Return / 27.12.2023

Reporting audit: what to check in the report. Reporting audit: what to check in the report Stages of audit according to IFRS

If earlier, Law 208-FZ required the submission of annual consolidated statements, now an obligation has been added for companies to submit interim consolidated statements, starting from the first reporting period of 2017. And with reporting for the first half of 2018, a mandatory audit of interim reporting was introduced.

However, this does not apply to all companies. Let's look at the details in this article.

For whom interim reporting is required?

The law obliges credit and clearing organizations, insurance companies (except for those working in the field of compulsory medical insurance), non-state pension funds, management companies of investment funds, mutual funds and non-state pension funds to provide interim consolidated statements to the Central Bank of the Russian Federation within the time frame and in the manner established by the Central Bank of the Russian Federation.

Organizations whose constituent documents provide for the generation of interim reports in accordance with IFRS are required to submit such reports to their participants (shareholders, founders) no later than 60 days after the end of the reporting period for which these reports were prepared.

The reporting period is usually six months. Accordingly, reporting for the 1st half of the year must be submitted on August 29. In this case, the company has the right to choose a quarter as the reporting period, because in accordance with IAS 34, interim reporting is prepared for a period of less than a year. In this case, interim reporting under IFRS must be submitted by May 30, August 29, November 29.

Companies are also required to disclose interim consolidated financial statements (previously the law used the term publish). This requirement applies to credit institutions and other organizations whose securities are admitted to organized trading by including them in the quotation list.

The disclosure period is set by the Central Bank. Organizations whose obligation to disclose financial statements is specified in their constituent documents disclose consolidated financial statements no later than 30 days from the date of expiration of their submission.

When quarterly interim reporting is generated before June 29, September 28, December 29, the interim reporting must be disclosed on the organization’s own website, or information about the place of disclosure must be indicated.

How to prepare interim reports under IFRS

Interim reporting is prepared for a period shorter than a full financial year, is prepared in accordance with IFRS principles and involves the preparation of:

statement of financial position;
statement of profit and loss and other comprehensive income;
statement of changes in equity;
cash flow statement;
disclosure of explanations and elements of accounting policies.

The main difference between interim reporting and annual reporting (in addition to the reporting period) is the ability to make abbreviated financial statements. Condensed reporting means that some items can be shown in aggregate, while maintaining subtotals, and explanations for reporting can be disclosed selectively.

Like annual reporting, interim reporting provides data from the previous period. Due to the fact that the law specifies the mandatory submission of interim reporting from the first reporting period of 2017, presumably this will be the 1st quarter of 2017. So, for the first interim reporting under IFRS, organizations will need:

Mandatory audit

It is important that interim reporting, in accordance with the law of July 3, 2016 262-FZ, must be audited. Based on the results of the audit, the report issued by the auditors is provided and disclosed along with the consolidated financial statements.

Labor cost optimization

Organizations should now think about preparing IFRS financial statements, because... this will require additional labor. And the sooner you start creating a package of interim reporting, the more time you will save next year. After all, the report provides for the inclusion of data for the previous period as comparable ones. In addition, a timely audit of reporting will allow you to take into account possible errors in order to prevent them in the future.

We invite you to round tables on the topics: “Preparing financial statements under IFRS: practical tips and recommendations” and “New IFRS reporting standards for 2016”, see schedule

August 2016
Experts from the company "Pravovest Audit"

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.

Code of Professional Ethics for Auditors

When conducting an audit of financial statements, it is necessary to be guided by the Code of Professional Ethics for Auditors, approved by the Auditing Council on March 22, 2012 (www.minfin.ru

From January 1, 2013, the Code of Ethics for Auditors of Russia, approved by the Council on Auditing under the Ministry of Finance of Russia on May 31, 2007, does not apply.

Independence of the audit organization, auditor

When conducting an audit of financial statements, it is necessary to be guided by the Rules for the Independence of Auditors and Auditing Organizations, approved by the Auditing Council on September 20, 2012 (www.minfin.ru section “Accounting and Auditing - Auditing - Standards and Methodologies for Auditing”).

From January 1, 2013, the decision of the Auditing Council dated July 11, 2011 “On the rules for the independence of auditors and audit organizations” becomes invalid.

1) the presence of evidence of consideration of threats to independence and measures to prevent such threats;

2) the presence of developed procedures aimed at resolving ethical conflicts and reducing the risk of loss of independence;

3) availability of documentary evidence of independence;

4) compliance with the requirement to periodically change the person responsible for conducting the audit of financial statements.

Threats to independence and measures to prevent such threats are subject to due consideration in the following cases:

1) provision of services to the audited entity as provided for in Part 7 of Article 1 of the Federal Law “On Auditing Activities”;

2) providing assistance to the audited entity in the preparation of financial statements, including providing the text of explanations for inclusion in the statements, as well as determining the values of numerical indicators (based on the accounting data provided by the audited entity);

3) the auditor’s transition to permanent employment as an official of the audited entity, in respect of whose financial statements this auditor conducted the audit.

Consideration of compliance by the audited entity with the Federal Law “On Combating Legalization (Laundering) of Income,

obtained by criminal means and the financing of terrorism"

Based on the provisions of FSAD 6/2010, during the audit of financial statements, the auditor is obliged to take into account (consider) the audited entity’s compliance with regulatory legal acts of the Russian Federation, including the Federal Law of August 7, 2001 No. 115-FZ “On Combating the Legalization (Laundering) of Income obtained by criminal means and the financing of terrorism.” In particular, the audited entity's compliance with the requirements established by the said Federal Law or in accordance with it regarding the identification of clients, the organization of internal control, recording, storage and presentation of information is subject to consideration.

Carrying out appropriate audit procedures is of particular importance when auditing the financial statements of organizations defined in Article 5 of the said Federal Law: credit organizations, professional participants in the securities market, insurance organizations and leasing companies, organizations managing investment funds or non-state pension funds, organizations providing intermediary services in carrying out transactions of purchase and sale of real estate, etc.

If facts of non-compliance by the audited entity with the requirements established by the specified Federal Law are revealed, the auditor is obliged to take measures provided for by this Federal Law, as well as FSAD 6/2010. In the event that the legislation of the Russian Federation provides for the auditor’s obligation to check the compliance of the audited entity’s activities with the requirements of a certain regulatory legal act, the auditor must include special tests in the audit plan and report information about detected facts of non-compliance with the requirements of such an act or his suspicions to the authorized government body. For example, information regarding the legalization (laundering) of proceeds from crime or the financing of terrorism.

In addition, according to FSAD 5/2010, when planning, performing and evaluating the results of audit procedures, as well as when preparing the audit report, the auditor must consider the risk of material misstatement of the financial statements arising from fraud. If the auditor identifies or suspects fraud, he must determine whether he is required to report the case or suspicion to a party external to the auditee, including an authorized government agency. For example, information regarding the legalization (laundering) of proceeds from crime or the financing of terrorism.

Review of auditee's compliance

anti-corruption legislation

and commercial bribery

According to FSAD 6/2010, during the audit of financial statements, the auditor is obliged to take into account (consider) the audited entity’s compliance with regulatory legal acts of the Russian Federation, including legislation on combating corruption and commercial bribery (including commercial bribery of foreign officials). In addition, according to FSAD 5/2010, when planning, performing and evaluating the results of audit procedures, as well as when preparing the audit report, the auditor must consider the risk of material misstatement of the financial statements arising from fraud.

