Consolidated financial statements based on OAO "Mashtorf"


THESISthe discipline of "Accounting""Consolidated financial statements" based on OAO "Mashtorf"


INTRODUCTION

. Theoretical aspects of the concept and of consolidated financial statements

.1 MAIN COMPONENTS OF THE CONCEPT "consolidated financial statements"

.2 Principle of consolidated reporting. Legislative and legal support COMPANIES CONSOLIDATED STATEMENTS

.3 Organization of accounting at the JSC "MASHTORF"

. ORDER ESTABLISHING THE CONSOLIDATED STATEMENTS OF JSC "MASHTORF"

.1 PROCEDURE of consolidated financial statements of OJSC "MASHTORF"

.2 Procedure for consolidation

.3 METHODS OF CONSOLIDATED STATEMENTS OF PRIMARY

. DEVELOPMENT OF RECOMMENDATIONS TO IMPROVE THE CONSOLIDATED STATEMENTS

.1 Automating the process of consolidated financial statements

.2 Development of methodological recommendations on the formation of the consolidated accounts

.3 International Financial Reporting Standards and the European Community Directive on consolidated accountsOF USED LITERATUREA - EXPLANATORY NOTES TO THE ANNUAL REPORT FOR THE YEAR 2009B - Accounting policy of "MASHTORF"


organizations of any legal form of ownership must be based on synthetic and analytical accounting accounting financial statements, which is the final stage of the accounting process.statements in the prescribed form contains a system of comparable and reliable data on the sales of products, works and services, the cost of production, on the property and the financial position and results of operations.consolidated annual financial statements performed by summing up the corresponding row-data included in the forms of the annual financial statements of organizations and enterprises.addition, the consolidated accounts are prepared in a single legal entity on the basis of the reported data of its divisions and affiliates, dedicated to a single sheet, but are not separate legal entities and with the subsidiaries and affiliates.date, this issue is relevant because:

Preparation of a summary report is one of the most difficult tasks for the accounting department of the organization;

Consolidated financial statements is an important indicator of the financial position of the organization, and as such it is of interest to a large number of different users of such information;

Consolidated financial statements is the information base of financial analysis;

The consolidated financial statements has a purpose - to show the results of financial and economic activities of a group of related companies, legally independent, but are in fact a single economic organism.need of the consolidated statement - elimination of selected indicators of enterprises in the group, in order to avoid double counting in the total (consolidated) report group., the consolidated accounts are prepared in one of the owner or for statistical generalization, and consolidated - for the owners of the jointly controlled assets.aim is to examine the theoretical aspects and study the order of the consolidated financial statements.objectives of the work are:

Consideration of the main components of the concept of the "consolidated financial statements";

Consideration of the principles of preparing consolidated financial statements and the legislative and legal support of the consolidated financial statements of the enterprise;

The study of the organization of accounting in the enterprise;

Consideration of the order of consolidated financial statements of the enterprise;

Consideration of consolidation procedures;

Consideration of the methods for primary consolidated accounts;

Development of recommendations for improving the consolidated financial statements.object of study is OJSC "Mashtorf."


1. Theoretical aspects of the concept and of consolidated financial statements


.1 MAIN COMPONENTS OF THE CONCEPT "consolidated financial statements"


In a market economy any commercial organization seeks to reap economic benefits. It is this goal orientation in the work is essential in business organization, it is recognized as the most important factor in terms of the conditions of formation of the financial resources of any organization, its financial capital.main source of useful (clear, transparent, credible, substantial, reliable) information should be the financial statements.consolidated financial statements is primarily associated with large transnational corporations (TNCs), whose shares are listed on stock exchanges and transactions are international. Numerous small and medium-sized companies in most cases exempt from creating it., the value of the consolidated financial statements is beyond the scope of purely informative, as it has very specific users - investors and shareholders. Intercompany transactions may create an unrealistic picture of the activity of a group of companies, its sales, accounts, inventory, financial results.statements present a more objective picture of operations and financial position of a single economic unit without replacing the separate financial statements of the companies, as it reflects its economic relationship. [15]can serve as controls for the parent company and affect its dividend policy. In some countries, like the U.S., the consolidated income is the basis for the declaration of dividends (the parent company decides on the payment of dividends for the activities of a subsidiary). Undoubtedly, the consolidated statement contains important information for making financial and operating policy decisions.the parent company meets the above criteria, it is required to prepare consolidated accounts. This applies to each of the Group subsidiaries.with subsidiaries that do not prepare consolidated accounts if, in turn, is a subsidiary and its parent company is consolidated.financial statements are prepared on the basis of statements of companies with certain accounting procedures, which are, in essence, the sum of assets, liabilities, income and expenses of the enterprises and the general exclusion of articles.content, the consolidated financial statements of the reporting of any other similar independent company, and includes:

Consolidated Balance Sheet (form № 1);

Consolidated statement of income (form № 2);

Consolidated statement of cash flows;

Explanations (decryption) to the consolidated financial statements;

Report of the management board of the enterprise group. [11]not always report the group of companies may include all of the positions, the composition of the consolidated financial statements in different countries may be different. So, for example, and Germany, in contrast to the U.S. in the statement does not require the statement of cash flows. May be different and the structure of the consolidated balance sheet or profit and loss account.to the 7th EU Directive, which sets out the general rules of the consolidated statement, they should include a balance sheet, income statement and notes (decoding), and supplemented by a special report on the state of concern.and Russian rules parent company must consolidate all foreign and national companies of the concern, regardless of the nature of their activities. However, if the activities of an entity is significantly different from the activity of the group, according to local government in the notes to indicate this fact. Also recommended to lead such an enterprise data reporting line item when interpreting certain articles of the consolidated accounts. International standards is also provided (in Russian is not specified), that the company should not be included in the consolidated financial statements, if its share in the share capital acquired exclusively with a view to sale, and if the company ceases to meet the definition of a child, - from this point on is not included in consolidated group.from preparing consolidated financial statements, small and medium-sized companies, are complied with two of the three requirements: the size of turnover, total balance and the number of employed. Calculation of total assets and turnover can be gross or net techniques; according to the latest eliminated intercompany transactions.consolidated accounts are not prepared, if:

It is assumed temporary control as a subsidiary acquired in order to sell in the near future;

A subsidiary operates under severe restrictions, which significantly reduces the possibility of the transfer of funds of the parent company;

A subsidiary is not significant for the group;

Put together a few companies do not occupy a significant place in the group;

The activity of the subsidiary is different from the activities of companies belonging to the group (otherwise violated the concept of fair and accurate assessment);

High cost and significant delay of information and documents necessary for the consolidation.accordance with the concept of accounting and reporting in the medium term, approved by Order of the Ministry of Finance of Russia from July 1, 2004 № 180 consolidated financial statements as a variety of accounting information is intended only as a function and is interested external users. These statements should be one of the main sources of financial information for economic decision-making by these users. [10]main task in the area, the consolidated financial statements is to provide interested users with secure access to high-quality, reliable and comparable information on the group of economic entities.


.2 Principle of consolidated reporting. Legislative and legal support COMPANIES CONSOLIDATED STATEMENTS

accordance with international standards, the consolidated statements should be based on certain principles and methods (to meet certain requirements).principle of completeness. All assets, liabilities, prepaid expenses, deferred revenue of the consolidated group are accepted in full, regardless of department and the parent company. Minority interest is presented in the balance sheet as a separate item under the appropriate heading.principle of equity. As the parent company and the subsidiaries are treated as a single economic unit, the equity is determined by the book value of shares in consolidated companies, as well as the financial performance of these companies and reserves.principle of fair and accurate assessment. The consolidated accounts should be presented in a clear and easily understandable form and give a true and fair view of assets, liabilities, financial position, profits and losses of the companies belonging to the group and considered as a whole.of the constancy of consolidation methods and evaluation and the principle of a going concern. Consolidation methods should be used for a long time, provided that the plant is operational, ie does not intend to discontinue its operations in the foreseeable future. Variations are permissible in exceptional cases, and they must be disclosed in the annexes to the report, with justification. This principle applies to both the form and the methods of consolidated financial statements.. This principle provides for the disclosure of such items, the value of which can affect the adoption or change the decision on financial and economic activities of the company.methods of assessment. Assets, liabilities, prepaid expenses, income and expenses of consolidated companies should be considered in its entirety.matter how they are presented in the current accounting and reporting of companies belonging to the group because the parent does not impose a ban and has no voting credentials approaches. It is important that the consolidation of the assets and liabilities of the parent company and its subsidiaries have been assessed on a uniform methodology applied by the parent company. Assessment methods for legislation, which observes the parent company shall apply to the preparation of the consolidated accounts.date of. The consolidated accounts should be drawn up on the balance sheet date of the parent company. The reporting of subsidiaries should also be recalculated on the date of the consolidated financial statements. [16]of the above principles, on which the consolidated financial statements in accordance with international standards is reflected in the Russian regulatory documents governing the preparation of the consolidated financial statements.the consolidated financial statements combine all assets and liabilities, income and expenses of the parent company and its subsidiaries line by line by adding the relevant data by the rules setrecommendations on the formulation and presentation of consolidated financial statements.preparing the consolidated financial statements of the parent entity and its subsidiaries shall be used uniform accounting policies for evaluation of similar items of assets and liabilities, income and expenses, etc.the accounting policy of a subsidiary is different from that used for the consolidated financial statements, up to the union of an accounting to the accounting statements of the parent organization, it is in conformity with the accounting policies used for the consolidated financial statements.the consolidated financial statements combined financial statements of the parent company and its subsidiaries have been prepared for the same reporting period and on the same date.recently, the preparation of the consolidated financial statements of the Russian Federation Ministry of Finance order regulated in Russia "On the procedure for accounting of individual transactions related to the introduction of the first part of the Civil Code of the Russian Federation" dated July 28, 1995 № 81 and the conduct of the summary (consolidated ) accounting and balance of financial and industrial groups, approved by the Government of the Russian Federation on January 9, 1997 № 24.documents are provided only basic information about the consolidation of reporting.addition to these documents Russian Ministry of Finance adopted decree "On Methodological Recommendations on the preparation and presentation of consolidated financial statements" from December 30, 1996 № 112, which repealed the order of July 28, 1995 № 81. In the order of the Ministry of Finance of Russia № 112 flesh out the order number 81, we give a more precise definition of the consolidated financial statements and determine the cases in which it is made.introduction of this document - an important stage in the development of the consolidated accounts in Russia. However, the document wrongly equated different in content and concept summary consolidated statements.use of these terms as synonyms correctly, since these forms of reporting differ not only by appointment, engineering drafting, group of users, but also conceptually. [12], the consolidated annual financial statements are prepared on a unitary enterprises and joint-stock companies (partnerships) of shares (holdings) which is fixed in the federal property (regardless of the size of the share).Financial Reporting Standards, describes the preparation of consolidated financial statements (OFC)of January 1, 2008, the following standards and interpretations (IFRIC), which determine the order of consolidation:

IAS 27 "Consolidated Financial Statements and Accounting for Investments in Subsidiaries";

SIC-12 "Consolidation - Special Purpose Entities";

SIC-33 "Consolidation and the method of equity accounting - potential voting rights and allocation of dividends to the owners."the formation of the group financial statements and the disclosure of information about it is necessary to consider the following international standards and interpretations:

IAS 28 "Investments in Associates";

SIC-3, "The elimination of unrealized profits and losses on transactions with associates";

IFRS 24 "Disclosure of related party";

IAS (IFRS) 3 "Business Combinations.""On the Consolidated Financial Statements" defines the general requirements for order preparation, submission and publication of the reports.the consolidated financial statements is a system of indicators that reflect the financial position, financial performance and changes in financial position of organizations [22].follows that, under the law consolidated financial statements include not only the balance sheet and profit and loss, but also the statement of changes in equity and statement of cash flows. It is mandatory in the reporting including accounting policies and explanatory notes.general, the reporting format follows the format of individual accounts. At the same time, in the consolidated financial statements may be additional items in the statement.


