2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The Tax Code establishes the obligation of economic entities to form annual and interim financial statements. The purpose of the first document is clear - it contains information about the operations performed at the enterprise during the reporting period. These data are necessary to verify the correctness of the compilation of records, the reliability of the reflection of transactions.
As for the preparation of interim financial statements, not all specialists understand its importance. This document is necessary to ensure compliance with the conditions for the formation (change) of the CGT (consolidated group of payers) and the implementation of the provisions of Art. 269 NK. Meanwhile, the Code does not contain any special requirements for interim financial statements, the form, and the frequency of their preparation. BUTthe current regulatory acts on accounting contain conflicting provisions on this matter. Let's look into the current situation in the article.
General Requirements
Regulations regarding the preparation of financial (accounting) statements, determining the reporting date and period, are enshrined in articles 13, 15 402-FZ. In accordance with Art. 13, the reporting should contain reliable information, on the basis of which the users form an idea of the financial condition of the economic entity, as a result of its activities, the availability and movement of funds for the period. All this information will subsequently form the basis of management decisions.
The reporting period (in accordance with Article 15 402-FZ) is the period for which the reporting is generated. Reporting date is the day on which the information is summarized. Simply put, this is the last day of the control period.
Interim financial statements: terms and conditions of formation
So, when do you need to generate a document? Let's turn to the law. As follows from the provisions of 402-FZ, interim accounting (financial) statements are provided for a period not exceeding one year. At the same time, in paragraph 3 of Art. 13 of this normative act, there are cases when an economic entity must draw it up. In particular, interim financial statements are prepared if the corresponding obligation is fixed:
- Federal legislation. For example, such a document is required by an LLC if net income is distributed between participants every quarter, oronce every six months (such a rule is established in clause 1, article 28 of the Federal Law “On LLC”), or, if necessary, determine the real value of the share of a participant leaving the company (clause 1, article 8 and clause 2, article 23 of the said Federal Law).
- In contracts, constituent documents of the enterprise.
- In the decisions of the owner of a business entity.
- In the regulations of the Central Bank and the Ministry of Finance.
Nuances
In accordance with the provisions of paragraph 1 of Art. 30 402-FZ, prior to the adoption by the state accounting authorities of industry and federal standards, business entities apply the rules for reporting and keeping records approved by the Central Bank and authorized federal executive structures. The relevant rules are now enshrined in PBU 4/99.
In clause 48 of the said PBU, it is established that an organization must draw up interim financial statements for a month, a quarter from the beginning of the year on an accrual basis, unless another procedure is provided for by federal legislation. At the same time, in paragraph 52 of the same Regulations, there is a clarification that the document we are considering is provided in cases stipulated by law or the constituent documentation of an economic entity. And according to paragraph 15 of Art. 21 402-FZ, industry and federal standards cannot contradict the provisions of this law.
Thus, taking into account the content of all the above norms, the payer is not obliged to draw up and provide interim financial statements solely on the groundsprovided for by RAS 4/99.
It should also be noted that the obligation to send the document to both the Federal Tax Service and the state statistics authorities is not spelled out in the legislation. Economic entities must submit only annual reports (clause 1 of article 18 402-FZ, Order of Rosstat No. 185 of 12.08.2008, subparagraph 5 of subparagraph 1 of paragraph 23 of article NK).
Internal documents of the organization
If an enterprise, in the absence of an obligation to form and submit interim financial statements for the reasons given, nevertheless recognizes that it is necessary to draw up it for management or taxation purposes, then the decision on the frequency, timing, volume, forms, procedure for calculating individual indicators should be fixed by local acts.
One of these documents is the accounting policy. The norms establish that it is approved by the head of the company. Changes to the accounting policy can also be accepted. They are approved by a separate order of the head.
Another local act is the standard of an economic entity - "Regulations on accounting and reporting at the enterprise." It can be developed separately and approved as an independent document or made an annex to the accounting policy.
