Edelman joins IASB – Important information on Management of IFRS’s issuing body – IASB. By Sergey Moderov, ACCA

Новости, Пресса о МСФО и их применении в России, Семинары Comments Off

Edelman joins IASB – Important information on Management of IFRS’s issuing body – IASB. By Sergey Moderov, ACCA

Martin Edelmann, a member of the German Accounting Standards Board from 2006 until 2011, has been appointed as a member of the International Accounting Standards Board. Edelmann is a former managing director and head of group reporting at Deutsche Bank, where he was responsible for internal and external reporting activities between 1997 and 2011 - including overseeing the bank’s conversion from US generally accepted accounting principles to International Financial Reporting Standards. He was also chairman of the Accounting Working Group of the German Banking Association from 2004 to 2011.

Order high-end consultancy on IFRS financial statements – call +7 921 9450055 – Sergey Moderov, ACCA, St-Petersburg IFRS trainer, auditor and consultant smoderov@mail.ru

Japan to adopt limited IFRS standards- How IFRS’s are applied in the world

Новости, Пресса о МСФО и их применении в России Comments Off

Japan to adopt limited IFRS standards- How IFRS’s are applied in the world. By Sergey Moderov, ACCA
Japan’s Financial Services Agency has announced that it will adopt limited International Financial Reporting Standards (IFRS). The FSA remains committed, it said, to further voluntary adoptions. One key consideration was that Japan regards IFRS as designed for economies dominated by capital markets, whereas Japan and many other Asian countries operate with different market and economic structures. The decision was taken after the FSA commissioned a review on the impact of IFRS on Japan’s economy conducted by Tomo Suzuki, the professor of accounting at Oxford University’s Said Business School.

Order high-end consultancy on IFRS financial statements – call +7 921 9450055 – Sergey Moderov, ACCA, St-Petersburg IFRS trainer, auditor and consultant smoderov@mail.ru

Конференция по МСФО в Санкт-Петербурге. С участием Сергея Модерова, АССА - 27 Сентября 2012 года. Регистрация доступна сейчас

МСФО в строительстве, Новости, Пресса о МСФО и их применении в России, Семинары, Составление финансовой отчетности по МСФО за 2009-2014 Comments Off

Конференция по МСФО в Санкт-Петербурге. С участием Сергея Модерова, АССА - 27 Сентября 2012 года. Регистрация доступна сейчас

Конференция по МСФО в Санкт-Петербурге
27 Сентября 2012 (Четверг) 10.00 – 14.00
Гостиница Нептун, Зал Амфитеатр (3 этаж), Санкт-Петербург, Наб. Обводного канала 93 А

На конференции по МСФО выступит Сергей Модеров, АССА, который предоставит информацию о технических вопросах и проблемах, связанных с применением МСФО в регионе (Россия, страны СНГ), в том числе:

• Новости Совета по международным стандартам финансовой отчетности: продвижение к принятию новых и изменению имеющихся стандартов, планы по развитию
• Российские финансы - что необходимо учесть в применении МСФО
• Технические аспекты: новое в финансовых инструментах

Техника применения Международных стандартов финансовой отчетности
Техническая секция будет проведена Сергеем Модеровым, АССА, и будет являться форумом, рассматривающим основные проекты изменений стандартов, в том числе:

1. Признание выручки
2. Аренда для арендодателей
3. Аренда для арендополучателей
4. Мифы о стоимостной оценке в финансовой отчетности (первоначальная, справедливая, амортизированная, остаточная, справедливая «за вычетом затрат на продажу», ликвидационная и др.)
5. Изменение Концептуальных Основ МСФО
6. Развитие комплекта стандартов МСФО для малого и среднего бизнеса
Секции по специальным интересам
Секции по специальным интересам предоставят уникальную возможность обсудить в деталях темы, связанные с первым применением международных стандартов и с применением недавно принятых новых МСФО, которые становятся обязательными к применению с 01 января 2013 года

1. Первое применение МСФО:
Эта секция по специальным интересам предоставит впервые применяющим МСФО возможность обсудить специфические вопросы, возникающие в связи с первым применением.

