Annual balance sheet of the organization. What does a balance sheet consist of in modern organizations?
Basis of construction balance sheet is a grouping of objects accounting according to their functional role in the process economic activity and sources of formation.
The balance sheet consists of 5 sections:
- fixed assets;
- current assets;
- capital and reserves;
- long term duties;
- Short-term liabilities.
At the end of the balance sheet there is a special line for assets and liabilities - "balance currency".
Typical balance sheet structure contains the following numerical indicators.
Assets. Section 1. Non-current assets.
- Intangible assets: rights to intellectual property; patents, trademarks, service marks, organizational expenses; business reputation of the organization.
- Fixed assets: land and environmental management facilities; buildings, machinery, equipment, construction in progress.
- Profitable investments in material assets: property to be leased, provided under a rental agreement.
- Financial investments: investments in subsidiaries, dependent companies; loans provided to an organization for a period of more than 12 months; other financial investments.
Section 2. Current assets.
- Reserves: raw materials, materials and similar values; costs in work in progress; finished goods, goods for resale and shipped; Future expenses.
- Accounts receivable: buyers and customers; bills receivable; debt of subsidiaries and dependent companies; debt of participants on contributions to the authorized capital.
- Financial investments: loans provided by an organization for a period of less than 12 months; own shares purchased from shareholders; financial investments.
- Cash: current accounts; foreign currency accounts; cash.
Passive. Section 1. Capital and reserves.
Authorized capital. Extra capital. Reserve capital: reserves formed in accordance with legislation and constituent documents. Retained earnings.
Section 2. Long-term liabilities.
- Borrowed funds: loans due to be repaid more than 12 months after the reporting date; loans due to be repaid more than 12 months after the reporting date.
- Other obligations.
Section 3. Short-term liabilities.
- Borrowed funds: loans due to be repaid within 12 months after the reporting date; loans due to be repaid within 12 months after the reporting date.
- Accounts payable: suppliers and contractors; bills payable; debt to subsidiaries and dependent companies; to the organization's personnel; before the budget and state extra-budgetary funds; to participants in the payment of income; advances received.
- revenue of the future periods: reserves for upcoming expenses and payments.
The balance sheet is Form No. 1 of the financial and accounting statements of an enterprise. Balance in a general sense means the equality of two parts: the property of the enterprise and the sources of this property. Let's take a closer look at the structure of the balance sheet, its purpose, structure and content.
The main purpose of the balance sheet is to show the founders government agencies and other users of information, the financial position of the organization over the past three years:
By general rules the balance is drawn up as of December 31 of the reporting year and submitted to the tax office and statistical surveillance authorities by March 31 of the following year.
There are situations when owners, banks, investors or counterparties request balances during the year. In this case, the balance is drawn up not on an arbitrary date, but at the end of the next quarter, that is, as of: March 31, June 30, September 30 and December 31.
Organizations created after October 1, 2017 have the right to draw up their first balance sheet as of December 31, 2018.
Balance Sheet Structure
The main sections of the balance sheet are Asset and Liability. The assets and liabilities of the balance sheet consist of lines designed to reflect indicators whose values at the end of the reporting period are different from zero.
Each asset item reflects the valuation of the property and assets of the enterprise, and liability items show how many debts and liabilities the organization has. In a correctly composed document, these clauses are always equal:
Asset (line 1600) = Liability (line 1700) = Balance sheet currency
The assets of the enterprise are:
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- fixed assets owned by an organization - buildings, structures, machines and mechanisms. Leased fixed assets are not included in this balance sheet item;
- intangible assets - trademarks, exclusive rights, for example to programs. Other results of intellectual activity owned by the enterprise;
- financial investments on line 1170 are those investments the return of which is expected no earlier than in a year;
- other non-current assets of the organization - this may be equipment that has not yet been installed;
- inventories - materials, semi-finished products not yet used in production, as well as goods and finished products not sold on reporting date, here they reflect the completed stages of unfinished work;
- VAT on line 1220 is VAT on goods, services, materials, etc. purchased but not accepted for accounting;
- accounts receivable - here all debts of counterparties to the enterprise should be summed up: suppliers, buyers, accountable persons, founders, as well as overpayments of taxes and contributions;
- financial investments on line 1240 - reflect those current investments where the return period is expected to be less than a year;
- funds in the accounts and cash register of the enterprise, including currency:
The company's liabilities are:
- authorized capital – reflected in the amount approved in the organization’s Charter;
- other types of capital: additional and reserve - if the owners decided to create them;
- retained earnings - that part of the profit that has not yet been claimed by the founders. If, as a result of the activity, a loss is received, then its amount is indicated in parentheses;
- long-term liabilities - those loans and expenses are reflected where the maturity date is planned for more than a year;
- accounts payable - it includes all the organization’s debts to employees, suppliers, customers, to the budget and extra-budgetary funds, as well as advances received minus VAT;
- deferred income - record the fact of receipt of those incomes that will be taken into account as profit after some time:
Contents of the balance sheet
All balance sheet items reflect the closing balance of the corresponding accounting accounts as of the date of its preparation. This balance is formed using entries that describe a certain fact of the economic life of the enterprise and is recorded in:
- memorial orders:
- turnover statements - are maintained for each subaccount of each account of the chart of accounts used. Based on the results of the month, quarter and year, a consolidated balance sheet is compiled. The data in the last columns, circled in red, must be transferred to the corresponding balance lines:
Important drafting rules
When filling out the balance sheet form, you also need to take into account that Form No. 1 is linked to subsequent forms of financial reporting and it is necessary to ensure that the control ratios in all documents are correct.
