Formation of a reserve fund: sources and use. Company reserve fund

Attention: reserve capital cannot be used directly to pay Money. Since during its formation, as a rule, no funds are reserved. Usage reserve capital only allows you to reduce the amount of loss (increase the amount of profit) of the organization, reflected in financial statements organizations.

Situation: can a joint-stock company direct part of the reserve fund to pay dividends? The reserve fund is much larger than provided by law minimum size .

The reserve fund cannot be directed directly to the payment of dividends either in full or in part (paragraph 3, clause 1, article 35 of the Law of December 26, 1995 No. 208-FZ).

But if in a joint-stock company the reserve fund is significantly larger than the minimum amount provided for by law (5% authorized capital), then the general meeting of shareholders has the right to decide on its reduction. At the same time, if the actual size of the reserve fund does not exceed that provided for by the charter, appropriate changes must be made to the charter joint-stock company(clause 1, article 12, paragraph 1, clause 1, article 35 of the Law of December 26, 1995 No. 208-FZ).

When reducing the reserve fund in accounting, you need to make a posting:

Debit 82 Credit 84

- reduced reserve fund by decision general meeting founders.

Recovered as a result of reducing the reserve fund, retained earnings can be directed to payment of dividends .

accounting

In accounting, reflect the use of the reserve fund in the debit of account 82 "Reserve capital" (Instructions for the chart of accounts).

The corresponding account, as well as the documents on the basis of which the accounting entry is made, depend on the purpose for which the funds of the fund are directed.

Accounting: repayment of losses

The funds of the reserve fund are used to cover losses by decision competent authority organizations. For example, in joint-stock companies, it is the board of directors (supervisory board) (subparagraph 12, paragraph 1, article 65 of the Law of December 26, 1995 No. 208-FZ). In housing savings cooperatives - the general meeting of members of the cooperative (subparagraph 12, part 6, article 34 of the Law of December 30, 2004 No. 215-FZ).

On the date of this decision, make the entry:

Debit 82 Credit 84

- resources of the reserve fund were directed to pay off the losses of the reporting year.

This follows from the Instructions for the Chart of Accounts (accounts 82, 84).

Compose if necessary accounting statement, in which give the calculation of the amounts of the reserve fund used to pay off losses (part 1 of article 9 of the Law of December 6, 2011 No. 402-FZ).

Accounting: share buyback

A joint stock company may use the reserve fund to buy back its own shares, if other sources own funds for this he does not have enough (paragraph 3, paragraph 1, article 35 of the Law of December 26, 1995 No. 208-FZ).

Situation: is it possible to use the reserve fund to purchase own shares on the initiative of a joint-stock company?

The resources of the reserve capital (fund) can only be used to buy back shares.

From paragraph 1 of Article 35 of the Law of December 26, 1995 No. 208-FZ, it follows that a joint-stock company can use the reserve fund to buy back its own shares if it does not have enough other sources of its own funds for this.

The concepts and cases of acquisition and redemption of shares in the Law of December 26, 1995 No. 208-FZ are clearly distinguished (Articles 72 and 75 of the Law of December 26, 1995 No. 208-FZ).

The acquisition of own shares is the right of a joint-stock company, and not an obligation (Article 72 of the Law of December 26, 1995 No. 208-FZ). Such a transaction, as a rule, is not carried out in the absence of sources of own funds.

The redemption of shares at the request of shareholders is the obligation of the organization, which it must fulfill regardless of its financial condition(Article 75 of the Law of December 26, 1995 No. 208-FZ).

Thus, from a cumulative analysis of the provisions of the Law of December 26, 1995 No. 208-FZ, it follows that the funds of the reserve capital (fund) can only be used to buy shares at the request of shareholders, and not to purchase them at the initiative of the organization.

At the same time, an amount not exceeding 10 percent of the value can be used to buy back shares at the request of shareholders. net assets companies (clause 5, article 76 of the Law of December 26, 1995 No. 208-FZ). The procedure for estimating net assets was approved by Order of the Ministry of Finance of Russia dated August 28, 2014 No. 84n.

Situation: at what point should the funds of the reserve fund be directed to cover the excess of the redemption value of shares over their face value: immediately after the redemption or after the disposal of shares (upon subsequent sale, cancellation)?

The resources of the reserve fund can be used to cover the excess of the redemption value of shares over their face value both immediately after the redemption and after the disposal of shares.