1.3 Organization of accounting at the JSC "MASHTORF"

financial statement consolidation

The history of the "Mashtorf" Lievens as all plants, is inseparable from the history of the entire national economy. Due to the fast-growing oil and petroleum industry was necessary to equip them with more sophisticated instruments accounting and control of production processes, the introduction of automation and mechanization of labor-intensive work in these industries."Mashtorf" is the largest enterprise in the development, design, equipment for oil, power, gas, petrochemical and other industries and the economy."Mashtorf" belongs to the sectors of the economy in which the production of the instruments of control and process control. The main activity - manufacture of instruments and appliances for measuring, monitoring and testing."Mashtorf" provides design, manufacture, supply and maintenance of equipment for the complete tank farms, oil companies, gas stations, process control systems for tank farms, oil production and refineries and chemical plants, equipment monitoring road and rail transport for freight and operations and loading and unloading, motors and pumps in the first half.in OAO "Mashtorf» operating accounting service as a separate unit, which is headed by the chief accountant (Figure 1). Accountant of "Mashtorf" uses approved Goskomstat typical standardized form, and self-developed organization.in OAO "Mashtorf" is in accordance with the Federal Law of 21.11.1996 № 129 FZ "On Accounting" (as amended on 30.06.03 № 86-FZ), the regulations on accounting and financial reporting in the Russian Federation, approved by Order of the Ministry of Finance of Russia from 09.12.19998, № 60n (as amended on 30/12/99), the applicable accounting regulations, the Plan accounts for financial and economic activity of enterprises, approved by Order of the Russian Finance Ministry of 31.10.2000 , № 94n. (As amended on 07.05.03, № 38N).the development of accounting used various forms, which were designed to improve the system of accounting and facilitate the work of an accountant. At present JSC "Mashtorf" applies a simple order form and magazine accounts. At journal-order forms accounting accountant for a certain period of collects documentation (primary, combined), then they are grouped into the storage and grouping statements. Based on the cumulative and generic statements generated logs - order, and then the data is transferred to the general ledger. According to the general ledger are prepared quarterly and annual balance sheets and then reports. Due to its positive qualities, this form of accounting is applied in many enterprises. But it has many negative qualities - it can organically combine analytical and synthetic accounting, and not always followed the principles of relationship and mutual control registers. Figure 2 shows a diagram of journal-order form of accounting "Mashtorf."the financial condition of the company is the ability of the company to finance its activities.condition is characterized by the availability of funding necessary for the normal operation of the business, the appropriateness of their placement and use efficiency, solvency and financial stability. The purpose of the analysis is not only to establish and assess the financial condition of the company, but also to constantly work towards its improvement.3 shows a diagram of the financial activity of JSC "Mashtorf." Financial analysis is a method of assessing retrospective and prospective financial condition of the company. Financial analysis in a market from an ordinary level of economic analysis has become the main method of evaluating the new economy.the performance indicators of production and economic activity of JSC "Mashtorf" and are summarized in the table in Appendix A. This analysis was performed using the annual financial statements for 2008 - 2009 years. (Appendix D, E).the performance tables of Appendix A.the study period revenues and cost of sales and services decreased in 2009 compared with 2008 to 184,431 thousand rubles. (29.47%). The level of cost of sales and services in sales revenue is also reduced, therefore, of "Mashtorf" gets smaller profit from sales. Gross profit decreased by 102,459 thousand rubles. (39.18%) in 2009 compared to 2008expenses decreased by 3,631 thousand rubles. (23.67%) in the 2009 Administrative expenses also decreased in 2009 to 36 474 rubles. (26.14%) compared to 2008profit, as mentioned earlier, is reduced in 2009 to 62 354 rubles. (58.47%). This negatively affects the activity of the enterprise.income during the study period decreased by 97 504 thousand rubles. (36.29%), the costs also increase by 99 412 thousand rubles. (36.53%).before tax in 2009 decreased by 70 695 thousand rubles. (88.44%) compared to the 2008 level of profitability is greatly reduced.profit of the company also fell by 55,737 rubles. (92.55%) in 2009 compared to 2008all of these indicators depends on the payroll of "Mashtorf." It decreases in 2009 to 43 966 rubles. (26.89%). Also, the analysis shows that the average number of personnel in 2009 is reduced.average monthly wage for 2008 is reduced by 3,916 rubles. (22.29%), the enterprise accounting of "Mashtorf» operating accounting, headed by the chief accountant. Accounting Enterprise is an independent unit. At present JSC "Mashtorf" applies journal-order form of accounting. Technical and economic indicators show a decline in activity at JSC "Mashtorf" in the period under study, as a significant decrease in sales profit and all indicators. The main reason for this phenomenon - the decline in production., in a market economy, any commercial organization seeks to reap economic benefits. It is this goal orientation in the work is essential in business organization, it is recognized as the most important factor in terms of the conditions of formation of the financial resources of any organization, its financial capital. The main source of useful (clear, transparent, credible, substantial, reliable) information should be the financial statements. Of consolidated financial statements is primarily associated with large multinational corporations whose shares are traded on the stock exchanges and transactions are international. Numerous small and medium-sized companies in most cases exempt from creating it. In accordance with the concept of accounting and reporting in the medium term, approved by Order of the Ministry of Finance of Russia from July 1, 2004 № 180 consolidated financial statements as a variety of accounting information is intended only as a function and is interested external users. These statements should be one of the main sources of financial information for economic decision-making by these users. The main task in the area, the consolidated financial statements is to provide interested users with secure access to high-quality, reliable and comparable information on the group of economic entities. In accordance with international standards, the consolidated statements should be based on certain principles and methods (to meet certain requirements). OJSC "Mashtorf" is the largest enterprise in the development, design, equipment for oil, power, gas, petrochemical and other industries and the economy. Enterprise accounting of "Mashtorf" accounting is headed by the Chief Accountant. Accounting Enterprise is an independent unit. At present JSC "Mashtorf" applies journal-order form of accounting. Technical and economic indicators show a decline in activity at JSC "Mashtorf" in the period under study, as a significant decrease in sales profit and all indicators. The main reason for this phenomenon - the decline in production.


. ORDER ESTABLISHING THE CONSOLIDATED STATEMENTS OF JSC "MASHTORF"


2.1 PROCEDURE of consolidated financial statements of OJSC "MASHTORF"

"Mashtorf" is the consolidated financial statements to the extent and in the manner established by the Accounting Regulations "Accounting Organization" (PBU 4/96), according to the forms developed by the parent organization on the basis of standard forms of accounting. In this case:

Standard forms of financial statements may be supplemented with the data needed to users of consolidated financial statements;

Articles (lines) standard accounting forms for which there are no indicators of a group, can not drive, unless the figures were in the previous reporting period;

The amounts of certain assets, liabilities and business operations should appear in the consolidated financial statements in isolation, without knowing if they can not score for the users of the financial position or results of its operations. [15]figures for the individual types of assets, liabilities and business transactions are not provided in the consolidated balance sheet and consolidated income statement, if each of these indicators individually immaterial to assess the financial situation of users, or the results of its activities, as reflected in the total amount of the notes to the consolidated balance sheet and (Water report on financial results.organization preferred to form a consolidated balance sheet, consolidated income statement and disclosures from one reporting period to another. Changing the selected form of a consolidated balance sheet, consolidated income statement and the Notes to be disclosed in the notes to the consolidated balance sheet and the consolidated report on the financial results, indicating the causes of this change.main legal points were the basis for the creation of the integrated structure, which was formed on the basis of structural units (shops, sites, departments) of "Mashtorf" and therefore formed the organizational management structure for each sector of business units, and generalizing the moment is the development of a common management structure of "Mashtorf" (parent).structure of "Mashtorf" reflected in Appendix B:

"Liquid Instruments" produces equipment for tank farms, refineries, oil storage tanks;

LLC "tool" makes molds, dies, tooling, special. tools, measuring tools, measuring tanks, barriers;

LLC "Livenka" produces equipment for gas stations;

LLC "Metallurg" produces castings, spare parts (casting, assembly product), etc.;

LLC "Electromash" produces electric motors and pumps;

LLC "Promservice" produces metal, mobile complex tank cleaning, drip. repair and modernization of machine tools, construction of buildings;

"Measurement Techniques" makes counters, metering units, filters, gas separator.reliability of the preparation and observance of the presentation of consolidated financial statements provides a director of the parent organization.and order, including the timing of accounts of subsidiaries and affiliates of the parent organization (including the additional information necessary for the consolidated financial statements), sets the parent organization.to the consolidated financial statements to reconcile and resolve all settlements and other financial relationship the parent company and its subsidiaries, and between subsidiaries.case the parent company of subsidiaries and associated companies at the same time the consolidated financial statements are prepared by combining the indicators of financial statements of the parent organization and its subsidiaries and the inclusion of data on participation in associates.of financial statements of the subsidiary are included in the consolidated financial statements from the first day of the month following the month of purchase of the parent organization of the relevant number of shares in the share capital of the subsidiary or the occurrence of any other possibility to influence the decisions taken by the subsidiary.on associates consist of the consolidated financial statements from the first day of the month following the month of purchase of the parent organization or the corresponding number of shares in the share capital of the company. [12]of each component of the consolidated financial statements must contain the word "consolidated" and the name of the group.financial statements are presented to the founders (participants) of the parent organization. Other interested users of the consolidated financial statements are presented in the cases established by the legislation of the Russian Federation, or by the parent organization.parent organization prepare consolidated financial statements no later than June 30 of the following year, unless otherwise provided by the legislation of the Russian Federation or the constituent documents of the organization.financial statements signed by the manager and the chief accountant (accountant) of the parent organization.decision of the members of the group consolidated financial statements may be published in the published financial statements of the parent organization.(consolidated) statistical reporting PPG prepared and submitted to the State Committee on Statistics of the central company in due course.(consolidated) reports, accounting and statistical reports reflect the property and financial regulation FPG, and the results of its investment activities.common requirement for annual consolidated financial statements of, is the condition that the property and financial position as well as the level of income should be presented in such a way as to look like a group of companies together.problem is that the balance of the parent and subsidiary companies can be drawn on different dates and in different currencies, different in structure, composition, content, and assessment items.the reporting at the subsidiary may need to make changes:

The structure of the balance sheet;

In the content and composition of the balance sheet;

The assessment of the balance sheet;

In the conversion of the balance sheet from one currency to another.first step in preparation for the consolidated report is rearrangement of the balance sheet.for it usually does not occur when subsidiaries are located in the same country with the parent, because then they tend to use uniform methods of reporting., foreign subsidiaries, accounting records in accordance with national requirements, have to rearrange their balance sheets in accordance with the requirements of the parent company.it is necessary to revise the content of the balance sheet for compliance adopted by the parent company accounting practices.attention to the valuation of a balance sheet items and to make adjustments if necessary. The changes here may be necessary for foreign subsidiaries, as well as for domestic, if they used different accounting policies from the policy of the parent company.point - the conversion of balance sheet items of foreign operations are consolidated into the currency of the parent company.


