Many Russian companies have an obligation to provide accounting reports to the Federal Tax Service. Thus, the interaction of the state and business in the Russian Federation, as well as in many other countries, does not end with simple calculations on charges provided for by law. What is the specificity of the accounting statements that need to be provided to the FTS business? In which cases are companies exempted from sending relevant documents to state bodies?
The essence of financial statements
Accounting reporting is a procedure (in some interpretations - an obligation), which presupposes the provision by commercial enterprises to relevant state bodies of information on activities in established forms within the required periodicity. Has a direct connection with accounting (the main indicators of commercial activities are taken from the corresponding accounts).
In some cases, the procedure is referred to as "financial reporting". This term is unofficial. But, despite this, the phrase "accounting (financial) reporting" is common. Perhaps this is due to the great importance of the relevant documents for business development. They are not a formal statistical representation of figures. This information, which can become the main in terms of assessing the sustainability of the business, the effectiveness of management of the organization. Data that may reflect the accounting (financial) reporting, can come in handy not only the Federal Tax Service. Potential partners of the firm, creditors, investors can show interest in acquaintance with them.
In the Russian Federation there are several sources of law that regulate the interaction of businesses and the state in the aspect of providing the latter with financial documents. So, among the key normative acts, according to which the enterprises of the Russian Federation should provide accounting reporting - the Regulation adopted by the Order of the Ministry of Finance of the Russian Federation No. 43n dated July 6, 1999.
Of course, not only Russian enterprises fulfill this obligation. Firms from Western countries also provide data to state bodies of this type, such as accounting. Russia is a state in which, at the same time, there is a certain specificity of the attitude of the authorities towards sources that reflect the commercial activities of enterprises. In our country, as some economists point out, the verification structures may be interested not so much in the final figures contained in the reporting as the specifics of their origin. While Western government agencies are more likely to check whether the terms of financial statements are complied with, and whether the organization has correctly approached the calculation of the required indicators. Of course, the policy of individual territorial structures of the Federal Tax Service in different regions may differ.
Terms of delivery of accounts
At the same time, accounting reporting is, above all, an obligation prescribed by law. The corresponding documents must be submitted by the organization to the Federal Tax Service in the general case 4 times a year. As of April 1, data are provided for the 1st quarter of the current reporting year, for July 1 - for the first half of the year, for October 1 - for 9 months. The data reflecting the results of the company's activities for the whole reporting year are formed as of January 1 of the next year.
Structure of financial statements
Accounting reporting is most often represented by the following key documents:
- reports - on profits and losses, on changes in capital, on movements of funds, as well as on the targeted use of funds.
Supplement these sources can applications associated with the balance sheet, as well as various explanatory notes. In some cases, enterprises also need to prepare audit reports.
The maintenance of the financial statements (as well as the frequency of its provision in the FTS) is affected by the taxation regime of the enterprise. With OSS, when it is expected to pay all mandatory fees to the treasury, the firm must maintain full accounting. It is also necessary to provide reports 4 times a year - relative to the above periodicity.
If the firm works on USN, UTII or UCSN, then the composition of the accounting statements will be somewhat simpler. In this case, only the first document from the list indicated above, as well as the profit and loss account, should be submitted to the FTS. It is necessary to send these sources to the department before April 1 of the year that follows the reporting year.
Who does not need to submit accounting records
Accounting records maintenance, as well as accounting, is not necessary for IP, as well as for small businesses that work on USN and other special taxation regimes. However, the relevant organizations are not exempted from certain procedures for informing the Federal Tax Service about their activities - for example, they must issue income and expense books that the agency can in some cases request. Based on the relevant source of IP and a small company must pay taxes on a quarterly basis.
Practical advice for successful delivery of reports
Accounting reporting is a serious procedure when conducting an enterprise is extremely undesirable to make mistakes. You can pay attention to a number of expert recommendations reflecting some of the nuances of the practice of submitting relevant documents to the Federal Tax Service.
So, a useful source of information for companies with little experience in the formation of accounting statements, experts consider the Accounting Regulation PBU 4/99. With the help of this source, you can learn how to correctly fill in the required forms, calculate numbers and other information for entering documents that will later be provided to the Federal Tax Service.