In accounting, own shares repurchased by the organization are reflected in the debit of account 81 " Own shares(shares)" in the amount of actual costs, that is, in the amount that the founder (shareholder) received for the share he sold. At the same time, in the Instructions to the Chart of Accounts, the possibility of writing off the excess of the redemption value of shares over their face value to the expenses of the organization is provided only when they are redeemed (cancelled). From which we can conclude that the excess amount should be taken into account in the expenses of the organization (or covered by the reserve fund at the time of the disposal of shares (upon subsequent sale, cancellation)).

However, there is another point of view on this matter.

The authorized capital of the organization (including its amount indicated in the financial statements) is equal to the nominal value of all shares issued by the company (Article 25 of the Law of December 26, 1995 No. 208-FZ, Instructions for the chart of accounts).

The cost of own shares redeemed by the organization (debit balance on account 81) is reflected in the organization's balance sheet as a counter liability to line 1310 "Authorized capital (share capital, authorized fund, contributions of comrades)". That is, it is a value that reduces the amount of the authorized capital of the organization indicated in the reporting (indicated in parentheses, replacing the minus sign in the financial statements) (Note 7 to the form of the Balance Sheet, approved by order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n).

Indication in the financial statements of the actual (rather than nominal) value of the organization's own shares repurchased by the organization may lead to unreliable conclusions about the value of shares placed by the company that are directly held by shareholders. And in the case of a high actual value of shares - to zero or to a negative amount of the authorized capital paid by the shareholders.

To avoid such a situation, the organization may decide to reflect the repurchased own shares on account 81 at par value. And the difference between the actual and nominal value immediately after the redemption should be written off to the expenses of the organization (repaid at the expense of the reserve fund). At the same time, at the time of the redemption of shares in accounting, the following entries must be made:

Debit 81 Credit 50 (51, 52, 55…)

- reflects the actual value of shares purchased from the founder (shareholder);

Debit 82 (91-2) Credit 81

- the excess of the redemption value of shares over their face value was written off at the expense of the organization's reserve fund (partially the amount of the excess was attributed to other expenses (if the amounts of the reserve fund are not enough)).

In this situation, the organization must independently choose which point of view to follow, and reflect the chosen method in accounting policy organizations.

An example of the reflection in the accounting of the organization of the use of the reserve fund to cover the excess of the redemption value of the organization's own shares over their face value

On October 10, at the general meeting of shareholders of Alfa JSC, a decision was made to change the charter. Several shareholders did not take part in voting on this issue. New edition the charter limited their rights, in connection with which they demanded that the company redeem their shares.

On October 17, 100 shares with a nominal value of 1,000 rubles were redeemed. The actual buyback price of one share is 1200 rubles. The difference between the buyback price and the par value of the repurchased shares totaled 20,000 rubles. ((1200 rubles - 1000 rubles) × 100 pcs.).

Alfa's accounting policy stipulates that the repurchased treasury shares are recorded on account 81 at the actual cost of their acquisition, and the difference between their actual and nominal value is written off as expenses (repaid from the reserve fund) as they are retired.

Debit 81 Credit 50
- 120,000 rubles. (1200 rubles × 100 pcs.) - shares were redeemed from shareholders.

One year after the transfer of ownership of the redeemed shares to the company, these shares could not be sold. At the general meeting of shareholders, which took place on October 22, it was decided to reduce the authorized capital of the company by redeeming previously purchased shares. At a meeting of the Board of Directors held on the same day, it was decided that the difference between the buyback price and the nominal value of the shares bought out would be covered from the reserve fund.

Debit 80 Credit 81
- 100,000 rubles. (1000 rubles × 100 pcs.) - the authorized capital was reduced by redeeming the repurchased shares;

Debit 82 Credit 81
- 20,000 rubles. (120,000 rubles - 100,000 rubles) - the excess of the redemption value of shares over their face value was written off at the expense of the organization's reserve fund.

The accountant reflected the calculation of deductions from the reserve fund in the accounting statement.

Accounting: bond redemption

For example, a joint-stock company can use the reserve fund to redeem its own bonds if it does not have other sources of its own funds for this (paragraph 3, clause 1, article 35 of the Law of December 26, 1995 No. 208-FZ). Organizations of other forms that voluntarily create a reserve capital (fund) can use it to redeem bonds without the specified restriction (if such an opportunity is written in the constituent documents (charter)).

However, in fact, only interest (coupon) income or discount on bonds can be repaid at the expense of the reserve capital (fund). This conclusion follows from the Instructions for the chart of accounts (accounts 66, 67, 82, 91).

