The procedure for evaluating financial investments. Financial investments: concept, accounting The amount of excess of the market value of financial investments

During the audit of the financial statements of the organization for 2006, recommendations were given on the creation of a reserve for the depreciation of financial investments.

Due to the fact that the shares acquired by the organization are not traded on the securities market, their current market value cannot be determined.

In connection with the foregoing, we ask for recommendations on the following issues.

What basic principles should be followed when developing a methodology for determining the estimated value of a financial investment for acquired securities that are not traded on the securities market?

What priority measures should be taken to obtain data for the subsequent assessment of the current value of financial investments?

The rules for the formation in accounting and financial statements of information on financial investments of an organization are regulated by PBU 19/02 "Accounting for financial investments" * (1).

In accordance with paragraph 8 of PBU 19/02, financial investments are accepted for accounting at their original cost * (2).

At the same time, clause 18 of PBU 19/02 establishes that the initial cost of financial investments, at which they are accepted for accounting, may change in cases established by law and PBU 19/02.

For the purposes of subsequent assessment, financial investments are divided into two groups:

Financial investments for which it is possible to determine the current market value in accordance with the procedure established by PBU 19/02;

Financial investments for which their current market value is not determined.

As follows from the Request, the shares held by the organization are financial investments for which their current market value is not determined.

In accordance with RAS 19/02, in respect of financial investments for which the current market value is not determined, the organization at least once a year as of December 31 of the reporting year * (3) if there are signs of impairment, must check the existence of conditions for a sustainable significant decline their cost.

If the audit confirms a steady significant decrease in the value of financial investments, then the organization forms a reserve for the depreciation of financial investments. The specified reserve is formed at the expense of the financial results of the organization (as part of other expenses).

To summarize information on the availability and movement of reserves for the depreciation of financial investments, the Chart of Accounts for the financial and economic activities of organizations * (4) provides for account 59 "Reserves for the depreciation of financial investments". In accordance with the Instructions for the Application of the Chart of Accounts for the Accounting of Financial and Economic Activities of Organizations, the amount of the created reserve is recorded on the debit of account 91 "Other income and expenses" and the credit of account 59 "Provisions for depreciation of financial investments".

Let us consider in more detail the algorithm for creating a reserve for depreciation of financial investments.

1. Check for depreciation of financial investments.

PBU 19/02 defines the depreciation of financial investments as a sustainable significant decrease in the value of financial investments, below the amount of economic benefits that the organization expects to receive from these financial investments in the normal course of its activities.

For an organization to recognize a sustainable decrease in the value of financial investments, the following conditions must simultaneously be present:

Examples of situations in which depreciation of financial investments may occur are (clause 37 of PBU 19/02):

The appearance of signs of bankruptcy in the issuing organization of securities owned by the organization, or in its debtor under a loan agreement, or declaring it bankrupt;

Making a significant number of transactions in the securities market with similar securities at a price significantly lower than their book value;

Absence or significant decrease in income from financial investments in the form of interest or dividends with a high probability of a further decrease in these income in the future, etc.

As can be seen, in order to check the existence of conditions for a sustainable reduction in the cost of financial investments, it is necessary to determine the estimated value of financial investments (see clause 1.1).

1.1. Determination of the estimated value of financial investments.

It should be noted that neither PBU 19/02, nor other regulatory accounting documents contain a methodology for determining the estimated value of financial investments. PBU 19/02 only states that the estimated cost of financial investments is determined on the basis of the organization's calculation.

As follows from the Request, financial investments for which the current market value is not determined are shares.

In this case, it should be noted that in accordance with paragraph 38 of PBU 19/02 in the financial statements, the value of financial investments in respect of which a reserve is created is shown at book value less the amount of the formed reserve for their depreciation.

Considering that the reserve is created for the amount of the difference between the book value and the estimated value of financial investments, then, accordingly, in the financial statements, financial investments will be reflected at the estimated value.

In fact, this indicates that the reporting reflects not the historical cost of financial investments (ie the actual cost), but their fair value (the amount at which the asset can be purchased). Only in relation to financial investments, for which the current market value is determined, this mechanism is implemented through mandatory "revaluation" (reflection at market value), and in relation to financial investments, for which the current market value is not determined, through reservation.

Given the specified nature of the reservation, in order to determine the estimated value of shares, the following options can be offered:

1 option

For a more accurate determination of the estimated price of shares, and, accordingly, for greater reliability of reporting, it is most effective to involve an independent appraiser.

The disadvantage of this option is that the organization will have to bear the cost of paying for the services of the appraiser.

In addition, the determination of the estimated value of shares does not mean that the organization will have to create an impairment allowance, since it is created only if there are conditions for a steady decline in the value of financial investments (see above). And the specified conditions determine that a steady decline should be characterized by a significant difference between the accounting value and the estimated value (the accounting value is higher than the estimated value), a significant change in the estimated value in the direction of its decrease during the year, and the absence of evidence that a significant increase in the estimated value is possible in the future.

Thus, if the above "materiality conditions" are not met (i.e., for example, the estimated amount may be lower than the carrying amount, or slightly higher than the carrying amount), then the entity will not be required to create an impairment allowance in such a case. In this connection, given the rather high cost of appraisers' services, their involvement in determining the estimated cost of financial investments in the event that a reserve is not created will not always be a sound decision from a financial and managerial point of view.

Option 2

The least expensive method for determining the estimated value of shares is the method based on the value of the issuer's net assets per share (since the organization can independently make the corresponding calculation without involving specialists).

This method, of course, will not be able to reflect the estimated value of shares to the same degree of reliability as the methods used by appraisers, but at the same time, it also has the right to be used, since the value of net assets per share reflects the state of property of joint-stock companies. Of course, the indicator of the value of net assets attributable to the corresponding share cannot by itself be assessed as the only value that determines the market price in comparable economic (commercial) conditions, but it affects the most probable price at which the shares can be sold.

When determining the amount of net assets of joint-stock companies, it is necessary to use the Procedure for estimating the value of net assets of joint-stock companies, approved by Order of the Ministry of Finance of Russia and the Federal Securities Commission of Russia dated January 29, 2003 N 10n / 03-6 / pz * (5).

Thus, in order to determine the estimated value of shares by the method under consideration, the organization must carry out the following set of measures:

Request from the issuer financial statements and data on the number of issued shares;

Calculate the value of the issuer's net assets in accordance with the procedure established by the relevant documents (see above);

Determine the estimated value of one share by dividing the net asset value by the number of shares issued.

1.2. Checking the availability of conditions for a sustainable reduction in the cost of financial investments.

After determining the estimated value of the share, the organization must evaluate the simultaneous fulfillment of the conditions for a sustainable decrease in the cost of financial investments:

At the reporting date and at the previous reporting date, the carrying amount is substantially higher than their estimated cost;

During the reporting year, the estimated value of financial investments changed significantly only in the direction of its decrease;

As of the reporting date, there is no evidence that a significant increase in the estimated value of these financial investments is possible in the future.

It should be noted that PBU 19/02 does not define materiality for the above purposes.

In general, for accounting purposes, in accordance with the Order of the Ministry of Finance of the Russian Federation of July 22, 2003 N 67n "On the Forms of Accounting Statements of Organizations", an indicator is considered significant if its non-disclosure may affect the economic decisions of interested users taken on the basis of reporting information. The decision by the organization of the question of whether this indicator is significant depends on the assessment of the indicator, its nature, and the specific circumstances of occurrence. The organization may decide when an amount is recognized as significant if its ratio to the total of the relevant data for the reporting year is at least five percent * (6).

In this connection, the organization can use either the specified five percent level of materiality, or in order to assess the fulfillment of the conditions for a sustainable reduction in the cost of financial investments, determine its materiality criteria.

2. Creation of a reserve.

If all the conditions for a steady decrease in the cost of financial investments are met (their one-time fulfillment is necessary), the organization forms a reserve for the depreciation of financial investments.

The specified reserve is created for the amount of the difference between the book value (the cost at which financial investments are reflected in accounting records) and the estimated value of financial investments (determined by one of the methods specified in paragraph 1.1 of the Consultation or in another way).

3. Documentation of the creation of the reserve.

Paragraph 37 of PBU 19/02 establishes that the estimated cost of financial investments is determined on the basis of the calculation of the organization.

Paragraph 38 of PBU 19/02 states that the organization must provide confirmation of the results of the audit for the depreciation of financial investments.

Thus, the organization must draw up, for example, an Inspection Report, in which, in particular, indicate:

Situations that have taken place, and in which depreciation of financial investments could occur;

Indicate the accounting and estimated value of shares;

Reflect the fact of fulfillment or non-fulfillment of the conditions for a steady decrease in the cost of financial investments;

Reflect validation result - i.e. whether or not there is a steady decline in the cost of financial investments;

Specify whether or not a reserve is created. If created, reflect the amount of the reserve.

Attach an appropriate calculation of the estimated cost of financial investments to the Inspection Report.

We also note that if, based on the results of the audit for the depreciation of financial investments, a further decrease in their estimated value is revealed, then the amount of the previously created reserve for the depreciation of financial investments is adjusted towards its increase and decrease in the financial result (as part of other expenses).

If, according to the results of the check for depreciation of financial investments, an increase in their estimated value is revealed, then the amount of the previously created reserve for the depreciation of financial investments is adjusted towards its decrease and increase in the financial result (as part of other income) (clause 39 PBU 19/02).

If, on the basis of available information, the entity concludes that a financial investment no longer meets the criteria for a sustained significant decline in value, and also upon disposal of financial investments, the estimated value of which was included in the calculation of the allowance for depreciation of financial investments, the amount of the previously created impairment allowance for the specified financial investments are credited to financial results (as part of other income) at the end of the year or the reporting period when the said financial investments were disposed of (clause 40 PBU 19/02).

