COMPOSITION OF ACCOUNTING (FINANCIAL) REPORTING AND RULES FOR ITS PREPARATION

The main regulatory documents regulating the procedure for preparing financial statements of an organization in Russia are:

• Federal Law of December 6, 2011 No. 402-FZ “On Accounting”;
• Accounting Regulations “Accounting Reports of Organizations” (PBU 4/99), approved by Order of the Ministry of Finance of Russia dated July 6, 1999 No. 34n;
• Order of the Ministry of Finance of Russia “On the forms of financial statements of organizations” dated July 2, 2010 No. 66n, etc.

Chapter 2 of the Federal Law “On Accounting” “General Requirements for Accounting” (Article 13) establishes that all organizations are required to prepare accounting (financial) statements. It is compiled on the basis of synthetic and analytical accounting data, regardless of the form of ownership, both self-sufficiency and budget financing.

In accordance with Article 14 of the Federal Law “On Accounting”, the annual financial statements of organizations, with the exception of the statements of budgetary organizations, include:

• balance sheet;
• appendices to them provided for by regulations. Annual accounting (financial) statements of non-profit

The organization consists of a balance sheet, a report on the intended use of funds and appendices to them.

By decision of the organization, it can prepare current (quarterly) reporting. Current (quarterly) reporting may include:

• balance sheet;
• Report on financial results;
• tax calculations (profit, property, VAT, etc.).

Currently, the annual report includes standard forms of accounting (financial) reporting, as well as specialized forms established in accordance with clause 31 of the Regulations on maintaining accounting and financial statements in Russian Federation, approved by order of the Ministry of Finance of Russia dated July 27, 1998 No. 34n. The annual report must be submitted in a separate folder in bound form and include:

• balance sheet;
• income statement;
• statement of changes in equity;
• traffic report Money;
• explanations for balance sheet and financial results report. As an explanation of the balance sheet and income statement, organizations may include various explanations in tabular or text form in their annual reports. The content of the explanations, drawn up in tabular form, is determined by organizations independently, taking into account the forms recommended by Order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n;
• specialized forms. Their list is established by the relevant ministries and departments of the Russian Federation in agreement with the ministries of finance of the Russian Federation and its constituent republics;
• report on the use of budget allocations by the organization. The composition and forms of financial statements of organizations, as well as

instructions on the procedure for filling them out are approved by the Russian Ministry of Finance. With the annual financial statements for 2011, forms of accounting (financial) statements were introduced, approved by order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n.

Other departments regulating accounting procedures, within the limits of their powers, approve forms of accounting statements that do not contradict the regulations of the Ministry of Finance of Russia.

Thus, for agricultural organizations, the following specialized forms are included in the annual reporting:

• 1) Form No. 5-APK “Number and wages of agricultural enterprises (organizations)”;
• 2) Form No. 6-APK “Main indicators”;
• 3) Form No. 7-APK “Product sales”;
• 4) Form No. 8-APK “Costs of main production”;
• 5) Form No. 9-AP K “Production and cost of crop products”;
• 6) Form No. 13-APK “Production and cost of livestock products”;
• 7) Form No. 15-APK “Presence of animals”;
• 8) Form No. 16-APK “Product Balance”.

The composition of the financial statements of budgetary organizations is determined by the Ministry of Finance of Russia, of insurance organizations - by the relevant departments.

Small business organizations prepare financial statements according to the following simplified system:

• the balance sheet and financial performance report include indicators only for groups of items (without detailing indicators for items);
• in the appendices to the balance sheet and the financial results statement, only the most important information is provided, without knowledge of which it is impossible to assess the financial position of the organization or the financial results of its activities. Organizations - small businesses have the right

prepare presented financial statements in the generally accepted volume.

Public organizations(associations) that do not carry out entrepreneurial activities and, apart from disposed property, do not have turnover in the sale of goods (works, services), include in their financial statements a report on the intended use of funds.

The annual report has great importance to summarize the organization’s implementation of the business plan and obligations to suppliers and consumers, to determine monetary, material and labor costs for production, to assess the financial condition of the organization.

The annual report is prepared after the current accounting data has been verified and adjusted in accordance with the results of the full annual inventory.

The annual report is compiled on the basis of data from the General Ledger and registers of the journal-order form of accounting.

Accounting statements must provide a reliable and complete picture of the property and financial position of the organization, its changes, as well as the financial results of its activities and cash flows for the reporting period, which is necessary for users of these statements to make economic decisions.

The organization's financial statements must include performance indicators of branches, representative offices and other structural units, including those allocated to separate balance sheets.

Some items that are not material enough to require separate presentation on the balance sheet and income statement may be material enough to be presented separately in the notes to the balance sheet and income statement.

An indicator is considered significant if its non-disclosure may affect the economic decisions of interested users made on the basis of the reporting information. The definition of an indicator as significant depends on its assessment, nature, and specific circumstances of its occurrence. An entity may decide to recognize a significant amount that relates to overall result the corresponding data for the reporting year is at least 5%.

When preparing financial statements, the requirements of accounting regulations regarding the disclosure of information on changes in accounting policies that have had or may have a significant impact on the financial position, cash flow or financial performance of the organization, on transactions in foreign currency, must be met. on inventories, fixed assets, income and expenses of the organization, the consequences of events before the reporting date, the consequences of contingent facts of economic activity, as well as on the disclosure in the financial statements of certain information about the assets, capital and reserves and liabilities of the organization . Such disclosure can be made by including relevant indicators, tables, transcripts directly in the financial reporting forms or in an explanatory note.

In the financial statements, data on numerical indicators are provided for at least two years - the reporting year and the one preceding the reporting year (except for the report prepared for the first reporting year). The balance sheet provides information for three years.

If the data for the period preceding the reporting year are not comparable with the data for the reporting period, then the first of these data are subject to adjustment based on the rules established by regulations. Each significant adjustment must be disclosed in an explanatory note indicating its reasons.

Distortions in the financial statements relating to both the reporting year and previous periods, identified in the reporting year after its completion but before the approval of the annual financial statements for it, are corrected by entries in December of the year for which the annual financial statements are prepared for approval.

In the financial statements, offsets between items of assets and liabilities, items of profit and loss are not allowed, except in cases where such offset is provided for by the rules established by regulations.

Every company is required to keep accounting records. Reporting is a responsible task, the implementation of which is carried out in compliance with all the rules established by law and the tax code in particular.