The specified audit procedures and the results of their implementation must be documented.

If facts of non-compliance by the audited entity with the requirements established by the legislation on combating corruption and commercial bribery are identified, the auditor is obliged to take measures provided for by this legislation, as well as FSAD 6/2010. In the event that the legislation of the Russian Federation provides for the auditor’s obligation to check the compliance of the audited entity’s activities with the requirements of a certain regulatory legal act, the auditor must include special tests in the audit plan and report information about detected facts of non-compliance with the requirements of such an act or his suspicions to the authorized government body. For example, information regarding corruption offences.

Compliance with federal auditing standards

When conducting an audit of financial statements, special attention should be paid to:

1) development and implementation of alternative audit procedures if responses to a request for external confirmation are not received; due consideration of unresolved discrepancies in the data of the audited entity and external confirmation data (FPSAD No. 18);

2) the adequacy of measures to identify and assess events that occurred after the reporting date (FPSAD No. 10);

3) the quality of the auditor’s working documentation, including the formation and storage of audit files (FPSAD No. 2);

4) availability of documents justifying the size of the audit sample (FPSAD No. 16);

5) development and implementation of audit procedures regarding the applicability of the going concern assumption of the audited entity (FPSAD No. 11);

6) the existence of principles and procedures to ensure confidence that the staff of the audit organization has the necessary knowledge, experience and complies with ethical standards; procedures for assessing skills and professional competence of employees (FPSAD No. 34);

7) implementation of proper interaction between auditors when changing the audit organization or when changing the auditor during the performance of an assignment handled by another auditor (FSAD 5/2010).

Drawing up an audit report

Requirements for the form, content, procedure for signing and submitting the audit report, as well as for the procedure for forming an opinion on the reliability of financial statements are established by Article 6 of the Federal Law “On Auditing Activities” and FSAD 1/2010, 2/2010, 3/2010.

When drawing up the auditor's report, you should pay attention to the following.

1. Article 6 of the Federal Law “On Auditing Activities” and FSAD 1/2010, 2/2010, 3/2010 define an exhaustive list of elements of the audit report. The document called the auditor's report cannot and should not include any other elements, nor should such a document lack any of the specified elements.

2. A document drawn up based on the results of the performance by an audit organization or an individual auditor of the obligations arising from the contract for the provision of audit services may be called an “Audit Report” only if it simultaneously meets all the following conditions:

a) the document is intended for users of the financial statements of the audited entity;

b) the document contains the opinion of the audit organization, individual auditor, expressed in the prescribed form, on the reliability of the financial statements of the audited entity;

c) the document is drawn up based on the results of an audit of the financial statements of the audited entity conducted by an audit organization or an individual auditor.

In other cases, a document drawn up based on the results of the performance by an audit organization, an individual auditor of the obligations arising from the contract for the provision of audit services (for example, the implementation of procedures agreed with the client), as well as a document drawn up based on the results of the performance by the audit organization, an individual auditor of the obligations arising from the contract the provision of other services related to auditing activities (for example, checking the accounting records, checking compliance with tax legislation) should not be called an audit report.

3. According to clause 6 of part 2 of article 6 of the Federal Law “On Auditing Activities”, the audit report must contain information about the work performed by the audit organization, individual auditor to express an opinion on the reliability of the financial statements of the audited entity (scope of the audit). The requirements for the form and content of this information are established by FSAD 1/2010, in particular, paragraph 8.

An audit organization or an individual auditor must avoid excessive detail of the specified information. Examples of information on the scope of the audit are given in the appendices to FSAD 1/2010.

4. According to Part 1 of Article 6 of the Federal Law “On Auditing Activities”, an auditor’s report is an official document intended for users of the financial statements of the audited entities, containing the opinion of the audit organization, individual auditor, expressed in the prescribed form, on the reliability of the financial statements of the audited entity. The forms of opinion of an audit organization and an individual auditor on the reliability of the financial statements of the audited entity are established by FSAD 1/2010, 2/2010, 3/2010.

Based on this, a document called an audit report cannot contain the opinion of an audit organization or an individual auditor on the reliability of the financial statements of the audited entity, expressed in a form different from that established by FSAD 1/2010, 2/2010, 3/2010.

5. According to FSAD 1/2010 and 2/2010, under certain circumstances, the opinion of the auditing organization or individual auditor on the reliability of the financial statements, expressed in the auditor’s report, must be modified.

When modifying the opinion on the reliability of the financial statements, it is necessary to keep in mind that in accordance with FPSAD No. 4, when assessing the consequences of distortions in the financial statements, materiality should be taken into account.

6. According to paragraph 12 of FSAD 1/2010, when forming an opinion on the reliability of the financial statements of the audited entity, the auditor should evaluate, among other things, whether these statements, including the information reflected in them, provide a reliable representation of the business transactions and events that took place, and allow Whether these statements are intended for intended users to judge the impact of significant transactions and events on the financial statements. Otherwise, along with other conclusions during the audit of financial statements, the auditor must make a conclusion about the appropriateness, correctness and completeness of the disclosure of information in these statements.

The appropriateness, correctness and completeness of disclosure of information in the financial statements of the audited entity may be associated with material misstatements in these statements, the presence of which, in turn, leads to the need to modify the auditor's opinion. The actions of the auditor in the event that a material misstatement of the financial statements is associated with non-disclosure of information are defined, in particular, by paragraph 30 of FSAD 2/2010.

7. The auditor's report must indicate in accordance with what established rules the financial statements were compiled. For example: “in accordance with Russian rules for preparing financial statements”, “in accordance with international financial reporting standards”. The use of the words “in accordance with established rules for preparing financial statements” in the auditor’s report is unacceptable.

8. According to FSAD 3/2010, an attention-grabbing part may be included in the auditor’s report if the auditor considers it necessary to draw the attention of users of the financial statements to a circumstance reflected in these statements, which, according to the auditor’s judgment, is so important that it is fundamental to understanding the financial statements of its by users. The requirements for the form and content of the attention-grabbing part of the audit report are established, in particular, by paragraphs 3-6 of FSAD 3/2010.

An audit organization or an individual auditor should pay special attention to the validity of including an attention-grabbing part in the audit report.

Signing the auditor's report

on the financial statements of organizations,

provided for in part 3 of article 5

Federal Law “On Auditing Activities”

In accordance with FSAD 1/2010, the audit report is signed by the head of the audit organization or a person authorized by him who has a qualification certificate of an auditor.

Based on the interrelated provisions of the Federal Law “On Auditing”, FSAD 1/2010, FPSAD No. 2, No. 3, No. 7, No. 12, No. 24, the preparation and presentation of an audit report to the audited entity is a stage of the audit of the financial statements of this audited entity. In this regard, in the case of a mandatory audit of the financial statements of organizations provided for in Part 3 of Article 5 of the Federal Law “On Auditing Activities”, the signing of the audit report must be carried out taking into account the requirements of Part 4.1 of Article 23 of this Federal Law.

At the same time, FSAD 1/2010 does not contain restrictions on signing the audit report along with the specified persons and other authorized persons determined by the audit organization.

In accordance with paragraph 3 of part 1 of Article 5 of the Federal Law “On Auditing Activities” and Article 22 of the Federal Law “On Non-State Pension Funds”, the financial statements of a non-state pension fund are subject to mandatory audit. At the same time, according to Article 22 of the Federal Law “On Non-State Pension Funds”, in addition to the audit of the financial statements of a non-state pension fund, the maintenance of pension accounts of non-state pension provision and pension accounts of the funded part is subject to an annual audit in accordance with the legislation of the Russian Federation on auditing activities and the requirements of this Federal Law labor pensions, payments of non-state pensions, redemption amounts, the funded part of labor pensions, urgent pension payments, lump sum payments, payments to legal successors, payments of professional pensions.