Conclusion

The methodology for determining the estimated value of financial investments (including shares) for the purpose of creating a reserve for the depreciation of financial investments for which the current market value is not determined, PBU 19/02 is not defined. The organization must independently develop the specified methodology.

*(3) the organization has the right to carry out the specified check on the reporting dates of the interim financial statements (clause 38 PBU 19/02)

*(4) approved by order of the Ministry of Finance of the Russian Federation dated 31.10. 2000 N 94n

*(5) when determining the value of the net assets of insurance organizations - The procedure for estimating the value of the net assets of insurance organizations established in the form of joint-stock companies, approved by Order of the Ministry of Finance of Russia and the Federal Financial Markets Service dated February 1, 2007 N 7n / 07-10 / pz -n credit institutions - Regulations on the methodology for determining the own funds (capital) of credit institutions, approved by the Central Bank of the Russian Federation on February 10, 2003 N 215-P

*(6) Please note that the unified Accounting Policy recommended for use by Regional Companies provides that significant indicators include indicators that make up five or more percent of the total amount of the corresponding reporting indicator, the data of which are disclosed.

A.A. Efremova,
Deputy General Director of the Audit and Consulting Group "RBS"

The global financial crisis hit the stock markets first of all: in the fall and winter of 2008, stock and bond quotes fell many times over compared to summer figures. Of course, in itself, such a fall in prices brought investors huge losses. In addition, this situation led to other problems. In particular, the question of the reliability of the reflection of financial investments in financial statements has acquired particular relevance. During the audit of financial statements for 2008, many shareholders received relevant claims from the auditors. The problems of the tax consequences of the fall in the value of securities have also become aggravated. This article discusses the impact of the depreciation of financial investments on accounting and tax accounting and reporting.

Types of financial investments and their susceptibility to impairment

Regulation of accounting for operations with financial investments is carried out by PBU 19/02 (approved by order of the Ministry of Finance of Russia dated December 10, 2002 N 126n). In particular, it sets out the conditions that must be met at a time (i.e., in aggregate) in order for assets to be accepted for accounting as financial investments (clause 2 of PBU 19/02):

Availability of documents confirming the organization's right to financial investments and to receive funds or other assets arising from this right;

Transition to the organization of financial risks associated with financial investments (risk of price changes, risk of insolvency of the debtor, liquidity risk, etc.);

The ability to bring economic benefits (income) to the organization in the future in the form of interest, dividends or an increase in value (in the form of the difference between the sale (redemption) price of a financial investment and its purchase value as a result of the exchange, use in paying off the organization's obligations, increase in the current market value, etc.) .P.).

Given the latter condition, it is impossible to classify as financial investments promissory notes on which there is no possibility of obtaining income (interest-free, acquired without a discount), loans issued under agreements that do not provide for interest accrual, debt acquired under agreements for the assignment of the right to claim, in the absence of a difference between the purchase value and amount of claims acquired. All listed assets should be recognized as accounts receivable.

From the point of view of depreciation and its reflection in accounting and reporting, financial investments should be divided into two groups already in the period of their acquisition (paragraph 19 of PBU 19/02) (see Table 1 on p. 90).

Table 1

Types of financial investments

Thus, only stocks and bonds can be classified as quoted. To determine their current market value, an organization must use all sources of information on market prices available to it, incl. data of foreign organized markets or trade organizers (letter of the Ministry of Finance of Russia dated 12.01.2006 N 07-05-06 / 2). In addition to foreign ones, the same securities (hereinafter referred to as the Central Bank) may have quotes from various domestic exchanges (MICEX, MFB, etc.), therefore, given the assumption of the consistency in the application of accounting policies (clause 5 PBU 1/2008, approved by order of the Ministry of Finance of Russia dated 06.10.2008 N 106n) and the continuity of reporting rules in order to ensure its comparability (clause 9 PBU 4/99, approved by order of the Ministry of Finance of Russia dated 06.07.1999 N 43n, as amended on 18.09.2006 N 115n), the organization must approve in its accounting policy and declare in the reporting which quotes of which trading organizer are priority for reporting purposes. The concept of regularity should also be defined by the organization itself, but in any case, the securities that determine the current market value should include securities, information about which is published at least once a year.

Impairment of financial investments

Securities for which the current market value can be determined are reflected in accounting and reporting at the current market value by adjusting their valuation as of the previous reporting date. The specified adjustment is carried out at intervals established by the organization itself, but at least once a year before the preparation of annual reports. Most often in practice, a quarterly assessment of the market value of the securities is used. It depends on the frequency with which the organization generates reports in accordance with international financial reporting standards (IFRS or GAAP): for such reporting, information on market quotations is prepared, which is taken into account in Russian reporting to minimize the volume of transformation procedures. If the organization does not generate international reporting at all, then most often, in the name of reducing labor costs, a decision is made to reevaluate financial investments once - before preparing annual reports.

The difference between the assessment at the current market value on the reporting date and on the previous reporting date is attributed to financial results (clause 20 PBU 19/02, approved by order of the Ministry of Finance of Russia dated December 10, 2002 N 126n).

Financial investments for which the current market value is not determined, regardless of the fact that their fair value also falls during the financial crisis, continue to be accounted for at historical cost, however, a reserve mechanism is provided for them. The reserve should be formed for investments for which impairment is observed, i.e. a sustainable significant reduction in value below the amount of economic benefits desired for the organization in the normal conditions of its activities (clauses 37-40 PBU 19/02).

Unfortunately, the crisis shows all the signs of the depreciation of financial investments:

At the reporting date and at the previous reporting date, the carrying amount is significantly higher than the estimated cost;

During the reporting year, the estimated value of financial investments changed significantly only in the direction of its decrease;

As of the reporting date, there is no evidence that a significant increase in the estimated value of these financial investments is possible in the future. In contrast to quoted investments, the test for impairment of unquoted financial investments is carried out much less frequently (as a rule, once a year before the formation of annual financial statements). This frequency, as well as the practical aspects of the test (how the estimated cost is determined, the amount of economic benefits that the organization expects to receive from these financial investments, what value reduction is recognized as significant, etc.) are approved in the organization's accounting policy and disclosed in the explanatory note to the financial statements. Let us give examples of such provisions.

1. The estimated value of financial investments in unquoted shares and contributions to the charter capitals of other companies is determined based on the value of the net assets of such companies, calculated as of the last reporting date. The actual value of the share corresponds to the part of the value of the net assets of the company, proportional to the size of the share owned by the organization.

Example

The organization acquired a share in the authorized capital of a limited liability company in May 2008. The share is 55%, the purchase price is 500 thousand rubles.

As of December 31, 2007, the company's net assets amounted to 1 million rubles, as of December 31, 2008 - 800 thousand rubles.

Considering that the financial condition of the company has deteriorated compared to the period of acquiring a share in its authorized capital, the estimated value of these financial investments is determined: 800,000 rubles. x 55% = 440,000 rubles.

The amount of the impairment allowance will be: 500,000 - 440,000 = 60,000 rubles. In the reporting, these financial investments will be reflected at a cost of 500,000 - 60,000 \u003d 440,000 rubles, profit will be reduced by 60,000 rubles.

2. The estimated value of promissory notes, loans issued and receivables acquired under contracts for the assignment of rights of claim is determined based on an expert assessment of the discount with which these promissory notes, loans and debts can be repaid.

Example

In July 2008, the organization purchased the Bank's promissory note for 100 thousand rubles. As of December 31, information was received on the difficult financial condition of the Bank, in connection with which its promissory notes can be sold on the market at a discount of 35 to 50%.

The average discount is determined:

(35% + 50%) : 2 = 42,5%.

The estimated value of these financial investments is determined:

100 000 rub. x (100% - 42.5%) = 57,500 rubles.

The impairment allowance will be:

100,000 - 57,500 = 42,500 rubles

In the reporting, these financial investments will be reflected at a cost of 100,000 - 42,500 \u003d 57,500 rubles, profit will be reduced by 42,500 rubles.

Accounting entries for depreciation of the market value of financial investments with and without market quotations will be different:

Dt 91 "Other income and expenses" Kt 58 "Financial investments" - a fall in the value of securities, by which their current market value is determined, i.e. impairment;

Dt 91 Kt 59 "Provision for depreciation of financial investments" - formation of a provision for depreciation of investments for which the current market value is not determined.

The accounting value of unquoted financial investments does not change (there is no movement on account 58). However, for the purposes of calculating the indicators of reporting forms, this is not of fundamental importance, since the value of unquoted financial investments is reflected in the balance sheet less the provision for their depreciation (clauses 21 and 38 of PBU 19/02), therefore, both quoted and unquoted investments should ultimately be reflected in form N 1, taking into account the fall in their value due to impairment.

Unfortunately, the experience of auditing financial statements for 2008 showed two trends:

1) accountants continue to be mistaken about the fact that the provision for depreciation of financial investments is voluntary and it is permissible to make a decision on its absence in the accounting policy.

Estimated reserves (the considered one also belongs to them) serve to clarify the valuation of assets in the balance sheet. Accordingly, if the allowance for depreciation of financial investments is ignored, the assessment of financial investments in the financial statements will be distorted. In addition, the non-recognition of impairment costs affects the value of the financial result (profit or even loss). With the materiality of the size of the distortion of indicators, this circumstance forces us to recognize the reporting as unreliable, since it will no longer give a reliable and complete picture of the financial position of the organization, the financial results of its activities and changes in its financial position (clause 6 PBU 4/99);

2) with significant volumes of investments in securities, organizations deliberately did not reflect their depreciation, so as not to worsen their financial statements.

In particular, for unquoted investments, the main argument was the following. Impairment is observed only for the first year, so it cannot be called sustainable and the formation of a provision is not required. This argument is untenable for the reason stated above (it distorts the user's view of the financial position of the reporting entity). In addition, such a policy means a gross violation of the principle of temporal certainty of the facts of economic activity (clause 5 of PBU 1/2008): losses in 2008 are expected to be recognized only in 2009.