Features of the internal standard
If we consider this document from the point of view of the provisions of paragraphs 1, 11, 12 21 of Article 402-FZ, then it will be considered an act regulating the company's accounting. In other words, an internal standard will have the force of an accounting regulation if it iscontent will not conflict with industry and federal standards.
Taking this into account, the enterprise can establish the order necessary for an economic entity to streamline the processes of organization and accounting.
Reporting for the fulfillment of the conditions for the formation (changes) of the CGT
In accordance with sub. 3 p. 3 art. 252 of the Tax Code, an enterprise that is a party to an agreement on the formation of a consolidated group of payers must meet a number of requirements.
Thus, the value of net assets, calculated in accordance with the financial statements as of the reporting date preceding the day the documents are submitted to the Federal Tax Service for registration of the agreement, must be greater than the size of the share (authorized) capital.
If an enterprise, in accordance with paragraph 2 of Art. 23 of the Federal Law “On LLC”, must pay the participant the real value of his share in the capital and the accounting policy of the company, then the need to generate reports on a quarterly basis is fixed, the calculation is based on information from reporting documents drawn up at a later date preceding the day the participant applied with the relevant requirements.
The legitimacy of this approach is also confirmed by the Ministry of Finance. In letter No. 03-03-10/51217, the Office explains the following. An enterprise participating in an agreement on the formation of a consolidated group of payers may be required to generate interim financial statements for different periods (for different dates). It depends on the specific act.providing for such a requirement. For example, the decision of the owner of an economic entity may fix the obligation to generate and provide reports on a monthly basis.
Given the provisions of 402-FZ and sub. 3 p. 3 art. 252 of the Tax Code, the Ministry of Finance came to the conclusion that the amount of net assets should be determined in accordance with accounting documents, the preparation and provision of which is fixed by one of the conditions established by 402-FZ, at a later date. This procedure was included in the letter of the Federal Tax Service dated January 19, 2013 and sent for familiarization and application in the activities of lower tax services.
The letter of the Ministry of Finance No. 03-03-06/1/47681 dated 2013-08-11 also states that the net assets of the organization should be calculated based on information from the latest reports generated before the day of submission of documents for registration of an agreement on creation of the CGT.
Combination of information for the purposes of implementing the provisions of art. 269 NK
As stated in paragraph 2 of the specified norm of the Code, the payer must, on the last date of each tax (reporting) period, calculate the maximum amount of interest recognized as expenses on controlled debt. The calculation is carried out by dividing the % value by the capitalization coefficient. The amount of interest is taken for each period separately.
Cap ratio
It is calculated on the last day of the corresponding period. To determine it, first, the outstanding controlled debt is divided by the amount of owncapital corresponding to the share of indirect or direct participation of a foreign enterprise in the share (authorized) capital (fund) of a domestic company, and then the resulting indicator is divided by 3 (for banking organizations and entities engaged in leasing activities - by 12.5).
Determining the amount of equity capital
In pursuance of the requirements of paragraph 2 of Art. 269 of the Tax Code, when calculating the amount of debt on fees and taxes, they are not taken into account. We are talking about the current arrears, the amount of deferrals and installments, as well as the investment tax credit.
In paragraph 2 of Art. 269 of the Tax Code, there is no indication of specific data sources by which an economic entity must determine the amount of equity capital. It follows from this that the company is not obliged to calculate it solely on the basis of information from the financial statements. This means that when calculating the capitalization ratio, the amount of capital can be determined based on accounting data available in any source.
Composition of interim financial statements
It is defined in paragraph 49 of PBU 4/99. The documentation includes a balance sheet and information on losses and profits. It may also contain explanations, if their presence is necessary for the understanding of the values of the indicators by the interested parties. This is stated in paragraphs 6 and 50 of PBU 4/99.
If there are no explanations, then the columns of the same namebalance sheet and income statement are left blank.
Enterprises that are small businesses make annual and interim reporting in a simplified manner. However, it does not apply to issuers of publicly placed securities.
It is mandatory to include a profit and loss statement, as well as a balance sheet in documents.
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