Внедрение недавно принятых МСФО:
Две секции будут сфокусированы на вопросах, связанных с влиянием недавно выпущенных МСФО на финансовую отчетность, и будут предоставлять возможность обсудить связанные с этим темы более детально:

2. МСФО (IFRS) 10 «Консолидированная финансовая отчетность» (Consolidated Financial Statements), Раскрытия информации – Сальдирование финансовых активов и финансовых обязательств (Offsetting Financial Assets and Financial Liabilities), являющиеся изменениями к МСФО ( IFRS) 7, а также МСФО (IFRS) 12 Раскрытие информации об инвестициях в другие компании (Disclosure of Interests in Other Entities)

3. МСФО (IFRS) 13 Оценка справедливой стоимости (Fair Value Measurement)

Регистрация - бесплатно. Пожалуйста, вышлите свои контактные данные на эл. адрес conference@ipp.spb.ru или smoderov@ipp.spb.ru. Альтернативным образом Вы можете зарегистрироваться по факсу +7 812 7033008 с пометкой «для Сергея Модерова, АССА»

IFRS Conference in St-Petersburg. Conference led by Sergey Moderov, ACCA - 27 September 2012. Available for registration now

Новости, Пресса о МСФО и их применении в России, Семинары Comments Off

IFRS Conference in St-Petersburg. Conference led by Sergey Moderov, ACCA - 27 September 2012. Available for registration now

IFRS Conference in St-Petersburg
27 September 2012 (Thursday) 10.00 – 14.00
Hotel Neptun, Amphitheatre Hall, 3rd floor, Nab. Obvodnogo Kanala 93A

At this IFRS conference, the speaker panel will feature Sergey Moderov, ACCA, who will cover specific technical issues affecting the region, including:

• IASB update: progress and plans
• Russian finance considerations in applying IFRSs
• Technical update: financial instruments

Technical break-out sessions
Technical break out sessions conducted by Sergey Moderov, ACCA, will provide a forum to discuss major projects on the IASB’s active agenda in more detail including:

1. Revenue recognition
2. Leases: Lessee (Part 1)
3. Leases: Lessor (Part 2)
4. Measurement myths
5. Conceptual Framework
6. The IFRS for SMEs
Special interest sessions
Special interest sessions will provide a unique opportunity to discuss in detail topics related to the first-time adoption of IFRSs and the implementation of recent new IFRSs that become mandatory from 1 January 2013.

1. First-time adoption of IFRSs:
This special interest session provides first-time adopters of IFRSs with the opportunity to discuss specific questions on first-time adoption.

Implementing recent IFRSs:
Two separate sessions will focus on issues relating to the impact of recently issued IFRSs on the financial statements and provide the opportunity to discuss related issues in depth:

2. IFRS 10 Consolidated Financial Statements, Disclosures—Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) and IFRS 12 Disclosure of Interests in Other Entities

3. IFRS 13 Fair Value Measurement

Registration is free of charge. Please write your contact detail to conference@ipp.spb.ru or smoderov@ipp.spb.ru. Alternatively send a fax to +7 812 7033008 attn. Sergey Moderov, ACCA

St-Petersburg local IFRS Audit services

Новости, Пресса о МСФО и их применении в России Comments Off

The Institute for Enterprise Issues (‘IPP’ from Russian)
Large audit and consulting company based in St-Petersburg (Russia)
First started British ACCA’s tuition in North-West Russia (second in Russia) – in 2003
Experience in working with Russian and international clients
Membership in Kreston International
IPP is a full member of international network of independent audit and consulting firms Kreston International (headquartering London, UK), being 7th largest audit network in Russia in 2011
Kreston International is a member of IFAC’s Forum of Firms
Kreston International won ‘Rising star award’ in 2012 by International Accounting Bulletin
International Financial Reporting