These requirements undergo changes every year, so this type of information must be constantly monitored to prevent errors and violations of the law.

Rules and stages of preparing financial statements

Reporting makes it possible to verify the completeness of recording all operations of the enterprise in accounting documents for the past period. Wherein it makes no difference whether payments are made in cash or by bank transfer. Also, based on the reporting, experts draw conclusions about the profitability of the enterprise and its investment attractiveness.

The taxation system is a set of all fees and taxes that must be paid by enterprises and individuals, as well as the procedure for their accrual and payment to the state budget. There are several.

The basic rules include the following:

1. Preparatory work before reporting - .
2. Reports are prepared in a standard form.
3. Corrections are certified by the signature of the person who made the correction and the date of correction.
4. Reporting must be certified by the signatures of the chief accountant, as well as the head of the enterprise.
5. The reporting is signed after an audit of the reporting and the drawing up of an audit report (for companies subject to mandatory audit).

Accounting statements are prepared in several stages, described in this video:

The stages of compilation are:

1. Accumulation of the entire primary.
2. Comparison of analytical and synthetic accounting data.
3. Inventory of all balance sheet items.
4. Checking entries made on accounts. If errors are identified, corrections must be made.
5. Closing accounts.
6. Calculation of financial results of non-core activities.
7. Calculation of net profit.
8. Balance reform.
9. Entering transactions carried out at the end of the reporting period.

The preparation of reports and all activities associated with this should be entrusted to an experienced and trusted accountant. This will reduce the risk of making mistakes or making corrections to documents.

Formation conditions

1. The performance indicators of the branches are mandatory included in the general reporting.
2. Reporting is provided in tax authorities on paper or electronic media.
3. Reliable information about all property, as well as financial condition.
4. Compilation is carried out in Russian, the currency of settlements is the ruble.
5. There should be no contradictions between transactions and accounting.
6. Completeness and accuracy of the entered data is required.

In case of sending reports to the tax authority electronically via secure communication channels, to prevent documents from not being received by the addressee duplicate them on paper or contact the recipient directly.

Preparatory work

1. Primary data verification.
2. Inventory of the organization's obligations.
3. Inventory of all property.
4. Clarification of the assessment of property balance sheet items.
5. Checks of all accounts.
6. Closing all accounts.
7. Balance reforms.
8. Formation of the turnover sheet.

These works are very important, as they are the foundation for correct reporting. Therefore, more attention should be paid to them.

Stages of compilation

The balance sheet is the main form of reporting for a company; it consists of assets (showing the value of property) and liabilities.

Assets:

"Outside current assets» - Information about intangible assets(copyrights, patents, trademark rights or computer programs, business reputation of the company) and fixed assets. The amounts of construction (unfinished) and investments in material values. This includes the firm's long-term investments. All assets that do not qualify for the previous items are collected in line 150.

"Current assets"- their value is redistributed to income in a short period of time - raw materials, material assets of various kinds, finished goods and products for sale. Short-term financial investments for a period of up to one year, accounts receivable and VAT are indicated separately.

Passive:

1. "Capital and reserves".
2. "Long term duties".
3. "Short-term liabilities".

The amounts reflected on lines 300 and 700 should be equal. If they coincide, we can talk about the correctness of the balance sheet and the completeness of the display of all account transactions. Otherwise, you should check the completeness of entering all amounts on the lines.

Financial results of the enterprise

It is the second most important report and is intended directly to determine the economic performance of activities as a whole for the analyzed period. From its data, an analysis of the organization's profitability is made. All income and expenses are indicated here. Moreover, they are classified by type of activity:

Indicators from normal activities include:

• revenue;
• cost of goods;
• commercial and administrative expenses;
• profit or loss.

Other activity indicators include interest on loans issued and received, income or expenses from participation in third-party organizations.

This report makes it possible to compare indicators of several periods. It is possible to analyze indicators over time. This is quite convenient for a specialist when the indicators of economic activity for previous periods are in front of his eyes. After generating the report, the accountant and economist have before their eyes a complete picture of the economic well-being of the organization.

Looking at the articles of the report, conclusions are drawn about which areas of activity should be emphasized in order to increase the efficiency of their impact. Some activities should be stopped because they are unprofitable or ineffective.

Explanatory note

Not required for submission to tax authorities. Serves for accumulation additional information directly related to the financial picture of the company. This information does not relate to sections of the main reporting forms. What distinguishes this form from the others is that the indicators here can be not only monetary or quantitative in nature, but also descriptive.

Often, companies draw up a note to more clearly display the profitability of its activities, development prospects and opportunities for quick payback. This information is of great interest to investors. An explanatory note is drawn up once a year. There are no intermediate stages, indicators are indicated as of December 31. The note is attached to the annual reports.

Sections of the note most commonly used:

1. Information about the company's activities;
2. Changes in accounting policies;
3. Information on other activities – purchase of shares or other securities;
4. Investment activities;
5. Data on structural enterprises and subsidiaries;
6. Events after the reporting date.

Audit report

Many companies are subject to mandatory audits with a report. Without it, you cannot submit reports to the tax authorities.

An audit organization or an individual auditor conducts a full audit of all reporting forms and gives its own conclusion about their reliability.

• Name;
• the address of the legal entity being inspected, as well as all shareholders, if the statements of an OJSC are being verified, participants, if an LLC;
• information about the person being checked: name, state registration number, location;
• information about the inspector - audit organization, individual auditor;
• a list of audited reporting documents indicating the period for which it was compiled;
• list of activities carried out by the auditor to express an opinion (scope of the audit);
• Final conclusion of the inspector;
• Personal signature of the inspector;
• Date of preparation.

The conclusion stipulates the compliance of audit activities with all federal auditing standards.

Before concluding an agreement for the provision of audit services with an auditor, it is worth requesting from him documents confirming the right to engage in this activity. If they are absent, the conclusion will have no legal force.

The current situation at the labor exchange indicates the presence large quantity accountants. But this does not mean that all of them are professionals and can cope with the preparation of financial statements. In order to be a professional in this matter, you must have first-class knowledge, skills and logic. All this comes with experience.

Fortunately, there are many companies on the service market that provide these types of services. Moreover, they are responsible for the quality of their work, and also provide guarantees for the flawless completion of any tasks. Don’t forget to submit your annual financial statements to the tax authorities on time to avoid penalties.

Read about what you can do when hiring an employee.

If you have recently registered your business, you probably have many questions about the procedure for preparing financial statements.

