No. 2);

) statement of changes in capital (form No. 3);

) cash flow statement (form No. 4);

) appendices to the balance sheet (form No. 5);

) report on the intended use of funds (form No. 6);

) explanatory note;

) the final part of the auditor’s report, containing an opinion on the reliability of the organization’s financial statements, if it is subject to mandatory audit in accordance with federal laws.

Reporting is designed to meet the information needs of its diverse users. At the enterprise, reporting information is used by all levels of management and employees of the organization, and outside it, real and potential investors, creditors, suppliers, clients, government agencies and public organizations, that is, depending on who is the user of the reporting, it is divided into external and internal.

Accounting statements, including interim ones, are drawn up on the basis of the principles and requirements defined by regulatory documents of all four levels of accounting regulatory regulation.

Form requirements: 1) reporting consists of a balance sheet, profit and loss account and explanations forming a single whole;

) includes performance indicators of branches, representative offices and other structural units (integrity of financial statements);

) if there is insufficient data to form a reliable picture of the financial position, then the reporting can be supplemented with relevant indicators;

) is compiled in Russian and in the currency of the Russian Federation; funds in foreign currency are converted into rubles at the official exchange rate of the Bank of Russia as of the date of reporting.

In addition, the most important principles for preparing interim reporting (as well as annual reporting) are:

) the principle of reporting neutrality, that is, when generating reporting accounting information, unilateral satisfaction of the interests of some user groups while ignoring the interests of others should be excluded;

) consistency - the constancy of the chosen methods (methods) enshrined in the accounting policy from one reporting period to another; the most important requirements for interim reporting is the use in its preparation of the same accounting policies as for the annual reporting of the enterprise;

) the principle of materiality of information; material information is considered to be financial reporting data, without knowledge of which it is impossible for users to reliably assess the property and financial condition of the organization;

) the principle of timeliness - timely reflection of the facts of economic activity in accounting and reporting compiled on its basis;

) the principle of prudence - greater readiness to recognize expenses and liabilities in accounting than possible income and assets, avoiding the creation of hidden reserves;

) the principle of priority of content over form - implies an order in which the reflection in the accounting of facts of economic activity should be carried out based, first of all, on the economic content of the facts and business conditions and only then on the legal form of their registration;

) consistency - this principle ensures the identity of accounting records with respect to accounting objects in accounts, in accounting registers and relevant reporting;

) the principle of rationality - ensures the optimal structure of the organization of accounting work and accounting apparatus based on business conditions, the volume of the organization and economic feasibility.

In the agro-industrial complex, specialized forms are used to obtain more complete information about the production, cost and sale of agricultural products, the number of employees, the availability of land and animals at the enterprise.

Based on the degree of generalization of reporting data, there are primary reports (compiled by organizations), consolidated (compiled by parent organizations) and consolidated (compiled by higher-level organizations based on primary reports).

2 Procedure for preparation and timing of interim reporting

Interim financial statements are prepared in stages.

The processes for preparing interim and annual financial statements are significantly different. If the interim accounting report, as a rule, is compiled according to the General Ledger data (for example, the balance of the accounts of this book in January will be the opening balance of this book in February and so on until November inclusive), then the General Ledger of December is subject to significant adjustments as a result of various procedures. However, adjustments to the General Ledger can also be made to interim reporting, for example, if, according to the accounting policy, an economic entity carries out inventory frequently.

The stages of interim reporting include:

Clarification of the distribution of income and expenses between adjacent reporting periods (month, quarter, etc.).

Checking the entries in the accounting accounts and their compliance with the General Ledger.

Correction of identified errors.

Closing cost accounts, forming the cost of finished products and sold products (works, services) on an accrual basis from the beginning of the year.

Identification of the interim financial result from the sale of products (works, services) on account 90 “Sales”

Identification of interim financial results from other transactions not related to ordinary activities and recording them in account 91 “Other income and expenses”.

Identification of interim (from the beginning of the year) net profit (uncovered loss) on account 99 “Profits and losses”.

Preparation of the General Ledger at the end of the interim reporting period.

The cycle of accounting work for any regular month (in the inter-reporting period) can be divided into three parts:

) compilation of accounting records (entries) on the basis of properly executed primary documents (accumulative, grouping statements;

) transfer of all facts of the organization’s economic activity for the month from primary documents to accounting registers;

) generation of information about accounting objects in the General Ledger accounts based on the final data of accounting registers.

At the end of the reporting period, debit and credit turnovers are calculated for all General Ledger accounts, and the final balance is displayed for most. General Ledger indicators - turnover in the debit and credit of accounts, as well as account balances are used to prepare financial statements. To ensure that the reporting is correct and that the indicators are complete, account entries are periodically checked using various techniques. These techniques largely depend on the form of accounting used.

For the group of articles “Fixed assets”, the residual value of all fixed assets that are such according to PBU 6/01 “Accounting for fixed assets” is given. Here you enter data on existing fixed assets, as well as those on conservation or in reserve. A breakdown of data on the movement of these funds during the reporting year is provided in the appendix to the balance sheet (form No. 5).

Unfinished construction consists of the costs of construction and installation works carried out by all means, the costs of capital investments associated with the acquisition of fixed assets before their commissioning, as well as the costs of forming the main herd, the cost of equipment requiring installation and intended for installation.

Income investments in tangible assets include income-generating investments in assets provided to an organization for a fee for temporary use and ownership in accordance with a lease agreement.