2.2 Procedure for consolidation

would be wrong to think that consolidation - it is a simple summation of articles reporting the parent and its subsidiaries., in fact, is the substitution statements of the parent company, "the book value of investments" in each subsidiary of the fact that these investments are really at the moment, that is, the share of the parent company in the fair value of the net assets of the subsidiary at the balance sheet date and the remainder arising on acquisition investments. Consolidation should provide an exception again of mutual operations of the companies of the group.consolidated data reporting statements of the parent company and its subsidiaries are combined in stages, to present them as a single economic organization. To this end, first summarize the articles itemized statements of the group and then exclude mutual investments and operations. In general, this can be represented as follows:

Investment costs are eliminated investor equity invested enterprises;

Remains outstanding under Intercompany transactions, such as intercompany sales, expenses, loans, dividends, are eliminated in full;

Unrealized gains on transactions among the remnants of goods and fixed assets are eliminated in full;

Unrealized losses on intra-fund transactions in assets are also eliminated;

Net profit attributable to outside (minority) shareholders of a subsidiary (minority interest) is reported separately from the profit attributable to the parent company;

In the consolidated financial statements should also highlight the minority interest in the net assets (or equity).consolidated balance sheet is particularly important procedure for consolidation of debt. From a legal point of view, concern (a group of) can not have a loan or debt relative to itself. Therefore, loans and other debt, contributions to the reserve fund and debt between companies belonging to the group, should be excluded. [13]applies to the following balance sheet items:

Outstanding contributions to the share capital;

Payments for commercial transactions;

Loans granted to the Group;

Long-term investments;

Promissory notes;

Other debt;

Short-term financial investments.investments of the parent company in its subsidiaries and the share attributable to the parent company in the equity of subsidiaries.accounts of the subsidiary to be consolidated:

The authorized capital;

Reserve capital;

Reserves formed from gross income;

Retained earnings (loss);

Net income (loss) of the current year.are stages of consolidation of the balance, depending on the presence or absence of mutual transactions:

Initial consolidation (in the preparation of the consolidated financial statements for the first time the formerly independent companies) related to the acquisition of the invested enterprise;

Subsequent consolidation (in the consolidated statements of the group formed earlier and ongoing mutual transactions).and methods of consolidated financial statements in different countries are different.profit and loss account. The profit and loss account of the subsidiary is 100% owned by the parent company, there can be no changes included in the profit and loss account of the parent company for the consolidated figures. In practice, there are adjustments to compensate figures for revenues, costs, profits, dividends, etc. between companies (Annex B).is an extract from Annex B., the consolidation of a substitution in the statements of the parent company's "book value of investments" in each subsidiary of the fact that these investments are really at the moment, that is, the share of the parent company in the fair value of the net assets of the subsidiary at the balance sheet date and balance arising on acquisition investments.


.3 METHODS OF CONSOLIDATED STATEMENTS OF PRIMARY

on the nature of the transaction for the investment and establishment of control are two of the primary method by which the consolidated financial statements: the method of purchase (acquisition) and the method of merger (absorption). These methods differ procedurally and have a great impact on the aggregate financial results presented in the consolidated financial statements.purchase method. According to this method at the date of acquisition to determine the fair market value of the parent company acquired identifiable assets and liabilities. Amount of such assets is recognized under the parent company "Investments".should be borne in mind that the assets are bought not actually invested companies and its share in equity, equivalent to net assets at cost. Purchase of assets, such as property, land, etc. radically different from the purchase of shares or in the share capital by the same amount. Purchase of assets does not entail the need to draw up consolidated accounts and the acquisition of more than 50% of the voting rights would require consolidation.purchase and establishment of control is difficult to determine the date on which should be consolidated because the date of acquisition of shares in the capital and the date of the revaluation of assets may be different.of the acquiree obtained prior to the date of purchase, not included in the consolidated financial statements.difference between the price paid for the acquired net assets of a going concern, and the fair market value is the price the firm or reserve capital (negative goodwill arising on the purchase price, less the fair market value). [18], the price of the company reflects the potential profitability of the subsidiary, not shown in the account, and the value of unidentified assets and qualitative indicators. Price firm recognized in the consolidated balance sheet under "Intangible Assets", which is subject to depreciation over the period of its expected future profitability.the acquiring company already has a reputation, relationships, well-established and profitable production, the best-selling products, and well-organized distribution system, the cost of acquisition will be different not only from the book value of net assets, but also on the fair market value of the identifiable assets.fair market value in different situations may be different. In some cases - is the value of assets and liabilities for transactions of informed and interested parties not participating in a particular transaction for the acquisition. In the other - the lowest replacement cost is applied when the assets actually be filled. This may be a net cost of implementation, if the assets are to be sold.should be noted that the fair market value is determined differentially by type of property. This may be used in reference prices for machinery and equipment, the prices of relevant markets, the present value of long-term receivables and payables, current cost of reproduction of land and work in progress, the adjusted acquisition cost of inventory and long-term contracts., the price of the company - is the difference between the amount paid to a going concern, and the fair market value of the acquired identifiable assets.need for consolidation of capital associated with the elimination of double counting in the consolidated accounts and the correct reflection of the equity in the balance of a single economic unit.consolidated accounts are prepared in terms of the parent (holding, Office).the purpose of consolidated financial statements in accounting Western guided quantitative approach to measuring the impact of these operations on the investor that is largely arbitrary, since the dependence of the project company will not necessarily result in a high proportion of the investor in its share capital, and the control can be carried out in another way .are three levels of influence of the investor:

Less than 20% in the share capital of the investee company (no significant effect);

20 to 50% (significant influence);

More than 50% in the share capital of the investee company (control of consolidated financial statements). [21]of more than 20% of shares with voting rights, can exercise significant influence over the investee. To account for these shares using equity method.this case, the participation in the share capital of the investee company in excess of 20%, suggests that the investor shall include in its report to the appropriate share of the profits or losses of a controlled entity, such investments are not only easy to obtain dividends. Such companies are called sister or associate, the Civil Code of the Russian Federation - dependent.are three main features of the method:

The investor takes into account the acquired shares at cost;

Part of the net earnings of the investee company's investor records an increase, and losses - in the reduction of investments;

Dividends received by investors include the increase in cash and reduced investment. [10], the present value of the investment on the balance sheet consists of the following elements: the cost of the + appropriate share of profits - an appropriate share of losses - receive / dividends received.noted above, the establishment of control is called the parent company of the investor and investee company - a subsidiary. In this case we need to draw up consolidated accounts.the one hand, each of these companies is a separate legal entity and of its financial statements, on the other hand, because of the special relationship and communication between the subsidiary and the parent company, they are treated as a single unit and prepare the general statements, called consolidated.(absorption). Previously described method of acquisition by purchase has its own problems: first of all in this method need for costly re-evaluation, but also requires the investor has available cash resources. The alternative he advocates are increasingly used pooling investor invested company, pursuant to which requires a small amount of cash and shares are exchanged for shares of the investor investee. It avoids the payment of taxes, and the shareholders are not deprived of property rights, because in return get a new old stock (although often this exchange ratio is clearly not beneficial to the former owners). At the confluence of the right may be acquired not only the parent company, but the company is not part of the group, or distributed among several companies.characteristic features of the method of merger (absorption):

Assets and liabilities are not carried and are not adjusted;

Investments are shown at face value;

Income received by a subsidiary before the merger are included in the consolidated financial statements.of this method is permitted in the following cases:

The parent company trades more than 90% of the nominal capital of the subsidiary;

Exchange of shares of the parent company for the shares of the subsidiary;

Payments in cash should not exceed 10% of the nominal value of the issued shares;

The company must be the same area.this method, there is no firm price, no revaluation of assets to their fair market value, which would lead to an increase in depreciation charges. [16]consolidated statement of income. Consolidated profit and loss account prepared similarly consolidated balance sheet, ie summing the profit and loss accounts of the reporting companies in the group, and the exclusion of income and expenses arising from intra-group transactions, because the concern can not realize gains and losses on transactions within itself. In its consolidated statement of income includes only the financial results of transactions with third parties not part of the group. This is achieved by conversion of corresponding costs and benefits, and (or) their rearrangement in the profit and loss account. It should be noted that not only excludes revenue from sales of products and other income from sales and services. (Appendix B)process of consolidation of the profit and loss include:

Consolidation of the internal turnover from the sale between the Group companies,

Consolidation of other income and expenses,

Consolidation of translation gains or losses within the group.consolidated statement of income may be a situation where enterprises groups use different methods of cost accounting - full cost method or the method of direct costs. Therefore, during the preparation of the consolidated financial statements to account for all profit and loss statements of the individual companies on one of these two methods.it is always associated with significant costs, all enterprises should concern from the beginning to stick to one method of accounting for the costs of the consolidated statement of income.was the technique of so-called full consolidation used for subsidiaries. As already mentioned, the inclusion of the results of jointly controlled entities and joint activities in the consolidated group is similar to the full consolidation of the use of the method of proportional consolidation or consolidation of quotas based on the proportional inclusion in the report group's share of the parent company's assets and liabilities as well as the costs and benefits the joint venture or joint venture.consolidation, reporting companies in the group, in a subsequent period of their activity additional difficulties related to the necessity of elimination of items that are mutual in-house operations, in order to avoid double counting and artificially inflating the value of capital and financial results. Articles to be elimination - is items that are excluded from the consolidated financial statements as a result of double counting and distortion of the financial performance of the group.concept of the group assumes a special interest in the transaction between the companies within the group. Intercompany transactions are similar to transactions between branches (departments) within the company. These operations are done in business transactions and settlement, loans, dividends received. All such transactions must be eliminated in preparing the consolidated balance sheet and income statement. Should be eliminated and intercompany balances. [12]preparing the consolidated financial statements should be eliminated loans, accounts receivable, accounts payable and accruals, as a single economic unit can not have accounts receivable or accounts payable to herself.to elimination following calculations:

Debt is not made to the authorized capital contributions;

Advances received or issued;

Loans to companies in the group;

Reciprocal receivables and payables Group;

Other assets and securities;

Expenses and deferred income;

Charging;

Contingency operations.the accounts receivable of a fully correspond to the amounts payable other company in the group, they are simply omitted.reasons for discrepancies in accounts receivable and accounts payable in accounting for the parent company and the subsidiary may be due to methodological differences, incorrect, time differences and other reasons. Such differences can easily be resolved without any impact on the profit and loss account. Accounts payable may exceed accounts receivable due to the different methods used estimates (reserve account of one company in the absence of accounts receivable to another company of the group).