In this regard, when preparing an audit report on the financial statements of a non-state pension fund in relation to work additional to the audit of these statements, one should be guided, in particular, by paragraphs 19-21 of FSAD 1/2010.

Audit of financial statements

management company

non-state pension fund

In accordance with paragraph 3 of part 1 of article 5 of the Federal Law “On Auditing Activities”, the financial statements of the management company of a non-state pension fund are subject to mandatory audit. At the same time, according to Article 22 of the Federal Law “On Non-State Pension Funds”, the accounting statements of management companies of non-state pension funds on the formation and placement of pension reserves and the formation, transfer and investing pension savings.

In this regard, when preparing an audit report on the financial statements of the management company of a non-state pension fund in relation to work additional to the audit of these statements, one should be guided, in particular, by paragraphs 19-21 of FSAD 1/2010.

Services provided to specialized depositories

in accordance with Federal Law

“On non-state pension funds”

According to Article 22 of the Federal Law “On Non-State Pension Funds”, the financial statements of specialized depositories of non-state pension funds on the formation and placement of pension reserves and the formation, transfer and investment of pension funds are subject to an annual audit in accordance with the legislation of the Russian Federation on auditing activities and the requirements of this Federal Law. savings.

Based on parts 2,3,4,7 of Article 1 of the Federal Law “On Auditing”, this service is not an audit or an audit-related service in the sense of the Federal Law “On Auditing”; it is treated as another audit-related service.

The annual audits of accounting by specialized depository and management companies, their accounting statements on the formation and investment of pension savings, as well as the financing of payments from pension funds, as provided for by the Federal Law “On investing funds to finance the funded part of a labor pension in the Russian Federation” should be considered similarly. savings.

II. Selected issues in preparing financial statements

Procedure for preparing financial statements

On January 1, 2013, Federal Law No. 402-FZ of December 6, 2011 “On Accounting” (hereinafter referred to as Federal Law No. 402-FZ) comes into force.

In this regard, when conducting an audit of financial statements, you should keep in mind document PZ-10/2012 “On the entry into force on January 1, 2013 of the Federal Law of December 6, 2011 No. 402-FZ “On Accounting”, posted on official website of the Russian Ministry of Finance on the Internet www.minfin.ru

Explanations in the financial statements

In accordance with Part 1 of Article 14 of Federal Law No. 402-FZ, financial statements consist of a balance sheet, a statement of financial results and appendices to them (balance sheet, report on the intended use of funds and appendices to them). According to clause 6 of part 3 of Article 21 of Federal Law No. 402-FZ, the composition of appendices to the balance sheet and the financial results statement (the composition of appendices to the balance sheet and the report on the intended use of funds) is established by federal standards.

By virtue of Part 1 of Article 30 of Federal Law No. 402-FZ, in relation to the composition of appendices to the balance sheet and the financial results statement (the composition of appendices to the balance sheet and the report on the intended use of funds), Order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n continues to apply “On the forms of financial statements of organizations.” According to paragraphs 3 and 4 of this order of the Ministry of Finance of Russia, the appendices to the balance sheet and financial results statement include: a statement of changes in capital; cash flow statement; other applications (explanations).

The composition and content of the explanations are subject to determination by the organization independently based on the interrelated provisions of paragraphs 24-27 of PBU 4/99, the norms of other accounting provisions regarding information disclosure, as well as subparagraph “b” of paragraph 4 of Order No. of the Ministry of Finance of Russia dated July 2, 2010. 66n. In particular, the explanations should disclose information related to the accounting policies of the organization and provide users with additional data that is inappropriate to include in the balance sheet and income statement, but which is necessary for users of the financial statements to realistically assess the financial position of the organization, the financial results of its activities and cash flow for the reporting period. As a rule, explanations are associated with numerical indicators of the balance sheet or statement of financial results (report on the intended use of funds).

The information accompanying the financial statements, the composition and content of which are determined by Section VIII of PBU 4/99, is not an explanation (from the point of view of the composition of the financial statements) and, therefore, is not included in the financial statements.

In connection with the above and in accordance with Part 3 of Article 1 of the Federal Law “On Auditing Activities”, audit procedures constituting an audit are carried out in relation to explanations as part of the financial statements in full.

Information accompanying financial statements

Due to the loss of force from January 1, 2013, Federal Law of November 21, 1996 No. 129-FZ “On Accounting”, paragraph “d” of Part 2 of Article 13 of this Federal Law is not applicable. Based on this, from January 1, 2013, the explanatory note is not included in the financial statements. However, by virtue of Part 1 of Article 30 of Federal Law No. 402-FZ, Section VШ of PBU 4/99 continues to apply. At the same time, the information provided for in this section is not an explanation (from the point of view of the composition of the financial statements) and, therefore, is not included in the financial statements.

In accordance with paragraph 39 of PBU 4/99, the information accompanying the financial statements discloses the dynamics of the most important economic and financial indicators of the organization over a number of years; planned development of the organization; anticipated capital and long-term financial investments, research and development activities; environmental protection measures; other information. As a rule, such information is not related to the numerical indicators of the balance sheet or income statement (report on the intended use of funds).

This information is usually included in the organization’s annual report or other similar documents.

It should be clear from the presentation of information accompanying the financial statements that they are not included in the financial statements. To do this: the financial statements should not contain references to information accompanying them; the name of such information should not give the user the erroneous impression that it is part of the financial statements; such information should be separated from the financial statements.

Based on the above, the auditor’s actions in relation to information accompanying the financial statements are limited to FPSAD No. 27 and paragraphs 26-29 of FSAD 1/2010. The specified information is not mentioned in the auditor's report when describing the financial statements of the audited entity, unless otherwise provided by federal laws and federal auditing standards.

Inventory of obligations

In accordance with Federal Law No. 402-FZ, obligations are subject to inventory. The cases, timing and procedure for conducting an inventory, as well as the list of objects subject to inventory, are determined by the audited entity, with the exception of the mandatory inventory. Mandatory inventory is established by the legislation of the Russian Federation, federal and industry standards.

Due to the loss of force from January 1, 2013, Federal Law of November 21, 1996 No. 129-FZ “On Accounting”, Part 2 of Article 12 of this Federal Law is not subject to application. However, by virtue of Part 1 of Article 30 of Federal Law No. 402-FZ, paragraph 27 of the Regulations on Accounting and Reporting in the Russian Federation, approved by Order of the Ministry of Finance of Russia dated July 29, 1998 No. 34n, continues to apply. According to this paragraph, it is mandatory to conduct an inventory of the organization’s obligations before preparing financial statements.

Since, in accordance with Part 1 of Article 15 of Federal Law No. 402-FZ, the reporting year is a calendar year - from January 1 to December 31 inclusive, the inventory of liabilities should be carried out as of December 31 inclusive.

Formation of deferred tax assets

and deferred tax liabilities

PBU 18/02 establishes the rules for the formation in accounting and the procedure for disclosing in the financial statements information on calculations of corporate income tax for organizations recognized as taxpayers of income tax in accordance with the procedure established by the legislation of the Russian Federation, and also determines the relationship of the indicator reflecting profit (loss) , calculated in the manner established by regulatory legal acts on accounting, and the tax base for income tax for the reporting period, calculated in the manner established by the legislation of the Russian Federation.