An “Explanatory Note” must be prepared for the financial statements, which is intended to disclose in detail the content of the results of the organization’s economic activities. Each explanation is assigned a unique number. It can be indicated in the balance sheet opposite the line to which the explanation relates. A correctly compiled and comprehensive explanation helps in further analysis of the results of the enterprise’s economic activities.
Thus, for the correct preparation of the balance sheet, the following rules must be observed:
- reflect all business transactions in a timely and complete manner;
- monitor the completeness of the collected primary documentation;
- understand the meaning of accounting entries, especially in complex cases;
- systematically and carefully consolidate the results of postings into unified accounting registers;
- comply with control ratios when preparing financial statements.
Balance sheet (form No. 1). Instructions, rules and filling procedure
Balance sheet- this is a way of generalizing and grouping the assets of the economy and the sources of their formation - liabilities - at a certain date in monetary value. Balance sheet indicators characterize the financial position of the organization as of the reporting date.
The main task balance sheet– show the owner what he owns or what capital is under his control. The balance sheet allows you to get an idea of material assets, the amount of reserves, the state of payments, and investments. Balance sheet data is widely used for subsequent analysis by the organization's management, tax authorities, banks, suppliers and other creditors.
Consists of 2 main parts - asset And passive. The asset represents the organization's resources, and the liability represents the sources of their formation. A distinctive feature of the balance sheet is the equality of the totals of assets and liabilities. This is due to the double entry principle used in accounting.
Assets The balance sheet contains 2 sections:
- I. Non-current assets;
- II. Current assets.
Passive The balance sheet consists of 3 sections:
- III. Capital and reserves;
- IV. Long term duties;
- V. Short-term liabilities.
Each asset and liability element of the balance sheet is called balance sheet item. Asset items reveal the nature of resources, their use and magnitude. Liability items characterize the sources of resource formation, namely: from what source this part of the assets was created, for what purpose they are intended and their value.
When preparing a balance sheet, keep the following in mind:
- the balance sheet data at the beginning of the year must correspond to the data at the end of last year (taking into account the reorganization);
- offset between items of assets and liabilities, items of profit and loss is not allowed, except in cases where such offset is provided for by the relevant Accounting Regulations;
- the corresponding balance sheet items must be confirmed by inventory data of property, liabilities and settlements.
The standard form of the balance sheet is regulated by the Ministry of Finance (). However, organizations can independently develop a balance sheet form, using the standard one as a template. In this case, must be observed General requirements to financial statements.
When developing and adopting the balance sheet form (Form No. 1), it is recommended to use the total line codes and line codes of sections and groups of items given in the sample balance sheet form. If a transcript is provided for any indicator in a balance sheet developed by an organization independently, then the articles in this transcript are coded by the organization itself.
The balance sheet contains the following required details:
- the reporting date as of which the balance sheet is presented;
- full name of the organization in accordance with the constituent documents;
- taxpayer identification number (TIN);
- the main type of activity of the enterprise with the OKVED code;
- organizational and legal form/form of ownership (according to the OKOPF and OKFS classifiers);
- unit of measurement - thousand rubles. (OKEY code 384) or million rubles. (OKEY code 385);
- location (address);
- date of approval (indicates the established date for the annual financial statements);
- date of sending/acceptance (the specific date of postal, electronic and other sending of financial statements or the date of their actual transfer according to ownership is indicated).
Total figures for balance sheet items are given in thousands of rubles without decimal places. Organizations with significant sales turnover, liabilities, etc. can provide data in millions of rubles (without decimal places).
Indicators about certain types assets, liabilities, income, expenses and business transactions can be presented in the balance sheet as a total amount with disclosure in , 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.
Let's consider procedure for filling out Form 1 "Balance Sheet".
- accounted for in off-balance sheet accounts
In the column " At the beginning of the reporting year" shows data at the beginning of the year (opening balance sheet), which must correspond to the data in the column "At the end of the reporting period" of the previous year (closing balance sheet), taking into account the reorganization carried out at the beginning of the reporting year, as well as changes in the assessment of financial reporting indicators associated with the application of the Regulations on accounting and financial reporting in Russian Federation and Accounting Regulations" Accounting policy organizations" PBU 1/98.