Situation: is it possible to repay the principal amount of a bonded loan at the expense of the reserve fund?

Answer: yes, you can.

The legislation expressly provides that a joint-stock company may use the reserve fund to redeem its own bonds when there are no other sources (paragraph 3, clause 1, article 35 of the Law of December 26, 1995 No. 208-FZ).

Attention: redemption of bonds at the expense of the reserve fund cannot be reflected in accounting.

The issuer's obligations under a bonded loan are reflected in the credit of account 66 (67) on a separate sub-account, and its repayment - in the debit of account 66 (67). The expenditure of the reserve fund is reflected in the debit of account 82. It turns out that the redemption of bonds at the expense of the reserve fund cannot be reflected by entry in the accounting accounts. In such a situation, the organization can keep off-system accounting of the spent amounts of the reserve, without using entries in the accounting accounts for this.

The resources of the reserve fund are used to redeem bonds by decision of the competent authority of the organization. For example, in joint-stock companies, it is the board of directors (supervisory board) (subparagraph 12, paragraph 1, article 65 of the Law of December 26, 1995 No. 208-FZ).

The decision of the competent authority is documented. For example, in a joint-stock company, this is the minutes of a meeting of the board of directors (supervisory board) (clause 4, article 68 of the Law of December 26, 1995 No. 208-FZ).

Accounting: contingencies

The reserve fund can be used to cover unforeseen expenses, for example, by a housing savings cooperative (part 1 of article 53 of the Law of December 30, 2004 No. 215-FZ).

Unforeseen expenses are primarily understood as expenses incurred in connection with unfavorable, emergency situations for the organization that cannot be or are difficult to foresee under normal management. economic activity. These can be, for example, expenses:

• to pay off debts to external suppliers, which arose as a result of non-payment of mandatory payments by participants (members) of the organization;

• to eliminate accidents;

• to purchase property to replace stolen property;

• for urgent repairs not provided for by the estimate;

• for fines;

• for legal costs.

When covering unforeseen expenses at the expense of the reserve fund, their amount does not affect financial results reflected in the company's financial statements.

The funds of the reserve fund are directed to ensure unforeseen expenses by decision of the competent body of the organization. For example, in housing savings cooperatives, such a body is the general meeting of members of the cooperative (subparagraph 12, part 6, article 34 of the Law of December 30, 2004 No. 215-FZ).

The decision of the competent authority is documented. For example, in housing savings cooperatives - by the minutes of the general meeting of members of the cooperative (clause 9, article 18, subparagraph 12, part 6, article 34 of the Law of December 30, 2004 No. 215-FZ).

In accounting, reflect the use of the reserve fund to cover unforeseen expenses in the debit of account 82 “Reserve capital”.

On the date of the decision, make a posting:

Debit 82 Credit 20 (23, 25, 26, 44, 60, 76, 94…)

- funds from the reserve fund were directed to cover unforeseen expenses.

If necessary, draw up an accounting statement in which you provide the calculation of the amounts of the reserve fund used to cover unforeseen expenses (part 1 of article 9 of the Law of December 6, 2011 No. 402-FZ).

taxes

The use of the reserve fund to pay off losses does not affect the calculation of taxes. In this case, the losses themselves can be taken into account when calculating taxes. See, for example, How to take into account the losses of previous years for income tax and How to write off the loss received when applying the simplified tax system .

The use of the reserve fund for the repurchase of the organization's own shares does not affect the calculation of taxes. At the same time, the share buyback operation itself is taken into account for taxation in general order.

The use of the reserve fund for the redemption of bonds does not affect the calculation of taxes.

The use of the reserve fund to cover unforeseen expenses does not affect the calculation of taxes. The expenses themselves are taken into account for taxation in the general manner. See for example

Reserve Fund of the Russian Federation

The Reserve Fund of the Russian Federation was created in early 2008 by dividing the Stabilization Fund into the National Welfare Fund and the Reserve Fund. The task of creating a new one was the placement of oil and gas revenues in liquid foreign currencies or other assets denominated in foreign currency.

Part of the Reserve Fund was part of gold and foreign exchange reserves Russia. Due to a sharp jump in the currency in 2015, the Fund's funds jumped from 300 to 400 billion dollars. At the same time, part of the gold reserves in the Reserve Fund fell from 70 to 16 billion rubles.

What is the Reserve Fund of the Russian Federation?