Worried about this situation, the Ministry of Finance of Russia in its annual recommendations*1 to auditors for the first time deviated from their usual content. If earlier such recommendations contained advice on which accounting records are used in a given situation, then this year special attention is paid to the adequacy of the valuation of assets and profit in reporting, the effectiveness of the internal control system, the identification of signs of fraud, etc. In particular, the Ministry of Finance of Russia recommends that auditors pay attention to which appraisers the audited entity engages, whether information about doubts about compliance with the going concern assumption is disclosed, and whether the requirement of prudence was met when preparing reports. With regard to financial investments, these recommendations contain very specific requirements: to check how adequate the assessment of quoted and unquoted financial investments in the statements of the audited entity is. Thus, the auditors who "turned a blind eye" to these circumstances during the audit of the 2008 financial statements, reassuring themselves that this situation does not contain tax risks, made a serious mistake.
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*1 Letter of the Ministry of Finance of Russia dated January 29, 2009 N 07-02-18/01 "Recommendations to audit organizations, individual auditors, auditors on auditing the annual financial statements of organizations for 2008".

Further increase in the value of financial investments

In the spring of this year, a correction was observed in the stock and financial markets; the market value of financial investments, which had fallen significantly in autumn and winter, began to grow, although, of course, it could not reach the “pre-crisis” levels. In this case, organizations reflecting a change in the assessment of financial investments on a monthly, quarterly or semi-annual basis should have reflected this growth:

Dt 58 Kt 91 - reflects the revaluation of the Central Bank, which can be used to determine the current market value;

Room 59 Room 91 - a decrease in the provision for depreciation of financial investments, for which the current market value is not determined, is reflected.

In practice, there are two options for reflecting adjustments to the provision for depreciation of financial investments:

An accounting entry is made for the amount of the difference between the previously formed reserve and the amount of the reserve calculated as of the reporting date;

First, an accounting entry is made for the entire amount of the reserve recorded in the accounting (the balance of account 59 is reset to zero), then a new entry reflects the reserve in the amount calculated as of the reporting date.

In the latter case, it is important for the accountant not to make a mistake when filling out the profit and loss statement: since when writing off the previously created reserve (D-t 59 K-t 91), there is no inflow of economic benefits from the organization, the recognition of income in the statements will be unlawful (see. paragraph 2 PBU 9/99, approved by order of the Ministry of Finance of Russia dated December 30, 1999 N 107n, as amended on November 27, 2006 N 156n). In this case, as well as when making accounting entries according to the first option, the organization's income or expense is an increase or, conversely, a decrease in the reserve compared to the previous reporting date. Thus, the reporting also respects the principle of temporal certainty of the facts of economic activity: in the profit and loss statement, only the change in the amount of the reserve that occurred in the reporting period is reflected as income or expense. In other words, the reporting for the six months of 2009 shows income from the increase in the value of financial investments that were significantly depreciated in the 4th quarter of 2008.

Features of depreciation of debt financial investments

Accounting for debt financial investments has a number of features determined by the specific conditions of their circulation. Debt securities are papers that formalize the loan relations of the organization that issued them and the holder. At the same time, income in the form of interest or a discount is accrued on the amount of debt on debt securities - the difference between the placement and redemption prices of such a security.

The most common debt securities are bonds and bills. Bonds are equity securities (Article 2 of the Federal Law of April 22, 1996 N 39-FZ "On the Securities Market"), so they can have quotes on the OSM. Promissory notes, on the contrary, do not belong to issuing securities, the individuality of each particular bill (placement of bills by issues is impossible) makes it impossible to have their market quotations.

For debt securities, for which the current market value is not determined, i.e. promissory notes and bonds not circulating on the OSM, the initial cost during the period of their circulation, according to the decision of the organization approved by it in the accounting policy, can be brought to the nominal value (paragraph 22 of PBU 19/02). This means that two oppositely directed processes can simultaneously occur for such securities - the depreciation of their fair value and the increase in accounting value in connection with its bringing to par. In this case, both transactions are reflected in accounting:

Dt 58 Kt 91 - uniform bringing the purchase price of a bill or bond to face value;

Room 91 Room 59 - depreciation of unquoted financial investments by forming (increasing the previously formed) reserve.

Example

On March 30, 2009, the investment company purchased 1,000 bonds of the Bank with a face value of 120 rubles. per piece, purchase price - 98 rubles. per piece As of July 31, 2009, the financial position of the Bank-Issuer deteriorated sharply, and therefore the redemption value of these bonds amounted to 55 rubles. per piece The maturity date of the bonds is 31.12.2009. The allowance for depreciation of financial investments is formed in accordance with the accounting policy on a quarterly basis.

The circulation period of bonds is calculated in days from the moment of their purchase: 2 (March) + 30 (April) + 31 (May) + 30 (June) + 31 (July) + 31 (August) + 30 (September) + 31 (October) + 30 (November) + 30 (December, the day of repayment is not included in the calculation) = 276 days. The time of holding bonds in the reporting period (from March 30 to June 30) is calculated as follows: 2 (March) + 30 (April) + 31 (May) + 30 (June) = 93 days.

The amount of the discount attributable to the reporting period is calculated:

(120 rubles - 98 rubles) x 1000 pcs. x 93 days: 276 days = 7413 rubles.

In the accounting of the investment company at the end of the reporting period (30.06.2009), two entries are made simultaneously:

Dt 58 Kt 91 - bringing the book value of bonds up to par value (in the amount of 7413 rubles, i.e. 7.413 rubles per bond) is reflected;

Room 91 Room 59 - a reserve for depreciation of bonds (in the amount of 50,413 rubles [(98 rubles + 7,413 - 55 rubles) x 1000 bonds]) is reflected.

As a result, these bonds will be reflected in the reporting at a cost of 55,000 rubles. (98,000 + 7413 - 50,413), the financial result will be reduced by 50,413 - 7413 = 43,000 rubles. This amount corresponds to the actual drop in the market value of the shares (55,000 rubles) compared to their purchase price (98,000 rubles).

As for interest, according to the principle of temporary certainty of the facts of economic activity, they must be charged on the bill of exchange or on the face value of the bond without fail. This is done using the following formula:

P \u003d H x C x (V: 365),

P - the amount of interest on a bill or bond;

H - bill amount or face value of the bond;

C - interest rate on a bill or bond (as a percentage per annum) (should be written on the bill itself or determined in accordance with the terms of the bond issue);

B - the term of circulation of a bill or bond in the period for which interest is charged (in calendar days).

At the same time, it is important to remember the conditions for accepting assets for accounting as financial investments (clause 2 of PBU 19/02). Since interest is no longer accrued on interest (only on the principal amount of the debt), then interest should not be reflected in the line of financial investments (meaning both categories of interest - both paid to the seller of the securities when they were purchased and accrued during the ownership of the securities by the organization itself). As a rule, they are reflected on account 76 "Settlements with various debtors and creditors", and in the reporting - on the line of receivables. Thus, the accrual of interest in the reporting period does not affect either the book value of these securities or their valuation in the statements.

Tax consequences of depreciation of financial investments

The Tax Code of the Russian Federation does not provide for the possibility of reducing the tax base for income tax either by the amount of the fall in the market value of quoted financial investments, or by the amount of the reserve created for the depreciation of unquoted financial investments.

In other words, entries on the reflection of expenses in accounting (Dt 91) do not lead to the appearance of any expenses in tax accounting. In this regard, according to the requirements of RAS 18/02 (approved by order of the Ministry of Finance of Russia dated November 19, 2002 N 114n, as amended on February 11, 2008 N 23n), temporary differences are formed, which leads to the need to reflect a deferred tax asset in accounting (hereinafter - SHE IS). On the other hand, income from an increase in market value or from a decrease in a reserve is also not recognized for income tax purposes, i.e. in this case, a decrease in IT is reflected in accounting. If the growth of the market value exceeds the purchase price of the quoted securities, i.e. the revaluation will exceed the previous markdown, a deferred tax liability (hereinafter - IT) is formed.

Example

According to the results of six months of 2009, a profit in the amount of 1 million rubles was formed in the accounting of a financial company. Over the same period, the increase in the reserve for depreciation of unquoted securities amounted to 318 thousand rubles, the profit from the increase in the current market value of quoted securities - 119 thousand rubles.

Dt 99 Kt 68 - conditional income tax expense in the amount of 200,000 rubles. (1,000,000 rubles x 20%);

Dt 09 Kt 68 - SHE is reflected in the amount of 63,600 rubles. (318,000 rubles x 20%);

Dt 68 Kt 09 - a decrease in SHA due to an increase in the market value of the previously quoted securities depreciating in the amount of 23,800 rubles is reflected. (119,000 rubles x 20%).

Sometimes these differences are treated as permanent rather than temporary. This approach also has the right to exist, due to the fact that we are talking exclusively about the same direction of influence on the value of the Central Bank of external factors (profit or loss), but not about the coincidence of quantitative values. In other words, the contractual or estimated price of the sale of financial investments, which will generate income for tax purposes, does not necessarily coincide with their assessment at the time of disposal in accounting, therefore, not the entire amount of recognized accounting income and expenses will lead to the formation of tax income and expenses. . Not only time, but also the amount of profit or loss in accounting and tax accounting will be different, which is evidence of the formation of permanent rather than temporary differences.

Disposal of financial investments and its tax consequences

The disposal of financial investments is recognized in the event of their redemption, sale, other paid transfer to third parties (as a contribution to the authorized capital, under an exchange agreement, in connection with transfer as a compensation, etc.), donation and other options for a gratuitous transfer. At the time of disposal of financial investments, for which their current market value is determined, they are not revalued, their value is calculated based on the latest assessment (paragraph 30 of PBU 19/02). If financial investments that are not circulating on the OSM are retired, the amount of the reserve formed earlier for their depreciation is written off to other income.