The group of items “Deferred tax assets” was introduced by PBU 18/02 “Accounting for income tax calculations”. In accordance with this Regulation, a deferred tax asset is understood as a part of deferred income tax, which should lead to a reduction in income tax payable to the budget in the next reporting period or in subsequent reporting periods. Deferred tax assets are equal to the amount determined as the product of deductible temporary differences that arose in the reporting period by the income tax rate established by the legislation of the Russian Federation on taxes and fees and in effect on the reporting date.

Other non-current assets are funds and investments of a long-term nature that are not reflected in the named articles of Section I of the balance sheet.

Section II “Current assets” includes the following groups of articles.

Inventories. The balance sheet items of this group reflect the actual cost of raw materials, basic auxiliary materials, fuel, purchased semi-finished products, containers, work in progress, finished products, goods, i.e. assets recognized as inventories in accordance with PBU 5/01 “Accounting for inventories”. These inventories, with the exception of work in progress and finished goods, are reflected at the actual costs of their acquisition or production.

Other current assets characterize data that is not reflected in other articles of Section II of the balance sheet.

Section III “Capital and reserves” of the liabilities side of the balance sheet combines the organization’s long-term sources:

authorized capital - the amount of authorized or share capital in accordance with the constituent documents;

own shares purchased from shareholders (previously, this data was reflected in short-term financial investments) - the cost of shares purchased from shareholders for the purpose of their subsequent resale or cancellation. Based on the principle of prudence, these assets are considered as a regulative to the authorized capital, therefore they are reflected in the liabilities side of the balance sheet with a “minus” sign;

additional capital - the data in this article are formed as a result of the revaluation of fixed assets and the formation of share premium;

reserve capital - the amount of reserves formed in accordance with the legislation and constituent documents;

retained earnings (uncovered loss) - profit (loss) under two headings: “Profit (loss) remaining at the disposal of the organization based on the results of work for previous periods” and “Retained earnings (uncovered loss) of the reporting year.”

Section V “Current Liabilities” combines the amounts as follows:

loans and credits to be repaid within 12 months after the reporting date;

accounts payable - to suppliers and contractors, subsidiaries and affiliates, personnel of the payroll organization, extra-budgetary funds and the budget, advances received, other creditors;

debt to participants for payment of income - the amount of debt of the organization for dividends due for payment;

deferred income - income received in the reporting period, but relating to the next (future) reporting periods;

reserves for future expenses - reserves for the upcoming payment of employee vacations, payment of annual remuneration for length of service, payment of remuneration based on the results of the year, repair of fixed assets and other reserves;

other short-term liabilities.

The profit and loss statement (Form No. 2), in contrast to the balance sheet, which is a “snapshot” of the organization’s property and the sources of its formation, is intended to characterize the financial results of activities.

The report on changes in capital (Form No. 3) contains data on the state and movement of the organization's equity capital, targeted financing and income, reserves for future expenses and payments and valuation reserves. The movement of each type of capital or reserves is built in accordance with the balance equation:

Each section of the cash flow statement form ends with lines representing the balance at the end of the reporting period and including the amount of net cash generated by all three activities remaining on the organization's balance sheet.

In accordance with the Federal Law “On Accounting,” agricultural enterprises that are open joint-stock companies in their organizational and legal form are required to publish annual financial statements no later than June 1 of the year following the reporting year. The publicity of financial statements consists of their publication in newspapers and magazines accessible to users of financial statements, or the distribution among them of brochures, booklets and other publications containing financial statements, as well as their transfer to state statistics bodies at the place of registration of the organization for provision to interested users.

Interim reporting is prepared for a shorter time period than the reporting year. Such a period can be a quarter, six months, or nine months.

In accordance with the Regulations on accounting and financial reporting in the Russian Federation, Russian organizations must prepare and submit to the relevant government bodies financial statements for the quarter, half-year, nine months and year on an accrual basis from the beginning of the reporting year, unless otherwise established by the legislation of the Russian Federation. Monthly and quarterly reporting serves as interim reporting.

Quarterly reporting of organizations, as already mentioned, must be generated no later than 30 days after the end of the quarter, unless otherwise provided by law. Within this period, the specific date for submitting financial statements is established by the founders (participants) of the organization or the general meeting. In accordance with IFRS, interim reporting must be submitted no later than 60 days after the end of the interim period.

An event after the reporting date is recognized as a fact of economic activity that has had or may have an impact on the financial condition, cash flow or results of operations of the organization and which took place in the period between the reporting date and the date of signing the financial statements for each year. For example, an event after the reporting date is the announcement of annual dividends based on the results of the joint-stock company’s activities for the reporting year.

The reporting date for the preparation of financial statements is considered to be the last calendar day of the reporting period (clause 4, 12 of PBU 4/99).

The reporting period is the period for which the organization must prepare financial statements (clause 4 of PBU 4/99).

The organization must prepare interim financial statements for the month, quarter on an accrual basis from the beginning of the reporting year (clause 48 of PBU 4/99, clause 3 of Article 14 of Law No. 129-FZ).

The reporting year is a calendar year - from January 1 to December 31 inclusive. The first reporting year for newly created organizations is considered to be the period from the date of their state registration to December 31 of the corresponding year, and for organizations created after October 1 - to December 31 of the following year. Data on business transactions carried out before the state registration of organizations is included in their financial statements for the first reporting year.