As a result of huge flows from the oil and gas sector, in 2008 it was decided to divide the Stabilization Fund into the NWF and the Reserve Fund. The latter fund received income streams from rising hydrocarbon prices. In the event of a sharp drop in treasury profits and an increase in the budget deficit, the Reserve Fund should be the source of financing. Thus, part of the federal budget money was kept in the Reserve Fund. They were counted separately. In July 2017, a bill was approved, according to which all the funds of the reserve fund should be transferred to the ownership of the Welfare Fund by the end of 2017.

On January 1, 2018, the Reserve Fund joined the NWF and all additional income will now be heading here. This year, the National Welfare Fund will replenish with the currency that was purchased by the Ministry of Finance in foreign exchange operations during 2017 in the amount of more than 800 billion rubles. According to the calculations of the authorities, this year will also become last year when the budget deficit will be financed from the welfare fund.

For these purposes, as well as for co-financing pension savings, a colossal amount will be allocated in 2018 - over 1 trillion rubles. From 2019, it is planned to allocate no more than 4 billion rubles from the NWF for these purposes. At the same time, the fund will be replenished in the same way - the Ministry of Finance will annually send here the currency acquired according to budgetary rules.

Management of the reserve fund of the Russian Federation.

The Fund is managed by the Ministry of Finance of Russia, in accordance with the established procedure. Certain powers may be exercised by the Bank of Russia. The main purpose of managing the Fund's funds is to ensure the safety budget funds and obtaining a stable income from placement in the long term. In short-term periods, negative investment results are allowed, since the placement money goes in foreign currency.

The Fund's funds are also placed in foreign assets. At the same time, the long-term credit rating of the selected asset must be at least AA- according to the standards of the leading rating agencies eg S&P.

Where does the money for the Reserve Fund come from?

The formation of the fund is due to the income of the oil and gas sector, as well as income received from the management of the fund's money. In Federal Law No. 245 “On Amendments to the Budget Code of the Russian Federation ...” from January 1, 2010, the standard value of the Reserve Fund was canceled. The funds of the Fund are directed only to ensure budgetary expenditures. Previously, the standard was 7% of the projected GDP for the next year. When filling the reserve fund, the money was sent to the NWF.

How much is the reserve fund of the Russian Federation?

The dynamics of the Reserve Fund can be seen from the attached table:

date of	in billion US dollars	in billion rubles	in %% of GDP
01.02.2008	125,19	3 057,85	7,4 % ▬
01.01.2009	137,09	4 027,64	9.8% ▲
01.01.2010	60,52	1 830,51	4.7% ▼
01.01.2011	25,44	775,21	1.7% ▼
01.01.2012	25,21	811,52	1,4 % ▬
01.01.2013	62,08	1 885,68	3.0% ▼
01.01.2014	87,38	2 859,72	4.3% ▼
01.01.2015	87,91	4 945,49	6.8% ▲
01.01.2016	49,95	3 640,57	6.0% to GDP-2015
01.01.2017	16,03	972,13	1.1% ▼
01.12.2017	17,05	994,64	1,1 % ▬

As you can see, the reserves changed from year to year. Attitudes towards GDP also changed from positive to negative. The amount of money expressed in dollars and rubles corresponds to the balances on the accounts of the Treasury with the Central Bank. From November 2008 to 2011, the Fund's reserves included funds placed with the IMF.

Where is the money from the Reserve Fund of the Russian Federation used?

Their main goal is to replenish the country's budget deficit in the event of a sharp drop in treasury revenues, as well as to repay ahead of schedule external debt countries and ensure oil and gas transfer. Limits are approved every financial year. The use of money from the Reserve Fund for transfers during times of unfavorable fluctuations in world energy prices allows for a favorable budget policy and provide social and economic development country. It also reduces dependence on instability in world commodity markets.

Redemption external public debt Russia using the Fund's resources allows reducing the debt burden on the budget and reducing the cost of servicing Russia's debt obligations.

However, the Accounts Chamber announced that the resources of the Reserve Fund are being used irrationally. Many billions were lost due to exchange rate differences when the Fund's money was placed in foreign currency accounts of the Central Bank.

After the collapse in oil prices, the Reserve Fund stopped replenishing, so it was decided to spend the remaining funds and transfer the Reserve Fund to the balance of the National Welfare Fund. Due to the merger, the volume of the NWF at the beginning of 2018 will amount to 3.7 trillion rubles, and free balances not invested in any assets will amount to 2.3 trillion rubles.
According to the results of the past year, the budget deficit, according to preliminary estimates, should not exceed 2%. The merger of the two funds will end no later than February 1, 2018. This decision was made in the context of a sharp decline in oil prices over the past 2 years. The new pooled fund will continue to be formed from additional oil and gas revenues.