It is recommended to report much earlier than the deadline - at least for a week (if the specifics of the relevant documents allow it to be done - for example, it is quite possible when generating sources that reflect data for the six months or a year). Otherwise, it will be necessary to deal with large queues in the FTS from entrepreneurs who decided to report to the state "on the flags". This recommendation, of course, will not be relevant for firms that submit documents electronically to the FTS. But not all businesses can conveniently use online channels.
Simplified reporting format
Above we noted that accounting reporting is an obligation that some types of enterprises may not perform at all. However, there is another noteworthy scheme of interaction between businesses and the state, which is somewhat of an intermediate version between the obligation to provide reporting in its entirety and the lack of this necessity due to the law. We are talking about the use of simplified forms, through which information about the firm is sent to the Federal Tax Service. They were introduced relatively recently - in October 2012. But many businesses for which the preparation of accounting reports in a traditional format was for some reason or other a labor-intensive process, with great enthusiasm took the opportunity to interact with the state in a simplified scheme. What is the specificity of this mechanism?
The essence of the state initiative under consideration is the approval of simplified forms of the balance sheet, as well as a report that reflects the financial performance of the company. Only small enterprises can use them - those that meet the criteria prescribed in Federal Law No. 209 of July 24, 2007, and also in Government Decision No. 556 of July 22, 2008. Firms for whom it is allowed to compile accounting reports for simplified forms, thus, should have the following characteristics:
- the maximum share of legal entities in the authorized capital - 25%;
- The company employs no more than 100 people (average, during the reporting period);
- annual revenue - no more than 400 million rubles.
We will now study what requirements should be met by the reporting in the FTS.
Basic reporting requirements
The main source of data for us in this case - PBU 4/99, we have already mentioned about it. We will study some of its key provisions.
In accordance with clause 8 of the document in question, the financial statements of the organization should contain indicators of commercial activities of all its structural units.
In addition to reports that are compiled by the company for the first time, the relevant documents must reflect the information for 2 years - the reporting and the one that precedes it. It may well be that the figures for the previous period will be incomparable with those that include the accounting statements of the organization at the time of writing the document. In this case, in accordance with paragraph 10 of the Rules, the first indicators can be adjusted.
Reporting is considered to be formalized as soon as it is signed by the head of the organization. Accounting, therefore, must keep the relevant copy of the document.
It is useful to consider such an aspect as the permissible degree of detail reporting. The fact is that in a number of cases a detailed presentation of all the figures reflecting economic transactions in the relevant documents is a very laborious process. Therefore, many firms are experiencing objective difficulties in observing strict accounting reporting in the aspect of reflecting figures in statutory forms. The legislation of the Russian Federation provides for a number of rules aimed at reducing the complexity of compiling the documents in question.
How can the details of data in the documents in question be legally reduced (for example, if they are formed by a small business enterprise)? Very simple. For example, such firms can record indicators that reflect cost accounting in only one account - 20. While a full reporting format may require the use of data from accounts such as 20, 23, 25 and some others.
Filling in forms: nuances
It will be useful to consider some expert advice relating directly to fill forms of financial statements. Due to the fact that the standard format of providing the relevant data can be very large and not very convenient to display in our article, we will examine the key principles of any figures in certain paragraphs of the documents on the example of simplified reporting forms.
So, the procedure in question involves the provision of the following basic documents to the Federal Tax Service:
- Profit and Loss Statement.
Regarding the first source - it must reflect the financial position of the company in the state on the reporting date stipulated by legislation. Since in a simplified format it is enough to hand over the relevant documents once a year, then this is December 31. If the accounting reporting for a year is handed over by the firm not for the first time, it is also necessary to record the indicators for the previous periods. Similarly - as of December 31.
As we noted above, with a simplified format for providing information to the Federal Tax Service, the specification of figures may be less than in the standard scheme. So, in particular, in the section "Assets" of the balance sheet it is supposed to fill only 5 lines. Since there are not many of them, let's consider the peculiarities of working with each of them.
Simplified balance sheet form: asset
The first line is "Material non-current assets". Here you need to fix the value of fixed assets (from which the depreciation figures are subtracted), as well as the incomplete investments in them.