. DEVELOPMENT OF RECOMMENDATIONS TO IMPROVE THE CONSOLIDATED STATEMENTS


3.1 Automating the process of consolidated financial statements


Formation of the consolidated financial statements is a fairly time-consuming process. Therefore, with appropriate use of information systems., companies in the group are used in the various accounts of its activities and management systems. It therefore seems more appropriate not to translate them into a single system, and used to collect information from the field, processing and compilation of summary (consolidated) statements in the whole group of special software and methodological solutions.these purposes, you can use the system "1C: Consolidation of 8", which provides for the collection, processing and presentation in a common format of financial information of all subsidiaries and affiliated companies, allowing to apply the necessary methodology and understand the requirements of international standards.this reconciliation intercompany sales, their elimination, performance adjusting entries, and other operations are carried out automatically. In addition, domestic enterprises keep records and prepare reports in accordance with RAS.embedded in the software solution enables consolidated accounts for the group of companies form the RAS and also according to the Order № 112 (Figure 4). However, you can not only take into account the demands on MTSFO, but will continue to transform the summary consolidated statements.of consolidated accounting standardsof consolidation can be described by the following steps:

To obtain from the subsidiary companies (SDCs) regulatory reporting and special forms that reveal intercompany sales (VGO) of subsidiaries;

To verify the consistency of the input information regarding past performance and cross-checks incoming reports (for example, compliance with the balance of the profit and loss account). Implement reconciliation reports intragroup transactions;

To make adjustments. Deducted from the performance reporting enterprise data that arose from intercompany transactions and which should be excluded from the consolidated financial statements (if there are cases related to associated companies, joint activity or the presence of minority shareholders, are also required special adjustments;

To calculate the unrealized profit attributable to the balance of assets;

Reporting, cleansed of VGO summarize line and get consolidated;

Validate the resulting consolidated financial statements.on subsidiaries and affiliatesthe consolidation of a lot of attention is paid to the records of the VGO provided by subsidiaries. Among them:template (1-5) according to PBU 4/99 "Accounting of the organization."on intercompany sales:

The movement of resources for the period;

On debts within the group;

On investments within the group and dividends;

On the execution and receipt of other income within the group;

The acquisition within the group;

Cash flow within the group.the system has a built form of reports, there is an opportunity to develop new forms and modify existing ones.. To eliminate the VGO to implement cross, counter check intercompany sales performance reports of each entity of the group.there will be a divergence. For example, the same VGO presented in reports by various subsidiaries amounts or at one of the companies of this turnover is specified as internal, and in other reports this fact is not reflected.of VGO (Table.) Is the testing procedure. She performed automatically by comparing subsidiaries:

The sale of goods and services within the group receiving other income from intercompany transactions (from the "Performance Reports and Other income within the group"), and data on the acquisition of goods, works and services within the group, and other expenses from intercompany transactions (of reporting counterparties to purchase within the group);

For receivables and payables between group entities (based on the "Reports on debts within the group" - for certain categories of debt, including issued and received loans, the latter included in the calculation, excluding accrued interest payable);

For cash payments within the group and the income funds within the group (based on the statements of cash flows within the group);

On receivable and payable dividend within the group (according to the "Reports on investments within the group and dividends");

Availability of investments within the group of investors in the financial statements and on the contribution of Group companies in share capital - as reported by their counterparts ("Report on Investment Group and dividends").this case, for each position you can get additional disclosure statements, which shows what kind of company accounts because there was discrepancy in the data.of VGO. This procedure is a decision in favor of a certain amount of VSV, which is considered reasonable and accurate. You must find out the reasons for discrepancies, correct data in the original report and to reconcile again, or an adjustment to the data in the report for reconciliation in disclosure of relevant indicators.second option for a large number of initial reports and the relatively small percentage of differences is more preferable.report with a collated data to save by setting its status to "Prepared" (or "Approved").of unrealized profit. Unrealized profit (NFP) - is profit from intercompany transactions, which results in the value of assets in the financial statements of subsidiaries at the end of the reporting period. For the group as a whole, these operations are moving resources, while from the point of view of an individual company is the realization or acquisition of assets (Figure 5).of unrealized gains (losses) on intercompany transactions are accounted for by the rest of assets at the end of the reporting period and to be excluded from the consolidated statements made by each of the Group for which consolidation method as you see the "Full consolidation." Calculation itself is done in two stages.the first step the input data and compare sellers of goods and services on the profit (loss) from operations of intragroup sales (this information is contained in the "Report on the implementation and receipt of other income in the group") with data buyers to purchase the goods, works and services (from "Reports on the acquisition within the group").data for earnings (loss) from intra-group transactions are entered with a breakdown by counterparty criteria - separately for material values, separately for work and services.is the direct calculation of unrealized gains (losses) on intercompany transactions at the end of the reporting period, by type of asset:

Unfinished capital investments;

Fixed assets;

Raw materials and supplies;

The goods;

Prepaid expenses;

The balance of work in progress;

Finished products;

Goods shipped.of calculation of unrealized gains of assets is not regulated by Russian legislation. Therefore, the calculation is carried out consistently NPF on movement of assets, taking into account the type of the sequence of their transformation., raw materials can be used in production (that is transformed first into the cost of work in progress, and then in the finished product, then shipped goods) and in construction (their value can be treated in the capital investment, then - in the fixed assets)., the calculation of unrealized profits from VGO to be carried on the balance of material is the first and only then are counted capital investments, fixed assets, etc.remains of the unrealized profit from VGO in assets at beginning of period obtained from a similar report for the previous period.. At the stage of elimination of VSV in the program completed the report "Elimination from intercompany transactions" based on data that have been pre-reconciliation. This automatically made retest differences, in particular, accounts receivable and payable, income and expenses, the movement of material and financial resources between group companies.the case of minority shareholders or affiliated companies for which the group represented by the parent (management) of the investor, adjustments are checked and minority equity.on elimination of intragroup transactions are then used to build the report forms are eliminated by organizational unit: balance sheet, income statement, statement of cash flows, statement of changes in equity. They line are the indicators that have been eliminated in the process of consolidation.data in the reports of the organization is eliminated as freezing, since the formation of the consolidated financial statements, they are deducted in line by summation. Adjustments for special assignment eliminates organizational units can increase the visibility of the adjustments and the audited statements.consolidation. Consolidated reporting is formed using a special algorithm consolidation perimeter, the essence of which is as follows:

Produced by-line summation of indicators reporting companies that are enrolled in full consolidation, and "eliminated" company (ie consolidation adjustments);

Shows the reporting organizations on which provides consolidation under the equity method in the consolidated financial statements do not include (korrektirovkastoimosti investment in such enterprises accounted through "eliminated" the company (through a special procedure adjustments);

Shows the reporting organizations on which provides proportional consolidation, are reported in proportion to the percentage of control over the enterprise., a logical algorithm of the program on consolidation of financial statements corresponds to the algorithm logic of consolidation.


3.2 Development of methodological recommendations on the formation of the consolidated accounts

objectives of developing guidelines for the formation of the consolidated financial statements are:

Automate the collection of information for the purposes of consolidated accounts;

Reducing the time for preparing the consolidated financial statements;

Improving the quality of reporting;

Improvement of the system of internal controls;

Regulation of procedures for the preparation and presentation of the consolidated accounts;

Preparation of the consolidated financial statements on the basis of full and accurate information on the activities of related companies as a single economic activities of the organization.main objectives of the development of guidelines for the formation of the consolidated financial statements are as follows:

A clear division of responsibilities, authority, and define measures of responsibility in the formation of the consolidated financial statements;

Effective collaboration between actors prepare consolidated accounts;

Ensuring compliance with the principles and methods of identity accounting policies used in the preparation of inter-related companies and the preparation of the consolidated financial statements;

The establishment of the unity of form and content of the consolidated financial statements;

Adoption of internal controls.to establish the consolidated financial statements are developed by specialists of JSC "CB", depending on regulatory required to compile the consolidated financial statements:

In accordance with the rules of RAS

For reporting purposes in accordance with IFRS,

For the purposes of the consolidated tax reporting,

For management purposes.to establish the consolidated financial statements in accordance with the rules of RAS address issues the following areas:

The rationale for the application of IFRS in the consolidated accounts in accordance with the rules of RAS;

Determination of the membership of the Group of companies for the purposes of consolidated accounts;

Procedure for registration information from the subsidiaries for the purpose of the consolidated financial statements;

Approval of the forms (forms) used in the preparation of the consolidated financial statements and instructions for their completion;

Drawing up a list of additional information to the reporting forms software used for total exclusion from consolidation of data related to intercompany transactions;

Procedure for the formation of the statement of cash flows "direct method";

Method of determining the level of significance in deciding not to include organizations in the consolidation perimeter;

Explanation approaches JSC "CB" to the exclusion methodology unrealized profit from the cost of assets acquired within the group;

Formation of the Annex to the consolidated balance sheet (form number 5).additional advantage in the development of guidelines for the formation of the consolidated financial statements is also a knowledge of the consolidation of reporting in such software products as SAP, «1C: Consolidation", etc., as well as the experience of cooperation in implementation of ERP-class, including purposes of consolidated accounts, in large holdings. There are positive reviews of the results of similar projects.