Dear readers! The article talks about typical ways to resolve legal issues, but each case is individual. If you want to know how solve exactly your problem- contact a consultant:

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Let's consider what rules are relevant in this year, what forms are used, and what you need to know to avoid mistakes when filling out.

In order not to incur claims from inspection structures, financial statements should be prepared correctly.

It is reports that can reflect how successful and stable an organization is and expose all existing problems.

What do you need to know?

You will have to deal with financial statements systematically. This means that it is better to immediately understand all the standards for its preparation and study the legislative documents that you will have to refer to.

Definitions

Accounting is called unified system data on the property and financial condition of the company and the results of its activities. Reporting is prepared on the basis of accounting information in unified forms.

Reporting consists of tables that are prepared according to information from accounting, statistical, and operational records.

Reports are needed by external users to assess how effective the company’s activities are, as well as to analyze the economics of the enterprise, and for the efficiency of business management. This is the starting point for planning.

List of documents for delivery

New sample documents appear every year, and those that were valid previously become no longer relevant. Let's consider what forms of financial statements exist at the moment.

Accounting consists of (in accordance with):

Reporting for a budgetary enterprise consists of (according to):

Companies are required to prepare intra-annual and annual reports. Intra-annual includes:

• daily reporting;
• reporting within 5 days;
• in 10 days;
• for half a month;
• per month;
• for the quarter;
• For half a year.

Statistical reports are called current reports, and accounting reports are called interim reports. This:

Annual reports are:

• balance sheet;
• profit and loss statement;
• applications to them that are used in accordance with regulatory documentation;
• that will confirm the accuracy of the company’s accounting reports (if they are subject to audit);

The forms used for the organization's annual financial statements are.

Current standards

When preparing accounting reports, you should rely on the norms of Federal Law No. 129, as well as:

1. The accounting regulations that came into force in accordance with;
2. Methodological recommendations on the rules for generating company accounting data in accordance with;
3. Guidelines for inventory of property assets and financial obligations in accordance with Appendix to, etc.

When creating an assessment reserve, a document such as PBU according to (clause 7) is relevant, and when clarifying a financial investment - , when reflecting a contingent asset and liability - .

There is a lot of material on the Internet about generating reports. So, you can find the standards for creating integrated accounting reporting using the example of specific enterprises.

What data is used?

Accounting statements are prepared according to accounting data. When filling out accounting report forms, they mainly rely on General Ledger data.

The balance sheet is compiled based on information about the debit and credit balances of the synthetic account and subaccount at the beginning and end of the period, which are reflected in the General Ledger.

In a small enterprise that maintains simplified accounting, a balance sheet is drawn up based on data.

Individual balance sheet items are filled in based on the balance of the corresponding account (for goods shipped, for authorized capital).

Stages of compilation

Let us indicate the essence of each stage:

• primary documentation is prepared;
• an inventory of property assets and financial obligations is carried out;
• the reliability of the data in the primary accounting documentation is determined;
• property items are assessed;
• accounts are checked and errors are corrected;
• accounts are closed, net profit, sales volume, and the effectiveness of non-core activities are determined;
• the balance sheet is being reformed in order to distribute the profit received (write off losses) in the form of resetting the balance at the end of the year;
• a turnover sheet is drawn up and the necessary corrections are made.

When the reporting is completed, the following activities are carried out:

• reports are audited;
• the reporting of the company participant is approved;
• reports are submitted to authorized authorities;
• reports are published by individual firms.

For the purpose of preparing financial statements, the reporting date is considered to be the last day of the reporting period.

FAQ

Even those who have studied the dry norms of Russian legislation may have various questions regarding the preparation of financial statements. Let's answer a couple of them.

Signs of dishonest filling

The essence of dishonest actions:

• assets and profits of the enterprise are appropriated;
• the company is unreasonably burdened with obligations;
• taxable data is understated or hidden, the purpose of which is tax evasion.

Due to unfair actions, the efficiency of activities is reduced, the structure of the balance sheet and revenue is distorted, the production indicators of the resource are reduced, the costs of the enterprise increase, and the tax burden is reduced.

The signs of fraud may be the same as those caused by unintentional mismanagement by incompetent management, or by a firm operating in an inefficient market.

Information may be distorted due to the following possible dishonest actions:

To determine signs of distortion of reports, a system of indicators is used, which is called the “Map of normative deviations of the financial indicator.”

The indicator includes data on asset quality, revenue structure, and financial leverage. If indicators change dramatically, reporting may be distorted.

Carrying out an inventory before compiling

The main requirement for the company’s reports is the reliability of the information. And for this it is worth conducting an inventory of property assets and financial obligations.

Thanks to inventory, it is possible to adjust accounting information with actual data on the availability of funds and liabilities.

Plan

Introduction

1. Theoretical part

1.1 Regulations

1.2 Concept, composition of financial statements and general requirements for them

1.3 Requirements for information generated in financial statements

1.4 Procedure for preparing financial statements

1.5Procedure and deadlines for drawing up and submitting financial statements

1.6 Publicity of financial statements

1.7 Concept of consolidated financial statements

2. Practical part

Conclusion

Literature

Application

Introduction

The subject of accounting is the financial and economic activities of an enterprise or organization.

Financial and economic activity consists of: the formation of sources necessary for the activity.

Sources can be financial and material;

Placement of attracted and generated funds:

Creation of inventory, production costs, sales of products, relationships with the budget in terms of taxation and other business transactions.

Financial statements- this is a unified system of data on the property and financial position of an organization and on the results of its business activities, compiled on the basis of accounting data in established forms as of a specific reporting date. Financial reporting indicators are directly and indirectly formed from the General Ledger accounts of the most important register of the accounting system or are derived from accounting data obtained as a result of special calculations. This implies an organic connection between accounting and financial reporting, which consists in the fact that summary accounting data is transferred to the appropriate reporting forms in the form of synthesized totals.

In my work, I indicated the basics (the procedure for compiling and presenting) accounting (financial) statements and showed what analytical information about the business activities of an organization can be obtained from reporting data.

In the work, I examined the concept of accounting (financial) reporting, the basic techniques of its analysis, necessary for assessing the profitability, financial condition and inability of the analyzed organization.

The purpose of my work is to reveal the essence, purpose and role of accounting reporting in modern market economy.

The method of accounting and reporting is keeping records of financial and business transactions based on natural measures in monetary terms through continuous, continuous, documentary and interconnected expression.