Profit or loss from the disposal of financial investments is determined by comparing income and expenses for this operation, which in accounting and tax accounting are not always determined according to the same rules (see Tables 2 and 3 on pages 96 and 97). Tax legislation provides for special control over the transaction price for the sale or other disposal (redemption) of securities.

table 2

Income from the disposal of financial investments

Table 3

Expenses on disposal of financial investments

In the case of the sale of securities circulating on the OSM at a price below the minimum transaction price on this market, when determining the financial result, the minimum transaction price on the OSM is taken (clause 5, article 280 of the Tax Code of the Russian Federation).

In the case of the sale of securities not circulating on the OSM, for tax purposes, the actual price of the sale or other disposal of these securities is taken if at least one of the following conditions is met (clause 6 of article 280 of the Tax Code of the Russian Federation):

If the actual price of the relevant transaction is within the range of prices for a similar (identical, homogeneous) security registered by the trading organizer on the OSM on the date of the transaction or on the date of the nearest trading held before the day of the relevant transaction, if trading in these securities was held at the organizer trading at least once within the last 12 months;

If the deviation of the actual price of the relevant transaction is within 20% upwards or downwards from the weighted average price of a similar (identical, homogeneous) security calculated by the organizer of trading on the OSM in accordance with the rules established by him based on the results of trading on the date of conclusion of such a transaction or on the date the nearest trades that took place before the date of the relevant transaction, if trades in these securities were held at the trade organizer at least once during the last 12 months.

In the absence of information on the results of trading in similar (identical, homogeneous) securities, the actual price of the transaction is accepted for tax purposes if it differs by no more than 20% from the settlement price of this security, which can be determined on the date of the transaction with the securities, taking into account its specific conditions, features of circulation and price of the security and other indicators, information about which may serve as the basis for such a calculation. To determine the estimated price of a share, the taxpayer alone or with the involvement of an appraiser must use the valuation methods provided for by the legislation of the Russian Federation. The refinancing rate of the Central Bank of the Russian Federation can be used to determine the settlement price of a debt security. In the event that a taxpayer determines the estimated price of a share on its own, the valuation method used must be fixed in the accounting policy of the taxpayer.

Example

The purchase price of the bill is 1.02 million rubles. For a bill of exchange in the amount of 1 million rubles. interest is charged at a rate of 24% per annum. If a bill of exchange is purchased by an organization a month after its issuance, its price will include the interest income accumulated by the previous holder during this time. During the first quarter, the organization owned the promissory note for 50 days. 70 days after the beginning of the II quarter, the holder of the bill sells this bill, while the refinancing rate is 10%, and the selling price of the bill is determined in the amount of:

A) the amount of the bill, including interest - 1,000,000 rubles. + 1 000 000 rub. x 24% x (30 + 50 + 70): 365 days = 1,098,630 rubles;

B) 1090 thousand rubles, i.e. below par, including interest;

C) 1100 thousand rubles, i.e. above par, including interest.

The amount of interest when buying a bill will be (in order not to complicate the example by referring to specific months, we assume that each month has 30 days):

RUB 1,000,000 x 24% x 30: 365 days = 19,726 rubles.

The amount of interest (included in non-operating income) at the end of the first quarter will be:

RUB 1,000,000 x 24% x 50: 365 days = 32,877 rubles.

In connection with the excess of the yield on the promissory note over the refinancing rate, the estimated price of the transaction for its sale for tax purposes will be the actual transaction price.

For tax purposes, the holder of a bill in the II quarter should:

1) calculate and include in the calculation of the tax base for income tax interest income:

RUB 1,000,000 x 24% x 70: 365 days = 46,027 rubles;

A) 1,098,630 - 1,020,000 - (32,877 + 46,027) = - 274 rubles. (lesion);

B) 1,090,000 - 1,020,000 - (32,877 + 46,027) = - 8904 rubles. (lesion);

C) 1,100,000 - 1,020,000 - (32,877 + 46,027) = 1096 rubles. (profit).

Recognition of a loss from the sale (redemption) of securities for tax purposes

The tax base for transactions with the Central Bank is determined by the taxpayer separately. At the same time, the tax bases for transactions with the securities circulating and not circulating on the OSM are determined separately (clause 8, article 280 of the Tax Code of the Russian Federation).

A separate definition (calculation) of the tax base in practice means that the profit from some transactions cannot be reduced by the loss from other transactions. In other words, if there is a loss on transactions with one type of securities, it cannot reduce either the profit from transactions with securities of another type or the profit from the main activity.

Losses can be carried forward (clause 10, article 280 of the Tax Code of the Russian Federation): taxpayers who have received a loss (losses) from transactions with securities in the previous tax period or in previous tax periods have the right to reduce the tax base received from transactions with securities in the reporting (tax) period (carry forward these losses to the future), in the manner and on the conditions established by Art. 283 of the Tax Code of the Russian Federation.

At the same time, losses from transactions with securities received in the previous tax period (previous tax periods) can be attributed to the reduction of the tax base from transactions only with the same securities, determined in the reporting (tax) period.

During the tax period, the carry forward of losses incurred in the relevant reporting period from transactions with securities circulating and not circulating on the OSM is carried out separately for the indicated categories of securities, respectively, within the limits of the profit received from transactions with such securities. Article 283 of the Tax Code of the Russian Federation provides for the following procedure for carrying forward losses from the current tax period to subsequent ones:

Taxpayers who suffered a loss (losses) in the previous tax period or in previous tax periods have the right to reduce the tax base of the current tax period by the entire amount of the loss they received or by a part of this amount (carry forward the loss to the future);

The taxpayer has the right to carry forward the loss for the future within ten years following the tax period when this loss was received.

A loss not carried forward to the next year may be carried forward in whole or in part to the next year of the next nine years;

If a taxpayer has suffered losses in more than one tax period, such losses shall be carried forward in the order in which they were incurred;

The taxpayer is obliged to keep documents confirming the amount of the incurred loss during the entire period when he reduces the tax base of the current tax period by the amount of previously received losses.

Topic 7. Accounting for financial investments

1. The procedure for evaluating financial investments

2. The procedure for the subsequent evaluation of financial investments

3. The procedure for evaluating financial investments upon their disposal

In accordance with paragraph 9 of the Accounting Regulation "Accounting for financial investments" PBU 19/02, approved by order of the Ministry of Finance of Russia dated December 10, 2002 No. 126 n, the initial cost of financial investments acquired for a fee is recognized as the amount of the organization's actual costs for their acquisition, excluding VAT and other refundable taxes.

At the same time, the following are recognized as actual costs for the acquisition of assets as financial investments:

Amounts paid in accordance with the contract to the seller;

Amounts paid to organizations and other persons for information and consulting services related to the acquisition of these assets. If an organization is provided with information and consulting services related to making a decision on the acquisition of financial investments, and the organization does not make a decision on such an acquisition, the cost of these services is charged to the financial results of a commercial organization (as part of operating expenses) or an increase in the expenses of a non-profit organization of that reporting period. the period when the decision was made not to acquire financial investments;

Remuneration paid to an intermediary organization or other person through which assets are acquired as financial investments;

Other costs directly related to the acquisition of assets as financial investments.

Thus, the initial cost of financial investments is defined as the sum of the costs incurred in accordance with the contract for the sale of financial investments and other costs directly related to their acquisition.

At the same time, paragraph 11 of PBU 19/02 establishes a special procedure for evaluating financial investments purchased for a fee. If the amount of costs (except for the amounts paid in accordance with the agreement to the seller) for the acquisition of securities is insignificant compared to the amount paid in accordance with the agreement to the seller, the organization has the right to recognize such costs as other operating expenses of the organization. Such costs are recognized in the reporting period in which the specified securities were accepted for accounting.

Due to this circumstance, the organization should reflect in the accounting policy the applicable procedure for evaluating financial investments in the form of securities purchased for a fee:

The general procedure in which all costs associated with the acquisition of securities form the initial cost of these securities;

A special procedure in which the initial cost of securities is formed only in the amount of the costs under the securities purchase and sale agreement (if the amount of other costs associated with the acquisition of these securities is insignificant).

In accordance with paragraph 13 of PBU 19/02, the initial cost of securities received by an organization free of charge is:

Their current market value at the date of acceptance for accounting. At the same time, the current market value of securities means their market price calculated in accordance with the established procedure by the trade organizer on the securities market;

The amount of money that can be received as a result of the sale of received securities as of the date of their acceptance for accounting - for securities for which the market price is not calculated by the trade organizer on the securities market.

In relation to securities not traded on the organized securities market, in our opinion, it is permissible to apply the valuation method established by paragraph 29 of the Methodological Guidelines for Accounting of Fixed Assets. That is, to evaluate such securities based on information about the value of securities received from the issuer, other persons trading in these securities, expert opinions (for example, appraisers) on the value of securities, etc.

In addition, in our opinion, when assessing the initial value of securities received free of charge, it is permissible to apply the method of determining the settlement price of a security, established by paragraph 6 of Article 280 of the Tax Code of the Russian Federation.

In accordance with the provisions of this norm, from January 1, 2006, to determine the settlement price of a share independently or with the involvement of an appraiser, the methods of valuation provided for by the legislation of the Russian Federation must be used, to determine the settlement price of a debt security, the refinancing rate of the Bank of Russia can be used. In the case of self-determination of the estimated share price, the method of valuation used is fixed in the accounting policy.

It is necessary to establish in the accounting policy the procedure for determining the value of securities received free of charge, indicating:

The person (service of the organization) responsible for providing the accounting department of the organization with information on the basis of which the assessment is made (either information about the quotes of securities, or information about the amount of money that can be received as a result of the sale of securities);

A document that draws up a decision on determining the value of securities received free of charge (on the basis of which the initial cost of a financial investment will be formed).

