The Tax Code establishes the obligation of business entities to prepare annual and interim financial statements. The purpose of the first document is clear - it contains information about operations performed at the enterprise for the reporting period. This data is necessary to verify the correctness of the compilation of records, the accuracy of the reflection of operations.
As for the preparation of interim financial statements, far from all experts understand its importance. This document is necessary to ensure compliance with the conditions for the formation (amendment) of CTG (consolidated group of payers) and the implementation of the provisions of 269 Tax Code. Meanwhile, the Code does not contain any special requirements for interim financial statements, the form, frequency of its preparation. And the current accounting regulations contain conflicting provisions on this subject. Let's look at the situation in the article.
General requirements
The instructions regarding the preparation of financial (accounting) statements, the determination of the reporting date and period are enshrined in Articles 13, 15 402-FZ. In accordance with Art. 13, the statements must contain reliable information, on the basis of which users have an idea of the financial condition of the business entity, as a result of its activities, the availability and movement of funds for the period. All this information will subsequently form the basis of management decisions.
The reporting period (in accordance with Article 15 402-) is the time period for which reporting is formed. Reporting date - the day on which information is compiled. Simply put, this is the last day of the control period.
Interim financial statements: terms and conditions of formation
So, when do you need to generate a document? Turn to the law. As follows from the provisions of 402-FZ, interim accounting (financial) statements are provided for a period not exceeding one year. Moreover, in paragraph 3 of Art. 13 of this normative act, there are cases when an economic entity must draw it up. In particular, interim financial statements are prepared if the corresponding obligation is fixed:
- Federal law. For example, such a document is necessary for the LLC if the distribution of net income between the participants is carried out every quarter or every six months (such a rule is established in paragraph 1 of article 28 of the Federal Law “On LLC”), or if necessary, determine the real value of the share of the participant leaving the composition of the company (paragraph 1 of Article 8 and paragraph 2 of Article 23 of the aforementioned Federal Law).
- In contracts, constituent documentation of the enterprise.
- In decisions of the owner of an economic company.
- In the regulations of the Central Bank and the Ministry of Finance.
Nuances
According to the provisions of paragraph 1 of Art. 30 402- before the adoption by state regulatory bodies of accounting for industry and federal standards, business entities apply reporting and accounting rules approved by the Central Bank and authorized federal executive structures. The relevant rules are today enshrined in PBU 4/99.
In paragraph 48 of the said PBU, it is established that the organization should prepare interim financial statements for the month, quarter from the beginning of the year on an accrual basis, unless otherwise provided by federal law. At the same time, in clause 52 of the same Regulation, there is a clarification that the document under consideration is provided in cases stipulated by law or the constituent documentation of an economic entity. And according to paragraph 15 of Art. 21 402- industry and federal standards may not contradict the provisions of this law.
Thus, taking into account the content of all the above norms, the payer is not obliged to prepare and submit interim financial statements solely on the grounds provided for in PBU 4/99.
It should also be noted that the obligation to send a document to the Federal Tax Service and the state statistics authorities is not specified in the legislation. Business entities should only provide annual reports (paragraph 1 of article 18 402-FZ, Order of the Federal State Statistics Service No. 185 of 08/12/2008, 5 subparagraph 1 of paragraph 23 of article of the Tax Code).
Organization internal documents
If an enterprise, in the absence of an obligation to form and submit interim financial statements on the above grounds, still considers it necessary to prepare it for management or tax purposes, then the decision on the frequency, timing, volume, forms, procedure for calculating individual indicators should be fixed by local acts.
One of these documents is the accounting policy. The norms established that it is approved by the head of the company. You can accept and changes to accounting policies. They are approved by a separate order of the head.
Another local act is the standard of the business entity - "Regulation on accounting and reporting at the enterprise." It can be developed separately and approved as an independent document or made an annex to accounting policies.