In the column " At the end of the reporting period" shows data on the value of assets, capital, reserves and liabilities at the end of the reporting period (month, quarter, year).
Despite the fact that drawing up a balance sheet in the context of automation of accounting work is a matter of technology, knowing how to fill out a balance sheet is extremely important. This will allow not only to identify possible errors and inaccuracies when drawing up the form, but also to correctly “read” the balance sheet and analyze its indicators. We will remind you about the procedure for drawing up a balance sheet in our consultation, and will also show you how to fill out a balance sheet using an example.
How to prepare a balance sheet?
Drawing up a balance sheet is the final stage of accounting work. And it can be compiled correctly only on the basis of complete and reliable data contained in the accounting system. Such data is collected in . Data from these registers and their transcripts - information base when preparing reports, incl. and balance sheet.
When preparing a balance sheet, it is important not only to know the procedure for maintaining accounting records and reflecting transactions in accounts, but also to remember the basic rules specific to the preparation of financial statements.
For example, in the balance sheet, assets and liabilities should be divided into short-term and long-term (clause 19 of PBU 4/99). Assets and liabilities are considered short-term if their circulation (repayment) period does not exceed 12 months after the reporting date or the operating cycle if it is more than 12 months. And all other assets and liabilities are presented on the balance sheet as long-term. That is why fixed assets are reflected in the balance sheet in section I “Non-current assets”, and goods - in section II “Current assets”.
Drawing up a balance sheet: features
The balance sheet cannot offset between items of assets and liabilities unless such offset is provided for by the relevant accounting provisions. This means, for example, that if there is at the reporting date accounts receivable buyers in the amount of 120,000 rubles and accounts payable to personnel for wages of 80,000 rubles in the balance sheet, these indicators must be reflected separately - 120,000 rubles - in an asset, and 80,000 rubles - in a liability. It is impossible to show only the difference of 40,000 rubles (120,000 rubles - 80,000 rubles) in the balance sheet asset. However, VAT on an advance received or issued reduces, respectively, the amounts of accounts payable and receivable reflected in the balance sheet (Letter of the Ministry of Finance dated 01/09/2013 No. 07-02-18/01).
It is also important to remember that in the balance sheet the indicators are reflected in a net valuation, that is, minus the regulatory values (clause 35 of PBU 4/99). This means, for example, that fixed assets are shown on the balance sheet at their residual value (i.e., excluding depreciation), and customer receivables are shown minus the provision for doubtful debts.
Let us also recall that in the balance sheet, data must be presented for at least 2 years - the reporting year and the one preceding the reporting year (clause 10 of PBU 4/99). At the same time, the balance sheet form approved by Order of the Ministry of Finance dated July 2, 2010 No. 66n provides for the reflection of data as of the reporting date, as of December 31 of the previous year and December 31 of the year preceding the previous one.
To prepare or check a prepared balance sheet, an accounting register such as a balance sheet is usually used. But you only need to take from it the balance indicators, i.e. the balance, because the balance sheet reveals data for a certain date, and not for a period. Along with the balance sheet, account transcripts and other analytical data are used as necessary.
Balance sheet: example
You will find the enterprise balance sheet (example) in a separate section.
You can see a sample of Forms 1 and 2 of financial statements in our material. We will tell you about the purpose of these forms and show you with an example how to calculate net profit according to the indicators of Form 2 and where to reflect the result of these calculations in Form 1.
Form 1 and Form 2 of financial statements
Forms 1 and 2 of financial statements are the main reporting forms - these are the balance sheet and the financial statement financial results. Not a single set of reporting documentation for any company can do without them.
- A balance sheet is a set of indicators of a company’s performance as of the reporting date (about the residual value of fixed assets, balances Money on accounts and in cash, accounts payable and receivable, etc.);
- Income statement- this is data on revenue, expenses and profit for the reporting period of time.
These forms are supplemented by other related reports (capital flow, cash flow, etc.). The information contained in them explains and details the data reflected in Form 1 and Form 2 of financial statements.
Forms 1 and 2 are present in accounting reports compiled for any period (month, quarter, year). For example, the minimum set of financial statements for the 1st quarter of 2018 (if the company prepares interim accounting statements by decision of the owners or for other reasons) must necessarily include both forms. At the same time, such a reporting set can be supplemented with detailed explanations (if there is a need for them).Both reports have a unified form approved by order of the Ministry of Finance of the Russian Federation dated July 2, 2010 No. 66n.
Form 1: balance sheet
The balance is a table divided into 2 parts:
- Part 1. A balance sheet asset is the property and liabilities of a company used in its activities and capable of bringing benefits to it in the future.
- Part 2. Balance sheet liability - reflects the sources of formation of the balance sheet asset.
