Federal Law "On Accounting" No. 402-FZ of December 6, 2011, as amended and supplemented

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The legal act on accounting (402-FZ) establishes uniform requirements for reporting. They are binding on all business entities, if specified in the regulations. Consider some articles of the act (briefly).

Review of 402-FZ "On Accounting"

The purpose of the document is to create a legal mechanism that regulates reporting activities. The legal act on accounting (402-FZ) applies to the following economic entities:

1. Non-profit and commercial associations.
2. Government agencies, local government structures, management bodies of extra-budgetary state and territorial funds.
3. CB.
4. Individual entrepreneurs, private notaries, lawyers and other similar entities.
5. Representative offices / branches and other structural subdivisions of enterprises established under the laws of foreign countries located interritory of the Russian Federation, as well as international organizations and their branches operating within Russia, unless otherwise established by agreements between the Russian Federation and foreign countries.

Regulatory accounting regulation

402-FZ is used in the management of budgetary assets and liabilities of the Russian Federation, regions and Moscow Regions, and in the implementation of operations that change them. Its provisions also apply when reporting on expense and income items. The articles of the act are used in the implementation of activities for the formation of documentation by the trustee on the material assets transferred to him, as well as when one of the participants in a simple partnership maintains reporting on material assets and related objects. The requirements of the law are applied in accounting during the execution of a production sharing agreement, unless otherwise provided for in Federal Law No. 225.

Exceptions

The legal act on accounting (402-FZ) does not apply when summarizing the information required for reporting for:

1. Internal enterprise use.
2. Providing to a credit institution, according to its requirements.
3. Other purposes, if its application is not provided for by separate legal documents.

Objects

402-FZ "On Accounting" (latest edition) establishes a list of categories in respect of which the primarydocumentation. These objects include:

1. Facts of economic activity of the enterprise.
2. Commitments.
3. Assets.
4. Sources of financing the work of the enterprise.
5. Costs.
6. Income.
7. Other objects, if specified by the standards.

Obligation to generate documentation

402-FZ "On Accounting" (latest edition) contains a number of prescriptions for economic entities. In particular, the obligation to keep accounts is established, unless otherwise provided by other legal acts. From the need to keep accounting can be exempted:

1. Individual entrepreneurs, persons engaged in private practice. They may not generate documentation if, according to the Tax Code, they take into account expenses and incomes or only receipts, as well as other objects of taxation in the manner prescribed therein.
2. Representative offices/branches of organizations established in accordance with the procedure established by the legal acts of a foreign state, located on the territory of the Russian Federation. These entities may not generate documentation if, in accordance with the Tax Code, they take into account expenses and income, as well as other objects of taxation in accordance with the rules established in the Code.

Nuances

The legal act on accounting (402-FZ) prescribes the continuous compilation of information in the primary documentation from the date of state registration of the enterprise until the completion of its activities in connection with liquidation / reorganization. Organizations that have becomeparticipants in development, research and commercialization programs can use the simplified reporting methods provided for small businesses. The specified provision is valid in case of obtaining the appropriate status, in accordance with Federal Law No. 244.

Organizational moments

Law 402-FZ "On Accounting" provides for a number of rights and obligations for heads of enterprises and individual entrepreneurs. In particular, reporting and storage of documentation is organized by the director of the organization. If an individual entrepreneur or a private practice entity keeps records in accordance with the provisions of Federal Law No. 402, they bear obligations similar to those established for business leaders. The director of an organization, with the exception of a credit organization, assigns the appropriate duties to a specialist on staff. He may also enter into an agreement with a third-party company providing accounting services. The head of a credit organization is required to assign the relevant duties only to a specialist who is on the staff. An individual entrepreneur has the right to independently keep records.

Requirements for specialists

Law 402-FZ prescribes that in JSCs, except for credit institutions, insurance companies, non-state pension funds, investment joint-stock funds, as well as other enterprises whose securities were admitted to circulation on stock exchanges, in management bodies in non-budgetary territorial and state funds, Ch. accountant orthe specialist performing his functions must have:

1. Higher vocational education.
2. Experience in the speci alty. It should be related to accounting, reporting or auditing activities. The experience must be at least three of the last five years, and if there is no higher vocational education, at least 5 of the last 7 years (calendar).

Specialist must not have an outstanding/unexpunged conviction for economic crimes. Additional requirements for an official acting as an accountant may be provided for by other laws. If the company enters into a contract with a third-party specialist, he must meet the above requirements. If another legal entity is involved in the accounting, there must be at least one employee in the state that meets the characteristics established above. The chief accountant in a financial and credit organization must meet the requirements determined by the Central Bank.

Disagreements

In some cases, there may be controversial points. In particular, there may be disagreements regarding accounting between the director of the enterprise and the official keeping records. In such situations, the data present in the primary document is not accepted / accepted by the specialist for registration and accumulation in the relevant registers by written order of the head. The manager is solely responsible for the information created as a result of these actions. Similarly, the issue ofreflection of the accounting object. In this case, the manager's order is also issued, according to which the specialist shows / does not show the disputed asset. The director is responsible for the reliability of the financial result and the movement of funds.