The procedure for determining the initial cost of financial investments acquired under agreements providing for the fulfillment of obligations (payment) in non-cash funds is established by paragraph 14 of PBU 19/02. According to this norm, the cost of assets transferred or to be transferred by the organization is recognized as the initial cost of such financial investments. In turn, the value of assets transferred or to be transferred by the entity is determined based on the price at which, in comparable circumstances, the entity usually determines the cost of similar assets.

If it is impossible to establish the value of the assets transferred or to be transferred by the organization, the cost of financial investments received by the organization under agreements providing for the fulfillment of obligations (payment) in non-monetary funds is determined based on the cost at which similar financial investments are acquired in comparable circumstances.

Therefore, in order to reasonably determine the initial cost of these financial investments, the organization should have available documents confirming the value of assets transferred in payment for the acquired financial investments, or documents confirming the price at which similar financial investments are acquired in comparable circumstances.

In our opinion, the second option for determining the value of financial investments is used only when the organization has no transactions for the sale of assets transferred in payment for the acquired financial investments for a long period of time. Also, this option is applicable in the case when the terms of usually concluded transactions for the sale of the assets in question differ significantly from the terms of the transaction for the acquisition of financial investments.

When fixing in the accounting policy the procedure for evaluating financial investments acquired under agreements providing for the fulfillment of obligations by non-monetary means, we recommend establishing the following:

The procedure for calculating the value of assets transferred as payment for financial investments (based on the average cost of goods for a certain period, the cost of goods fixed in the price list on the date of transfer of goods, etc.), the document by which this calculation is drawn up (on the basis of which the initial cost of the financial investment is formed), and the person (service of the organization) responsible for making the calculation;

The form of the opinion on the impossibility of establishing the value of assets transferred or to be transferred as payment for financial investments, and the person (service of the organization) responsible for drawing up this opinion and submitting it to the accounting department of the organization;

The person (service of the organization) responsible for providing the accounting department of the organization with information on the basis of which the assessment of financial investments is made if it is impossible to establish the value of assets transferred as payment for financial investments;

A document that draws up a decision on determining the price at which, in comparable circumstances, financial investments similar to those acquired by an organization are acquired (on the basis of which the initial cost of a financial investment will be formed).

Financial investments- this is the placement of the organization's free cash in other enterprises through the acquisition of securities, the issuance of long-term loans, and contributions to authorized capital. Distinguish between long-term and short-term investments. Short-term recognize those assets, the circulation or maturity of which does not exceed 12 months, long-term - financial investments with a period of more than one year. When accounting for financial investments, one should be guided by the Accounting Regulation "Accounting for Financial Investments" PBU 19/02 (approved by Order of the Ministry of Finance of Russia dated 10.12.2002 N 126n; hereinafter - PBU 19/02).
According to paragraph 3 of PBU 19/02, financial investments include:
- securities (state, municipal, other organizations), including debt securities, in which the date and cost of redemption are determined (bonds, bills of exchange);
- contributions to the authorized (share) capital of other organizations (including subsidiaries and affiliates);
- loans granted to other organizations;
- deposits in credit institutions;
- contributions of a partner organization under a simple partnership agreement.
To summarize information on the presence and movement of investments of an organization in government securities, shares, bonds and other securities of other organizations, authorized (reserve) capitals of other organizations, as well as loans provided to other organizations, account 58 "Financial investments" is intended.
To account 58 sub-accounts can be opened:
- "Shares and shares";
- "Debt securities";
- "Granted loans";
- "Contributions under a simple partnership agreement."
Not considered financial investments of the organization:
- own shares redeemed by the joint-stock company from shareholders for subsequent resale or cancellation;
- promissory notes issued by the drawer organization to the seller organization in settlements for goods sold, products, work performed, services rendered;
- investments of the organization in real estate and other property having a tangible form, provided by the organization for a fee for temporary use (temporary possession and use) in order to generate income;
- precious metals, jewelry, works of art and other similar valuables acquired not for the purpose of carrying out normal activities.
It is important to emphasize that the assets having a tangible form, such as fixed assets, inventories, as well as intangible assets are not financial investments, but when they are made as a contribution to authorized capital or under a simple partnership agreement they will be treated as financial investments.
Requirements for assets to be recognized as financial investments:
- the organization must have documents confirming its right to a financial investment (for loans - an agreement; for promissory notes issued by third parties - a bill; for shares or bonds - the shares themselves, bonds or a certificate for them, an extract from the register; for deposits in banks - an agreement; for contributions to authorized capital - the charter of the company that received this contribution);
- transition to the organization of financial risks associated with these investments;
- the ability to generate income in the future (interest, dividends, the difference between the purchase and sale prices).
at initial cost, which consists of the amount of the organization's actual costs for their acquisition, excluding value added tax and other refundable taxes (except as provided by the legislation of the Russian Federation on taxes and fees).
According to paragraph 9 of PBU 19/02, such expenses include:
- amounts paid in accordance with the contract to the seller;
- amounts paid to organizations and other persons for information and consulting services related to the acquisition of these assets (if such information or consulting services are provided, but the organization does not make a decision on such an acquisition, the cost of services is charged to the financial results of a commercial organization as part of other expenses or to increase the expenses of the non-profit organization of the reporting period when the decision was made not to purchase financial investments);
- remuneration paid to intermediaries through which investments are acquired;
- other costs directly related to the acquisition of assets as financial investments.
If the additional costs of acquiring securities are insignificant compared to the amount paid to the seller, then they can be accounted for as other expenses in the reporting period when the securities were credited.
Since RAS 19/02 does not contain a definition of the materiality of the costs of purchasing securities, a general rule can be taken as a basis, according to which an indicator that is less than 5% of a particular amount is not considered significant, but this must be reflected in the accounting policy of the enterprise.
Shares, as one of the types of financial investments, can be acquired by an organization in the following ways:
- for a fee;
- received as a contribution to the authorized capital;
- free of charge;
- by barter.
A share is an issuance security that secures the rights of its owner (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and to part of the property remaining after its liquidation. Typically, a share is a registered security.
When receiving securities for a fee, their value is the sum of all purchase costs. The contractual value of securities can be expressed not only in rubles, but also in foreign currency, which is converted into rubles on the day the costs of their purchase are reflected. Positive exchange differences arising after payment are reflected in other income, negative - in other expenses. They do not affect the initial value of the shares.
Recalculation of the value of banknotes at the cash desk of the organization, funds in bank accounts (bank deposits), cash and payment documents, securities (except for shares), funds in settlements, including for loan obligations with legal entities and individuals (with the exception of funds received and issued advances and prepayments, deposits) denominated in foreign currency into rubles must be made on the date of the transaction in foreign currency, as well as on the reporting date.
The initial cost of financial investments made as a contribution to the authorized (share) capital of an organization is their monetary value, agreed by the founders (participants) of the organization, unless otherwise provided by the legislation of the Russian Federation. In some cases, an independent appraiser must be involved to assess the value of financial investments. In limited liability companies, this is necessary if the value of shares contributed to the authorized capital exceeds 20,000 rubles. (Article 15 of the Federal Law of February 8, 1998 N 14-FZ "On Limited Liability Companies").
Accounting loans as one of the types of financial investments has its own characteristics. Let's dwell on some of them.
The organization has the right to issue a loan to another enterprise or individual. Such transactions are made in writing - a loan agreement. The interest that the recipient must pay for the right to use the loan is usually specified in the contract. If there is no such condition in it, then they are calculated based on the refinancing rate in force at the time of repayment of the loan.
If an organization issues interest-free loan, then it is not taken into account as part of financial investments, since one of the criteria for recognizing financial investments is the receipt of income (in the form of interest on the use of a loan). Lines 230 (long-term receivables) or 240 (short-term receivables) are intended for such loans.
The loan can be issued both in non-cash and in cash form. When carrying out an operation to issue or return cash loans, cash registers do not need to be used, since in this case there is no sale of goods, works or services. When issuing cash loans, one should be guided by the Letter of the Bank of Russia dated 04.12.2007 N 190-T, which explains that legal entities and individual entrepreneurs are not entitled to spend cash received at their cash desks for goods sold by them, work performed by them, services rendered by them, as well as insurance premiums for loans. Cash funds received at the cash desks of enterprises are subject to delivery to banking institutions for subsequent crediting to the accounts of these enterprises.

Example 1 . The organization issued a loan in the amount of 500,000 rubles to its employee. In order to ensure the repayment of the issued loan, a car pledge agreement was concluded (the value of the pledged property by agreement of the parties is 1,000,000 rubles) and a guarantee agreement, under the terms of which the guarantor undertakes to be jointly and severally liable with the borrower to the lender. The question arises, what amount should be reflected on the off-balance account 008 "Securities for obligations and payments received" for each of the contracts.
This account is intended to summarize information on the availability and movement of received guarantees to ensure the fulfillment of obligations and payments, as well as guarantees received for goods transferred to other organizations (persons).
According to Art. 329 of the Civil Code of the Russian Federation (CC RF), the fulfillment of obligations may be secured by a penalty, pledge, retention of the debtor's property, surety, bank guarantee, deposit and other methods provided by law or contract.
Analytical accounting for account 008 conducted for each collateral received.
Since the car is pledged to the organization until the loan agreement is repaid, the contractual value of this car must be reflected on account 008 in the amount of 1,000,000 rubles.
With regard to the contract of agency, the following should be noted. The essence of the legal mechanism for securing the performance of obligations is to give the creditor, in addition to the basic rights under the secured obligation, additional rights that he can use in the event of a breach by the debtor of the obligation. An agreement on the establishment of a certain method of ensuring the fulfillment of obligations, as a general rule, gives rise to an additional obligation designed to ensure the fulfillment of the main obligation. In the example under consideration, the guarantee agreement was concluded in order to ensure the return of the issued loan in the amount of 500,000 rubles. This means that account 008 should reflect the amount corresponding to the amount of obligations under the loan agreement. As a result, on this off-balance account, under a pledge agreement, it is necessary to reflect the contractual value of the pledged car in the amount of 1,000,000 rubles, and under the agency agreement - in the amount of 500,000 rubles.