Form No. 5 “Appendix to the Balance Sheet” intangible assets, fixed assets

1 General requirements for the preparation of Appendixes to the balance sheet (form No. 5)

Accounting statements are a system of indicators that reflect, on an accrual basis, the property and financial position of an organization for a certain period. The system of indicators is presented in the form of a set of tables (reporting forms). Accounting statements as a unified system of data on the financial position of an organization, the financial results of its activities and changes in its financial position are compiled on the basis of accounting data.

Form No. 5 “Appendix to the Balance Sheet” contains indicators that decipher the data from Form No. 1 “Balance Sheet”. The tables of this form contain the indicators necessary to form a reliable and complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position.

The appendix to the balance sheet (form No. 5) deciphers in detail some indicators of the balance sheet itself. For example, information about fixed assets and intangible assets in the balance sheet is given at residual value and in general for analytical accounts. In Form No. 5, these data are reflected in more detail - by groups or individual types in the balance sheet valuation, as well as indicating the amounts of accrued depreciation.

For property (fixed assets and intangible assets) and some types of expenses, their movements during the reporting period must be disclosed in the Appendix. That is, show their availability at the beginning of the reporting year, receipts and disposals during the year, and also display the balance at the end of the reporting year.

In the Appendix in Form No. 5, all indicators are combined into the following sections:

intangible assets;

fixed assets;

profitable investments in material assets;

R&D expenses;

expenses for the development of natural resources;

financial investments;

accounts receivable and accounts payable;

provision;

government assistance.

Reporting is prepared on the basis of accounting data and its composition is legally defined in such a way that many indicators in forms 1-5 are interrelated. Thus, Form No. 5 Appendix to the Balance Sheet is associated with Form No. 1 Balance Sheet, Form No. 3 Statement of Changes in Capital and Form No. 2 Profit and Loss Statement.

Small businesses and non-profit organizations may not present an Appendix to the Balance Sheet as part of their financial statements in the absence of relevant data. Public organizations (associations) that do not carry out entrepreneurial activities and do not have turnover in the sale of goods (works, services) other than disposed of property, do not submit an Appendix to the balance sheet.

Completion of almost all sections of the Appendix to the balance sheet is associated with the relevant accounting provisions:

Intangible assets - PBU 14/07;

“Fixed Assets” and “Profitable Investments in Material Assets” - PBU 6/01 “Accounting for Fixed Assets”;

“Expenditures on research, development and technological work” - PBU 17/02;

“Financial investments” - PBU 19/02;

“Expenses for ordinary activities” - PBU 10/99;

Thus, since Form No. 5 is only a detailing of individual items of the balance sheet and profit and loss account, the summary data for the sections of the Appendix must coincide with them.

Section 1 Intangible assets provides a breakdown of the intangible assets owned by the organization.

The section consists of two tables. The first table shows data on the receipt and disposal of intangible assets, and the second table shows information on depreciation charges.

Section 2 Fixed Assets provides data on movement (receipts and disposals from all sources) and balances of fixed assets at the beginning and end of the period at original (replacement) cost.

2 The procedure for drawing up and submitting an appendix to the balance sheet (form No. 5)

An organization may provide additional information accompanying financial statements if the executive body considers it useful for interested users when making economic decisions. It reveals the dynamics of the most important economic and financial indicators of the organization’s activities over a number of years; planned development of the organization; expected capital and long-term financial investments; policy regarding borrowings, risk management; activities of the organization in the field of research, development and technological work; environmental protection measures; other information.

Individual indicators included in the Appendix to the balance sheet (form No. 5) according to the sample form can be presented in the form of independent forms of financial statements or included in an explanatory note.

Form No. 5 consists of separate tables revealing the composition and (or) movement of certain types of assets and liabilities.

Table "Intangible assets"

When an organization discloses in the explanations to the balance sheet and profit and loss statement information about its assets as fixed assets, intangible assets, profitable investments in tangible assets, data on the initial (replacement) cost of these assets and accrued depreciation are provided separately.

This table is a transcript of the Balance Sheet article “Intangible Assets” (line code 110 of the Balance Sheet), presenting the presence, receipt and disposal of intangible assets in an analytical breakdown by type of intangible assets in accordance with PBU 14/2000 “Accounting for Intangible Assets” and reflected in account 04 However, part of the assets, called R&D expenses, is reflected in a separate breakdown table. Therefore, to monitor the correctness of indicators in forms No. 1 and No. 5, the formula should be used: The following information is reflected in the “Intangible Assets” table:

The line “Intellectual property objects (exclusive rights to the results of intellectual property)” shows the cost of the corresponding exclusive rights. The following is a breakdown of their types (patents for inventions, computer programs, microcircuit topologies, etc.);

The organization's expenses associated with the re-registration of constituent and other documents (when expanding the organization, changing types of activities, etc.) are not intangible assets and are recorded as a debit to account 26 “General business expenses”. Therefore, data on such expenses is not provided in Form No. 5.

The line “Business reputation of the organization” is filled in by organizations that have acquired other enterprises as property complexes at a price exceeding the value of these property complexes on the balance sheet.

In the process of holding an auction for the acquisition of enterprises as property complexes, an enterprise can be purchased at a price that exceeds its estimated (initial) cost. In this case, the difference between the purchase price and the estimated value is reflected in the debit of account 04 “Intangible assets” and the credit of settlement accounts or funds paid for the acquisition of the property complex.

In addition, this line may also be present in the consolidated statements of a group of related organizations.

When preparing consolidated statements, the valuation of goodwill arises if the par value of the shares of a subsidiary is lower than the balance sheet value of the parent organization's financial investments in the subsidiary. The difference between the par value of the shares of a subsidiary and the balance sheet valuation of the financial investments of the parent organization is also indicated on this line of consolidated form No. 5.