The objectives of financial reporting are:

Generating reliable information about business processes and results of enterprise activities necessary for operational management and management, as well as its use by investors, buyers, tax, financial, banking authorities and other interested parties;

ensuring control over the movement of property and the use of material, labor and financial resources in accordance with approved norms, standards and estimates;

Prevention of negative phenomena in financial and economic activities, identification and mobilization of on-farm resources.

1. Theoretical part

1.1 Regulatory documents

1. Federal Law “On Accounting” dated November 21, 1996 No. 129-F:3.

2. Civil Code of the Russian Federation. Part 1 and P. - M.: Prospekt, 1998.

3. Regulations on accounting and financial reporting in the Russian Federation. Approved by order of the Ministry of Finance of the Russian Federation dated July 29, 1998 No. 34n (as amended by order of the Ministry of Finance of the Russian Federation dated March 24, 2000 No. 31n).

4. Chart of accounts for the financial and economic activities of the organization and Instructions for its use. Approved by order of the Ministry of Finance of the Russian Federation dated October 31, 2000 No. 94n. Regulations on the composition of costs for the production and sale of products (works, services), included in the cost of products (works, services), and on the procedure for generating financial results taken into account when taxing profits

5. Approved by Decree of the Government of the Russian Federation dated 05.08.92 No. 552, with amendments and additions approved by the Government of the Russian Federation dated 01.07.95 No. 661, dated 20.11.95 No. 1331 and dated 11.03.97 No. 273.

6. Accounting Regulations “Accounting Policy of the Organization”. PBU 1/98. Approved by order of the Ministry of Finance of the Russian Federation dated 09.12.981: No. 60n.

7. Accounting Regulations “Accounting statements of the organization.” PBU 4/99. Approved by order of the Ministry of Finance of the Russian Federation dated July 6, 1999 No. 243n.

8. “On the forms of financial statements of the organization.” Order of the Ministry of Finance of the Russian Federation dated January 13, 2000 No. 24n.

9. Guidelines for inventory of property and financial obligations. Approved by order of the Ministry of Finance of the Russian Federation dated June 13, 1995 No. 49.,

10. The procedure for publishing annual financial statements by open joint-stock companies. Approved by order of the Ministry of Finance of the Russian Federation dated November 28, 1996. No. 101.

11. Instructions for filling out unified forms of federal state statistical observation “information on the production and shipment of goods and services”, No. P-2 “Information on investments”, N2L-3 “Information on the financial condition of the organization”, “Information on the number, wages and the movement of workers." Approved by the State Statistics Committee of Russia dated November 17, 1997 No. 76 (as amended on May 25, 1998, December 8, 1998).

13. The procedure for compiling and presenting the consolidated annual report. accounting statements. Order of the Ministry of Finance of the Russian Federation dated January 15, 1997 No. 3.

14. “On introducing amendments and additions to the methodological recommendations for the preparation and presentation of consolidated financial statements, approved by order of the Ministry of Finance of the Russian Federation dated December 30, 1996 No. 112.” Order of the Ministry of Finance of the Russian Federation dated May 12, 1999 No. 236n.

15. “On approval of the reporting procedure for heads of federal state unitary enterprises and representatives of the Russian Federation in the management bodies of open joint-stock companies.” Decree of the Government of the Russian Federation dated 04.10.99 No. 211.

16. Accounting Regulations “Information by Segments”. PBU 12/2000. Approved by order of the Ministry of Finance of the Russian Federation dated January 27, 2000 N211n.

17. Accounting Regulations “Information on Affiliated Entities”. PBU 11/2000. Approved by order of the Ministry of Finance of the Russian Federation dated January 13, 2000 No. 25n.

1.2 Concept, composition of financial statements and general requirements for them

Reporting is a system of indicators reflecting the results of the organization’s economic activities for the reporting period. Reporting includes tables that are compiled according to accounting, statistical and operational accounting data. It is the final stage of accounting work.

Reporting data is used by external users to evaluate the performance of the organization, as well as for economic analysis within the organization itself. At the same time, reporting is necessary for the operational management of economic activities and serves as the initial basis for subsequent planning. Reporting must be reliable and timely. It should ensure the comparability of reporting indicators with data from previous periods.

Organizations draw up reports according to forms and instructions approved by the Ministry of Finance and the State Statistics Committee of the Russian Federation. A unified system of organizational reporting indicators allows for the preparation of reports. reports on individual industries, economic regions, republics and throughout national economy generally. Organizations' reporting is classified by type, frequency of preparation, and degree of generalization of reporting data.

By type, reporting is divided into accounting, statistical and operational.

Accounting statements are a unified system of data on the property and financial position of an organization and the results of its economic activities. It is compiled according to accounting data.

Statistical reporting is compiled according to statistical, accounting and operational accounting data and reflects information on individual indicators of the organization’s economic activity, both in physical and monetary terms.

Operational reporting is compiled on the basis of operational accounting data and contains information on the main indicators for short periods of time - a day, a five-day period, a week, a decade, half a month. This data is used for operational control and management of supply processes, production and sales of products.

Based on the frequency of preparation, a distinction is made between intra-annual and annual reporting. Intra-annual reporting includes reports for the day, five days, ten days, half a month, month, quarter and half a year. Intra-annual statistical reporting is usually called current statistical reporting, and intra-annual accounting interim financial statements. Annual reports are reports for the year.

Based on the degree of generalization of reporting data, a distinction is made between primary reports, compiled by organizations, and consolidated reports, which are compiled by superior or parent organizations on the basis of primary reports.

Currently, organizations are required to submit interim and annual financial statements.

Interim financial statements include: Form No. 1 “Balance Sheet”; Form No. 2 “Profit and Loss Statement”.

In addition to these forms, organizations may submit other reporting forms (Cash Flow Statement, etc.) as part of the interim financial statements, as well as an explanatory note included in the annual reporting.

In accordance with the Federal Law “On Accounting”

(01.21.11.96 No. 129-FZ) and the Accounting Regulations “Accounting statements of an organization” - (PBU 4/99) the annual accounting statements of organizations, with the exception of the statements of budgetary organizations, consist of:

a) balance sheet;

b) profit and loss statement;

c) appendices to them, provided for by regulations;

d) an audit report confirming the reliability of the organization’s financial statements, if they are in accordance with federal laws subject to mandatory audit;

Other bodies that regulate accounting approve, within their competence, the forms of financial statements of banks, insurance and other organizations and instructions on the procedure for filling them out, which do not contradict the regulations of the Ministry of Finance of the Russian Federation.