IPP is the most experienced recognized IFRS services provider in the North-West
Services include audit of IFRS reports, transformation from RAS to IFRS and automation of IFRS
IPP organized most popular Russian IFRS web resources, namely www.ifrs-audit.ru and www.ifrs.su

IPP rankings
Audit and Consulting Group the Institute for Enterprise Issues (hereinafter IEI) is a largest audit and consulting company of the North-West of Russia*, and is among the leaders in its field in Russia,** which is confirmed by the ratings of leading rating agencies.
*magazine «Expert «North-West» №13 (509) dated 4 April 2011
** magazine «Expert» №12 (795) dated 26 March 2012
For IFRS audit projects
Mr. Sergey Moderov, ACCA, Head of IFRS department, quality controller at the Institute of Professional Auditors of Russia, quality controller at Kreston International +7 921 9450055 smoderov@ipp.spb.ru

Most common adjustments to financial statements

Пресса о МСФО и их применении в России Comments Off

Below listed the most common adjustments to be made when preparing an statement of financial position and statement of comprehensive income, especially along with transformation from local countries’ accounting standards into IFRS

Below you can find how to treat the main possible adjustments, including:
• inventory/stock
• accruals and prepayments
• interest
• depreciation
• bad debts and allowances for receivables/debtors.

The most important point, which must be understood at the outset, is that all these adjustments have an impact on both the income statement/ profit and loss account and in the balance sheet. If the trial balance balances, your answer must balance, and therefore any changes to the trial balance must balance. Having said that, it is more important to complete the question within the time allowed, without spending time on getting the balance sheet to balance.

INVENTORY/STOCK

This is a fairly familiar adjustment. The cost of goods sold consists of opening inventory plus purchases, minus closing inventory. The closing inventory is thus a deduction (credit) in the income statement/trading account, and a current asset (debit) in the balance sheet.
The ledger account behind the adjustment causes problems for some candidates. This is how the inventory/stock account will look at the time the trial balance is being prepared. The entry is the transfer from the income statement for the closing inventory of the previous year (figures invented):

Inventory/stock
2004 $
31 Dec Income statement 38,000

In the current year, last year’s closing inventory is this year’s opening inventory. It must be transferred out to this year’s income statement, before the entry for the new closing inventory is made:

Inventory/stock
2004 $ 2005 $
31 Dec Income statement 38,000 31 Dec Income statement 38,000
2005 $
31 Dec Income statement 38,000

Questions requiring the preparation of financial statements will always give you the closing inventory/stock figure. However, there will sometimes be a requirement to adjust it to allow for damaged or slow-moving items. IAS 2, Inventories and SSAP 9, Stocks and Long-term Contracts both require inventories/stock to be included at the lower of cost and net realisable value. It may therefore be necessary to reduce the given figure to reflect a net realisable value below cost for the items detailed.

ACCRUALS AND PREPAYMENTS

The income statement/profit and loss account has to include the expenses relating to the period, whether or not they have been paid. The figures in the trial balance will usually be the amounts paid in the period, and they need adjusting for outstanding amounts and amounts paid which relate to other periods to obtain the income statement charge.
Unpaid balances relating to the period should be included in the balance sheet as current liabilities. If the expense has been paid in advance, the amount prepaid is included in the balance sheet as a current asset. In the income statement/profit and loss account, the total expense is needed with a working showing the detail. Don’t show two figures in the outer column for the same expense heading. For example, the trial balance shows:

$
Wages 136,000
Insurance 4,000

At 31 December 2005, wages owing amounted to $3,800, and insurance paid in advance was $600. This is presented as follows:

Income statement/profit and loss account
Wages (136,000 + 3,800) 139,800
Insurance (4,000 - 600) 3,400
Balance sheet
Current assets
Inventory/stock
Receivables/debtors
Prepayments 600
Cash
Current liabilities
Trade payables/creditors
Accruals 3,400

Candidates are expected to note that only half the loan interest has been paid, and accrue for the other $4,000. Examiners generally indicate in some way that the loan stock/debentures have been in issue for the whole year if they want this adjustment to be made. Second, the interest is a current liability and the loan stock/debentures are a non-current liability. Present them appropriately and don’t combine them.