Table "Fixed assets"

This table is a transcript of line 120 of the Balance Sheet, in which fixed assets are reflected in their traditional classification by type: buildings; structures and transmission devices; cars and equipment; vehicles; production and household equipment; draft animals; productive livestock; perennial plantings; other types of fixed assets; land plots and environmental management facilities; capital investments in radical land improvement.

An organization may provide additional information accompanying financial statements if the executive body considers it useful for interested users when making economic decisions. One of such information is the Appendix to the balance sheet (form No. 5).

This report may not be included in the annual financial statements of small businesses that are not subject to mandatory audit, non-profit organizations, as well as public organizations (associations) that did not carry out business activities.

Unlike other reporting forms (No. 2, 3 and 4), the data in the Appendix to the balance sheet is mainly provided only for the reporting year.

Form No. 5 provides free lines. You can enter additional information that you consider necessary to reflect in the appropriate section. For example, you can decipher the amount of depreciation for intangible assets and fixed assets, expenses for scientific and design development by area, etc.

Since Form No. 5 is only a detail of individual items of the balance sheet and the Profit and Loss Statement, the summary data for the sections of the Appendix must coincide with them.

The application in Form No. 5 is drawn up and certified in the same manner as other forms of financial statements.

The appendix to the balance sheet (presented in Appendix No. 5) deciphers the balance sheet indicators. The form consists of several sections, each of which shows changes during the reporting period for certain types of property and liabilities.

The “Intangible Assets” section provides details of intangible assets by type, as well as data on the amounts of accrued depreciation at the beginning and end of the year.

The “Fixed Assets” section provides information on the initial cost of all fixed assets listed on the organization’s balance sheet, broken down by group: buildings, structures and transmission devices, machinery and equipment, etc. The section reflects the value of objects at the beginning of the reporting year, the value of fixed assets and capital investments received by the organization in the reporting year, as well as the value of disposed property.

The total amount of accrued depreciation for fixed assets is shown, followed by a breakdown.

If the organization revalued fixed assets, the result of the revaluation is reflected in the “For reference” section.

The section “Profitable Investments in Material Assets” is devoted to property leased out for financial lease (leasing) and assets presented under a rental agreement.

The amount of depreciation accrued for this property is reflected in the last line of the section.

In the section “R&D expenses”, information is disclosed on account 08 “Investments in non-current assets” of subaccount 8 “R&D performance”.

The section “Expenses for the development of natural resources” reflects the organization’s expenses for the exploration of natural mineral deposits, their assessment, etc.

The section “Financial investments” deciphers in detail the indicators of the lines “Long-term financial investments” and “Short-term financial investments” of the balance sheet. The breakdown is given by type of financial investment. The section also indicates the amount of financial investments in securities that are quoted on the stock market.

The difference between the balance sheet valuation of securities and the market valuation is reflected in the “For reference” section.

The section “Receivables and payables” details the receivables reflected in the assets of the balance sheet and the accounts payable reflected in the liabilities of the balance sheet. Accounts receivable and payable are shown at the beginning and end of the reporting period.

The section “Expenses for ordinary activities (by cost elements)” presents the organization’s expenses for the reporting and previous years. When filling out this section, expenses are distributed among the main elements in accordance with PBU 10/99 “Expenses of the organization.”

To fill out the “Securities” section, use the data from off-balance sheet account 008 “Securities for obligations and payments received”, which reflects guarantees received by the organization in the form of bills of exchange and property pledged, as well as data reflected in off-balance sheet account 009 “Securities for obligations and payments issued" in the form of guarantees issued by the organization.

Conclusion

Interim financial statements provide information for an interim period, where an interim period is defined as a financial period shorter than a full financial year. Interim reporting is prepared for a shorter time period than the reporting year. Such a period can be a quarter, six months, or nine months.

The accounting policies in interim financial statements and annual financial statements should be the same. The exception is changes that were made after the date of preparation of the annual reports. The frequency of reporting does not affect the assessment of annual results. To achieve this objective, it is necessary to make estimates when preparing interim financial statements based on the period that has elapsed from the beginning of the year to that date.

The frequency of presentation of an organization's financial statements should not affect the assessment of annual results, since the interim period is only part of the financial year. Estimates for the period from the beginning of the year to the reporting date may affect the amounts presented in previous interim periods of the current financial year.

An important characteristic of income and expenses is the receipt and disposal of assets. If these receipts and disposals have occurred, then these revenues and expenses must be recognized. Otherwise, they are not recognized.

When estimating liabilities, assets, income, expenses and cash flows, a company considers information throughout the entire financial year. The assessment is made on the basis of the period that occurred from the beginning of the year to the reporting date. If a company files its accounts more frequently than semi-annually, it must determine income and expenses on the basis of the period from the beginning of the year to the reporting date of each interim period. The amounts of income and expenses that are presented in the current interim period will reflect changes in the estimates of amounts that were presented in the previous interim financial statements. Amounts that were recorded in the previous interim period cannot be adjusted.

For reporting purposes, specially designed forms of reporting tables are provided. These forms can be modified, but must comply with all necessary requirements.

The reporting of agricultural organizations provides the information necessary to assess the assets, liabilities and capital of the enterprise, and analyze the financial results of its activities. It contains information for the analysis of labor, energy, land resources, as well as for assessing the production results of each sector of agriculture. Separate reporting forms make it possible to assess the level of mechanization of agricultural production.