In other words, all settlements are carried out on balance accounts, and entries on account 008 are purely control in nature and are written off as the debt is repaid.
In addition to accounting, the company maintains tax accounting. In accordance with paragraphs. 10 p. 1 art. 251 of the Tax Code of the Russian Federation (TC RF) when determining tax base does not take into account income in the form of funds or other property received under credit or loan agreements (other similar funds or other property regardless of the method of borrowing, including securities for debt obligations), as well as funds or other property received as repayment these borrowings. That is, income in the form of funds received in repayment of previously issued loans does not need to be taken into account by the lender organization in income for the purposes of taxing the profits of organizations.
However, it should be borne in mind that according to paragraph 6 of Art. 250 of the Tax Code of the Russian Federation, income in the form of interest received under loan, credit, bank account, bank deposit agreements, as well as on securities and other debt obligations, are recognized as non-operating income of the taxpayer (the specifics for determining banks' income in the form of interest are established by Article 290 of the Tax Code of the Russian Federation) . Thus, income in the form of interest received on previously issued loans to the borrowing organization is recognized as income of the organization-lender for the purposes of taxing the profits of organizations.
As mentioned above, a loan can be issued in non-cash or cash form, as well as in kind (for example, goods or materials). First of all, it is necessary to reflect the disposal of this type of loan, since Art. 39 of the Tax Code of the Russian Federation establishes that the transfer of property rights to them by one person to another on a reimbursable basis is recognized as the sale of goods, i.e. ownership passes from the lender to the borrower. In this regard, it is logical to assume that the transfer of property to the borrower should be subject to income tax and VAT from the lender as a sale operation. After the return of the loan, operations are carried out to capitalize the received property. The amount of "input" VAT can be deducted by the organization in the usual way.
Under a commodity loan agreement, the lender transfers to the borrower the ownership of things defined by generic characteristics, and the borrower undertakes to return to the lender an equal amount of other things of the same kind and quality and pay interest. In this case, interest can be expressed both in cash and in kind. In order to avoid claims from regulatory authorities regarding fees for services rendered, we recommend prescribing in the contract the procedure for calculating and paying interest, since this follows from Art. Art. 819 and 822 of the Civil Code of the Russian Federation. In the absence of such information, the interest on the loan is calculated based on the refinancing rate of the Bank of Russia that was in effect on the day the debtor repaid the commodity loan or its corresponding part.

Example 2 . The organization issued a long-term loan to another organization in goods worth 4,720,000 rubles according to the contract. (including VAT - 720,000 rubles). The cost of goods is 4,000,000 rubles. The loan was issued at 20% per annum. Interest is calculated for each day the loan is used. They are paid no later than the end of each quarter.
Loan transactions are recorded in the following entries:
Debit 76 "Settlements with various debtors and creditors" Credit 90 "Sales", subaccount 1 "Revenue", - revenue from the sale of goods is reflected - 4,720,000 rubles;
Debit 90, subaccount 2 "Cost of sales", Credit 68 "Calculations on taxes and fees" - VAT charged - 720,000 rubles;
Debit 90, subaccount 3 "Value Added Tax", Credit 41 "Goods" - the cost of goods transferred on loan was written off - 4,000,000 rubles;
Debit 58 Credit 76 - the loan amount is reflected - 4,720,000 rubles;
Debit 76 Credit 91 "Other income and expenses", sub-account 1 "Other income", - interest accrued for January - 80,175 rubles. (4,720,000 x 20% : 365 days x 31 days);
Debit 76 Credit 91, sub-account 1 "Other income", - interest accrued for February - 72,416 rubles. (4,720,000 x 20% : 365 days x 281 days);
Debit 76 Credit 91, sub-account 1 "Other income", - interest accrued for March - 80,175 rubles. (4,720,000 x 20% : 365 days x 31 days);
Debit 51 "Settlement accounts" Credit 76, - interest for the I quarter was transferred - 232,766 rubles. (80 175 + 72 416 + 80 175).
Interest is calculated in a similar manner. When repaying a loan, the following entries must be made:
Debit 19 "Value added tax on acquired valuables" Credit 76, - VAT on returned goods is taken into account - 720,000 rubles;
Debit 41 Credit 76, - returned goods are credited - 4,000,000 rubles. (4,720,000 - 720,000);
Debit 68 Credit 19, - accepted for deduction of VAT on returned goods - 720,000 rubles;
Debit 76 Credit 58, - the amount of the repaid loan was written off - 4,720,000 rubles.

The funds of the enterprise, credited to the deposits of banks, are reflected in the composition of financial investments.
Bank deposit means money or securities deposited with a bank for a specific period on behalf of a natural or legal person who is charged a certain interest for this.
Under a bank deposit (deposit) agreement, one party (bank), which has accepted the amount of money (deposit) received from the other party (depositor) or received for it, undertakes to return the deposit amount and pay interest on it on the terms and in the manner prescribed by the agreement (p. 1 article 834 of the Civil Code of the Russian Federation).
The company accrues interest on the deposit on the day when it has the right to receive it, based on the terms of the agreement, i.e. in accounting, interest is calculated regardless of whether the bank transferred interest to the organization's account or not.
In practice, a situation is possible when an organization put money on a bank deposit in November 2010. According to the agreement, accrual and payment of income (interest) will be made at the end of the deposit term in 2011.
According to paragraph 6 of Art. 271 of the Tax Code of the Russian Federation, under loan agreements and other similar agreements, the validity of which falls on more than one reporting period, income is recognized as received and included in income at the end of the corresponding reporting period. Thus, if a bank deposit agreement is concluded for a period of more than one reporting period, the depositor organization is obliged to accrue interest at the end of each reporting period, regardless of the actual receipt of money and the terms of the deposit agreement (if the organization keeps records of income and expenses for tax purposes on an accrual basis) . Therefore, taxable income (interest on a bank deposit) will also arise in 2010 based on the amounts to be received, calculated according to the actual number of days the deposit was placed in this period.
Recall that incomes are recognized in the reporting (tax) period in which they occurred, regardless of the actual receipt of funds, other property (works, services) and (or) property rights (accrual method). For income relating to several reporting (tax) periods, and if the relationship between income and expenses cannot be clearly determined or is established indirectly, income is distributed by the taxpayer independently, taking into account the principle of uniform recognition of income and expenses.
As part of financial investments reflect the cost of bills received by the organization from other persons. bill of exchange represents a security and can be used as a financial instrument to earn interest or discount income.
In accounting, a promissory note purchased for a fee is accounted for as part of financial investments at initial cost in the amount of actual acquisition costs (clauses 8, 9 PBU 19/02). Income on promissory notes can be interest or discount. Discount income is the difference between the purchase price of a bill and the amount received upon redemption (face value).
The bill must contain the following mandatory details:
- the name "bill" included in the text of the document and expressed in the language in which this document is drawn up;
- a simple and unconditional offer (promise) to pay a certain amount;
- name of the payer (only in a bill of exchange);
- payment term;
- the place where the payment is to be made;
- the name of the person to whom or by whose order the payment is to be made;
- date and place of drawing up the bill;
- Signature of the drawer.
In the absence of the listed details in the text of the bill, it loses its bill of exchange force and can be recognized as a document of a different legal form - an IOU.
Realization of property rights under a bill of exchange, as well as under any other security, is possible only by presenting it.
As a rule, income on a bill is recognized at the time of its redemption.
But at the same time, paragraph 22 of PBU 19/02 clarifies that for debt securities for which the current market value is not calculated, the organization is allowed the difference between the initial cost and the nominal value during the period of their circulation evenly as due on them in accordance with the terms of release of income, to attribute to the financial results of a commercial organization (as part of other income or expenses) or a decrease or increase in the expenses of a non-profit organization. A similar procedure for reflecting income is fixed as an element of the accounting reporting policy.

Example 3 . The company purchased a bill for 1,000,000 rubles. Its nominal value is 1,300,000 rubles, the maturity of the bill is 24 months. If the accounting policy of the organization provides for the reflection of income on bills at the time of their repayment, the following entries are made in the accounting:

Debit 91, sub-account 2 "Other expenses", Credit 58 - the bill is presented for redemption - 1,000,000 rubles;
Debit 76 Credit 91, sub-account 1 "Other income", - reflects the debt on repayment of the bill - 1,300,000 rubles;
Debit 91, subaccount 9 "Profit / loss from sales", Credit 99 "Profit and loss", - income (discount) on the bill is reflected - 300,000 rubles. (1,300,000 - 1,000,000);
Debit 51 Credit 76 - funds received to pay off the bill - 1,300,000 rubles.
If the accounting policy provides for the reflection of income on bills evenly during the period of their circulation, then the following entries are made:
Debit 58 Credit 51 - a financial bill was purchased - 1,000,000 rubles;
Debit 76 Credit 91, subaccount 1 "Other income", - accrued income for the 1st month of circulation of the bill - 12,500 rubles. [(1,300,000 - 1,000,000) : 24 months];
Debit 76 Credit 91, subaccount 1 "Other income", - accrued income for the 2nd month of circulation of the bill - 12,500 rubles. [(1,300,000 - 1,000,000) : 24 months];
Debit 76 Credit 91, subaccount 1 "Other income", - accrued income for the 3rd month of circulation of the bill - 12,500 rubles. [(1,300,000 - 1,000,000) : 24 months] etc.
The repayment of the bill is made out by records:
Debit 91, subaccount 2 "Other expenses", Credit 58 - the initial cost of the bill was written off - 1,000,000 rubles;
Debit 76 Credit 91, sub-account 1 "Other income", - reflects the cost of the bill presented for redemption - 1,000,000 rubles;
Debit 51 Credit 76 - reflected the income received (discount) on the bill - 300,000 rubles.