Formation procedure Since it is an obligation for joint-stock companies to form a reserve fund, then this condition must be reflected in the bylaws. That is, this fund cannot be less than 5 percent of the size of the authorized capital. But shareholders can determine it in a larger amount. This should also be stated in the bylaws.

The fund is formed by annual contributions from net profit until it reaches the set value.

As a general rule, the distribution of profits falls within the exclusive competence of the general meeting of shareholders (subclause 11, clause 1, article 48 federal law dated December 26, 1995 No. 208-FZ, hereinafter - Law No. 208-FZ). Therefore, in our opinion, the transfer of the net profit of the reporting year to the reserve fund, among other areas of its use, should be determined in the decision of the general meeting. This will be the document on the basis of which the accountant will make the appropriate entries in the accounting.
LEGISLATION ON THE FORMATION OF RESERVES

The obligation of joint-stock companies to form a reserve fund is established by paragraph 1 of Article 35 of the Federal Law of December 26, 1995 No. 208-FZ "On Joint-Stock Companies". Its size cannot be less than 5 percent of the authorized capital. But maximum size fund is not limited. This is determined by the owners of the company and reflected in the charter.

The source of the reserve fund is net profit, and deductions are made annually in without fail until the fund reaches the amount specified in the charter.

Limited liability companies can also form a reserve fund. But for them it is not a duty, but a right. In this case, the procedure for the formation of the fund and its size are indicated by the owners in the charter (Article 30 of the Federal Law of February 8, 1998 No. 14-FZ).
Reflection in accounting We noted that the decision of the general meeting of shareholders will be the document on the basis of which the accountant will reflect the distribution of profits. But such a meeting will take place after fiscal year.
DECISION OF THE MEETING OF SHAREHOLDERS Subparagraph 11 of paragraph 1 of Article 48 of Law No. 208-FZ establishes that the annual report, annual financial statements, including the profit and loss statement of a joint-stock company, must be approved by the general meeting of shareholders. It must take place within the time limits specified by the charter, but not earlier than two months and not later than six months after the end of the financial year (clause 1, article 47 of Law No. 208-FZ). In addition, the general meeting approves the distribution of profits, including the payment (declaration) of dividends and the procedure for paying off losses.

It is also necessary to remember the procedure for compiling and submitting financial statements, which was approved by order of the Ministry of Finance of Russia dated July 22, 2003 No. 67n. The point is that, according to this order, balance sheet as of the end of the year, the total amount of net profit received by the enterprise is shown (line 470). But the directions for using profits, including the amount of declared dividends, are shown in explanatory note not reflected in the accounts.

It follows from this that deductions to the reserve fund are reflected in the accounting records of the next year - on the date of the decision of the general meeting of shareholders. This is done as an entry on the credit of account 82 "Reserve capital" in correspondence with the debit of account 84 "Retained earnings (uncovered loss)".
This rule is fully applicable to enterprises established in the form of limited liability companies. INCREASING THE RESERVE FUND The owners have the right to increase the size of the reserve fund originally fixed in the charter. Moreover, they can do this even if it has not yet reached the 5% size of the authorized capital.

To do this, at the meeting of shareholders, a decision should be made to increase the reserve fund, on the amount of annual deductions, and on the basis of these decisions, make appropriate changes to the charter.

Let us pay attention to the interdependence of the size of the authorized capital and the reserve fund. The fact is that the legislation determines that the amount of the increase in the authorized capital cannot be more than the difference between the value of net assets and the amount of the authorized and reserve capital of the company. Accordingly, with an increase or decrease in the authorized capital, the reserve capital should increase or decrease.

The formation and use of all funds that are formed in a joint-stock company at the expense of net profit are reflected in a special Statement of changes in capital (form No. 3).
Use of the reserve fund The reserve fund of joint-stock companies is intended only to cover losses, redeem bonds of the company and buy back own shares in the absence of other funds. The reserve fund cannot be used for any other purpose (clause 1, article 35 of Law No. 208-FZ).
REPAYMENT OF LOSSES To decide on the use of funds from the reserve and other funds of the company is the exclusive competence of the board of directors or the supervisory board (subclause 12, clause 1, article 65 of Law No. 208-FZ).