Thus, each reporting form of agricultural organizations contains information useful during economic analysis. The forms complement each other, and the specialized ones reveal specific aspects of the main reporting forms, provide information about the specifics of the agricultural sectors in the organization under study, ultimately forming an information base for conducting a comprehensive comprehensive economic analysis.

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According to the law, it is necessary to submit financial statements to the tax inspectorate and Rosstat authorities only at the end of the year (subclause 5, clause 1, article 23 of the Tax Code of the Russian Federation; part 2, article 18 of the Law of December 6, 2011 No. 402-FZ). And interim financial statements are statements that are prepared for a period of less than a year (Part 5, Article 13 of Law No. 402-FZ dated December 6, 2011). For whom, then, are interim financial statements prepared?

Reporting period for financial statements

The Accounting Law does not tell us what reporting period is valid for accounting purposes - a year, a quarter, a month or some other. That is, this issue remains at the discretion of the organization itself. The management of the company and its owners decide:

• how often should interim financial statements be prepared?
• How long after the end of the reporting period should interim financial statements be prepared? It depends on the internal goals of the company. For example, a company is part of a holding and the preparation of interim financial statements is necessary for it to generate unified reporting for the holding for a specific reporting date;
• what is the composition of interim financial statements? For example, it is recorded that interim financial statements include only a balance sheet and a statement of financial results;
• what forms of interim accounting reporting will be used.

As a rule, all these issues are fixed in the accounting policies.

That is, the purpose of interim financial statements is determined by the management and owners of the company.

Completing interim financial statements

The balance sheet reflects data as of a specific reporting date (usually the last day of the selected reporting period). For example, on January 31, on February 28 (29), etc.

Whether data for last year and the year before last will be presented in the balance sheet and in what form is decided by the company's management.

The indicator in line 1370 of the interim balance sheet is defined as the sum of the balances in accounts 84 “Retained earnings (uncovered loss)” and 99 “Profits and losses” as of the reporting date.

The interim report on financial results contains data on turnover for a specific reporting period (for example, for the 1st quarter or for half a year). Line 2410 “Current income tax” is filled in according to the income tax return for the last reporting period.

Presentation of interim financial statements

As we have already said, only annual financial statements are submitted to government agencies. Therefore, interim financial statements are prepared exclusively for management, the owners of the company and sometimes for certain external users. It is presented to them within the time limits established by the accounting policy.

Interim financial statements 2016

If the management of your company decides to prepare interim financial statements for each month or each quarter or for a specific reporting date in 2016, then this decision should have been enshrined in the accounting policy for 2016.

At the legislative level today, the need to maintain accounting records has been established. It comes in various types. In some cases, interim reporting is required.

Dear readers! The article talks about typical ways to resolve legal issues, but each case is individual. If you want to know how solve exactly your problem- contact a consultant:

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Drawing up this type of document involves a large number of different nuances. At the legislative level, requirements for the preparation of documentation are established.

There is a specialized and a general one, which applies to all accounting. It is worth familiarizing yourself with all the nuances in advance.

Basic moments

For enterprises of various kinds, conducting commercial and non-commercial activities, it will be necessary to compile special accounting reports.

It can be of various types:

• regular;
• consolidated;
• summary;
• intermediate.

There are also various other types of reporting. It’s worth understanding all of them in advance and what exactly is included. This way you can avoid many difficulties.

Moreover, all types of reporting have their own purely individual purpose. For example, summary and consolidated cannot be used for tax purposes.

The situation is similar with interim reporting. There is a limited list of situations when it is necessary to compile reports of this type.

It is important to consider the following questions in advance:

• what it is?
• What does this documentation consist of?
• current standards.

What it is?

First of all, it is necessary to understand what financial statements themselves are.

This term refers to a collection of various data containing information about the financial condition of an enterprise.

Also, accounting always contains up-to-date data on the economic activities of the enterprise for a certain period of time.

Consolidated financial statements mean a special system of indicators. They reflect the following types of reporting:

• financial position as of the reporting date;
• results for a certain reporting period of a group of companies.

The type of reporting under consideration is formed on the basis of recommendations developed for consolidated type reporting.

Often this is the main reason for all sorts of difficulties in compilation.

It is important to avoid making all kinds of errors when preparing financial statements. Since, subsequently, it will be necessary to make changes. In some cases this is simply not acceptable.

It is important to remember that to compile this type of reporting, it will be necessary to use specially designed documentary forms.

They are compiled by the parent organization on the basis of methodological recommendations that are approved

There are also international standards for the formation of this type of reporting. There are three different forms. All of them relate to consolidated reporting.

What does this documentation consist of?

Interim financial statements must be presented by certain reporting documents.

It includes:

Form No. 1
Form No. 2

First of all, when drawing up such a balance sheet, it is necessary to check the balances in the accounting report.

If the difference is large enough, the inspection authorities may suspect the presence of any corrupt schemes to evade paying taxes.

If possible, it is worth familiarizing yourself with the correctly compiled image of interim reporting. This way it will be possible to avoid many difficulties and mistakes.

Various deadlines have been established for the preparation of financial statements. Interim financial statements are usually submitted to the tax authorities.

The main purpose of reviewing such documents is to verify compliance with the rules for consolidating groups of taxpayers.

The abbreviation KGN is also used to denote this phenomenon. The main document establishing this point is.

Current standards

Reporting of this type must be prepared in accordance with current regulatory documents.