At the same time, PBU 18/02 does not contain restrictions on the use of the method of comparing the book value of assets and liabilities with their tax base in relation to the approaches of IAS 12 “Income Taxes”. Thus, in accordance with PBU 18/02, in analytical accounting, temporary differences are taken into account differentially according to the types of assets and liabilities in the valuation of which the temporary difference arose.

Debt assessment

on paid (received) advances (prepayment)

In accordance with PBU 1/2008, when forming the accounting policy of an organization, it is assumed that the organization will continue its activities in the foreseeable future and it has no intention or need to liquidate or significantly reduce its activities and, therefore, obligations will be repaid in the prescribed manner (going concern assumption) .

Repayment of the obligation of the party that received the advance payment (advance payment) in the manner prescribed by the contract consists of the delivery of goods (performance of work, provision of services, transfer of property rights). Based on the requirements of tax legislation regarding the payment and reimbursement of value added tax, the amount of obligations to be repaid does not include the amount of value added tax.

Taking this into account, in the case of an organization transferring payment, partial payment for upcoming deliveries of goods (performance of work, provision of services, transfer of property rights), accounts receivable are reflected in the balance sheet in the estimate minus the amount of value added tax subject to deduction (accepted for deduction) in accordance with tax laws.

Similarly, when an organization receives payment, partial payment for upcoming deliveries of goods by this organization (performance of work, provision of services, transfer of property rights), accounts payable are reflected in the balance sheet in the estimate minus the amount of value added tax payable (paid) to the budget in compliance with tax laws.

Disclosure of information on export customs duties

In accordance with PBU 9/99, revenue is accepted for accounting in an amount calculated in monetary terms equal to the amount of receipt of cash and other property and (or) the amount of accounts receivable.

Based on PBU 10/99, expenses for ordinary activities, along with others, form expenses associated with the sale of products.

In accordance with PBU 4/99, offsets between items of assets and liabilities, items of profit and loss are not allowed in the financial statements, except in cases where such offset is provided for by the relevant accounting provisions.

Thus, there are no grounds for reducing the revenue reflected in the statement of financial results by the amount of export customs duties paid by the organization in the general case in connection with the movement of goods across the customs border.

Generating information on estimated liabilities

for dismantling and disposal of fixed assets

and environmental restoration

In accordance with PBU 6/01, the actual costs for the acquisition, construction and production of fixed assets are, in addition to those directly named in this Regulation, other costs directly related to the acquisition, construction and production of a fixed asset item. According to PBU 8/2010, the amount of the estimated liability is included in the cost of the asset or in the expenses of the audited entity, depending on its nature.

Based on this, the amount of estimated liabilities for the dismantling and disposal of fixed assets and environmental restoration is included in the initial cost of fixed assets if the occurrence of such liabilities is directly related to the acquisition, construction and manufacture of these fixed assets.

An estimated liability is recognized in accounting in an amount that reflects the most reliable estimate of the costs required to settle this liability. For example, a monetary assessment of the costs required both for the liquidation of fixed assets and for environmental restoration.

If the occurrence of an estimated liability is associated with the creation (acquisition) of several fixed assets at the same time, the amount of such liability is distributed among these objects in proportion to the justified base chosen by the audited entity.

costs for the development of natural resources

In accordance with PBU 24/2011, the organization establishes the types of search costs recognized as non-current assets.

In accordance with PBU 4/99, if the data for the period preceding the reporting period are not comparable with the data for the reporting period, then the first of these data are subject to adjustment based on the rules established by regulatory acts on accounting.

Given this, the amount of search costs reflected in the balance sheet as of December 31, 2011 as deferred expenses or as another asset is subject to disclosure in the balance sheet as of December 31, 2012 (including comparative data as of December 31, 2011 . and as of December 31, 2010) as tangible exploration assets and (or) intangible exploration assets.

Disclosure in financial statements

search assets

In accordance with PBU 4/99, articles of the balance sheet, statement of financial results and other components of the financial statements, which, in accordance with accounting provisions, are subject to disclosure and for which there are no numerical values of assets, liabilities, income, expenses and other indicators, are crossed out ( in standard forms) or not provided (in forms developed independently).

Taking this into account, and also taking into account paragraph 3 of Order No. 66n of the Ministry of Finance of Russia dated July 2, 2010, when detailing the indicators for the reporting items provided for by the said order, the indicators “Intangible exploration assets” and “Tangible exploration assets” may not be provided by the organization, not incurring costs for the search, evaluation of mineral deposits and exploration of minerals in a certain subsoil area.

Disclosure in the balance sheet

costs for repairs of fixed assets

According to PBU 6/01, restoration of a fixed asset item can be carried out, among other things, through repairs.

In accordance with paragraph 19 of PBU 10/99, expenses are recognized in the income statement:

Taking into account the relationship between expenses incurred and revenues (correspondence between income and expenses);

By their reasonable distribution between reporting periods when expenses determine the receipt of income over several reporting periods and when the relationship between income and expenses cannot be clearly defined or is determined indirectly.

Taking this into account, as well as paragraph 7 of PBU 1/2008 and paragraph 19 of PBU 4/99, regular large costs that arise at certain long time intervals (more than 12 months) during the life of the fixed asset, for its repair and other similar activities (for example, checking the technical condition) are reflected in the balance sheet in section I “Non-current assets” as an indicator detailing the data reflected in the group of items “Fixed assets”.

Taking into account paragraph 7 of PBU 1/2008, such costs are repaid during the specified time interval.

Disclosure of information about innovations and

modernization of production

In accordance with PBU 4/99, if, when preparing financial statements by the audited entity, insufficient data is revealed to form a complete picture of the financial position of the audited entity, the financial results of its activities and changes in its financial position, then the audited entity includes relevant additional indicators and explanations in the financial statements .

When disclosing additional information, for example about innovations and modernization of production, data is provided on the costs associated with the implementation of research, development and technological work, with the acquisition (creation) of intangible assets (new technologies, patent rights, licenses for the use of inventions, industrial designs, utility models, etc.); on the costs of modernization and reconstruction of fixed assets; about the costs associated with improving technology and production organization, improving quality, changing the design and other operational properties of products carried out during the production (technological) process; about sources of funds for innovation and modernization of production.

For the purposes of disclosing this information, it is advisable to take into account document PZ-8/2011 “On the formation in accounting and disclosure of information on innovation and modernization of production in the financial statements of an organization”, posted on the official website of the Ministry of Finance of Russia on the Internet www.minfin.ru in section "Accounting and auditing - Accounting - Legislative and other regulatory legal acts - Generalization of the practice of applying legislation."

Disclosure of information about the risks of the organization’s economic activities in the financial statements

In accordance with PBU 4/99, if, when preparing financial statements, an organization reveals insufficient data to form a complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position, then the organization includes relevant additional indicators and explanations in the financial statements.

Based on this, in order to form a complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position, the organization must disclose indicators and explanations about the potentially significant risks of economic activity to which this organization is exposed.

For the purposes of disclosing this information, it is advisable to take into account document PZ-9/2012 “On the disclosure of information about the risks of an organization’s economic activities in annual financial statements”, posted on the official website of the Ministry of Finance of Russia on the Internet www.minfin.ru in the section “Accounting and audit - Accounting - Legislative and other regulatory legal acts - Generalization of the practice of applying legislation.”