The explanatory note may contain an assessment of the organization’s business activity, the criteria of which are the breadth of product markets, including the availability of export supplies, the organization’s reputation, expressed, in particular, in popularity among clients using the organization’s services, etc.; the degree of implementation of the plan, ensuring the specified growth rates; level of efficiency in the use of the organization's resources, etc. It is advisable to include in the explanatory note data on the dynamics of the most important economic and financial indicators of the organization over a number of years, descriptions of future investments, ongoing economic activities and other information of interest to possible users of the annual financial statements.

For 2000, the annual financial statements in accordance with the order of the Ministry of Finance of the Russian Federation dated January 13, 2000 No. 4n include:

Balance sheet - form No. 1;

· profit and loss statement - form No. 2;

·report on changes in capital - form No. 3;

· cash flow statement - form No. 4;

· Appendix to the balance sheet - form No. 5;

·report on the intended use of funds received - form No. 6;

· explanatory note;

Specialized forms established by ministries and departments of the Russian Federation for organizations of the system in agreement with the ministries of finance of the Russian Federation and republics, respectively;

The final part of the auditor's report.

Small businesses that do not apply a simplified system of taxation, accounting and reporting and are not required to conduct an audit of the reliability of financial statements may not submit reports on changes in capital and cash flows as part of the annual financial statements, Appendix to the balance sheet(forms No. 3, 4 and 5) and an explanatory note.

If these small businesses are required to conduct an audit of the accuracy of their financial statements, then they also may not submit Forms No. 3, 4 and 5 as part of the annual financial statements if the relevant data is missing.

Non-profit organizations have the right not to present a Cash Flow Statement (Form No. 4) as part of their annual financial statements, as well as in the absence of relevant data.

Statement of changes in capital (Form No. 3) and Appendix to the balance sheet (Form No. 5).

Public organizations (associations) that do not carry out entrepreneurial activities and do not have turnover in the sale of goods (works, services) other than disposed of property, do not prepare interim financial statements; these organizations do not submit reports on changes in capital and cash flows as part of the annual financial statements (forms No. 3 and 4), Appendix to the balance sheet (form No. 5) and an explanatory note.

1.3 Requirements for information generated in financial statements

The requirements for information generated in financial statements are determined by the Federal Law “On Accounting”, the regulations on accounting and financial reporting and the Regulations “Accounting statements of an organization” (PBU 4/99).

These requirements are the following: reliability and completeness, neutrality, integrity, consistency, comparability, compliance with the reporting period, correctness of execution. They are additional to the assumptions and requirements disclosed in the Accounting Regulations “Accounting Policies of the Enterprise” (PBU 1/98).

Requirement reliability and completeness means that financial statements must give a reliable and complete picture of the property and financial position of the organization, as well as the financial results of its activities. In this case, financial statements generated and compiled on the basis of the rules established by the regulations of the system of regulatory regulation of accounting in the Russian Federation are considered reliable and complete.

If, when preparing financial statements, it is revealed that there is insufficient data to form a complete picture of the financial position of the organization and its financial results, then relevant additional indicators and explanations are included in the financial statements.

In order to achieve a reliable and complete reflection of the financial results and financial position of the organization, when preparing reports in exceptional cases (for example, during the nationalization of property), deviations from the rules established by PBU/4 are allowed.

Neutrality requirement means that when preparing financial statements, neutrality of information must be ensured, i.e. unilateral satisfaction of the interests of some groups of users of financial statements over others is excluded.

Integrity requirement means the need to include in the financial statements data on all business transactions carried out both by the organization as a whole and its branches, representative offices and other divisions, including those allocated to separate balance sheets.

Consistency requirement means the need to maintain consistency in the content and forms of the balance sheet, profit and loss account and explanations thereof from one reporting year to another.

In accordance with comparability requirement The financial statements must contain data that allows them to be compared with similar data for the years preceding the reporting year. The Regulations stipulate that if they are not comparable for a number of reasons, then data from previous periods are subject to adjustment according to established rules.

Requirement to comply with the reporting period means that the reporting year in Russia is the period from January 1 to December 31 inclusive, i.e. the reporting year coincides with the calendar year.

For the preparation of financial statements, the reporting date is considered to be the last calendar day of the reporting period (December 31 for the annual financial report and others last days months for periodic financial statements.

Requirement for correct formatting is associated with compliance with the formal principles of reporting: its preparation in Russian, in the currency of the Russian Federation (rubles), signing by the head of the organization and the specialist in charge of accounting (chief accountant, etc.).

PBU 4 defines approaches to disclosing material information, focused on its importance for interested users.

Indicators about individual assets, liabilities, income, expenses and business transactions in financial statements:

a) must be cited separately if they are significant and if without them it is impossible to assess the financial position of the organization or the financial results of its activities by interested users;

b) may be given as a total amount with disclosure in the notes on the balance sheet and profit and loss account, if each of these indicators individually is not significant for the assessment by interested users of the financial position of the organization or the financial results of its activities.

1.4 Procedure for preparing financial statements

In order for financial statements to meet the requirements for them, the following conditions must be ensured when drawing up accounting reports: complete reflection for the reporting period of all business transactions and the results of the inventory of all production resources, finished products and calculations; complete coincidence of synthetic and analytical accounting data, as well as reporting and balance sheet indicators with synthetic and analytical accounting data; recording business transactions in accounting only on the basis of properly executed source documents or equivalent technical media; correct assessment of balance sheet items.

The preparation of reports must be preceded by preparatory work carried out according to a special schedule drawn up in advance. An important stage in the preparatory work of reporting is the closure of all operating accounts at the end of the reporting period: calculation, collection and distribution, matching, financial performance. Before starting this work, all accounting entries must be made on synthetic and analytical accounts (including inventory results), and the correctness of these entries must be verified.

When starting to close accounts, it should be borne in mind that modern organizations are complex objects of accounting and calculation of product costs. Their products are used in various areas. Auxiliary productions provide mutual services to each other and to the main production. When products and services are used mutually, it is impossible in all cases to attribute actual costs to all costing objects. Organizations are forced to reflect some part of the costs for some costing objects in the planned estimate. In these conditions, it is important to justify the sequence of closing accounts.