The transfer of ownership of the bill is confirmed by an act of acceptance and transfer, which must contain the mandatory details listed in paragraph 2 of Art. 9 of the Federal Law of November 21, 1996 N 129-FZ "On Accounting". In addition, it is necessary to indicate in it: details of the bill (series, number, date of issue, type (simple or transferable), face value, due date, etc.); details of the contract under which the bill was transferred. It makes sense to attach a copy of the bill to the act.
To account for financial investments, they are divided into two categories:
- for which the current market value is not determined (in this case, financial investments are indicated in the balance sheet at their original cost);
- according to which the current market value is determined, i.e. listed on the organized securities market.
In the second category, they are reflected in the balance sheet at the market price that was formed at the end of the reporting period. The difference between the initial and current estimates is included in other income or expenses. The organization has the right to adjust the value of securities on a monthly or quarterly basis (paragraph 20 of PBU 19/02). The selected period should be reflected in the accounting policy of the organization for accounting.
According to paragraph 3 of Art. 280 of the Tax Code of the Russian Federation, securities are recognized as circulating on the organized securities market only if the following conditions are simultaneously met:
- if they are admitted to circulation by at least one trade organizer who has the right to do so in accordance with national legislation;
- if information about their prices (quotations) is published in the mass media (including electronic ones) or can be provided by the trade organizer or other authorized person to any interested person within three years after the date of transactions with securities;
- if the market quotation was calculated for them during the last three months preceding the date of the taxpayer's transaction with these securities, when it is provided for by law.

Example 4 . In May, the investor enterprise purchased securities, for which, in accordance with the established procedure, their market value can be determined, in the amount of 1,000,000 rubles. The accounting policy of the organization states that the adjustment of such financial investments should be carried out quarterly.
According to officially published data (quotations of the stock exchange), the value of these securities amounted to: as of May 31 - 990,000 rubles; as of December 31 - 1,008,000 rubles.
In accounting, the above operations should be reflected in the entries:
Debit 60 "Settlements with suppliers and contractors" Credit 51 - payment for securities to the seller - 1,000,000 rubles;
Debit 58 Credit 60 - securities were capitalized (in May) - 1,000,000 rubles;
Debit 91, sub-account 2 "Other expenses", Credit 58 - reflects the adjustment (revaluation) of securities as of May 31 - 10,000 rubles. (1,000,000 - 990,000);
Debit 58 Credit 91, sub-account 1 "Other income", - reflects the adjustment (revaluation) of securities as of December 31 - 18,000 rubles. (1,008,000 - 990,000).
Thus, in the financial statements at the end of the year, the value of securities will be fixed in the amount of 1,008,000 rubles. (1,000,000 - 10,000 + 18,000).

In the event that the current value of the financial investment object, previously valued at the current market value, is not determined on the reporting date (for example, these shares are no longer listed on the stock exchange), this financial investment object is reflected in the financial statements at the cost of its last assessment (clause 24 PBU 19/02). In the future, no adjustment of its value is made, since it automatically falls into the first category of financial investments.
simple partnership agreement(agreement on joint activities) is increasingly used in the field of entrepreneurial activity. It allows you to combine the activities of several business entities, as well as individuals to engage in one common type of activity without forming a legal entity.
The concept, content of a simple partnership agreement, the rights, obligations and responsibilities of the parties under this agreement are defined by Ch. 55 of the Civil Code of the Russian Federation. Under this agreement, the partners combine their contributions in order to act together for profit or to achieve another goal that does not contradict the law.
In the agreement, the partners must indicate what activities they will jointly engage in, since the hallmark of the joint activity agreement is that all participants have a common goal, for which the partnership is created. If the goal is commercial, then only organizations and individual entrepreneurs can participate in the partnership. But individuals who are not registered as PBOYuL cannot become comrades.
The contribution of a friend is recognized as everything that he contributes to a common cause, including money, other property, professional and other knowledge, skills and abilities, as well as business reputation and business connections (Article 1042 of the Civil Code of the Russian Federation). Thus, the parties have the right to independently assess the professional skills and business connections of a friend, allowing him, for example, to receive a large loan for joint purposes. Professional and other skills, abilities, etc. quite difficult to document. This simple partnership agreement is significantly different from all other contributions.
The partners' contributions are assumed to be equal in value, unless otherwise follows from the simple partnership agreement or actual circumstances. The monetary value of a partner's contribution is made by agreement between the partners.
The initial cost of financial investments made to the account of the contribution of a partner organization under a simple partnership agreement is their monetary value agreed by the partners in the agreement (clause 15 PBU 19/02).
Financial investments are accepted for accounting by a comrade who is entrusted with the duty of conducting common affairs.
For example, by a simple partnership agreement, the conduct of common affairs is entrusted to the organization. As a contribution to the authorized capital of the partnership, it accepts shares circulating on the organized securities market, the value of which under the agreement is 1,000,000 rubles.
In the separate accounting of a simple partnership, this operation is reflected in the entry:
Debit 58 Credit 80 "Authorized capital" - shares received in evaluation under a simple partnership agreement - 1,000,000 rubles.
PBU 19/02 introduced the concept of " impairment of financial investments". It applies only to financial investments for which the market value is not determined. Impairment is understood as a steady decline in value below the amount of economic benefits that the organization expects to receive from these financial investments in the normal conditions of its activities (clause 37 PBU 19/02).
In order to recognize that investments are depreciating, the following conditions must be simultaneously present:
- as of the reporting date and the previous reporting date, the book value is significantly higher than their estimated value;
- during the reporting year, the estimated value of financial investments changed significantly only in the direction of its decrease;
- as of the reporting date, there is no evidence that a significant increase in the estimated value of these financial investments is possible in the future.
Impairment of financial investments can occur in the following situations:
- the emergence of signs of bankruptcy in the issuing organization of securities owned by the organization or its debtor under a loan agreement or declaring it bankrupt;
- making a significant number of transactions in the securities market with similar securities at a price significantly lower than their book value;
- absence or significant decrease in income from financial investments in the form of interest or dividends with a high probability of a further decrease in these income in the future, etc.
When such trends occur, the organization should conduct a test to determine the existence of conditions for a sustainable decrease in the value of financial investments. If the audit confirms a decrease in value, the organization creates a reserve for the depreciation of financial investments (account 59). A commercial organization forms a reserve due to financial results (as part of operating expenses), and a non-profit organization - due to an increase in expenses.
Checking for depreciation of financial investments is carried out at least once a year as of December 31 of the reporting year if there are signs of depreciation. The organization has the right to carry out the specified check on the reporting dates of the interim financial statements.
By credit account 59 the creation of reserves is reflected, on the debit - its use. The balance shows the balance of reserves at the end of the reporting period. This account acts as a regulator to account 58 and serves as a financial source for covering losses due to the possible sale of unquoted financial investments at a price less than their book value.
The reserve is created on December 31 of each reporting year (or by decision of the organization on a quarterly basis on the reporting dates of the interim financial statements), which is reflected in the entry:
Debit 91, sub-account 2 "Other expenses", Credit 59 - reserves for the depreciation of investments in unquoted financial investments have been created.
A change in the amount of the reserve (adjustment) for the depreciation of investments in unquoted financial investments occurs in the event of a further change in their estimated value at the end of the reporting period:
Debit 91, sub-account 2 "Other expenses", Credit 59 - the amount of the reserve for depreciation of investments in unquoted financial investments has been increased;
Debit 59 Credit 91, sub-account 1 "Other income", - the amount of the reserve for depreciation of investments in unquoted financial investments has been reduced.

Example 5. An organization purchased 3,000 shares at a price of 500 rubles. a piece. The accounting policy determines that a decrease in the value of financial investments is recognized as significant if the difference between the book value and estimated value of securities exceeds 5%.
The following is recorded in the accounting records:
Debit 58 Credit 60 - securities were capitalized - 1,500,000 rubles. (500 rubles x 3000 pcs.).
According to an independent appraiser, the estimated value of the securities is 430 rubles. a piece. The decrease is 14%.
The decline in value is significant and the entity creates a provision for share impairment. The amount of the reserve will be 210,000 rubles. [(500 RUB - 430 RUB) x 3000 pieces].
This operation is reflected in the entry:
Debit 91, sub-account 2 "Other expenses", Credit 59 - a reserve for depreciation of shares has been created - 210,000 rubles.
At the end of the reporting period, the shares in the balance sheet are recorded at their original cost less the provision. Their cost will be 1,290,000 rubles. (1,500,000 - 210,000).
The reserve is written off to financial results (as part of operating income) in two cases:
- upon sale or other disposal of financial investments for which the reserve was created;
- if there is no further sustainable significant reduction in the value of these investments.
The reserve is written off at the end of the year or the reporting period in which these financial investments were disposed of:
Debit 59 Credit 91, sub-account 1 "Other income" - the reserve for the depreciation of financial investments was written off in connection with their disposal.