3.3 International Financial Reporting Standards and the European Community Directive on consolidated accounts

acquainted with the statements, we use the term 'accountability', referring to the statements of the companies, organizations, companies or firms, without disclosing the features of their organizational structure. Modern large companies can combine several companies with different systems of participation. Under one name is not one company but a group of related companies.of participation, and close long-term relationships between them in reporting would lead to its distortion and getting false information. As a result, the company is home to the subsidiaries (for this and other necessary concepts we'll cover later), has fallen to the consolidated financial statements (consolidated reports), which received the name of our country in the consolidated accounts.the turn of the XIX-XX centuries. the first to use the consolidation of U.S. companies, a «United States Steel Company», recorded in New Jersey in 1901, was the first company that published the consolidated financial statements. More rapid spread of the consolidated financial statements in the U.S. compared to other countries due to a larger process of concentration and centralization of capital, the emergence of holdings, lack of legal and other barriers to the introduction of a new accounting methodology.Europe, the consolidated financial statements was prepared later. In UK law the first mention of the consolidated financial statements refers to 1947 in West Germany - to 19b5-mu, and in France - by 1986, however, the first publication on the subject appeared in the UK in the 20's, and the London Stock market began to demand that the consolidated accounts in 1939 Only 22 French companies have published the consolidated balance sheet in 1967., but only in 1986, the requirements for such publications became mandatory in France. Still less common in the consolidated statements of other European countries - Spain, Italy and Greece. This problem is particularly acute because of the integration processes in Western Europe and the adoption of the Seventh EU Directive.emergence of transnational corporations (TNCs), which have a high proportion of foreign assets, exports and labor abroad, the establishment of enterprises with foreign capital, the emergence of various forms of commercial, industrial and financial relations between the companies be required to submit information on their activities in the form of consolidation.and practice of consolidated financial statements in different countries vary considerably in the following main points:

The varying extent of the consolidated financial statements;

Different approaches to understanding the category of "group of companies" in terms of consolidation;

Not the same amount of information published by the companies;

Different methods of consolidation.and consolidation under IFRS. Statements prepared under Russian accounting rules, does not contain all the required information, its data are not comparable in many respects with the reporting of foreign companies, which prevents investors to make informed economic decisions.the specialized system "1C: Consolidation TRAC 8" integrated methodology of transformation, containing a set of source, transformation and final form, provide reporting in accordance with IFRS. The model includes 60 transformational adjustments to reflect typical differences between the accounting policy of RAS and IFRS. The important point is to analyze the transformation of the statements of accounting policies used and the ability to define its basic parameters.parent companies to prepare consolidated financial statements, which include the accounts of all subsidiaries. An exception is provided under the following conditions:Parent Company is in turn 100% owned subsidiary company, or if the owners of minority interests have been informed and do not object to the parent company was not consolidated, with the securities of the parent company is not publicly traded;parent company is in the process of production of its securities on the open market securities;the direct or ultimate parent publishes consolidated financial statements in accordance with IFRS..S. GAAP does not provide for exceptions to general purpose financial statements. The consolidated financial statements are more informative, and its preparation is mandatory for public companies. Special rules apply to certain industries.Overall comparable to IFRS, but the number of exceptions to the rules of consolidation may be greater than the IAS. Thus, apart from a 100% subsidiary of the company, the parent company of which does not require the preparation of consolidated financial statements of a subsidiary company can not prepare consolidated financial statements, if ninety percent or more of its voting stock or share capital is owned by its parent company and other shareholders (participants) are not require preparation of consolidated financial statements. Consolidated statements can be made either by Russian rules, or IFRS. If the company is reporting in accordance with IFRS, it may not be consolidated in accordance with Russian regulations. In practice, many parent organizations are consolidated. Russian accounting rules focus primarily on individual reporting entity.of subsidiary for the purpose of consolidation is an important distinction between the three accounting systems.key in determining whether the relationship characteristic of the relationship between parent and subsidiary companies, is the notion of control. Control - the ability of the parent to govern the financial and operating policies of the subsidiary for the purpose of economic gain. It is believed that control exists when the parent company directly or indirectly through subsidiaries, owns 50% of the vote (voting shares). The control is also present when the property of the parent company are half or less than half of the voting rights, but it has a legal or contractual rights to which they are able to control a majority of votes or the Board of Directors of the company. The parent can have control over the company even if it owns less than 50% of the voting shares of the company, and it has neither the treaty nor the legal rights, under which it would control the majority of the voting rights or the Board of Directors of the Company (effective control) . Purchase (sell) the company are included (excluded) from the consolidated financial statements from the date of change of control. It is also necessary to take into account the existence of potential voting rights that can be used at the moment, in determining the existence of control. Controlled special purpose entities subject to consolidation (see below)..S. GAAP is used bipolar consolidation model. All decisions relating to the consolidation in the first place should be estimated using a model with a variable interest in the company. If a company is a company with a variable interest entity (CPA), management must use the instructions in "special purpose entities" (see below). Companies controlled through voting shares, are consolidated as subsidiaries. In U.S. GAAP, there is a concept analogous to the concept of de facto control, referred to as «effective control» - effective control. In practice, this concept is rarely used. Accordingly, there may be situations in which the company consolidated in accordance with IFRS based on the concept of de facto control. In this case, the consolidation in accordance with U.S. GAAP and the concept of effective control is not possible.Definition subsidiary based on the ability to influence the decisions taken by the company's prevailing share in the authorized capital of the company, by contract or otherwise. Unlike IFRS consolidation model based on formal attributes.IFRS special purpose entities (SPEs) are consolidated when the substance of a relationship with them shows that the company controls the SPE. Signs of control arise when:operates in the interests of the company;Company may determine the decisions in order to obtain the majority of the economic benefits the SPE;company has other rights to the majority of the economic benefits of the SPE or its assets;Company is majority of the residual or ownership risks related to the SPE or its assets.plans and other long-term plans, employee compensation to account for that use IFRS (IAS) 19, "Employee Benefits", are an exception to this rule..S. GAAP SPE should be consolidated its primary beneficiary, provided that the SPE meets the definition of efficiency and the main beneficiary has a variable interest in a company, as a result he takes on most of the expected losses of efficiency, gets most of the revenues expected efficiency or both and more. There are some exceptions to this rule, such as pension plans and post-employment activities. Specific criteria also allow the transfer of financial assets to special purpose, which is not included in the consolidation of the company, transferring the assets. Such a special purpose entity to be a qualifying SPE (as defined), and the assets are to be financial assets (as defined).Corresponding rules are missing.All subsidiaries subject to consolidation, other than those that are not controlled by the owner of the majority of shares. If the acquisition of a subsidiary meets the criteria of the company, "held for sale", as provided IFRS (IFRS) 5 "Non-current Assets Held for Sale and Discontinued Operations", the parent company of the procedures for the consolidation allowed for assets held for sale ( that is held for sale assets and liabilities separately) and not the usual breakdown of the consolidation..S. GAAP Similar to IFRS. Unconsolidated subsidiaries recorded under the equity method except when the alleged significant influence exists.In general, the rules are comparable to IFRS, but the exclusion of subsidiaries from consolidation is possible in certain cases. Thus, the data of the subsidiary may not be included in the consolidated financial statements:the subsidiary acquired in the short term with a view to resale. In this case, the valuation of the participation of the parent company in the subsidiary is recognized in the consolidated financial statements in order to reflect the established term investments (at cost, as reflected in the balance sheet of the parent organization.)the data on the subsidiary does not have a significant effect on the formation of the financial position and financial performance of the group, ie if the value of the share capital of the subsidiary does not exceed three per cent of the Group's equity, and the amount of capital other unconsolidated subsidiaries - ten percent of the capital value of the group.valuation of the participation of the parent organization in a subsidiary that is a bank or other credit organization may be reflected in the consolidated financial statements in order to reflect the established investments in associates.in the consolidated financial statements of uniform accounting policies primenenyaetsya all companies of the group..S. GAAP Similar to IFRS, but there are some exceptions. The consolidated financial statements are prepared on the basis of uniform accounting policies for all companies within the group, except when the subsidiary applies industry-specific regulations. Deviations in the accounting policy on consolidation due to industry-specific permitted.Similar to IFRS.consolidated financial statements of the parent company and the statements of the subsidiary are generally prepared on the same date. However, IFRS allow the consolidation of a subsidiary, which statements are prepared on a different reporting date provided that the period between the balance sheet dates do not exceed three months. Adjustments should be made in respect of significant transactions carried out in the period between the balance sheet dates..S. GAAP Similar to IFRS, but usually amendments on operations for the period between the balance sheet dates are not made.Consolidated statements and statements of subsidiaries are prepared only on the same calendar date (end of the year or quarter).Associate - is an entity in which the investor is able to exercise significant influence, ie has the opportunity to participate in determining the financial and operating policies of an associate (but not control it.) Participation in the financial and operating policies of the company through representation on the Board of Directors indicates a significant impact. Possession of investor interest in the company, which provides at least 20% of the voting rights, requires a material impact..S. GAAP Similar to IFRS, despite the fact that the term "affiliated company" uses the term "equity investments". GAAP does not include unincorporated companies (created without a legal entity), although, as a rule, companies are recognized in a similar way.Similar to IFRS.investor should consider the investment in the associate under the equity method. The investor is a share in the profits and losses of associates (after tax) in the profit and loss account. In the capital the investor recognizes its share of changes in equity of the associate, which were not reflected in the profit and loss of the associate. An investor should reflect an acquisition of investment difference between the purchase price and the investor's share in the fair value of identifiable net assets as goodwill. Goodwill included in the carrying amount of the investment. The capital invested in the associate is carried at cost plus its share of the profits and losses after the acquisition, plus its share of post-acquisition movements in provision, net of dividends received. Losses that reduce the value of the investment below zero, are the (reduced) other long-term assets, which, in fact, form the net investment in the associate, such as preferred stock, long-term receivables and loans. Losses in excess of investment in the ordinary shares of the investor are the other components in reverse order of priority of debt claims. Further losses are recorded as a liability only to the extent that the investor has a legal obligation or liability arising out of the practice, in respect of payments on behalf of the associate. Disclosure of the results, assets and liabilities of associates..S. GAAP Similar to IFRS.In general, the rules are comparable to IFRS. However, lack of RAP some detailed rules provided by IFRS, may lead to differences in the classification and evaluation of investments in the financial statements. For example, RAP does not provide the inclusion of long-term loans to related company, the cost of investment in associates and appropriate allocation of losses in excess of investment equity investors, to reduce long-term assets, which under IFRS are effectively an investment in an associate.financial statements prepared on the basis of the investor uniform accounting policies for like transactions and events, amendments are made to the accounting policies of the associate in order to bring it in line with the accounting policies of the investor..S. GAAP financial statements of the investor does not necessarily make the amendments, if of associated company follows an alternative method that is permitted under U.S. GAAP, but such amendments are allowed.Similar to IFRS.Impairment testing is carried out in accordance with IFRS (IAS) 36 (IFRS (IAS) 28.33) in the case in respect of investment, there is objective evidence of impairment of one of the specified in IFRS (IAS) 39.59 (IFRS (IAS) 28.31 ). In assessing the future cash flows for the purpose of impairment testing, the investor can use its share of the net future cash flows associated company, or cash flows expected as a result of dividends. In respect of goodwill To invest directly tested for impairment Investors are organized..S. GAAP Impairment of investment in associated company is recognized if the decline in its value is constant. Similar to IFRS, the goodwill To invest directly tested for impairment Investors are organized. If there is evidence of permanent impairment of an investment is written down to its fair value.impairment test is performed.IFRS define a joint venture as a contract whereby two or more parties undertake an economic activity that is subject to joint control. Joint control - is a joint exercise control over an economic activity, due to the contract..S. GAAP U.S. GAAP defines corporate joint venture as a corporation owned and controlled by a small group of companies as a separate and specific business or project for the mutual benefit of all members.Joint activity is defined as the activities of the organization (reporting segment), carried out in order to reap economic benefits or income, together with other organizations and (or) individual entrepreneurs by combining deposits and (or) joint actions without legal entity.are three groups of joint ventures:controlled entities - the activity is carried out by a separate entity (company or partnership);controlled operation - each party uses its own assets to the special project;controlled assets - are jointly implementing a project on the basis of assets held in joint ownership..S. GAAP consider only jointly controlled entities where the activity is carried out through a separate legal entity.There are three types of joint ventures. Depending on how the economic benefit and the associated allocation of responsibilities among the participants of activities implemented jointly under the terms of the relevant agreements, RAP define three ways to participate in joint activities:activities - carried out by forming a partnership (the company is not a legal entity) to combine the contributions of participants and joint action for a profit;carry out operations - is by performing each of the participants a certain stage (specific part) production (works, services);assets - activities carried out through the cooperation of the participants owned them on common property.IFRS requires the use of proportionate consolidation or the equity method. Under the proportional consolidation of participants in the assets, liabilities, income and expenses shall be summarized by line with similar items or financial statements of the reflected in the financial statements of the separate line..S. GAAP, the proportionate consolidation method is not normally allowed, except for jointly controlled activities without forming a legal entity in certain sectors. Participants apply the equity method for the recognition of investments in jointly controlled entity.is allowed only proportional consolidation.participant who invests non-cash assets, such as shares or fixed assets, jointly controlled entity in exchange for a share in its capital, must be reflected in the profit and loss account of the profit or loss on disposal of assets introduced in the proportion of other participants, except in cases where:significant risks and rewards to the contributed assets have not been transferredcontrolled entity;gain or loss is taken on the asset can be measured reliably;similar assets made by other participants..S. GAAP does not provide any guidance on the basis of contributions to the reflection of a jointly controlled entity. For joint ventures whose financial statements are presented in the SEC (or when one or more participants of the joint venture is registered with the SEC), a reflection of the contribution at its fair value is only allowed under certain strict criteria.reflect any gains or losses in the making of investments in a partnership rules are not provided. Assets contributed to the deposit account under the contract include the organization of the party's financial investments amount for which they are reflected in the balance sheet at the date of entry into force of the Treaty partnership.requirements are similar to the requirements applicable to jointly controlled companies, unincorporated. Participant must include in its financial statements:that it controls;from his obligations;his expenses, andshare of the income from sales of goods and services provided by the joint venture..S. GAAP Equity method used to account for investments in companies without legal personality. The corresponding share of the assets, liabilities, profits and losses are included in the financial statements of the investor, if the investor owns undivided share of each asset in the joint venture.Similar to IFRS.participant must reflect its share of the jointly controlled assets and any liabilities arising from it..S. GAAP No specific requirements. However, in some industries is used to reflect the proportionate consolidation of investments in jointly controlled assets.on shared data assets to participate in joint activities in the assets, liabilities, income and expenses for each participant formed indicators itemized accounting by summation. Thus, in the following statements of the recorded data associated with the joint activity:participants in the shared assets;directly incurred by the party in connection with the contract;percentage of participants in the obligations arising from it, together with other parties to the treaty;directly incurred by the party in connection with participation in the contract;share of the costs incurred in conjunction with the other parties to the treaty;income obtained together with other parties to the treaty.to purchase shares of its employees. The basis of information contained in this section, guidance is FAS 123 (revised), "Share-based Payments", which became effective for public companies for annual periods beginning on June 15, 2005, and for non-public companies, ranging from the annual reporting periods after December 15, 2005, while encouraging the adoption of the standard in the earlier periods. Often the payments based on the shares made through trusts that acquire shares held for sale or transfer employees.assets and liabilities of the trust, based on the shares of employees, consolidated sponsored by compliance with the criteria set out in SIC-12. In thresholds and IFRS (IAS) 32 "Financial Instruments: Disclosures" company considers its own shares held in the plan staff participation in the capital (ESOP), as treasury shares..S. GAAP Reflection trusts associated with the shares of employees, other than the ESOP, are generally identical to IFRS. In accordance with SOP 93-6 special instructions apply to the ESOP.rules are not set., the formation of the consolidated financial statements is a rather laborious process. Therefore, with appropriate use of information systems.these purposes, you can use the system "1C: Consolidation of 8", which provides for the collection, processing and presentation in a common format of financial information of all subsidiaries and affiliated companies, allowing to apply the necessary methodology and understand the requirements of international standards.performance and quality in the consolidation of financial statements corresponds to the algorithm logic of consolidation.objectives of developing guidelines for the formation of the consolidated financial statements are:

Automate the collection of information for the purposes of consolidated accounts;

Reducing the time for preparing the consolidated financial statements;

Improving the quality of reporting;

Improvement of the system of internal controls;

Regulation of procedures for the preparation and presentation of the consolidated accounts;

Preparation of the consolidated financial statements on the basis of full and accurate information on the activities of related companies as a single economic activities of the organization.the specialized system "1C: Consolidation TRAC 8" integrated methodology of transformation, containing a set of source, transformation and final form, provide reporting in accordance with IFRS. The model includes 60 transformational adjustments to reflect typical differences between the accounting policy of RAS and IFRS. The important point is to analyze the transformation of the statements of accounting policies used and the ability to define its basic parameters.


a market economy any commercial organization seeks to reap economic benefits. It is this goal orientation in the work is essential in business organization, it is recognized as the most important factor in terms of the conditions of formation of the financial resources of any organization, its financial capital.main source of useful (clear, transparent, credible, substantial, reliable) information should be the financial statements.consolidated financial statements is primarily associated with large transnational corporations (TNCs), whose shares are listed on stock exchanges and transactions are international. Numerous small and medium-sized companies in most cases exempt from creating it.accordance with the concept of accounting and reporting in the medium term, approved by Order of the Ministry of Finance of Russia from July 1, 2004 № 180 consolidated financial statements as a variety of accounting information is intended only as a function and is interested external users. These statements should be one of the main sources of financial information for economic decision-making by these users. [10]main task in the area, the consolidated financial statements is to provide interested users with secure access to high-quality, reliable and comparable information on the group of economic entities.accordance with international standards, the consolidated statements should be based on certain principles and methods (to meet certain requirements)."Mashtorf" is the largest enterprise in the development, design, equipment for oil, power, gas, petrochemical and other industries and the economy."Mashtorf" is the consolidated financial statements to the extent and in the manner established by the Accounting Regulations "Accounting Organization" (PBU 4/96), according to the forms developed by the parent organization on the basis of standard forms of accounting. Leading organization preferred to form a consolidated balance sheet, consolidated income statement and disclosures from one reporting period to another. Changing the selected form of a consolidated balance sheet, consolidated income statement and the Notes to be disclosed in the notes to the consolidated balance sheet and the consolidated report on the financial results, indicating the causes of this change.accounting of "Mashtorf" accounting is headed by the Chief Accountant. Accounting Enterprise is an independent unit. At present JSC "Mashtorf" applies journal-order form of accounting. Technical and economic indicators show a decline in activity at JSC "Mashtorf" in the period under study, as a significant decrease in sales profit and all indicators. The main reason for this phenomenon - the decline in production.structure of "Mashtorf":

"Liquid Instruments" produces equipment for tank farms, refineries, oil storage tanks;

LLC "tool" makes molds, dies, tooling, special. tools, measuring tools, measuring tanks, barriers;

LLC "Livenka" produces equipment for gas stations;

LLC "Metallurg" produces castings, spare parts (casting, assembly product), etc.;

LLC "Electromash" produces electric motors and pumps;

LLC "Promservice" produces metal, mobile complex tank cleaning, drip. repair and modernization of machine tools, construction of buildings;

"Measurement Techniques" makes counters, metering units, filters, gas separator.to the consolidated financial statements to reconcile and resolve all settlements and other financial relationship the parent company and its subsidiaries, and between subsidiaries.attention to the valuation of a balance sheet items and to make adjustments if necessary. The changes here may be necessary for foreign subsidiaries, as well as for domestic, if they used different accounting policies from the policy of the parent company.point - the conversion of balance sheet items of foreign operations are consolidated into the currency of the parent company., in fact, is the substitution statements of the parent company, "the book value of investments" in each subsidiary of the fact that these investments are really at the moment, that is, the share of the parent company in the fair value of the net assets of the subsidiary at the balance sheet date and the remainder arising on acquisition investments. Consolidation should provide an exception again of mutual operations of the companies of the group.on the nature of the transaction for the investment and establishment of control are two of the primary method by which the consolidated financial statements: the method of purchase (acquisition) and the method of merger (absorption). These methods differ procedurally and have a great impact on the aggregate financial results presented in the consolidated financial statements.consolidated statement of income may be a situation where enterprises groups use different methods of cost accounting - full cost method or the method of direct costs. Therefore, during the preparation of the consolidated financial statements to account for all profit and loss statements of the individual companies on one of these two methods.of the consolidated financial statements is a fairly time-consuming process. Therefore, with appropriate use of information systems.these purposes, you can use the system "1C: Consolidation of 8", which provides for the collection, processing and presentation in a common format of financial information of all subsidiaries and affiliated companies, allowing to apply the necessary methodology and understand the requirements of international standards.performance and quality in the consolidation of financial statements corresponds to the algorithm logic of consolidation.objectives of developing guidelines for the formation of the consolidated financial statements are:

Automate the collection of information for the purposes of consolidated accounts;

Reducing the time for preparing the consolidated financial statements;

Improving the quality of reporting;

Improvement of the system of internal controls;

Regulation of procedures for the preparation and presentation of the consolidated accounts;

Preparation of the consolidated financial statements on the basis of full and accurate information on the activities of related companies as a single economic activities of the organization.the specialized system "1C: Consolidation TRAC 8" integrated methodology of transformation, containing a set of source, transformation and final form, provide reporting in accordance with IFRS. The model includes 60 transformational adjustments to reflect typical differences between the accounting policy of RAS and IFRS. The important point is to analyze the transformation of the statements of accounting policies used and the ability to define its basic parameters.

OF USED LITERATURE


1. Federal Law "On Accounting and Reporting" of 21.11.1996 № 129-FZ.

. Order of the Ministry of Finance May 7, 2003 N 38N "On amendments and changes to the Chart of Accounts for the financial and economic activities of organizations and instructions for its use."