A generalization of the accumulated experience in this matter has made it possible to develop the following recommendations: closing accounts begins with production accounts that have the maximum number of consumers and minimal counter costs, and ends with accounts with a minimum number of consumers and the maximum number of counter costs. In accordance with this approach, accounts are closed in the following sequence.

First of all, the cost of services of auxiliary productions is calculated and account 23 “Auxiliary productions” is closed. Secondly, deferred expenses, general production and general business expenses are distributed and the following accounts are closed: 97 “Deferred expenses”,

25 “General production expenses”, 26 “General operating expenses”. Then they calculate the cost of production of the main branches of production and write off the costs from account 20 “Main production”. After this, costs are written off from account 29 “Servicing industries and farms”. In the following order of priority, entries are made in the accounts for accounting for capital investments, the financial result of the organization’s activities is determined, and accounts 90 “Sales” and 91 “Other income and expenses” are closed, profits are distributed and account 99 “Profits and losses” is closed.

The reporting year for all organizations is considered to be the period from January 1 to December 31 inclusive. The first reporting year for newly created organizations is considered to be the period from the date of their state registration to December 31 inclusive. Newly created organizations after October 1 are allowed to consider the period from the date of their state registration to December 31 of the following year inclusive as the first reporting year. The data in the opening balance sheet must correspond to the data in the approved closing balance sheet for the period preceding the reporting period. If the opening balance changes as of January 1 of the reporting year, the reasons should be explained. Changes in the financial statements relating to both the current and last year (after their approval) are made in the statements prepared for the reporting period in which distortions in its data were discovered. Corrections of errors in the financial statements are confirmed by the signature of the persons who signed them, indicating the date of correction.

Accounting statements are signed by the director and the chief accountant (accountant) of the organization. In an organization where accounting is carried out on an agreed basis by a specialized organization or specialist, the financial statements are signed by the head of this organization and the specialist conducting accounting.

1.5 Procedure and deadlines for preparing financial statements

In accordance with the law on accounting, all organizations, with the exception of budgetary ones, submit annual financial statements in accordance with the constituent documents to the founders and participants. organizations or owners of property, as well as territorial bodies of State Statistics at the place of their registration. State and municipal unitary enterprises submit financial statements to bodies authorized to manage state property.

Financial statements are presented to other executive authorities, banks and other users in accordance with the legislation of the Russian Federation.

Organizations are required to submit quarterly financial statements within 30 days after the end of the quarter, and annual financial statements within 90 days after the end of the year, unless otherwise provided by the legislation of the Russian Federation.

The submitted annual financial statements must be approved in the manner prescribed by the constituent documents of the organization.

Date of presentation of financial statements for the organization

the day of its actual transfer according to its ownership or the date of its departure indicated on the stamp of the postal organization is considered. If the reporting submission date falls on a non-working (weekend) day, then the reporting submission date is considered to be the first working day following it.

The organization's annual financial statements are open to interested users: banks, investors, creditors, buyers, suppliers, etc., who can familiarize themselves with the annual financial statements and receive copies of them with reimbursement for copying costs.

In accordance with the regulation, if an organization has subsidiaries and dependent companies, in addition to the accounting report itself, consolidated financial statements are compiled, including indicators of the reports of such companies located on the territory of the Russian Federation and abroad.

Ministries, departments and other federal executive authorities of the Russian Federation. Federations present consolidated annual financial statements for unitary enterprises, as well as separately for joint-stock companies (partnerships), part of the shares (shares, deposits) of which are fixed in federal property· (regardless of size, share). The specified consolidated reporting is submitted to the Ministry of Finance of the Russian Federation, the Ministry of Economy of the Russian Federation and State Committee Russian Federation according to statistics in the following periods:

For joint-stock companies (partnerships), part of the shares (shares, deposits) of which are assigned to federal ownership, no later than August 1 of the following reporting year.

Consolidated annual financial statements of the association legal entities created on a voluntary basis by organizations, is submitted in the manner and within the time limits provided for in the constituent documents of the association, unless otherwise established by the legislation of the Russian Federation.

1.6 Publicity of financial statements

In accordance with the accounting law, open joint stock companies, banks and others credit organizations, insurance organizations, stock exchanges: investment and other funds created at the expense of private, public and government funds are required to publish annual financial statements no later than June 1 of the year following the reporting year.

The publicity of financial statements consists of their publication in newspapers and magazines accessible to users of financial statements, or the distribution among them of brochures, booklets and other publications containing financial statements, as well as their transfer to state statistics bodies at the place of registration of the organization for provision to interested users.

The procedure for publishing financial statements is established by the Ministry of Finance of the Russian Federation and the bodies that are granted the right to regulate accounting by federal laws. General provisions on the publication of financial statements established by the law on accounting for joint-stock companies are specified by order of the Ministry of Finance of the Russian Federation dated November 28, 1996 No. 101.

In accordance with this order, the publication of financial statements by a joint-stock company is carried out after verification and confirmation by an auditor (audit firm) and approval by the general meeting of shareholders.

The balance sheet and financial results report are required to be published. The balance sheet may be published in an abbreviated form developed on the basis of the Accounting Regulations (7). an abbreviated form of the balance sheet may include only total indicators for sections (non-current assets, current assets, losses, capital and reserves, long-term liabilities, short-term liabilities) if the following financial indicators of the company’s activities are simultaneously available:

a) balance sheet currency at the end of the reporting year, not exceeding 400,000 times the minimum wage as of the end of the year;

b) revenue (net) from the sale of goods, products, works, services for the reporting year, not exceeding 1,000,000 times the minimum wage.

If these indicators are exceeded, the balance sheet and income statement are published in full.

In the form of a balance sheet, which includes only the totals for sections, lines for which there are no numerical values ​​of assets and liabilities are given but crossed out.

The form of the profit and loss statement submitted for publication must include all the “indicators provided for in clause 23 of the Reporting Regulations: revenue from the sale of goods, products, works, services; cost of sales of goods, products, works, services; gross profit, commercial expenses; administrative expenses, etc.

In addition, the profit and loss report must include information on the decision of the general meeting of shareholders on the distribution of profits or covering the company's losses for the reporting year, unless such information is published separately or as part of any document subject to publication in the media.

The company must apply the forms of financial statements accepted for publication from one reporting year to another; changes are allowed only in the event of changes in the conditions of presentation and in other cases, the validity of which is confirmed by an independent auditor.