The next line is "Intangible Assets". Here you also need to specify their cost (and subtract, as in the first case, depreciation), reflect the incomplete investments in them. Long-term investments, deferred assets, research results, etc. can be recorded here. Note that small businesses can consider investments based on their original cost. Deferred assets of this type of enterprise may not be taken into account.
In the line "Inventories" you need to reflect the appropriate reserves for raw materials, used materials, as well as finished products.
The most important item that includes annual financial statements in the structure of the corresponding balance sheet, including that which is provided under the simplified form - "Cash and Equivalents". It captures not only capital, but also highly liquid reserves that are not prone to price volatility, which can be converted into a standard currency.
The line "Financial and other assets" should contain short-term investments (which are in circulation no more than 12 months after the date of submission of the report or a particular operating cycle), "receivables" and other current assets that are not presented in other sections of the balance sheet. The RF Ministry of Finance recommends that you deduct VAT from the "receivable", which can be issued as a deduction - if the firm pays for goods and services in advance.
Let's study now how to fill the annual accounting statements in the form of an appropriate balance in the part of the liability.
Simplified form of balance: liability
The structure of this part of the document, as in the case of the asset, does not imply a detailed specification of the figures. Consider the lines provided by the form in question.
The first line is "Capital and reserves". Here it is necessary to fix the figures for the authorized, additional, or, respectively, reserve capital. In the same line, the figures for retained earnings (in some cases, uncovered losses) are reflected.
The next line of the simplified form is "Long-term borrowed funds". It should be noted that the relevant data should be reflected together with interest (with a maturity of more than 12 months as of the reporting date).
In the line "Other long-term liabilities", figures reflecting legal relationships not related to the credit category are fixed. In this case, their term should also be more than 12 months.
In the line "Short-term borrowed funds" are fixed indicators for loans - also with interest, which the firm must repay faster than 12 months (as of the reporting date).
The line "Accounts payable" reflects the figures for short-term debts to partners of the firm, employees, the state. Data are recorded if the maturity of the respective obligations does not exceed 12 months as of the reporting date, and if this fits into the structure of the operating cycle, which in turn may be longer than 12 months.
In the next line, it is necessary to note other short-term liabilities that are not classified within other sections of the balance sheet liability. The key criterion is the same - the repayment period does not exceed 12 months - adjusted for the specifics of the operating cycle. It is recommended to reflect creditor debts, net of VAT, which must be paid to the state - provided that the firm has received an advance for the supply of goods or services.
These are the recommendations of experts on filling the balance sheet. But that is not all. Another important source that includes accounting reporting is a document reflecting the financial performance of the organization. Let us consider the specifics of its compilation.
As in the case of the balance sheet, the document in question records the figures for the year. Sometimes it is also called a profit and loss account. It is recommended, however, to call it differently when it comes to providing accounting statements for the year.
Its simplified form consists of 7 lines. Let us consider the specifics of their filling.
In the line "Revenues" are recorded incomes, which the firm received as a result of its main activity - after deduction of VAT, as well as payments on excises. It should not, however, reduce the corresponding indicator by the amount of export duties paid to the state at the customs.
The line "Expenses for ordinary activities" involves the inclusion of all costs related to the key activities of the firm. You do not need to divide them into those that reflect the cost, commercial transactions, management costs.
The "Interest to pay" line should reflect data on the relevant parameters of loans, not including those that should be included in the structure of investment assets. Note that small businesses (other than those that issue public shares) may include expenses related to loans to the category of others.
In the line "Other revenues" revenue is fixed, which can be obtained, for example, at the expense of rent.
The line "Other expenses" may include figures related, in particular, to writing off fixed assets.
In the line "Income taxes" the current collection value of the relevant type is fixed.
In the line "Net profit" (or loss), an indicator is entered taking into account the deduction of the necessary taxes.
So, we have studied the basic nuances concerning such a procedure as the provision of accounting reports by Russian enterprises. The legislation of the Russian Federation establishes, on the one hand, rather strict criteria, presupposing the obligations of firms to form relevant documents. On the other hand, keeping accounting records (accounting) is not necessary for a number of organizations. However, there is also a compromise option for submitting relevant documents to the FTS for simplified forms.