At the moment, legislative acts have been developed. The fundamental legal document is

The composition includes the following main NAPs:

The following orders of the Ministry of Finance of the Russian Federation deserve special attention:

There are international accounting standards. If the company also conducts commercial activities outside the Russian Federation, the reporting must necessarily comply with it.

Standards are established by the following regulatory documents:

1. IFRS-22 “Business Combinations” (from 1993).
2. (from 1994).

Special attention will need to be paid to drawing up formats for accounting documents.

It is important to remember that all documents can be divided into two main groups:

• unified, the format of which is established at the legislative level;
• the development of which should be carried out independently, based on legislative recommendations.

It is also important to take into account the provisions of various PBUs (Accounting Rules). Reporting must be prepared in accordance with these regulatory documents.

The most important are the following:

The list of various accounting rules is quite extensive. That is why, if possible, it is worth familiarizing yourself with all of them.

This way it will be possible to avoid a large number of different difficulties and typical mistakes in this case.

The procedure for generating interim accounting financial statements

Interim financial statements are prepared for a certain period of time required by the tax authorities.

There are some features that are associated specifically with the formation of such reporting.

The most important issues to consider in advance are:

• required data;
• rules for filling out forms;
• deadlines for provision;
• what balances to indicate.

Required data

When preparing interim financial statements, it will be necessary to indicate the data that is indicated when preparing standard statements.

They represent a single system, all components of which are interconnected. The format for presenting such reports is almost always, without exception, tabular.

The list of required data includes the following:

Full name of reporting documents	Both primary documents and all other
Documentation date	—
Full name of the organization	Which prepares accounting records for submission to the tax authorities
What do business transactions include?	—
What meters are used	In kind, in monetary terms
Job titles of all persons	Who are responsible for preparing financial statements, as well as conducting business transactions
Personal signatures	All specified

The main nuances of preparing interim reporting:

It is necessary to draw up a list of persons in advance	Having the right to sign primary accounting documents (approved by the manager)
Primary accounting document	Always compiled at the time of completion of the business transaction itself, which it reflects
Making various types of edits	It is not allowed in bank or cash documents.
It is necessary to prepare summary reports	To control the correct completion of accounting reporting documents
Accounting documents can be prepared	Both on paper and electronically

You should also carefully study the format for compiling accounting registers of the type in question. This procedure has its own characteristics.

Rules for filling out forms

At the moment, there are only two forms of financial statements (No. 1 and No. 2).

Form No. 1 must be completed in accordance with the following basic reporting principles:

• all sections of the balance sheet must be filled out in as much detail as possible;
• the balance must be checked for correctness;
• there must be a relationship between balance and other forms.

Form No. 1 of the balance sheet always consists of only two main parts:

• assets;
• passive

The asset always fully reflects all the property that belongs to the enterprise, as well as debts to it from various types of counterparties.

Video: interim financial statements

An asset represents fixed assets, various types of intangible assets. Individual balance sheet data must completely coincide with similar data in other forms.

At the same time, the liability must necessarily reflect the source from which all the assets of the enterprise originated.

Form No. 2 must include the following main sections:

• revenue;
• cost of sales;
• Gross profit (loss;
• all kinds of business expenses;
• administrative expenses;
• income from the participation of other organizations;
• interest receivable;
• Other income;
• other.

The list of required data is quite extensive. It includes more than a dozen positions. Therefore, it is necessary to familiarize yourself with all of them in advance. Samples of filling out forms can be easily found on the Internet.

Delivery deadlines

At the moment, strict deadlines have been established for the provision of interim reporting. All documents must be submitted to the tax authorities on the last days of the month.

The situation is similar with annual reporting - all documents must be submitted by December 31.

What balances should I indicate?

When preparing interim financial statements, it will be necessary to indicate the following balances:

• opening balance;
• balance sheets for the 1st quarter;
• residual value data;
• balances of the revaluation amount;
• remaining reserves.

There are many nuances in preparing interim reporting; you should familiarize yourself with them in advance. Since the presence of errors can lead to the imposition of quite serious fines.

Attention!

• Due to frequent changes in legislation, information sometimes becomes outdated faster than we can update it on the website.
• All cases are very individual and depend on many factors. Basic information does not guarantee a solution to your specific problems.

Accounting statements differ between annual and interim. With the annual one, everything is quite clear that it is formed over the course of a year. What is meant by interim reporting in 2019?

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In the latest edition of the Law “On Accounting” there is no separate mention of interim financial statements. For this reason, many people believe that it is not necessary to cook it.

In addition, the tax authorities do not strictly require it. Nevertheless, experts recommend not to ignore interim reporting.

This will ensure more correct accounting and prevent many errors. What is interim reporting in 2019?

Basic moments

Accounting statements are based on primary accounting documentation. An important requirement when drawing up is compliance with established standards. Records must be maintained continuously, accurately and in a timely manner.

All information must be provided accurately and unambiguously. At the same time, the information provided for different reporting periods should be easily comparable and comparable.

It is absolutely unacceptable to provide false or distorted information. Accounting records are classified according to the degree of generalization, purpose and frequency of creation.

This is how reporting is prepared for the year or for a certain period of time according to frequency. Annual reporting is prepared based on the results of the reporting period from the beginning of January to the end of December of one year.

It must be submitted to the tax authority in a timely manner. Interim accounting reporting, otherwise called intra-annual reporting, is prepared based on the results of a month or quarter.

In most cases, it is necessary to display the current situation for the management team.

Therefore, the decision on the content of reporting and the need to provide it to third-party specialists remains entirely with the governing body.