Formation of financial statements

non-state pension funds

In accordance with the order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n, this order applies to organizations, with the exception of credit organizations and state (municipal) institutions.

In this regard, non-state pension funds, as a special organizational and legal form of non-profit organizations, when preparing financial statements, must be guided by the specified order, taking into account the specifics established by Order of the Ministry of Finance of Russia dated January 10, 2007 No. 3n “On the peculiarities of the financial statements of non-state pension funds.”

Compilation rules

consolidated financial statements

Based on Article 8 of the Federal Law “On Consolidated Financial Statements” and in accordance with Order No. 126n of the Ministry of Finance of Russia dated September 14, 2012, when preparing consolidated financial statements for 2012 by organizations, with the exception of those specified in Part 2 of the said article of the Federal Law, Methodological recommendations for the preparation and presentation of consolidated financial statements, approved by order of the Ministry of Finance of Russia dated December 30, 1996 No. 112, are not applied from January 1, 2013.

When preparing consolidated financial statements, you should take into account the documents of the Interdepartmental Working Group on the Application of IFRS OP 1-2012 and OP 2-2012 “Generalization of the Practice of Application of IFRS in the Russian Federation”, posted on the official website of the Ministry of Finance of Russia on the Internet www.minfin.ru in the section "Accounting and Auditing - International Financial Reporting Standards - Legislation on IFRS - Interdepartmental Working Group on the Application of IFRS."

Preparation of interim financial statements

in 2013

In accordance with Article 13 of Federal Law No. 402-FZ, interim accounting (financial) statements are prepared by the organization in cases established by the legislation of the Russian Federation and regulations of state accounting regulatory bodies.

When an organization prepares interim financial statements in 2013, it should be borne in mind that in accordance with Part 1 of Article 30 of the Federal Law, before the approval of federal and industry standards provided for by this Federal Law, the rules of accounting and preparation of financial statements approved by the authorized federal executive bodies are applied. authorities until the date of entry into force of the Federal Law. In this regard, the general requirements for interim financial statements, the content of its components, and the rules for evaluating items are determined by PBU 4/99.

III. Selected issues in the preparation of financial statements by insurance organizations

Composition of financial statements

In connection with the entry into force of Federal Law No. 402-FZ “On Accounting” on January 1, 2013, Order of the Ministry of Finance of Russia dated July 27, 2012 No. 109n “On Accounting (Financial) Reporting of Insurers” is applied to the extent that does not contradict this Federal Law . In particular:

The insurer's income statement shall be referred to as the insurer's income statement;

The report of the mutual insurance company on the intended use of the funds received should be called the report of the mutual insurance company on the intended use of the funds;

The auditor's report on the reliability of the insurer's financial statements is not included in the financial statements.

Information disclosure

in the notes to the insurer's balance sheet

and the insurer’s financial performance report

The specifics of drawing up explanations for the balance sheet and financial performance report of the insurer (hereinafter referred to as the explanations) are established in Chapter IX of the Instructions on the procedure for drawing up and submitting financial statements of insurers, approved by Order of the Ministry of Finance of Russia dated July 27, 2012 No. 109n (hereinafter referred to as the Instructions).

State statistics bodies and other executive authorities (except for the insurance supervisory body and its territorial bodies) are provided with explanations drawn up in tabular form in accordance with the appendix to the Instructions as part of the insurer’s financial statements.

Explanations are submitted to the insurance supervisory body and its territorial body as part of the insurer's financial statements, drawn up in tabular form in accordance with the appendix to the Instructions, as well as in text form.

The composition of the information disclosed in the explanations in text form is given in paragraph 74 of the Instructions.

Features of preparing financial statements

mutual insurance company

Based on paragraph 5 of the Instructions, as well as taking into account Part 1 of Article 14 and Part 1 of Article 30 of Federal Law No. 402-FZ, the financial statements of a mutual insurance company consist of:

balance sheet of the insurer (form No. 1-insurer);
report on the financial results of the insurer (form No. 2-insurer);
report of the mutual insurance company on the intended use of funds (form No. 6-OVS);
explanations to the insurer's balance sheet and the insurer's financial performance report.

The specifics of how mutual insurance companies compile the insurer's balance sheet (form No. 1 - insurer) are established in paragraph 35 of the Instructions.

Information about the intended use by a mutual insurance company of funds received to finance its statutory activities in terms of mutual insurance operations is disclosed in the report on the financial results of the insurer (Form No. 2-insurer), taking into account the specifics established in paragraph 59 of the Instructions.

The specifics of the formation of indicators in the report of a mutual insurance company on the intended use of funds (Form No. 6-OVS) are established in Chapter VIII of the Instructions.

Disclosure of information on payments under insurance contracts

other than life insurance, the share of reinsurers in them

According to paragraph 49 of the Instructions, as well as taking into account part 1 of article 14 and part 1 of article 30 of Federal Law No. 402-FZ, data on the articles “Payments under insurance, coinsurance and reinsurance contracts - total” and “Share of reinsurers in payments” of section II of the report on financial results of the insurer (Form No. 2-insurer) are reflected taking into account income from subrogation and recourse claims, as well as income from the receipt of insured property and (or) its usable balances in connection with the transfer of ownership of it to the insurer and the share of reinsurers in these incomes .

Explanations for these items are given in subsection 8.2 of section 8 “Insurer's Income and Expenses” of the explanations in tabular form (appendix to the Instructions).

Disclosure of information about deductions from insurance premiums

According to paragraph 50 of the Instructions, as well as taking into account Part 1 of Article 14 and Part 1 of Article 30 of Federal Law No. 402-FZ, the group of articles “Deductions from insurance premiums” of the report on the financial results of the insurer (Form No. 2-insurer) reflects the amount of deductions from insurance premiums made by the insurer in accordance with the legislation of the Russian Federation and (or) the rules and standards of professional associations, unions, and associations of insurers, whose powers include the accumulation of deductions from insurance premiums made by insurers in accordance with the legislation of the Russian Federation. Such deductions from insurance premiums include, for example:

contributions to the reserve of guarantees and the reserve of current compensation payments provided for by the Federal Law “On Compulsory Insurance of Civil Liability of Vehicle Owners”;

deductions from insurance premiums to the reserve for financing compensation payments provided for by the Federal Law “On compulsory insurance of civil liability of the owner of a hazardous facility for damage caused by an accident at a hazardous facility”;

deductions of part of the received insurance premiums under agricultural insurance contracts to the compensation fund provided for by the Federal Law “On State Support in the Field of Agricultural Insurance and on Amendments to the Federal Law “On the Development of Agriculture”.

Deductions to the preventive measures fund, which an insurance organization has the right to form in accordance with paragraph 6 of Article 26 of the Law of the Russian Federation “On the organization of insurance business in the Russian Federation”, are not reflected in the group of items “Deductions from insurance premiums”

Explanations for the group of articles “Deductions from insurance premiums” are given in subsection 8.3 of Section 8 “Insurer’s Income and Expenses” of the explanations in tabular form (appendix to the Instructions).

Disclosure of investment income and expenses

Amounts of income received from the placement (investment) of insurance reserve funds (income in the form of interest, income from participation in other organizations, the difference between the assessment of financial investments at the current market value as of the reporting date and the previous assessment of financial investments, etc.), and related with them, the amounts of expenses are reflected respectively in the groups of articles “Income from investments” and “Expenses from investments” of Section I (from the placement (investment) of funds from insurance reserves for life insurance) and Section II (from the placement (investment) of funds from insurance reserves for other insurance, than life insurance) of the insurer’s financial performance report (form No. 2-insurer).