The indicators of the published reporting forms are formed by directly transferring indicators from the annual financial statements or combining the corresponding indicators: Discrepancies between the indicators of the published forms and the indicators of the annual financial statements are not allowed.

Accounting statements are published in thousands of rubles. With significant turnover, reporting can be published in millions of rubles with one decimal place.

Publication of financial statements must include: the full name of the company; reporting date and (or) reporting period; currency and format for presenting numerical reporting indicators; positions, surnames and initials of the persons who signed the reports; date of approval of the financial statements by the general meeting of shareholders; location of the executive body of the company (full postal address, telephone, fax), where an interested user can familiarize himself with the statements and receive a copy; information about the state statistics body to which the company submitted a copy of its financial statements compiled according to standard forms.

If financial statements are published in abbreviated forms, then the publication must contain only the opinion of an independent auditor on the reliability of the financial statements (certainly positive, conditionally positive, negative, disclaimer of opinion).

If the financial statements are published in full, they include the full text of the final part of the auditor's report.

Standard forms of financial statements can be supplemented with articles and data necessary for interested users of consolidated financial statements:

Items of standard forms of financial statements for which the group does not have indicators may not be given, except in cases where the corresponding indicators took place in the period preceding the reporting period;

Numerical indicators about individual assets, liabilities and other facts of economic activity should be presented separately in the consolidated financial statements if, without knowledge of them, it is impossible for Users to assess the financial position of the group or the financial result of its activities.

In any case, the reporting must include data on the full name of the audit firm, the type and number of the license to carry out audit activities, and the date of the audit report.

Costs associated with the publication of financial statements are included in the cost of production as costs associated with production management (account 26).

Amounts for reimbursement of expenses for copying and sending financial statements received from interested users are reflected in account 91 “Other income and expenses.”

1.7 Concept of consolidated financial statements

In accordance with Regulation (3), if an organization has subsidiaries and dependent companies, in addition to its own financial statements, consolidated financial statements are also prepared, including indicators of the reports of such companies located in Russia and abroad.

Consolidated financial statements are a system of indicators reflecting the financial position as of the reporting date and financial results for the reporting period of a group of related organizations.

The financial statements of a subsidiary are combined into consolidated financial statements in the following cases:

1) if the parent organization owns more than 50% of the voting shares of the JSC or more than 50% authorized capital limited liability companies (000);

2) if the parent organization has the opportunity to determine decisions made by the subsidiary in accordance with the agreement concluded between them;

3) if the parent organization has other ways of determining decisions made by the subsidiary.

Data on dependent companies are included in the consolidated financial statements if the parent organization has more than 20% of the voting shares of the joint-stock company or more than 20% of the authorized capital of the company.

The stated conditions for combining the reports of subsidiaries and dependent companies into consolidated statements are specified in the Methodological Recommendations for the preparation of consolidated statements (12).

Consolidated financial statements are prepared in the scope and manner established by PBU 4/99(7), according to forms developed by the parent organization based on standard forms of financial statements.

Before drawing up consolidated statements, all mutual settlements and other financial relationships of the parent organization with subsidiaries and dependent companies, as well as between subsidiaries and dependent companies, are verified and settled.

Indicators of the financial statements of a subsidiary are included in the consolidated financial statements from the 1st day of the month following the month in which the parent organization acquired the corresponding number of shares, shares in the authorized capital of the subsidiary or the emergence of the opportunity to determine decisions made by subsidiaries, and the indicators of reporting of dependent companies from 1 the th day of the month following the month of acquisition by the parent organization of the corresponding number of shares or share in the authorized capital of the dependent company.

Consolidated financial statements are prepared and presented in Russian in thousands of rubles or in millions of rubles with one decimal place. It is signed by the head and chief accountant (accountant) of the parent organization (head of centralized accounting, specialized organization, specialist accountant in charge of accounting).

By decision of the Group members, consolidated financial statements may be published as part of the published financial statements of the parent organization.

When preparing consolidated financial statements, a single standard is used accounting policy in relation to similar items of property and liabilities, income and expenses of the financial statements of the parent organization, subsidiaries and dependent companies.

Consolidated financial statements combine the financial statements of the parent organization, subsidiaries and affiliates, compiled for the same reporting period and as of the same reporting date.

The Group may not prepare consolidated financial statements in accordance with the rules provided for by regulations and methodological instructions according to the accounting of the Ministry of Finance of the Russian Federation if the following conditions are simultaneously met:

The consolidated financial statements are prepared on the basis of International Financial Reporting Standards (IFRS), developed by the International Financial Reporting Standards Committee;

The Group must ensure the reliability of the consolidated financial statements prepared on the basis of IFRS;

The explanatory note to the consolidated financial statements contains a list of applicable accounting requirements, discloses methods of accounting, including estimates that differ from the rules provided for by regulations and guidelines for accounting of the Ministry of Finance of the Russian Federation.

The consolidated financial statements combine all assets and liabilities, income and expenses of the parent organization and subsidiaries, with the exception of the cases discussed below.

The consolidated balance sheet does not include:

1) financial investments of the Parent organization in the authorized capitals of subsidiaries and, accordingly, the authorized capitals of subsidiaries in the part owned by the parent organization;

2) indicators of receivables and payables between the parent organization and subsidiaries, as well as between subsidiaries;

3) profits and losses from transactions between the parent organization and

subsidiaries, as well as between subsidiaries;

4) dividends paid by subsidiaries of the parent organization or other subsidiaries, as well as by the parent organization to its subsidiaries;

5) parts of the assets and liabilities of subsidiaries not related to the activities of the Group, when the parent organization has 50% or less of the voting shares of the joint-stock company or the authorized capital of 000. The share of assets and liabilities of the subsidiary in this case for inclusion in the consolidated statements is determined based on the share voting shares of a subsidiary owned by the parent organization in their total number or the share of participation of the parent organization in the authorized capital of the subsidiary.

The consolidated income statement does not include:

1) revenue from the sale of products (goods, works, services) between the parent organization and subsidiaries, as well as between subsidiaries of the same organization and the costs attributable to this sale;

2) dividends paid by subsidiaries of the parent organization or other subsidiaries, as well as by the parent organization to subsidiaries;

3) any other income and expenses arising as a result of transactions between the parent organization and subsidiaries, as well as between subsidiaries;

4) the financial result of subsidiaries in terms of income and expenses not related to the activities of the Group, when the parent organization has 50% or less of voting shares in the joint-stock company or 50% or less of the authorized capital of 000. In this case, the financial result of the subsidiary company in terms of income and expenses for inclusion in the consolidated income statement are determined based on the share of voting shares of the subsidiary owned by the parent organization in their total number or the share of participation of the parent organization in the authorized capital of the subsidiary.