Required terms

Accounting statements are a set of documents that reflect all aspects of an organization’s management for a certain time.

This is a kind of final stage, giving a complete reflection of the economic situation for a particular subject.

Interim accounting reports are those compiled at the end of the reporting period of less than one year. The composite list of interim reporting is not much different from the content of annual reporting.

The only difference is that interim reports only display information for a specific reporting period. Its purpose is to show profits and losses at the end of the reporting period.

What is its purpose

The main purpose of any accounting is not only the implementation of current legislative norms. It allows the organization's management to see an absolute picture of the business situation.

This helps in making important decisions, planning future activities, developing strategic plans, determining the profitability of production, etc.

Accounting statements provide regulatory authorities with a comprehensive assessment of the performance of an economic entity. At the same time, it becomes obvious to what extent the requirements of the law are met.

Reporting is also required in the case of preparing an expert opinion or conducting an economic analysis. In this case, it is the reports that become the basis for making a decision.

Legal grounds

The basic requirements for the preparation of accounting documentation and all the nuances accompanying this process are determined by the Federal Law “On Accounting”. Almost every year, additions and adjustments are made to this law.

Currently recognized as valid. The requirements of the Regulations adopted by the Ministry of Finance of the Russian Federation are also of no small importance.

Accounting, both annual and interim, is formed taking into account the basic requirements determined by the standards of all four regulatory levels of accounting.

The most important documents are:

Some nuances are spelled out in additional standards regulating the procedure for creating accounting records and approved by the Ministry of Finance of the Russian Federation.

Features of generating a report of this type

There are no uniform deadlines for the preparation of interim reporting. The reporting dates for each organization are different.

Here you need to be guided:

• the presence/absence of a regulatory obligation to create interim reporting;
• regulatory legal acts of the Ministry of Finance;
• constituent documentation and decisions of company owners.

It says here that an organization's interim reporting consists of abbreviated forms used in annual reporting. But at the same time, it is not prohibited to prepare interim reports in full.

How should it be formed

The peculiarity of interim financial statements for the first reporting quarter is that an analysis of the correctness of the accounting of the previous period is required.

It is in the first quarter that errors in the annual balance sheet or irregularities in accounting can be corrected.

But at the same time, one must remember the impossibility of modification over the past year, even when it was the cause of violations. Corrections are made to quarterly reports.

The main nuances of the formation of interim reporting include the following:

Reporting is prepared with cumulative totals	From the beginning of the reporting year
Assets are recognized and measured in accordance with annual reporting standards	Accordingly, upon arrival/departure, intangible assets and fixed assets are displayed
There is no need to conduct a property inventory at an intermediate date	Revaluation of fixed assets is necessary only when preparing financial statements for the year
Liabilities	Displayed similarly to annual reports
Accounting policies are used for interim reporting	Same as for annual reporting, except for modifications made after the annual reporting date
Interim reporting is assessed on a period basis	For which she is prepared
Interim reporting should not affect	On the content and evaluation of annual reporting

From an accounting point of view, interim reporting is a more narrowed version of annual reporting, which is limited to only two forms.

In accordance with IFRS, the frequency of preparation of interim reporting should not affect the assessment of the results of reporting for the year.

Is it necessary to prepare an interim consolidated report?

The purpose of creating consolidated reporting is to determine the nature of the impact on the financial position of the organization of investments in subsidiaries and dependent companies, transactions with these legal entities and transactions carried out with them.

The presence of consolidated reporting makes it possible to assess the effectiveness of economic relationships within the group.

The basis for creating consolidated reporting is the reporting of all organizations that are part of the group. At the same time, the formation of such reporting is the direct responsibility of the parent organization.

According to PBU 4/99, consolidated reporting is formed from consolidated accounting reporting forms used for regular annual reporting.

Organizations with subsidiaries and dependent companies are not required to prepare interim reporting, with the exception of certain entities for which this is directly prescribed by law.

But if interim reporting is prepared by internal organizations, then consolidated reporting must also be prepared. First of all, consolidated interim reporting is necessary for the organization itself.

The availability of only annual reporting does not allow timely response to changes in the results of operations and financial position of the consolidated group.

It is this shortcoming that consolidated interim reporting fills. It helps to identify the most significant changes that occurred during the reporting year.

Contract for inspection

There is no mandatory audit of interim reporting. But the law does not provide for a direct ban on audits.

An organization can independently decide to conduct reporting by concluding an agreement with an independent auditor.

An audit agreement is an official document that regulates the relationship between the auditor and the direct client.

It differs little from ordinary contracts used in the field of entrepreneurship.

The only significant feature is the tacit consideration of the interests of a third party, that is, consumers of reporting.

At the initial stage of drawing up a contract, preparation requires the auditor to become familiar with the activities of the organization, determine the essence of the process, timing, cost and the need to involve third-party specialists.

This law states that if an auditor provides services for the preparation of reporting, then for three years he does not have the right to conduct an audit of reporting for this entity.

How is this explanatory information about bank reporting?

The explanatory note is an independent accounting document in accordance with clause 5 of PBU 4/99. But at the same time, very little attention is paid to it, although the opinion of direct users depends on it.

Basically, an explanatory note is attached to the annual reports. However, if additional disclosure of information is required, an explanation can also be prepared for interim reporting.

Clause 49 of PBU 4/99 states that explanations for interim reports are prepared by decision of the founders or on the basis of legislative norms.