If at the end of the year there is a loss, the entire reserve fund or part of it can be directed to pay it off. This usage is reflected by the following entry:

CREDIT 84 sub-account "Retained earnings (uncovered loss)"
- funds of the reserve fund were used to cover the loss.

This operation is carried out on the basis of a decision of the board of directors or an extract from the minutes of the meeting of the board. And herself accounting entry, as with deductions to the reserve fund, they are made in the year when the board of directors made a decision. This is explained as follows. AT the current edition of the procedure for compiling and submitting financial statements (approved by order of the Ministry of Finance of Russia dated July 22, 2003 No. 67n), there is no longer a special instruction on the rules for reflecting data in the annual report on the groups of articles “Reserve capital”, “Retained earnings (uncovered loss)”. Only in the canceled paragraph 14 * of this document it was indicated that such data should be reflected taking into account the consideration of the results of the organization's activities for reporting year and decisions taken about covering losses.

Therefore, the prepared financial statements, for example, for 2009 with an identified loss, must be submitted for consideration by the board of directors. The council meeting will take place in 2010. After a decision is made to pay off the loss at the expense of the reserve fund, an appropriate accounting entry is made, which will also be dated 2010. But in the explanatory note to the report for 2009, they indicate the fact of repayment of the loss.
* Clause 14 of the procedure for compiling financial statements has been canceled since the reporting for 2004.
BUY SHARE A joint-stock company may decide to buy back its own shares. As a rule, this is done with the aim of their further repayment and reduction of the authorized capital. It is possible to spend the funds of the reserve fund for such purposes only if other funds are not enough (for example, this operation will lead to a loss). Consider the following example.

EXAMPLE 1
The general meeting of shareholders decided to reduce the authorized capital by 20,000 rubles. To do this, 20 shares with a nominal value of 1000 rubles will be redeemed. with their subsequent redemption. The actual buyback price of one share was 1,200 rubles. It was decided to cover the difference between the buyback price and the par value of the canceled shares at the expense of the reserve fund.

The following entries were made in accounting:
DEBIT 81 sub-account "Own shares (shares)"
CREDIT 50
- 24,000 rubles. (1200 rubles/piece x 20 pieces) - shares were redeemed from shareholders;

DEBIT 80 sub-account "Authorized capital"

- 20,000 rubles. (1000 rubles/piece x 20 pieces) - the authorized capital was reduced by redemption of the repurchased shares;

DEBIT 82 sub-account "Reserve capital"
CREDIT 81 sub-account "Own shares (shares)"
- 4000 rub. (24,000 - 20,000) - reflects the difference between the buyback price and the par value of the canceled shares.
REPAYMENT OF BONDS The resources of the reserve fund can be directed to the repayment of interest on bonds issued by the company. This is also permissible if the company has no other means for this, and reflection on general rules may result in loss.

When a joint-stock company redeems bonds, the amount paid to their holders consists of their face value and interest.

Interest repaid from the reserve fund is debited to account 82.

But to reflect the debt in the form of the nominal value of bonds on the debit of this account is unreasonable, since when they are redeemed, a return occurs borrowed money, the receipt of which was shown in the debit of account 51.

EXAMPLE 2
The joint-stock company placed 2,000 bonds with a nominal value of 500 rubles. each. Interest accrued for the circulation period amounted to 100,000 rubles. At the end of the circulation period, the bonds were redeemed.

To prevent loss, the board of directors decided to pay off the interest accrued to bondholders at the expense of the reserve fund.

The following was recorded in the accounting records:
DEBIT 51 CREDIT 67
- 1,000,000 rubles (500 rubles/unit х 2000 units) - funds were received during the placement of bonds;

DEBIT 67 CREDIT 51
- 1,100,000 rubles. (1,000,000 + 100,000) - bonds are redeemed and accrued interest is paid;

DEBIT 82 sub-account "Reserve capital"
CREDIT 67
- 100,000 rubles. - the accrued interest on bonds was taken to the account of the reserve fund.

The reserve fund is part of equity enterprises along with retained earnings. Taking into account the severe restrictions on the use of this reserve, when deciding on its size, it must be remembered that the amount can be spent only upon the occurrence of events to prevent the consequences of which the reserve was created. The article was published in the journal "Accounting in production" No. 1, January 2010.

As you know, the economic activity of enterprises is subject to numerous risks, among which are local, sectoral, regional and many others. Currently, they are even more intensified due to the crisis in Russian economy. In such a situation, the importance of the reserve fund of the enterprise increases.