For non-professional participants in the securities market, the amounts of deductions to the reserve for the depreciation of investments in securities are not included in expenses when determining the tax base for income tax (clause 10, article 270 of the Tax Code of the Russian Federation). The amounts of restored reserves are also not taken into account (clause 25 clause 1 article 251 of the Tax Code of the Russian Federation).
Data on reserves for depreciation of financial investments, indicating the type of financial investments, the amount of the reserve created in the reporting year, the amount of the reserve recognized as operating income for the reporting period; the amounts of the reserve used in the reporting year should be set out in the explanatory note to the balance sheet of the organization, based on the requirement of materiality.
Over time, financial investments may retire. The disposal of securities takes place in cases of redemption, sale, gratuitous transfer, transfer in the form of a contribution to the authorized (share) capital of other organizations, transfer on account of a contribution under a simple partnership agreement, etc. (clause 25 PBU 19/02). The date of disposal of investments is determined at the moment when the ownership right, financial risks associated with financial investments (price change risk, debtor's insolvency risk, liquidity risk, etc.) are transferred to the new owner of financial investments.
In such situations, they are written off in one of the ways regulated by PBU 19/02:
1) at the initial cost of each unit;
2) at the average initial cost;
3) at the initial cost of the first acquisition time (FIFO).
The first method, as a rule, is used in relation to contributions to authorized capital, loans, deposits in banks, receivables acquired on the basis of an assignment of the right to claim. With regard to securities (shares, bonds, bills), the second or third method can be used.
The procedure for determining the cost of retiring financial investments differs for "quoted" and "unquoted" financial investments. If financial investments for which the current market value is calculated are retired, then their value is calculated by the organization based on the latest assessment (paragraph 30 of PBU 19/02).
The choice of one of these methods is allowed for each group (type) of financial investments and must be fixed in the accounting policy as its element (clause 26 PBU 19/02).
When using the second method (provided that it is impossible to determine the current market value of securities), the average value of a security is calculated by the formula:

Average value of a security = (Value of securities at the beginning of the month + Value of securities received during the month) / (Number of securities at the beginning of the month + Number of securities received at the end of the month).

Cost of retired securities to be written off:

Value of securities retired = Average value of a security x Number of securities retired during the month.

The value of the balance of securities at the end of the month:

Value of Securities Remaining = Average Value of Security x Number of Securities Remaining at the End of the Month

Value of the remaining securities = Value of securities at the beginning of the month + Value of securities received during the month - Value of retired securities.

Similar calculations are made at the end of each month. It is allowed to conduct them within a month for each date of disposal of financial investments (method of moving average initial cost).
A rolling estimate makes it possible to use it for each date of transactions, which is very convenient for computer processing of information in accounting programs.
It should be borne in mind that the average initial cost of securities is determined in relation to the same type (shares, bonds, bills).

Example 6 . One of the non-core activities of the organization is the purchase and sale of securities. According to the accounting policy, shares are written off at the average initial cost.
At the beginning of the month, there were 100 shares of one issuer on the balance sheet. The share price was 900 rubles. a piece. During the month, the company acquired shares of the same issuer. They were bought in three batches:
1st batch - 150 pcs. at a price of 1000 rubles / piece;
2nd batch - 130 pcs. at a price of 1100 rubles / piece;
3rd batch - 250 pcs. at a price of 1200 rubles / piece.
Operations for their acquisition are reflected
thus:
Debit 58 Credit 60 - the 1st batch of shares was acquired - 150,000 rubles. (1000 rubles x 150 pieces);
Debit 58 Credit 60 - the 2nd batch of shares was acquired - 143,000 rubles. (1100 rubles x 130 pieces);
Debit 58 Credit 60 - the 3rd batch of shares was acquired - 300,000 rubles. (1200 rubles x 250 pcs.).
In the same month, 500 shares were sold. The average initial value of a share, calculated at the end of the month, will be:
(900 rubles x 100 pcs + 1000 rubles x 150 pcs + 1100 rubles x 130 pcs + 1200 rubles x 250 pcs) / (100 + 150 + 130 + 250) = 1084.13 rubles
The value of shares retired during the month is:
RUB 1084.13 x 500 = 542,065 rubles
The write-off of securities is recorded as follows:
Debit 91, sub-account 2 "Other expenses", Credit 58 - the value of the shares sold was written off - 542,065 rubles.
At the end of the month, the company's number of shares will be:
100 + 150 + 130 + 250 - 500 = 130 pieces;
share price:
(900 rubles x 100 pcs + 1000 rubles x 150 pcs + 1100 rubles x 130 pcs + 1200 rubles x 250 pcs) - 542,065 rubles. = 140,935 rubles.

Valuation of securities with the method FIFO is based on the assumption that securities are sold during the month in the sequence of their receipt (acquisition), i.e. the first securities to be sold must be valued at the initial cost of the first in terms of the time of purchase, taking into account the value of the securities listed at the beginning of the month. When applying this method, the assessment of securities remaining at the end of the month is made at the actual cost of the latest in terms of the time of acquisition, and the cost of the sale (disposal) of securities takes into account the value of the earliest in time of acquisition. This means that when using the third method, first those securities that are listed in the balances are written off, then those that entered the organization first. If they are not enough - those who arrived second, if they are not enough - third, etc.
According to the conditions of the above example, if the company uses the FIFO method, then in this case the following are written off:
- all shares that are registered at the beginning of the month (100 pcs.);
- all shares received in the 1st batch (150 pieces);
- all shares received in the 2nd batch (130 pcs.);
- part of the shares received in the 3rd batch (120 pcs.).
Total 500 shares (100 +150 +130 + 120).
At the end of the month, the enterprise will have shares from the 3rd batch in the amount of 130 pieces. (250 - 120) at a price of 1200 rubles. a piece.
The cost of the written-off shares will be 527,000 rubles. (900 rubles x 100 pcs + 1000 rubles x 150 pcs + 1100 rubles x 130 pcs + 1200 rubles x 120 pcs).
Their write-off is reflected in the entry:
Debit 91, sub-account 2 "Other expenses", Credit 58 - the cost of the shares sold was written off - 527,000 rubles.
The value of the shares remaining at the end of the month will be 156,000 rubles. (1200 rubles x 130 pcs.).
In paragraph 9 of Art. 280 of the Tax Code of the Russian Federation, it is clarified that when selling or otherwise disposing of securities, the taxpayer independently, in accordance with the accounting policy adopted for tax purposes, chooses one of the following methods of writing off the value of retired securities as expenses:
- at the cost of the first time acquisitions (FIFO);
- per unit cost.
These methods apply to securities, both traded and not traded on the organized securities market.
The FIFO method is applied to securities that are comparable in terms of type, terms of circulation and type of income, i.e. one market quotation (the weighted average price of securities) is applicable to them.
The method of writing off to tax expenses the cost of retired securities at unit cost is used if the organization can accurately identify the securities being sold, or they have individually defined characteristics, or the accounting system and the terms of the transaction allow the organization to determine which specific securities it has are being sold. , and it can determine the value of these particular securities.
The selected method is fixed in tax accounting policy.

Impairment of financial investments a steady significant decline in the value of financial investments, for which their current market value is not determined, is recognized below the amount of economic benefits that the organization expects to receive from these financial investments in the normal course of its activities. The organization by calculation determines the cost of financial investments equal to the difference between the cost at which they are reflected in accounting (accounting value) and the amount of such a decrease.

A steady decline in the cost of financial investments is characterized by the simultaneous presence of the following conditions:

at the reporting date and at the previous reporting date, the carrying amount is significantly higher than the estimated cost;

during the reporting year, the estimated value of financial investments changed significantly only in the direction of decrease;

As of the reporting date, there is no evidence that a significant increase in the estimated value of these financial investments is possible in the future.

Examples of situations in which impairment of financial investments may occur are:

the emergence of signs of bankruptcy in the issuing organization of securities owned by the organization or its debtor under a loan agreement or its declaration as bankrupt;

making a significant number of transactions in the securities market with similar securities at a price significantly lower than their book value;

absence or significant decrease in income from financial investments in the form of interest or dividends, with a high probability of a decrease in these income in the future.

When a situation arises in which an impairment of financial investments may occur, an entity shall check whether conditions exist for a sustained decline in the value of financial investments. If the audit confirms such a decrease, the organization forms a provision for the depreciation of financial investments by the amount of the difference between the book value and the estimated value of these financial investments. A commercial organization creates the specified reserve at the expense of its financial results (as part of other expenses). In the financial statements, such financial investments are reflected at their book value less the amount of the formed reserve for the depreciation of these investments.

Checking for depreciation of financial investments is carried out at least once a year as of December 31 of the reporting year if there are signs of depreciation. An administrative document on the organization's accounting policy may provide for an audit on the dates of interim financial statements.

If, based on the results of the check for depreciation of financial investments, a further decrease in their estimated value is revealed, then the amount of the previously created reserve for the depreciation of financial investments is adjusted upwards with a simultaneous increase in other expenses. If, based on the results of the check for depreciation of financial investments, an increase in their estimated value is revealed, then the amount of the previously created reserve for depreciation of financial investments is adjusted in the direction of its decrease and increase in other income. Based on the available information that the financial position no longer satisfies the criteria for a steady decline in value, as well as in the event of the disposal of financial investments, the estimated value of which was included in the calculation of the reserve for depreciation of financial investments, the amount of the previously created reserve for these financial investments is included in other income commercial organization.

To summarize information on reserves for the depreciation of financial investments, account 59 "Reserves for the depreciation of financial investments" is used, to which it is advisable to open sub-accounts according to the types of reserves. Synthetic and analytical accounting on account 59 "Provisions for the depreciation of financial investments" is carried out in statements in the context of formed reserves.

Account transactions 59.

1. Dt 91/2 Kt 59 - A provision for impairment is reflected: ... investments in securities, ... loans provided, ... receivables acquired under an assignment agreement

2. Dt 59 Kt 91/1 - Reflects the adjustment of the reserve for the depreciation of investments in securities in case of an increase in the value of financial investments

3. Dt 59 Kt 91/1 - reflects the write-off of the reserve for depreciation of investments in securities upon disposal of financial investments

4. Dt 59 Kt 91/1 - reflects the write-off of the reserve for depreciation of investments in securities not used during the year