DEPRECIATION

Depreciation is a slightly more complex adjustment. Depreciation spreads the cost of non-current/fixed assets fairly over assets’ useful lives, so that a charge against profit appears in the income statement/profit and loss account each year.

Methods of depreciation
There are two main methods of depreciation which are tested in basic level examinations:
• straight line method - a percentage of cost (or cost less residual value) is charged each year
• reducing balance method - a percentage is charged on the written down value (cost less accumulated depreciation to date).

Depreciation policies
Some businesses adopt a policy of charging a full year’s depreciation in the year the asset was purchased, and none in the year of its sale. Others take proportionate depreciation for the number of months of ownership of the asset in the year. The first requirement, therefore, is to read the question carefully to find out what has to be done for each non-current/fixed asset.

Income statement/profit and loss account
The current year’s depreciation charge is calculated and appears as an expense. Do not include the accumulated depreciation. The accumulated depreciation is the total depreciation charged during an asset’s life (assuming no revaluation) and as such previous costs will have been charged against profits in earlier periods.

Balance sheet
The balance sheet shows the cost, accumulated depreciation (the figure in the trial balance plus the current year’s charge from the income statement), and net book value. The easiest way to present this is as a table, as follows (figures invented):

Cost $ Accumulated depreciation $ Net Book Value $
Buildings 800,000 80,000 $ 720,000
Plant and equipment 390,000 260,000 130,000
Motor vehicles 210,000 100,000 110,000
1,400,000 440,000 960,000

Workings may have to be shown separately to explain the build-up of the figures.

The underlying ledger accounts
It would be possible to use just one account for each non-current/fixed asset, showing cost and depreciation. However, they are usually kept separate, in order to present the separate figures in the balance sheet as shown above. This results in (figures invented):

Plant and machinery - cost
$ $
Balance brought down 360,000 Balance carried down
Cash 30,000
390,000 390,000
Balance brought 390,000
Plant and machinery - accumulated depreciation
$ $
Balance carried down 260,000 Balance brought down 221,000
Income statement 39,000
260,000 260,000
Balance brought down 260,000

Notes
The trial balance would have contained the debit balance of $360,000 cost, and the credit balance of $221,000, for the accumulated depreciation at the beginning of the period. The inclusion of the current year’s charge increases the credit to $260,000.
A third account is required to handle disposals. When a non-current/ fixed asset is sold, the cost and accumulated depreciation relating to the asset are transferred out of the accounts to a disposal account. The proceeds of sale are credited to the account, and the balance on the account is then the profit or loss on the sale, to be transferred to the income statement/profit and loss account.

BAD DEBTS AND ALLOWANCE FOR RECEIVABLES/DEBTORS

These adjustments probably cause most difficulty for candidates in an examination.

Bad debts
Writing off a bad debt means taking a customer’s balance in the receivables/sales ledger and transferring it to the income statement as an expense, because the balance has proved irrecoverable. There are two separate exam possibilities here:

• bad debts appear as an item in the trial balance. This means the debts have already been written off. In other words, receivables/ debtors have already been reduced. All that is necessary is to put the figure in the income statement/profit and loss account as an expense
• bad debts appear as an adjustment outside the trial balance. Two entries are now needed. The amount goes into the income statement as an expense and is deducted from the receivables/debtors figure in the balance sheet.


Allowance for receivables/debtors

This allowance is set up in order to include a realistic value for receivables/debtors in the balance sheet, without actually writing off the debt. The balance is left in the receivables/sales ledger so that collection procedures continue, but the receivables/debtors in the balance sheet are valued as if the amount is not to be recovered. The trial balance shows:

This means that the business already has an allowance, taken from the income statement/profit and loss account in previous years. If nothing more is to be done, this should show in the balance sheet, under current assets:

Dr $ Cr $
Trade receivables/debtors 180,000
Allowance for receivables/debtors 4,000