To begin with, let's define what a reserve organization is. This is a special fund, formed in monetary form from the company's net income. He talks about financial stability one organization or another.

The purpose of the formation of the reserve fund

The reserve fund is created in order to protect the interests of both the owners of the enterprise and its creditors. It is at the expense of this fund that it is obliged to cover its own losses. If the organization has the form of a joint-stock company, funds from the reserve fund can be used to buy back shares, as well as repay debt obligations (bonds) - in the absence of other funds.

When spending the resources of the reserve fund for the specified purposes, deductions to it are made from profit before taxation. Accordingly, the company receives a benefit due to the fact that contributions to the specified fund are not subject to taxation on. At the same time, the allocation of funds of the fund under consideration for other purposes is prohibited. Only members of the board of directors or the supervisory board have the right to decide on the use of funds from this fund.

Features of the formation of a reserve fund in a joint-stock company and a limited liability company differ. So, for a joint-stock company, the minimum value of the reserve fund is legally determined, which should be 15% of the value of its authorized capital. At the same time, the organization is obliged to make cash contributions to it on an annual basis - at least in the amount of 5% of its net profit. When the reserve fund reaches the minimum amount determined by law, the enterprise has the right to stop deductions to it. It is important here to take into account the fact that it has the right to do so, but is not obliged to. Everything about the reserve fund should be spelled out in the Charter of the enterprise.

As for a limited liability company, it is not obliged to form a reserve fund. If the owners of the enterprise nevertheless decided to form a reserve fund, then its size and the procedure for creating it must also be prescribed in the Charter.

It should be noted that the maximum possible value of the reserve fund is not limited. It is determined by the enterprise itself, which is to be reflected in the constituent documents. However, too large a reserve fund, as well as too small, carries certain risks. This is due to the fact that the funds in the reserve fund are frozen in the form of non-risk, but low-yielding assets, which reduces the overall profit of the company.

At the same time, the reserve fund does not imply the actual presence of funds in the account. Thus, in other cases, the funds may be presented in the form of illiquid assets, i.e. those financial instruments that are difficult to convert into cash or take a long time. This situation carries increased risks, since the funds from the reserve fund will be difficult to realize.

In the event that at the end of the reporting year, a loss occurs on the balance sheet, then the entire reserve fund or some of it can go to liquidate it.

The funds of the reserve fund represent part of the organization's own capital. According to international practice, funds from the specified enterprise fund, in a broad sense, should be directed to the following two areas:

For education production stocks, finished product, work in progress (with a shortage of working capital sources);
- for the formation of short-term financial investments(with sufficient data sources).

As for the features of reflecting the funds of the reserve fund in accounting, a special article is provided in the balance sheet of the enterprise called "Reserve Fund". It shall reflect the total balance of both the reserve and other similar funds, such as:

Reserves formed for falling prices material assets;
- reserves created for the depreciation of investments in;
- reserves created to cover doubtful debts.

The owners of the enterprise have the right to increase the size of the reserve fund, regardless of what its value was originally fixed in the Charter. Moreover, this is possible even in the situation in which it has not yet reached the level of five percentage points of the authorized capital. For these purposes, it is necessary to approve an appropriate decision, in which to prescribe an increase in the size of the reserve fund, the amount of deductions on an annual basis. These decisions will serve as the basis for subsequent adjustments to the Charter of the enterprise.

It is advisable to pay attention to the fact that the size of the reserve fund, as well as the authorized capital, are dependent on each other. Accordingly, with any change in the amount of the authorized capital, there should be a corresponding adjustment in the amount of reserve capital.

At the same time, the creation and use of funds formed in a joint-stock company through net profit is subject to reflection in a specialized Statement of changes in equity.

If the enterprise is liquidated by the decision of the shareholders, then in this case the reserve fund must be attached to the part of retained earnings.

So, the organization's reserve fund is one of the most significant funds for any enterprise, through which it is possible to pay off losses.

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When creating your own business, you must follow a series of consistent steps, the order of which is monitored by the relevant authorities. To date, the preparation of everything necessary can be done both independently and with the help of legal services. You can pay a certain amount, and in a short time the team of lawyers will prepare without unnecessary fuss the entire package of documents.

To create your own business, you need to solve a number of issues, without which no enterprise can function, no matter what form of ownership it represents.

One of the first tasks that needs to be solved in the first place is to form the authorized capital.

What is authorized capital

The authorized capital is a certain amount of money or a cash equivalent that allows investors to compensate in case of failure the costs of the organization's activities. The amount of capital depends on the type of economic activity of the company and has a certain value.