Composition of interim financial statements

Interim accounting reporting is reporting for a month, quarter, half year and 9 months of the current year. It is compiled on an accrual basis from the beginning of the year*(1). The company has the right to submit interim reports in an abbreviated form. This is provided for in paragraph 49 of the Accounting Regulations “Accounting statements of an organization” (PBU 4/99)*(2). Interim reporting includes:

Balance sheet (Form No. 1);

Profit and loss statement (Form No. 2).

In this case, the Statement of Changes in Capital (Form No. 3), the Statement of Cash Flows (Form No. 4), the Appendix to the Balance Sheet (Form No. 5) and the explanatory note must be submitted only at the end of the year. There is no need to submit them as part of interim reporting.

In 2010, the Russian Ministry of Finance issued a new order approving financial reporting forms * (3). However, it is unclear when this document should be applied. Paragraph 7 of this order states that it “comes into force starting with the annual financial statements for 2011.” That is, annual reports for 2011 must be submitted on new forms. It follows from this that interim reporting (that is, for the first quarter, half year and 9 months of 2011) should be presented using the old forms *(4). The reason is simple - at the time of submission of interim reports, the mentioned order will not yet come into force. Therefore, there is no reason to prepare a report on new forms.

However, in the clarifications of the Russian Ministry of Finance it is still recommended to generate interim reporting for 2011 using new forms. A number of ministry specialists believe that this will make it possible to achieve clearer comparability of interim and annual reporting data. Please note that both the old and new forms are only recommended. The company has the right to generally develop its own forms of balance sheet and profit and loss account and report on them. The main thing is that they must comply with the order of arrangement of certain indicators, which is defined in PBU 4/99 (sections IV, V and VI). Both old and new forms meet this requirement. We, in turn, will help those organizations that have decided to generate interim reporting using new forms. Moreover, an official opinion of financiers has appeared in support of this decision (see letter of the Ministry of Finance of Russia dated January 24, 2011 N 07-02-18/01).

Let's consider the most significant changes in the composition of interim financial reporting indicators.

First of all, let us pay attention to the fundamental difference in the conceptual construction of the indicator format laid down in Order N 66n, compared to the previously used methodology. The essence of this innovation is that Order No. 66n of the Ministry of Finance of Russia provides for a mandatory format for presenting an organization’s balance sheet indicators only by sections and groups of items, and not by items, groups of items and sections of the balance sheet, as established by PBU 4/99.

At the same time, some articles (groups of articles), which, from the point of view of the Russian Ministry of Finance, are of particular importance, on the contrary, are differentiated. Therefore, organizations must independently determine the detail of indicators for the items of each group (the presence of the groups provided for by this order as part of the balance sheet format is mandatory) based on the principle of materiality, the specifics of the types of activities and the peculiarities of doing business. Such detail of reporting items must be recorded in the organization’s accounting policies.

The introduction of column 5 “As of December 31, 20...” can be considered a fundamental innovation in the balance sheet format. For the 2011 interim report this will be "As at 31 December 2009". Thus, comparison of the current period (reporting year) must now be made not only with the past (in our case, 2010), but also with the year before, 2009. Thus, the task (requirement) to submit reporting information for at least 2 years is more clearly implemented. As for the methodology for filling out indicators in column 5, it is no different from filling out indicators in column 4, that is, data for the previous year. Let us remind you that the indicators of the previous year are brought into compliance with the conditions of the reporting year (period) in terms of the structure of the organization, and if necessary, adjustments can be made related to the influence of significant errors of the previous reporting year (previous years) identified after the approval of the financial statements for this year (last).

In addition, the indicators of the new form of the balance sheet do not contain a certificate of the presence of values ​​​​accounted for in the off-balance sheet accounts of the organization. At the same time, the indicated values ​​(objects) are presented in the new financial statements as part of the indicators of individual sections of the explanations to the balance sheet and profit and loss statement. Considering that explanations are required to be presented only as part of the annual financial statements (once a year), organizations, based on the principle of materiality, in addition to the balance sheet and profit and loss statement, present in interim reporting the relevant data on the presence of assets and liabilities, accounted for in the off-balance sheet accounts of the organization. At the same time, the format of such (in interim reporting) explanations must be fixed in the accounting policies of the organization.

The new form of the income statement still reflects information only for the reporting period, as well as for the same period of the previous year. At the same time, as in the balance sheet, the “Explanations” column has been introduced into the profit and loss statement form.

In general, a small number of innovations were introduced into the income statement compared to the previously existing format. Thus, the names of the lines “Deferred tax liabilities” and “Deferred tax assets”, as well as the procedure for filling them out, have been clarified. New lines have been added to the reference figures for the income statement. In particular, the line “Result from the revaluation of non-current assets, not included in the net profit (loss) of the period” was introduced.

Note that the tax service decided to unify the forms of the Balance Sheet and the Profit and Loss Statement. Now they are closer to tax reporting forms. These forms, published on the website of the State Research Center of the Federal Tax Service of Russia, contain a title page of the financial statements on two pages (indicating data about the company), a balance sheet form indicating the code for each line, a profit and loss statement form (also indicating the codes for each line) and sheets for decoding individual balance sheet and report indicators (indicating codes). Further in the text of our publication we will provide codes for certain reporting lines in accordance with the unified form. Samples of these forms, intended for completion, are posted in the GARANT system.

The procedure for filling out unified forms is the same as the procedure for tax returns. That is, only one character is entered into each cell of the form. Fill out the forms from left to right. In this case, negative indicators are shown in the Balance Sheet and the Profit and Loss Statement in parentheses.