The amounts of income received from the placement of the insurance organization's own funds and the associated amounts of expenses are reflected respectively in the groups of articles “Other income” and “Other expenses” of Section III of the report on the financial results of the insurer (Form No. 2-insurer).

It should be borne in mind that the amounts of income and expenses on investments that are indirect in nature, associated simultaneously with the placement of insurance reserves and other assets (for example, the costs of maintaining a structural unit of the insurer engaged in investment management, payment for the services of a specialized depository), are distributed the insurer between the corresponding groups of articles of sections I, II and III of the report on the financial results of the insurer (form No. 2-insurer) in accordance with the method established in the accounting policies of the insurer, which must be disclosed in the explanations included in the annual financial statements (clause 58 Instructions).

subsection 8.5.1 - to the groups of articles “Income on investments” and “Expenses on investments” of section I;

subsection 8.5.2 - to the groups of articles “Income on investments” and “Expenses on investments” of section II;

subsection 8.7 - to the groups of articles “Other income” and “Other expenses” of section III.

Disclosure of information about other income and expenses,

directly related to insurance operations

The groups of articles “Other income from life insurance” and “Other expenses from life insurance” of Section I of the insurer’s financial results report (Form No. 2-insurer) reflect, respectively, the amounts of income and expenses directly related to life insurance operations and not attributable to other groups of articles (articles) of section I.

In the groups of articles “Other income from insurance other than life insurance” and “Other expenses from insurance other than life insurance” of Section II of the insurer’s financial performance report (Form No. 2-insurer), the amounts of income and expenses directly related to operations on insurance other than life insurance, and not included in other groups of articles (articles) of Section II.

The composition of other income and expenses directly related to insurance operations is established in paragraphs 46, 47, 53 and 54 of the Instructions.

Explanations for these groups of articles are given in Section 8 “Insurer Income and Expenses” of the explanations in tabular form (appendix to the Instructions) in the following subsections:

subsection 8.6.1 - to the groups of articles “Other income from life insurance” and “Other expenses from life insurance” of Section I;

subsection 8.6.2 - to the groups of articles “Other income from insurance other than life insurance” and “Other expenses from insurance other than life insurance” of Section II.

IV. Selected issues in the preparation of financial statements by credit institutions

Reflection in accounting

derivative financial instruments

In accordance with Bank of Russia Regulation No. 372-P dated July 4, 2011 “On the Procedure for Maintaining Accounting for Derivative Financial Instruments,” the initial recognition of a derivative financial instrument in accounting is carried out when a credit institution enters into an agreement that is a derivative financial instrument. From the date of initial recognition, derivative financial instruments are measured at fair value and reflected on balance sheet accounts for accounting for derivative financial instruments in the currency of the Russian Federation. The methods used by the credit institution for assessing the fair value of derivative financial instruments must be reflected in the accounting policies. Attention should be paid to the validity of the applied methods for assessing the fair value of derivative financial instruments, which should include the maximum available number of market indicators comparable to the terms of execution of contracts, as well as compliance with the frequency of assessment of the fair value of derivative financial instruments.

Analytical accounting of derivative financial instruments is carried out by their types in the context of each contract or series of derivative financial instruments traded on the organized market, determined by the specification of such a derivative financial instrument or other documents of the trading organizer. At the same time, analytical accounting of income from derivative financial instruments (expenses on derivative financial instruments) should provide information on each derivative financial instrument. Attention should be paid to the legality of classifying contracts of a credit institution as part of the types of derivative financial instruments, as well as to the fact that balancing the value of derivative financial instruments representing an asset and a liability and the financial results for various derivative financial instruments is not allowed.

From the date of conclusion of the agreement, accounting of claims and obligations in relation to the underlying (underlying) asset is carried out in the corresponding accounts of Chapter D “Derivative financial instruments and forward transactions” of the Chart of Accounts in credit institutions. Attention should be paid to the correctness of the definition of contracts that provide and do not provide for the delivery of the underlying (underlying) asset (delivery and settlement agreements), since in the accounts of Chapter G “Derivative financial instruments and forward transactions” of the Chart of Accounts in credit institutions, accounting of claims and obligations are carried out only under supply contracts.

In accordance with the Directive of the Bank of Russia dated October 8, 2008 No. 2089-U “On the procedure for drawing up annual reports by credit institutions,” the explanatory note as part of the annual report, among other things, must contain essential information about the financial position of the credit organization, assessment methods and material items accounting statements.

Reflection of reserves in accounting -

non-credit related liabilities

In accordance with the Directive of the Bank of Russia dated April 4, 2012 No. 2800-U “On amendments to the Bank of Russia Regulations dated March 26, 2007 No. 302-P “On the rules of accounting in credit institutions located on the territory of the Russian Federation” in The chart of accounts of accounting in credit institutions allocates the accounts “Reserves - estimated liabilities of a non-credit nature” for the formation of reserves in connection with the estimated liabilities of a non-credit nature existing in a credit organization as of the reporting date. The amounts of reserves are recorded on balance sheet account No. 61501 “Reserves - estimated liabilities of a non-credit nature.”

It should be borne in mind that accrued obligations in terms of future payment of vacations to employees and remunerations based on the results of work for the year are subject to reflection in accounting in account No. 60348 “Reserves for future expenses.”

Reserves - estimated liabilities of a non-credit nature are not reflected in off-balance sheet accounts for accounting for contingent liabilities of a non-credit nature.

Significant amounts of non-credit contingent liabilities are reflected in off-balance sheet account No. 91318 “Non-credit contingent liabilities”, including for disputes that were not resolved as of the reporting date in a claim or other pre-trial procedure, as well as for legal proceedings that were not completed as of the reporting date, in which the credit the organization acts as a defendant and decisions on which can be made only in subsequent reporting periods.

Reflection in real estate accounting,

temporarily unused in core activities

Directive of the Bank of Russia dated December 25, 2010 No. 2553-U “On amendments to Bank of Russia Regulations dated March 26, 2007 No. 302-P “On the rules of accounting in credit institutions located on the territory of the Russian Federation” introduced the concept of real estate, temporarily unused in core activities. To qualify an object as real estate temporarily unused in the main activity, a professional judgment is applied, formed on the basis of criteria developed and approved in the accounting policy, taking into account the requirements of Chapter 11 of Appendix 10 to Bank of Russia Regulations dated March 26, 2007 No. 302-P “On rules for maintaining accounting records in credit institutions located on the territory of the Russian Federation.” The transfer of an object to real estate temporarily not used in the main activity is carried out only if the method of its use changes and provided that its sale within one year from the date of classification as real estate temporarily not used in the main activity is not planned by the credit institution.

Accounting for real estate temporarily not used in the main activity, after its initial recognition, is carried out either at historical cost less accumulated depreciation and accumulated impairment losses, or at current (fair) value with the results of its changes reflected in the income or expense accounts. Since a credit institution independently determines the accounting method for real estate temporarily not used in its core business and approves it in its accounting policies, you should pay attention to the fact that the accounting method chosen by the credit institution for real estate that is temporarily not used in its core business is applied consistently to all real estate. temporarily not used in the main activity, on the reliability of the methods used for assessing fair value, the correctness of the accounting of balance sheet balances at the end of the year, income and expenses from changes in fair value.