Features of the internal standard
If we consider this document from the point of view of the provisions of paragraphs 1, 11, 12 21 of article 402-FZ, then it will be considered an act regulating the accounting of the company. In other words, an internal standard will have the force of a normative act in the field of accounting, if its content does not contradict industry and federal standards.
Taking this into account, the company may establish the procedure necessary for an economic entity to streamline the organization processes and accounting.
Reporting for the implementation of the conditions of education (change) KGN
In accordance with sub. 3 p. 3 Art. 252 of the Tax Code, an enterprise party to an agreement on the formation of a consolidated group of payers must comply with a number of requirements.
So, the amount of net assets calculated in accordance with the financial statements as of the reporting date preceding the day the documents are submitted to the IFTS for registration of the agreement should be greater than the amount of joint (authorized) capital.
If the enterprise, in accordance with paragraph 2 of Art. 23 of the Federal Law "On LLC", must pay the participant the real value of his share in the capital and the accounting policy of the company, then the need is fixed to quarterly generate statements, the basis for the calculation is the information of accounting documents drawn up at a later date preceding the day the participant contacted the relevant requirements.
The legitimacy of this approach is confirmed by the Ministry of Finance. In a letter No. 03-03-10 / 51217, the agency explains the following. An enterprise party to the agreement on the formation of a consolidated group of payers may be charged with the obligation to prepare interim financial statements for different periods (for different dates). It depends on the specific act providing for such a requirement. For example, the decision of the owner of an economic entity may reinforce the obligation to form and submit monthly reports.
Given the provisions of 402-FZ and sub. 3 p. 3 Art. 252 of the Tax Code, the Ministry of Finance came to the conclusion that the amount of net assets should be determined in accordance with accounting documents, the preparation and provision of which is fixed by one of the conditions established by 402-FZ, at a later date. This procedure was included in the letter of the Federal Tax Service dated January 19, 2013 and was sent for familiarization and application in the activities of subordinate tax services.
The letter of the Ministry of Finance No. 03-03-06 / 1/47681 of 11/08/2013 also indicates that the amount of net assets of the organization should be calculated on the basis of information from the latest statements generated prior to the day of submission of documents for registration of the agreement on the creation of CTG.
Summarizing information for the purposes of implementing the provisions of Article 269 Tax Code
As indicated in paragraph 2 of this Code, the payer must, on the last date of each tax (reporting) period, calculate the maximum amount of interest recognized as expenses on controlled debt. The calculation is carried out by dividing the value% by the capitalization coefficient. The amount of interest is taken for each period separately.
Capitalization ratio
It is calculated on the last day of the corresponding period. To determine it, first the outstanding controlled debt is divided by the amount of equity corresponding to the share of the indirect or direct participation of the foreign enterprise in the joint-stock (authorized) capital (fund) of the domestic company, and then the resulting figure is divided by 3 (for banking organizations and entities engaged in leasing activities - by 12.5).
Determination of equity
Pursuant to the requirements of paragraph 2 of Art. 269 of the Tax Code are not taken into account when calculating the amount of arrears in fees and taxes. This includes, but not limited to, current arrears, deferred and installment payments, and investment tax credit.
In paragraph 2 of Art. 269 of the Tax Code there is no indication of specific data sources by which the business entity should determine the amount of equity. It follows that the company is not obliged to calculate it solely on the basis of information from the financial statements. This means that when calculating the capitalization ratio, the amount of capital can be determined based on the accounting data present in any sources.
Composition of interim financial statements
It is defined in paragraph 49 of PBU 4/99. The documentation includes a balance sheet and information about losses and profits. Explanations may also be present in it, if their presence is necessary for understanding the values of the indicators to interested subjects. This is stated in paragraphs 6 and 50 of PBU 4/99.
If there are no explanations, then the columns of the same name of the balance sheet and the report on losses and profits are left blank.
Enterprises that are small businesses compile annual and interim reporting in a simplified manner. However, it does not apply to issuers of securities placed publicly.
The inclusion of the statement of losses and profits, as well as the balance sheet in the documents is mandatory.