. Order of the Ministry of Finance on July 22, 2003 N 67n "On the forms of accounting reports."

. Order of the State Statistics Committee of Russia and the Ministry of Finance on November 14, 2003 № 475/102n "on the codes in the annual financial statements of the organizations for which data are to be processed in government statistics."

. Blinov, RV Accounting: Tutorial / RV Blinov, VN Zhuravlev. - M.: Forum: INFRA-M, 2005. - 272.

. Bogachenko, VM Correspondence accounts. 5000 accounting leash: a training manual / VM Bogachenko. - Ed. 2nd, ext. and rev. - Rostov-on-Don: Publishing "Phoenix", 2005. - 448.

. Financial statements of the organization. Regulations 4/99 (Order of the Ministry of Finance from July 6, 1999 N43n).

. Accounting: tutorial / PS Armless, AS Bakaev, ND Wroblewski and others, ed. PS Armless. - Ed. 4th, revised. and add. - M.: Accounting, 2005. - 719s.

. Accounting: Textbook ed. A. Babaev, IP Komisarova. Ed. 2nd, revised. and add. - M.: UNITY - Dana, 2007. - 527 p.

. Veshchunov, NA Accounting: tutorial / NA Veshchunov, LA Fomin. - Ed. Third, revised. and add. - Moscow: Finance and Statistics, 2006. - 624 p.

. Dmitriev, IM Accounting and auditing: a manual / Ed. M.I Bakanova. - Moscow: Finance and Statistics, 2006. - 272.

. Kerimov, VE Accounting: tutorial / VE Kerimov. - M.: Publishing house Penguin Books, 2005. - 688 p.

. Lukin VP, Angelica T. Enterprise economics: the manual / VP Lukin, TA Angelica. - Orel State Technical University, 2000. - 123 p.

. IFRS and the problems of automation of reporting / CFO - June. - 2009 / Access mode: #"justify">. How to consolidate the financial statements [electronic resource]: Access mode: #"justify">. Rogulenko, P.M. Accounting: Tutorial / PM Rogulenko, VP Kharkiv. - Moscow: Finance and Statistics - 2005. - 352 p.

. Sidorova, ES Salary calculation, payment and taxation: a practical guide / ES Sidorov. - 3rd ed., Rev. - Moscow: Omega-L, 2007. - 263 p.

. Utkin, EA Financial management: a textbook EA Utkin. - M.: Mirror, 1998. - 256s.

. Hendriksen, ES Accounting Theory: A tutorial ES Hendriksen. - Moscow: Finance and Statistics, 2000. - 576s.

. Sheremet, AD Management accounting: a manual AD Sheremet. Ed. 2nd, revised and enlarged. - Moscow: Foreign FBC-Press, 2002 - 236 p.


A

NOTES TO THE ANNUAL REPORT FOR THE YEAR 2009

. Information about the CompanyJoint Stock Company "Mashtorf" INN 5702000191, KPP 5702201001, KPP 570250001 as the largest taxpayer.office of OJSC "Mashtorf": 303858, Orel, Livny, st. Peace, 40.assigned state registration number 1025700514300."Mashtorf" is a legal successor to the July 17, 2002 JSC "Mashtorf." Open Joint Stock Company "Mashtorf", abbreviated JSC "Mashtorf" established in accordance with the Decree of the President of the Russian Federation of 17.11.1992, № 1403 and from July 1, 1992 № 721 is the successor of state-owned enterprises "Mashtorf", commissioned in 1961.

. Characteristics of the company for the year"Mashtorf" belongs to the sector of the economy, in which the production of the instruments of control and process control. The main activity - OKVED (33.20.6) - manufacture of instruments and appliances for measuring, monitoring and testing."Mashtorf" provides the design, manufacture, supply and maintenance: equipment for the assembly of tank farms, oil companies, gas stations, process control systems for tank farms, oil production and refineries, gas stations, process control systems for tank farms, oil production and refineries, gas stations and chemical plants, equipment monitoring road and rail transport for freight and operations of loading and unloading.to the average number of employees for 2009. equal to 875 people.

. Changes to the reporting dateaccordance with the Federal Law of 26.11.2008 N 224-FZ of the income tax rate from 01.01.09. is assumed to be 20%.accordance with AR 18/02 deferred tax assets (DTA) are equal to the value determined by the product of the deductible temporary difference arising in the reporting period on the rate of corporate income tax, the legislation of the Russian Federation on taxes and fees, and the balance sheet date. Deferred tax liabilities (DTL) a value is defined as the product of the taxable temporary differences arising in the period and the rate of corporate income tax, the legislation of the Russian Federation on taxes and fees, and the balance sheet date. In the case of changes in rates of income tax in accordance with the legislation of the Russian Federation on taxes and fees, the value of IT and IT are translated with such arising from translation differences at the expense of excluding retained earnings. These necessary accounting entries decorated in the accounting of "Mashtorf.", based on the requirements of paragraph 10 PBU 4/99 "Accounting organization" accounting data for 2008 and 2009 should be comparable.on this value it and it is reflected in the balance sheet for the year 2009 in the column "At the beginning of the year" and "at the end of the year" in view of the changed conversion rate of income tax in the following graphs (Table 1).the "Profit and Loss" for 2009. In the column "For the same period of the previous year" reflects data generated with the conversion rate of income tax of 20%. This leads to a change in on line 190 "Net profit (loss) for the year for 2008. (Table 2). Recalculation of the amount of tax and net profit shows what financial result of 2008. could now be obtained if, in 2008. by rules of 2009.

. Financial analysisof solvency and financial stabilitygeneral, the solvency of any company is the external manifestation of its financial stability.is insolvent, if respected regulatory disparity.analyzed enterprise reference pay inequality at the beginning of the period observed (199419.0> = 165687.0).the end of the period - observed (218470.0> = 114937.0)., it should be considered insolvent at the beginning of the period.solvency of the end of the period.on the actions of various financial processes, a large number of financial indicators, their differences in levels of critical assessments, the actual values of the calculated financial ratios, causing difficulty in assessing the overall financial stability of the company, many domestic and foreign analysts are encouraged to implement an integrated ball-assessment of the financial stability of the company. The essence of this technique is to classify companies by risk level, ie Any company can be attributed to a class based on the estimated number of points obtained on the basis of actual values ??of financial stability.of this class are characterized by the fact that it shows a certain level of risk in debt and liabilities and reveals a weak financial performance and creditworthiness. However, the company can not yet be analyzed is seen as risky.analytical balanceon a comparative analytical balance can assess the financial condition of the company.rating of the enterprise (the method of Sberbank)assessing the creditworthiness of the borrower (legal entity) used rating, at which analyzed five factors and their dynamics. This is such indicators as: cash ratio, the intermediate coverage ratio, current ratio, ratio of debt to equity, return on core activities.analysis lead to the following main conclusions.analyzed enterprise reference pay inequality at the beginning of the period observed (199419.0> = 165687.0).the end of the period - observed (218470.0> = 114937.0)., it should be considered insolvent at the beginning of the period.solvency of the end of the period.the diversity of financial processes, multiplicity of financial stability, the difference in the level of critical assessments, down the degree of deviation from the actual values ??of these coefficients and the concomitant difficulties in assessing the financial stability of the organization, many foreign and domestic analysts recommend spending an integrated ball-assessment of financial stability. The essence of this technique is to classify the organization in terms of risk, ie analyzed any organization can be attributed to a specific class based on the dialed number of points, based on the actual values ??of financial stability.I - an organization whose loans and commitments backed up information that could be confident in the return of loans and other obligations under the treaties and a good margin for error.II - an organization that demonstrates a certain level of risk in debt and liabilities and detecting a weak financial performance and creditworthiness. These organizations are not considered as risky.class - is problematic organization. It is unlikely that there is a risk of loss of funds, but the full payment of interest, the obligations were questionable.class - is organizing a special attention, because there is a risk in their interactions with them.V - an organization of the highest risk, virtually insolvent.on the evaluation of the integral of "Mashtorf" can be attributed to the class 2 by financial stability.

B

policy of "MASHTORF"number 1.accounting policy for accounting for 2010 on the organization of "Mashtorf"organization

.1. To establish that the accounting, processing of primary documents in the accounting and the preparation and submission of data for preparation of financial statements is a specialized organization of LLC "Law and Finance" under a contract for outsourcing (accounting and legal) service number 17 from 01.10.05g.

.2. To establish that the preparation of financial statements shall deputy. chief accountant under control of chief accountant.

.3. Establish the organization, form and methods of accounting under existing regulations:Law of November 21, 1996 № 129-FZ "On Accounting", as amended by the Federal Law of 30.06.2003 № 86-FZ;on Accounting and Reporting in the Russian Federation, approved by Order of the Ministry of Finance on July 29, 1998 N 34n;Regulations "Accounting policy organizations" approved by Order of the Ministry of Finance from December 9, 1998 N 60n;of accounts for the financial and economic activities of organizations and instructions for use, approved by Order of the Ministry of Finance on October 31, 2000 N 94n.

.4. Set the computer technology account information, organizing accounting in 2010 using software 1C: Accounting 8.2.

.5. In the reflection of financial and business operations of an organization use a standard chart of accounts, approved by the Order of the RF Ministry of Finance 31.10.2000 № 94n

.6. Approve the list of officers authorized to sign the primary documents, in accordance with Annex № 2 to this situation.

.7. Workflow rules are developed and, if necessary, revised and supplemented by the Chief Accountant of OJSC "Mashtorf", add-on applications are made to the accounting policies during the year.

.8. Accounting information processing technology is being developed and, if necessary, revised and supplemented director of "Law and Finance", add-on applications are made to the accounting policies during the year.

.9. Accounting statements signed by the manager and the chief accountant of "Mashtorf" seal of "Mashtorf."

.10. Approve the schedule of the inventory, in accordance with Annex № 1 to this position.of accounting in an organization1. Accounting for fixed assetsinto account the availability and flow of the organization in terms of their species in the National Classification of assets approved by the Decree of the Russian State Committee on Standardization, Metrology and Certification of 26.12.1994 № 359.organizing accounting guided AR 6/01, "Accounting for Fixed Assets", approved by the Order of the RF Ministry of Finance 30.03.2001 № 26n (as amended by Order of the Russian Federation Ministry of Finance of 18.09.2006, № 116n) Guidelines for accounting of fixed assets, approved by Order of the RF Ministry of 13.10.2003 № 91n. (As amended by the Order of the Ministry of Finance of the Russian Federation of 27.11.2006, № 156n).of fixed assets

.1. Value of fixed assets to repay by monthly depreciation on them. During the life of the fixed asset depreciation charge is not suspended, unless transferring it to address the head of the organization for the conservation of at least three months, as well as in the recovery of the object, the duration of which exceeds 12 months.