If a credit institution has chosen the method of accounting for real estate temporarily not used in its core business at current (fair) value, then fixed assets must be transferred to real estate temporarily not used in core business after their revaluation at current (fair) value with attribution of the results to the account for accounting for the increase in property value during revaluation. If the book value of an item of fixed assets exceeds its current (fair) value, then the specified difference is credited to balance sheet account No. 10601 “Increase in property value during revaluation” within the balance on the personal account for accounting for the value of property during revaluation, and if insufficient or in the absence of such balance, to the expense account. When transferring non-current inventories to real estate that is temporarily unused in the main activity, it is necessary to determine their current (fair) value and the resulting difference to be charged to the income (expense) account.

The transfer of an object from real estate that is temporarily unused in the main activity is carried out only if the method of its use changes. When transferring a property that is temporarily unused in the main activity, accounted for at current (fair) value, into fixed assets, as well as non-current inventories (including when making a decision on its sale) for the initial cost of this object for the purposes of subsequent accounting the credit institution accepts its current (fair) value as of the date of transfer.

In accordance with the Directive of the Bank of Russia dated October 8, 2008 No. 2089-U, the explanatory note as part of the annual report, among other things, must contain significant information about the financial position of the credit institution, valuation methods and significant items of the financial statements.

Reflection in accounting of reserves for assets not used for banking activities

In accordance with the Directive of the Bank of Russia dated April 20, 2011 No. 2612-U, credit institutions create reserves for possible losses on assets not used for banking activities, as provided for in Article 5 of the Federal Law “On Banks and Banking Activities”. Such assets include, in particular: real estate; things not related to real estate; rights of claim under agreements of shared participation in construction, received by a credit organization under compensation agreements or under pledge agreements as a result of the exercise of rights to security for loans provided by the credit organization, loan and equivalent debt; assets received by a credit institution as a result of restructuring of accounts receivable; as well as the residual (book value minus depreciation) value of real estate and land not used for banking activities.

The amount of reserves for such non-core assets is formed for supervisory purposes annually as of February 1 of each subsequent year and depends on the length of time the property is on the balance sheet of the credit institution. For assets accounted for on the balance sheet for more than a year - no less than 10%, more than two years - no less than 20%, more than three years - no less than 35%, more than four years - no less than 50%, more than five years - no less than 75% . The amount of the reserve for these assets accounted for by a credit institution for 12 months or more before January 1, 2012, starting with reporting as of February 1, 2012, must be formed in an amount of at least 10%.

In accordance with Part 3 of Article 5 of the Federal Law “On Auditing”, a mandatory audit of the financial statements of a non-state pension fund is carried out only by audit organizations. According to the Federal Law “On Non-State Pension Funds”, an audit by an affiliate of the fund, its management company (management companies) and a specialized depository is not allowed.

Federal Law No. 403-FZ dated December 1, 2014 is aimed at introducing ISA in Russia. It will take several years to implement this project, but now it is worth familiarizing yourself with the basic principles and approaches of international audit.

General approach to financial statements audit

In Russia, most companies prepare financial statements under IFRS through transformation based on accounting and tax accounting data (RAS). Parallel accounting is much less common; the following combination is often used: those data whose accounting complies with the principles of IFRS are transferred to the IFRS reporting system, then adjustments are made, transformational or consolidative, and some areas, for example, accounting for fixed assets at a revalued value, can be maintained directly in the system.

In general, the process of generating financial statements under IFRS can be presented in the form of a diagram.

The process of generating financial statements according to IFRS

The article will examine the approach of world consulting leaders. In general, the audit process corresponds to the reporting scheme: RAS data is checked in accordance with Russian regulations, then adjustments and all additional data disclosed in the notes based on IFRS requirements are audited. Such an audit is usually more expensive than that of other companies; it is advisable in case of relevant requirements of shareholders or foreign partners.

It should be immediately noted that it will not be possible to save costs by auditing the RAS statements of a small Russian company and then attracting an international team to make adjustments to IFRS. RAS data will be rechecked again, in addition, if communication with the previous auditor is required, the company itself will have to pay for it.

Stages of audit according to IFRS

Preparatory stage. An audit of accounting and tax accounting data itself is not anything complicated or unusual: all supporting documentation is selectively checked, from contracts to “primary” documents, and support for this process can be carried out by the accounting department. However, this is just the tip of the iceberg - during an IFRS audit, many employees will be involved, from management to ordinary performers, and the list of documents being audited is much wider.

Firstly, even before concluding a transaction, the auditor checks the reputation of the client company. This is required by generally accepted international standards, enshrined both in the legislative acts of many countries and in the code of ethics of professional auditors. Companies suspected of fraud, money laundering, corruption, supporting terrorist activities, posing a threat to the environment, using child labor, and so on are considered unreliable. Cooperation with such clients can harm the reputation of the auditor himself, and this entails direct losses, including exclusion from the ranks of international associations of accountants and auditors.

Then the financial stability and solvency of the potential customer are checked, the scale of activity and the scope of the proposed audit work are assessed based on published data from publicly available sources and a number of documents requested from the company itself. For a group of companies, information will be required on all legal entities included in the consolidation perimeter.

At this stage, the approximate cost of the audit is estimated based on the internal standards of the audit firm, usually this is the product of the number of hours of planned work by the rate, which depends on the experience and qualifications of the auditors involved. The audit company must provide the process with the necessary resources, since staff shortages may arise, especially during the annual reporting season. How does this threaten the audited company? The fact that trainees and consultants with little work experience will take part in the audit, since it is more profitable for the auditor to hire new employees than to lose a reliable client. This can be avoided by specifying in the contract the requirements for the experience and qualifications of employees, however, in this case the cost of the contract will increase. On the other hand, more experienced auditors will work more efficiently and spend less of both their time and the time of company employees. Here the choice must be made by management, since in any case the result in the form of an audit report is guaranteed.

It is the management, and not the chief accountant, who signs the so-called letter of commitment, in which they confirm their responsibility for the preparation and reliability of financial statements in accordance with IFRS. In addition, the auditor will require confirmation of responsibility for the internal control system (ICS), which management considers necessary for the preparation of financial statements that do not contain material misstatements due to fraud or error.

In this issue, there is also a convergence of Russian and international practices: the need to exercise internal control is enshrined in the Federal Law “On Accounting” (Article 19 of the Federal Law of December 6, 2011 No. 402-FZ). Moreover, companies that have organized an effective internal control system will be able to switch to the tax monitoring procedure instead of desk audits. As for the audit itself, the level of development of the internal control system in the company directly determines the detail of the checks and, accordingly, the cost of services: the greater the risk of errors and distortions in reporting, the more information will be checked.

The result of the preparatory stage is a signed audit contract. As a rule, auditors offer a standard form, but when drawing up an agreement it is very important not to miss important points for the company: duties and responsibilities of the parties, deadlines, dispute resolution procedures. All additions are made to the contract, and here it is important not only the support of the legal service, but also the participation of those responsible for the preparation of IFRS reporting, since lawyers are rarely aware of the intricacies of the process.

The “field work” stage is when the audit team visits the client in accordance with the preliminary inspection plan (which is adjusted as previously unknown facts are discovered). Even during the planning process, auditors receive many documents, constituent and organizational, downloads from accounting systems, data on bank accounts and main counterparties. Therefore, by the time auditors appear at the company’s offices, most of the information requests for the provision of detailed information are already ready: budgets, contracts, investment plans, calculations, invoices, acts, pay slips, and so on. For successful communication with auditors, a responsible person should be appointed in the IFRS department for processing audit requests, who has sufficient authority to obtain documentation and necessary data from employees of other departments and group companies.