To be included in the consolidated financial statements, the reporting indicators of a subsidiary compiled in a foreign currency are recalculated into the currency of the Russian Federation - rubles.

The inclusion of data on dependent companies in the consolidated financial statements is carried out by reflecting two calculation indicators in it:

1) - indicator of the valuation of the parent organization in the dependent company. It is calculated as follows: the actual costs incurred by the organization when making investments, plus (minus) the share of the parent organization in the profits (losses) of the dependent company for the period from the moment the investment was made. This indicator is reflected in the consolidated balance sheet as a separate item in the group of items “Long-term financial investments”;

2) an indicator of the share of the parent organization in the profits or losses of the dependent company for the reporting period. It is calculated based on the amount of retained earnings or uncovered loss of the dependent company for the reporting period and the percentage of voting shares owned by the parent organization in their total number (the share of the authorized capital owned by the parent organization in its total amount). This indicator is reflected in the consolidated income statement as a separate item “Capitalized income (loss) after the group of items for non-operating income and expenses and is included in the financial result of the group’s activities.

The explanatory notes to the consolidated balance sheet and consolidated income statement provide the following data on subsidiaries:

Their list (full name);

Place of state registration and (or) place of business activity;

Share of the parent organization in the subsidiary;

The share of voting shares (authorized capital) owned by the parent organization, if it differs from the share of participation;

Valuation of the impact on the financial position of the Group caused by the acquisition or disposal of subsidiaries and affiliates at the reporting date, and on the financial performance of its activities for the reporting period.

For dependent companies, the explanations provide a list of them indicating:

Full name;

Places of state registration and (or) places of business activity;

The amount of authorized capital; - the share of participation of the parent organization in the dependent company.

Conclusion

By their purpose, financial statements are the main source of information about the financial position of an organization, the financial results of its activities and changes in its financial position.

The financial position of an organization is determined by the assets at its disposal, the structure of the organization's liabilities and capital, as well as its ability to adapt to changes in the operating environment. Information on financial results allows you to assess potential changes in resources. Data on changes in the financial position of the organization make it possible to assess its current (operating), investment and financial activities in the reporting period.

A thorough study of financial statements allows you to reveal the causes of shortcomings in work and outline ways to improve the organization's activities.

Let us recall that external users of accounting information have the opportunity, based on reporting data:

assess the feasibility of acquiring assets of one or another

organizations;

build relationships with customers correctly;

assess the financial situation of potential partners; take into account possible risks when making investments, etc. Internal users use accounting data

reporting for making management decisions.

Accounting statements also serve as a planning tool for achieving the economic goals of entrepreneurship, making a profit, preserving and increasing capital. Based on these goals, modern management of an organization must earn money (profit) for the founders (owners), i.e., provide such a profit on invested capital that the founders could withdraw without damaging the current activities (financial investment) of the organization. At the same time, management is obliged to preserve at least the nominal capital of the organization so that with its help it can increase economic benefits (profits) in the future.

Therefore, at the legislative level in almost all countries of the world there is a requirement to prepare financial statements in order to provide numerous users with the information they need about a particular market entity.

In addition, normatively regulated accounting reporting also performs another important economic and legal function in the state - through it, the unity of interpretation of legal norms by various market entities is ensured and their compliance with generally accepted principles and rules for the preparation and presentation of reports in a timely manner and to addresses.

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III. Basic rules for compilation and presentation
financial statements

Primary requirements

29. The organization must draw up monthly, quarterly and annual cumulative totals from the beginning of the reporting year, unless otherwise established by the legislation of the Russian Federation. At the same time, monthly and quarterly financial statements are interim.

30. Accounting statements of organizations consist of:

c) appendices to them, in particular, and other reports provided for by the regulations of the system of regulatory regulation of accounting;

d) explanatory note;

e) an auditor's report confirming the reliability of the organization's financial statements, if they are subject to mandatory audit in accordance with federal laws.

The paragraph has been deleted. - Order of the Ministry of Finance of the Russian Federation dated December 30, 1999 No. 107n.

31., as well as instructions on the procedure for filling them out, are approved by the Ministry of Finance of the Russian Federation.

Other bodies, which are granted the right to regulate accounting by federal laws, approve, within their competence, the forms of accounting statements and instructions on the procedure for filling them out, which do not contradict the normative legal acts Ministry of Finance of the Russian Federation.

32. Accounting statements must provide a reliable and complete picture of the property and financial position of the organization, its changes, as well as the financial results of its activities.

33. The organization’s financial statements must include performance indicators of branches, representative offices and other structural units, including those allocated to separate balance sheets.

35. In the financial statements, data on numerical indicators are provided for at least two years - the reporting year and the one preceding the reporting year (except for the report compiled for the first reporting year).

If the data for the period preceding the reporting year are not comparable with the data for the reporting period, then the first of these data are subject to adjustment based on the rules established by regulations. Each significant adjustment must be disclosed in an explanatory note along with the reasons for it.

36. Accounting statements are prepared for the reporting year. The reporting year is considered to be the period from January 1 to December 31 of the calendar year inclusive.

The first reporting year for a newly created or reorganized organization is considered to be the period from the date of its state registration to December 31 inclusive, and for an organization newly created after October 1 (including October 1), from the date of state registration to December 31 of the following year inclusive.

Data on the facts of economic activities carried out before the state registration of the newly created organization are included in its financial statements for the first reporting year.

37. For the preparation of financial statements, the reporting date is considered to be the last calendar day of the reporting period.

38. Accounting statements are signed by the head and chief accountant of the organization.

In organizations where accounting is carried out on a contractual basis by a specialized organization (centralized accounting department) or a specialist accountant, the financial statements are signed by the head of the organization, the head of a specialized organization (centralized accounting department) or a specialist conducting accounting.

The responsibility of the persons who signed the financial statements is determined in accordance with the legislation of the Russian Federation.

39. Changes in the financial statements relating both to the reporting year and to previous periods (after their approval) are made in the statements prepared for the reporting period in which distortions in its data were discovered.

40. In the financial statements, offsets between items of assets and liabilities, items of profits and losses are not allowed, except in cases where such offset is provided for by the rules established by regulations.