Capital can be expressed not only in sum of money, but also in the form of real estate, shares, material values. Since at the initial stage a bank account of the organization is opened, during the first month half of the total amount of the authorized capital is paid to it.

The concept of reserve capital

Reserve capital is a certain part of the main authorized capital, from 5 to 25% - depending on the type of organization. Its amount is set in the company's charter, the creation of which is mandatory.

The reserve capital is intended to store part of the profits received and its subsequent distribution for the purchase of shares, as well as the repayment of debts, if any. The tradition of forming a reserve capital originates from Western practice, where it has long been customary to protect your business from financial insolvency.

Not all organizations require a capital reserve. For example, a limited liability company and individual entrepreneurship are not required to create such capital, while it is mandatory for a joint-stock company.

Formation of reserve capital

The amount of reserve capital is not accumulated immediately, but over a certain period of time. The reserve capital is formed at the expense of the organization's profit, while a part of the net profit is deducted to the reserve capital fund until the amount specified in the authorized capital is received. In order to get the amount for deductions to the fund, they reduce net profit, that is, they use part of the profit after paying the necessary taxes.

In addition to the fact that there is a mandatory part of the profit that goes to the formation of the reserve (mortgaged both by the legislation and the charter of the enterprise), there are other sources of replenishment of the reserve fund. These are estimated reserves, according to the management of the enterprise, minus the estimated costs and income (subject to the stability of the production process).

Speaking about the accounting side of this part of the budget, it is worth saying that the concept of reserve capital - accounting entries - is associated with separate account having the same name. Reserve capital, whose account is 82, allows you to control settlement operations for this part of the budget.

The amount of annual income to the reserve fund should be a share of more than or equal to 5% of the net profit from the activities of the enterprise.

By the amount of reserve capital, one can judge how firmly the company feels on the financial market about its success and profitability.

Use of reserve capital

There is a list expense transactions on which reserve capital can be spent:

If an organization wants to reduce its authorized capital, this can be done by buying back bonds and shares from shareholders with their subsequent redemption, for which it is also allowed to use funds from the reserve fund.

Reserve capital for various types of ownership

Formation of a reserve for various types economic activity has its own characteristics. The reserve capital of a joint-stock company is formed in the amount of at least 5% of the authorized capital. In the event that the activities of the organization involve a foreign investment deposit, then the amount of the reserve increases to 25%. At the same time, joint-stock companies also have a minimum threshold for the value of the reserve fund.

Every year it is necessary to deposit a certain amount, the minimum figure is 5% of net profit, while the minimum transfer is determined by law. It is for this type of activity that special purpose reserve capital.

For a joint-stock company and a joint venture, the creation of a reserve is mandatory, for individual entrepreneurs and limited liability companies, this is not necessary, therefore, you can spend the funds accumulated in the reserve at your discretion.

Control over the formation of reserve capital

For a joint-stock company at the end of each year, it is mandatory to provide financial reporting about the activities of the company, it is so easy to determine the amount of transfers to the reserve fund and the use of funds from it.

Since the reserve capital is formed from the profit of the organization to which the shareholders and investors are related, the distribution of profit (including the use of the reserve capital) must be agreed upon at the meeting of shareholders.

An accounting report on the activities of the organization is provided after the reporting period, in connection with which the question may arise of how the budget plan for the next year is laid. To resolve this issue, an organizational meeting of shareholders is held, where reporting documentation is provided. In parallel, the reserve is planned for the next reporting period.

Increasing the amount of reserve capital

The rules do not prohibit an increase in the size of the reserve capital, and this can be done at any stage, even until the amount of the reserve capital reaches the threshold of 5%.

The amount of the reserve can be increased by holding a meeting of shareholders and adopting this decision. After that, it is necessary to make all changes to the bylaws.

There is a relationship between the value of the reserve and authorized capital, therefore, it must be taken into account that, by increasing the amount of the reserve capital, it is necessary to increase in proportion to the amount of the total (authorized) capital.

Accounting statements on reserve capital

The allocation of funds to the fund, as well as the expenditure of money from the fund to cover needs and debts, should be reflected in the accounts for uncovered losses, as well as for long-term and short-term loans.

Thus, one of mandatory conditions formation of a joint stock company or joint venture is the formation of the main authorized and reserve capital. There are certain rules for creating a reserve fund, which are regulated by law. The receipt and expenditure of funds from the reserve fund should be reflected in accounting documentation as well as budget planning for next year.