The first IFRS audit is carried out at least two years in advance, since comprehensive reporting requires comparable data for the previous period. The audit, as a rule, takes place in two stages: information for the previous year and the first nine months of the reporting period is analyzed, and then the fourth quarter is audited, taking into account corrections to interim reporting.

Auditors will ask to send requests to banks and counterparties to confirm cash balances and the status of settlements, which should be sent directly to the audit firm’s office. In addition, it may be necessary to ensure the participation of auditors in inventory counts, to organize physical access to production facilities, warehouses, and so on. Primary documents are checked and their compliance with the data of accounting systems, meetings are held with the company's management, interviews of employees at various levels, testing of controls and verification of compliance with regulations on the functioning of business processes.

In the course of the work, not only accounting and tax accounting data are studied, but also management information, to the point that auditors may ask for clarification of discrepancies between budget data and revenue figures in the financial statements.

At the next stage of the audit, transformation and consolidation processes are directly checked: whether balances and turnovers from RAS are correctly transferred to the models, what prerequisites and methods are used to determine fair value, whether all adjustments from previous periods are transferred, how intra-group balances and turnovers are eliminated, whether unrealized assets are calculated correctly profit, whether the impact of adjustments on deferred taxes has been taken into account, and so on.

Particular attention is paid to acquisitions and disposals of businesses, as this is one of the most complex topics in IFRS. Classification of investments, determination of control, valuation of companies, calculation of goodwill and non-controlling interest, impairment testing - as a rule, this is where differences with the auditor's opinion often arise and significant adjustments are proposed.

Auditors pay special attention to descriptive disclosures under IFRS, such as contingent assets and liabilities, events after the reporting date, and the company's risk assessment. These data are not taken into account in information systems; as a rule, there are no regulations for their generation, there is no clear distribution of responsibility for their compilation, and sometimes employees simply do not have the appropriate experience. Therefore, there are often errors and shortcomings in these matters, which only plays into the hands of auditors - unfortunately, the quality of audit work is assessed mainly by the number of violations identified.

At the final stage of the audit, comments accepted for correction are finally discussed and verified, written assurances from the company's management are requested (see below), and a final analysis of events after the reporting date is performed. The result of all procedures is the issuance of an audit report and the provision of reporting to the final recipients of financial information, be it shareholders, credit institutions, partners or the general public.

Often, after the first audit, financial statements show worse results than management expected. This is due to the IFRS principle of caution to ensure that users of financial information do not form an unreasonably optimistic view of the company's position. The bonuses of such an audit are the identified shortcomings of the internal control system, the elimination of which will improve the quality of business processes as a whole. Correcting detected deficiencies in accounting methods and systems is also an advantage - the risk of tax fines and penalties is reduced. In addition, the needs for advanced training of employees of both the accounting department and the IFRS department are identified, which can be used to justify the organization of training and evaluation of the work of accounting specialists. If a company plans to audit subsequent statements under IFRS, then audit costs may be reduced due to the fact that the auditor will already be familiar with the client’s business and characteristics, and accordingly, labor costs will be reduced. However, this scenario for the development of events should be discussed in advance, even at the time of selecting an auditor, since consulting services are provided on the free market and all performers are interested in receiving high incomes.

For a certain period of time, reporting can be daily, weekly, ten-day, monthly, quarterly, semi-annual, annual.

Quarterly and monthly financial statements represent interim reporting. Annual reports (final) are prepared for the reporting year. Interim financial statements are compiled on an accrual basis from the beginning of the reporting year; they should consist of a balance sheet and a profit and loss account.

The reporting period is understood as the period for which the organization must prepare financial statements (month, quarter, half-year, 9 months, year). Monthly and quarterly reporting, being interim, is compiled on an accrual basis from the beginning of the reporting year.

Reporting date is the date as of which the organization must prepare financial statements.

The accounting regulations “Accounting statements of an organization” IFRS establishes the composition, content and methodological basis for the formation of financial statements of organizations. The financial statements of organizations (with the exception of budgetary ones) include (Fig. 1):

Balance sheet - form No. 1;

Profit and loss report - form No. 2;

applications to them:

Statement of changes in capital - form No. 3;

Cash flow statement - form No. 4;

Appendix to the balance sheet - form No. 5.

For non-profit organizations, Form 6 “Report on the intended use of funds received” is provided.

Fig. 1 - Composition of interim and annual financial statements

Accounting statements are a system of indicators that reflect the property and financial position of the organization as of the reporting date, as well as the financial results of its activities for the reporting period.

Interim reporting includes the Balance Sheet and the Profit and Loss Statement. The remaining forms need to be drawn up only at the end of the year.

Some organizations may not prepare annual financial statements in full. These include:

- small enterprises;
- non-profit organizations.

The composition of the annual financial statements of small enterprises depends on whether their activities are subject to mandatory audit. If an organization is not required to audit its financial statements, then only the Balance Sheet and the Profit and Loss Statement can be presented as part of the annual financial statements. If the organization is obliged to conduct an audit, then in addition to the Balance Sheet and the Profit and Loss Statement, it is required to submit appendices to them (for which data is available) and an Explanatory Note. This procedure is established in paragraph 3 of the Instructions approved by Order of the Ministry of Finance of the Kyrgyz Republic dated July 22, 2003 No. 67n. Efimova O.V. Analysis of financial statements: Textbook. manual [Text] / O.V. Efimova. - Moscow: OMEGA-L, 2004. - 408 p.

Non-profit organizations may not submit a Statement of Changes in Capital, a Statement of Cash Flows and a Appendix to the Balance Sheet as part of their annual financial statements. However, they are recommended to draw up a Report on the intended use of the funds received (Form No. 6).

If it is discovered that there is insufficient data in the standard forms of financial statements, which prevents the formation of a complete picture of the financial and property position of the organization, the organization has the right to include additional indicators in the financial statements.

The presented financial statements are attached to the covering letter of the organization, drawn up in the prescribed manner and containing information on the composition of the presented financial statements. Currently, accounting reporting forms are advisory in nature, thereby giving organizations the right to independently develop accounting reporting forms.

In accordance with the Accounting Law, annual financial statements of open joint-stock companies, banks and other credit, insurance organizations, exchanges, investment and other funds created at the expense of private, public and state funds are subject to mandatory publication no later than June 1 of the year following the reporting year. , unless otherwise provided by the legislation of the Kyrgyz Republic.

Reports are published in newspapers and magazines accessible to users of financial statements, or distributed among them in the form of booklets and brochures. Accounting statements are considered published if publication actually took place in at least one periodical publication, which can be determined by a decision of the board of directors of the organization or the executive body of the business entity. Contents of the published financial statements: Form No. 1 “Balance Sheet”, Form No. 2 “Profit and Loss Statement”, the final part of the auditor’s report.

Form No. 1 can be published in abbreviated form in the sums of the results by section if the following financial indicators are available: the amount of assets at the end of the reporting year does not exceed 400 thousand minimum wages; the volume of revenue from the sale of products for the year does not exceed one million minimum wages. Erofeeva V.A. Accounting (financial reporting): Textbook. manual [Text] / V.A. Erofeeva. -Moscow: YURAYT, 2005. -368 p.

For each indicator published in the current year, the indicator of the previous year must be provided for the purpose of comparability of data.

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