.2. Charging depreciation of property, plant and equipment is made regardless of the economic performance of the organization in the period a linear way.

.3. Assets (including books, pamphlets and other publications), in respect of which the conditions applicable to fixed assets, but the cost of not more than 20,000 rubles. deferred in inventory.order to ensure the safety of these facilities in the production or in service to arrange an appropriate control over their movement in analytical accounting registers.in value of fixed assets

.4. In the case of the originally assessed standard of performance of the fixed assets produced by the reconstruction or modernization of the revised useful life for this property.

.5. If upon completion, retrofit, renovation and modernization of the fixed assets is decided to increase its initial value, the initial cost of such increase of the fixed assets and debited to the debit account of fixed assets.

.6. Revaluation of fixed assets is not producing.of fixed assets

.7. Repairs assets are recorded at actual costs incurred.2. Intangible assets

.1. Provide synthetic and analytical accounting intangible assets. Accounting for Certain types of intangible assets lead to specific sub-accounts in accordance with the Work Plan accounts.assets are based on the integration of proper documents confirming existence of the organization and the exclusive right to intellectual property.organizing accounting guided RAS 14/2000 "Accounting for Intangible Assets", approved by the Order of the RF Ministry of Finance 16.10.2000 № 91n.

.2. The cost of intangible assets to repay by the accumulation of the corresponding amounts in the account 05 "Intangible assets".is charged regardless of the results of the organization for a specified period of their useful lives.

.3. Set the linear method of depreciation.

.4. Provide a separate accounting of intangible assets, depreciation on interest and not charged - include such assets in various subaccounts.3. Accounting for Inventoriesadequate consideration and evaluation of inventories. When organizing accounting guided PBU 5/01, "Accounting for Inventories", approved by the order of the Russian Federation Ministry of Finance of 09.06.2001, № 44n., And "Guidelines for Accounting for Inventories", approved by the Order of the RF Ministry of 28.12 .2001 № 119n (as amended by the Order of the Ministry of Finance of the Russian Federation of 26.03.2007 № 26n)keeping

.1. Purchased materials are carried at actual cost.

.2. Establish a way of writing off the average cost of materials.for goods

.3. Goods purchased for resale, to evaluate the sale price (with 42 accounts of "Trading margin").

.4. Set Ways of goods purchased for resale, at average cost.

.5. Expenses for procurement and delivery of goods manufactured prior to their transfer to the sale to include in cost of sales.for the finished product

.6. Consider the finished product at the average actual cost of production using 40 accounts "output."4. Cash discipline

.1. Draw cash from cash unified forms of primary accounting documentation of cash transactions, approved by Resolution of the Russian State Statistics Committee 18.08.1998 № 88 (as amended on 03.05.2000):"petty cash receipts""cash out order"'log of incoming and outgoing cash instruments ""Cash Book", "Ledger received and issued cashier funds"

.2. Provide control over cash settlements with legal entities. Consider that the limit of cash settlements in 2010 between legal entities and individual entrepreneurs to one business transaction is 100,000 rubles., the business transaction means one contract between the entities (sole proprietors). This applies to a single contract, regardless of the period of its operation, including the contract under which signed additional agreements on the implementation and payment of their individual stages.on cash transactions in one payment does not cover:

The payments made pursuant to public contracts, relationships which are governed by the Law "On Protection of Consumer Rights";

Operations to repay imprest (letter Russian Tax Ministry of 16.09.2004 № 33-0-11 / 585).

.3. Create a list of employees who made cash money for household needs.deadline for reporting petty cash. Who received the cash on account, must not later than 3 business days after the expiration of the term for which they are issued, or the date of return from the trip, submit a report on the accounts and the amounts expended to make the final payment on them.5. The treatment costs and the formation of products (works, services)

.1. In order to control costs and production costs to organize the formation of synthetic and analytical accounting of expenses from ordinary activities. When organizing guided PBU 10/99 "organization costs" approved by Order of the Ministry of Finance of the Russian Federation of 06.05.1999, № 33n. (As amended by the Order of the Ministry of Finance of the Russian Federation of 18.09.2006 № 116 m).expenses not related to ordinary activities recorded as other expenses.

.2. Completed works, services accounted for by the reduced cost.

.3. Approve the allocation of indirect cost base salary with UST basic workflow.6. Financial investmentsof the initial cost

.1. Financial investments are recorded at cost. The original cost of investments purchased for a fee, to recognize the actual costs for the organization of their purchase, excluding VAT and other recoverable taxes (except as provided by the legislation of the Russian Federation on taxes and fees).expenses for the acquisition of assets as financial investments take on discount according to the list given in the PBU 19/02 "Financial investments" approved by Order of the Ministry of Finance of the Russian Federation of 10.12.2002 № 126n (as amended by the Order of the Ministry of Finance of the Russian Federation of 18.09.2006 № 116 n).7. Provisions

.1. Allowance for doubtful accounts are created.

.2. Provisions for impairment of tangible assets are created.8. Accounting for certain types of income and expenses

.1. Costs incurred by the organization during the reporting period but relating to future reporting period are included in the balance sheet separately as deferred costs and write off on a straight-line basis over the period to which they relate.

.2. Define a specific list of prepaid expenses. Assigned to them:

The cost of licensing;

The cost of certification authorities;

The cost of subscriptions to periodicals;

The cost of the monthly fee for the use of the software, the possession of non-exclusive rights to the software, the acquisition of non-exclusive rights to use the software. Set the write-off period of 12 months;

General expenses in the absence of earnings;

.3. Costs associated with obtaining and servicing loans are included in operating expenses in the period in which they were produced ..9. Accounts receivable

.1. Overdue receivables, obligations not secured by a pledge, surety, bank guarantee and the retention of the property of the debtor, as well as other remedies provided by law or contract, to accept questionable.receivables with expired legal term (three years) transfer from the category of questionable hopeless and write off losses.is made at the expense of economic results.

.2. Translation of long-term debt in the short term is not made.number 2.accounting policy for tax purposes in 2010. on the organization of "Mashtorf"provisions

.1. To establish that the accounting, processing of primary documents for tax accounting, preparation and submission of data for tax returns prepared by a specialized organization of LLC "Law and Finance" under a contract for outsourcing (accounting and legal) services № 17 of 01.10.2005.

.2. To establish that the tax reporting provides deputy. chief accountant under control of chief accountant.

.3. Establish the organization, forms and methods of tax accounting on the basis of existing regulations:Tax Code of the Russian Federation (parts one and two) the amendments made by the Federal Law of 21.07.2005 № 101-FZ, № 106-FZ, 107-FZ of 22.07.2005 № 117-FZ, 118 - Federal Law 119-FZon taxes and duties of the Russian Federation adopted in accordance with the Tax Code

.4. Set the computer technology account information, organizing tax accounting in 2010 from the use of software "1C: Accounting 8.2."

.5. Approve the list of officers authorized to sign tax returns, tax ledgers, invoices, and other primary documents, in accordance with Annex № 2 to this situation.

.6. Tax ledgers developed and, if necessary, revised and supplemented by the Chief Accountant of OJSC "Mashtorf", add-on applications are made to the accounting policies during the year.

.7. Accounting information processing technology is being developed and, if necessary, revised and supplemented director of "Law and Finance", add-on applications are made to the accounting policies during the year.

.8. Tax report signed by the manager and the chief accountant of "Mashtorf" seal of "Mashtorf."2. Value added tax

.1. The organization provides the following types of goods subject to VAT at different tax rates:

% - export of finished products and goods;

% - product sales of goods, services, etc.

% - food products

.2 in 2010 to establish separate accounting for operations implementation, subject to VAT at different tax rates in accordance with paragraph 2.5.

.3. Refund of VAT on the resources used for the production of export goods in respect of which the application of the tax rate of "0" is well documented interest in the share. Share to determine the amount of tax imposed on sellers of goods (works, services) of property rights for deducting revenue equal to the ratio of exports shipped to the total revenue of goods (works, services), property rights, shipped for the tax period.3. Tax on profitsof tax accounting

.1. The calculation of income tax disclosed in the tax and accounting (using the AR 18/02).

.2. The form analytical tax accounting for the purposes of determining the tax base for income tax, developed in the program 1C: Accounting 8.1 on the basis of the information message of the RF Ministry of December 19, 2001, "The system of taxation, the recommended Tax Ministry of Russia for the calculation of profit in accordance with Chapter 25 of the Tax Code (tax ledgers). "order to ensure the completeness, accuracy and continuity of taxation in addition to journal transactions tax accounting.establish that the analytical tax accounting must collect account information for each business transaction for the year.

.3. To establish that the tax records are maintained in electronic form.

.4. Calculate monthly advance payments according to previous periods. Pay advances to the budget no later than the 28th day of each month of the current reporting period.

.5. Calculated amount of tax payable to the budget at the following rates:

The federal budget - 2;

Budget of the Russian Federation - 18.and expenditure accounting

.6. Defined as the time of recognition of income and expense accrual.

.7. Approve the list of direct costs associated with the production of goods (works, services). The composition of the direct costs include:

Raw materials and supplies;

Components;

Compensation of key workers;

UST major service;

Depreciation, directly involved in the production process.

.8. Direct costs of the current period shall be apportioned to the work in progress and in the manufacture of products in the current month (works, services) with the appropriate delivery cost of manufactured products (work performed, services rendered). The order of allocation of direct costs to the order of distribution of direct costs in accounting.for depreciable property

.9. Recognize depreciable property assets with a useful life of more than 12 months and the initial cost of more than 20,000 rubles.

.10. Property worth less than 20,000 rubles. consider including material costs and are expensed in the manner prescribed for indirect costs (time).the results of the modernization of the property exceeds the value of 20,000 rubles. and the useful life is greater than 12 months, is depreciable property to recognize, identify on it useful life, the depreciation rate and the amount of depreciation. Project cost is recognized in financial expenses at the time of commissioning, to recover. Depreciation is calculated only on the value of upgrading.

.11. Approve for tax purposes straight-line method of depreciation.

.12. In respect of newly acquired fixed assets apply depreciation premium of 30% of the original value of the property.

.13. Depreciation charge a premium of 30% of the costs incurred in the case completion, retrofit, renovation, modernization and technical upgrading and eradication of depreciable assets.

.14. Depreciation is an expense related to the production and sales, as the amount of accumulated depreciation in accordance with subparagraph 3 of paragraph 2 of Article 253 of the Tax Code.further calculation of depreciation - depreciation premium on the original value of the property to exclude.

.15. With the acquisition of property previously used to determine the rate of depreciation on the assets is calculated based on the useful life reduced by the number of months of operation of the facility by its previous owners.of property

.16. In determining the amount of material costs when writing off raw materials and methods used to estimate the average cost.

.17. In determining the value of purchased goods purchased for resale, use the estimates of the average cost.


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