Alternatively, if preparing a company balance sheet for publication, it should show:
$ $
Trade receivables/debtors 180,000
Less : Allowance for receivables/debtors 4,000 176,000
Trade receivables/debtors (180,000 - 4,000) 176,000

The figures in brackets are a working, not part of the balance sheet. Continuing the example, it is more likely that the question will require the allowance to be adjusted. Let us say that the allowance is to be increased to $5,400. Given that there is already $4,000, $1,400 should be taken out of this year’s income statement/profit and loss account. The result is:

Income statement/profit and loss account

Remember that it is only the increase or decrease in the allowance that goes into the income statement/profit and loss account

Balance sheet

$ $
Trade receivables/debtors 180,000
Less: Allowance for receivables/debtors 5,400 174,600

The underlying ledger accounts
There are several ways of dealing with bad debts, and allowances for receivables debtors, in ledger accounts. One way is to have both in one account. However, for examination purposes, it may be easier to have two accounts, one for debts written off and one for the allowance:

$
$ Increase in allowance for receivables/debtors 1,400

Bad debts (figures invented)
$ $
Transfers in from receivables/sales ledger 18,500 Income statement /profit and loss account 18,500
18,500 18,500
Allowance for receivables/debtors (using figures above)
$ $
Balance carried down 5,400 Balance brought down 4,000
Income statement/ profit and loss account 1,400
5,400 5,400
Balance brought down 5,400

Bad debts recovered
Sometimes, a debt written off in one year is actually paid in the next year - a debit to cash and a credit to bad debts recovered. The credit balance on the account is then transferred to the credit of the income statement/ profit and loss account (added to gross profit or included as a negative in the list of expenses). This is better than crediting the recovery to the bad debts account, because that would obscure the expense from bad debts for the year.

Источник: Student Accountant January 2006

Information Required for Due Diligence

Новости Comments Off

I. Core Business
1. Overview:
A. Products / services / market share
B. Organization structure and staffing levels
C. Operational strengths / weaknesses

2. Operations:
A. Supply budget documents for current and past year, including cost and margin projections
• Include expenditures for advertising, promotions, etc.
B. Determine size of installed base by customer segment
• List top twenty clients / customers
C. Discuss dependence on major customers
D. Explain sales processes and cycles for strategic alliances
E. Marketing strategy:
• Key target markets (list by priority)
• New products / extensions development
• Key success factors

3. Market Position:
A. Market size, growth rate, maturity and saturation
B. Top competitors (existing or expected within three years)
C. Differentiators / competitive advantages
D. Regulatory issues
E. Major emerging industry trends
F. Strengths / weaknesses
G. Problems / opportunities
H. Reputation / image / awareness
П. Finance, Controllership and Accounting

1. Income Statements (Historical):

Provide and discuss the following:

A. Sources of revenue and revenue recognition policies
B. Gross margins, operating margins, and net margins
C. Cost of sales, marketing, SG&A, corporate overhead and other expenses
D. Fixed price versus cost plus contracts - percent of business represented by each
E. Major trends, contracts, competitive factors, technological changes (including impact on profitability)
F. Tax rate and tax liability exposure (tax credits, foreign tax rates, foreign tax credits, deferred taxes)
G. Indicate any foreign exchange management practices if any
H. Quality of earnings
• Changes in accounting and reporting
• Book/tax differences
• Discretionary or temporary reductions of expenses (-e.g. Advertising)
• Reversals of reserves or normal operating expenses charges to reserves
• Extraordinary, catch up adjustments, changes in estimates, restructuring charges, or other unusual or non-recurring charges or credits (including normal operating charges)
• Year-end adjustments
• Non-operating income and expenses

2. Cash Flow Statements and Financing (Historical):

Provide and discuss the following:

A. Sources and uses of cash
B. Capital expenditures
C. Depreciation and amortization policies and schedules
D. Net working capital requirements
E. Financing arrangements

3. Balance Sheet (Most Current):

Provide and discuss the following:

A. Cash and cash equivalents
B. Major Accounts Receivable and Accounts Payable C. Normal and special credit terms
D. Have all appropriate accruals have been made (consider timing of large usual payments which will need to be made)
E. Acceleration of payments of liabilities as a result of this transaction
F. Significantly out of balance accounts
G. Contingent liabilities (consider accounting and potential cash flow implications)
• Unasserted claims, litigation, guarantees, etc.
• Disputed taxes, etc.
• Contingencies related to leases, purchase commitments, etc.
• Indicate any remaining obligations for businesses sold or disposed of
H. Receivables management practices (account concentration, collections, quality, reserves, doubtful accounts, write-off history, recoveries, overdue accounts, aging analysis, receivable policy)
I. Fixed-asset summary (type, location, date of acquisition, appraisals, encumbered state)
J. Long-term liabilities
K. Deferred liabilities
L. Pre-paid and accrued accounts
M. Warranties and obligations under existing contracts
N. Reserves and customer claims
O. Off-balance sheet assets
P. Allocation of corporate overhead information
Q. Other
• Conflict of interest policies and related party transactions
• Differences in interim reporting practices
• Indicate whether accounting policies and practices are liberal, conservative, or middle of the road
R. Projected Financial Data (Minimum Three Year Pro Forma)
Provide explanations for all significant deviations from historical trends

1. Business Plan:

Provide and discuss the following:

A. Income Statements ‘
B. Balance Sheets
C. Cash Flow Statements
D. Consolidated financial statements
E. Business segment data
F. Summary of major contracts (existing and expected)

1. Income Statements:

Provide and discuss the following:

A. Cost savings potential and revenue synergies
• Corporate SG&A
• Business segment SG&A
• Other cost savings potential
• Potential revenue synergies (for Gateway) from current contracts
B. New service development programs
C. Competitive and/or technological changes assumed

1. Balance Sheets:

Provide and discuss the following:
A. Estimated changes in major accounts
B. Fixed-asset changes
C. Current liabilities
D. Debt covenants / change of control implications

1. Cash Flow Statements:

Provide and discuss the following:

A. Investment needs
B. Financing needs
C. Capital expenditures requirements
D. Planned depreciation and amortization schedules
E. Book and tax lives of assets
F. Net cash-generating capacity

5. Funding:

A. Provide a listing of derivatives, by counter-party, and a copy of the contract of each agreement.
• Interest rate swaps
• Currency swaps
• Caps
• Floors
• Collars
• Other soptions

6. Financial Reporting Organization:

A. Staffing
B. Organization
C. Data processing facilities
• Host systems
• LAN systems
• Software
• Sales support systems
• Order entry systems
D. Financial reporting structure (collection and dissemination of data) E. Government account procedures, if applicable F. Audit staffing (internal and external) G. Accounting controls H. Cash management system

IV. Human Resources

1.-General:

A. Resumes of management and key technical personnel
B. Severance policy
С. Organizational charts
D. Organization structure additions/changes required to meet future growth projections
E. Description of current workforce (age, gender, years of service, turnover); persons on leave of absence, maternity, or other “protected status”
F. Number of full time, part time, temporary, contractual, or lease employees
• List of all locations and the number of people in each one, including branch and field offices and personnel
• List of all countries in which the company is currently operating or has an affiliated relationship with
G. Copy of all available job descriptions and data related to job groupings
H. List any ongoing training initiatives and the vendors that supply the training-, indicate if there are copyright agreements
I. Succession plan
J. Board of Directors roles and responsibilities
K. Structure/process which governs any changes in policies and practices
L. Copy of any handbooks/policy manuals pertaining to employment practices
M. Culture/employee survey used? If so, provide most recent results
N. Summary of manpower by discipline, education, salary distribution, length of service
O. Employee contracts summary and side letter agreements
P. Turnover statistics summary

2. Benefits:

A. Details of all employee plans covering affected employees (explain employee and company contributions):
• Medical
• Dental
• Vision
• Life
• 401K
• Retirement
• Holidays
• Vacation days
• Sick or emergency leave
• College gift matching program
• Merit scholarship program

3. Retirement Plans:

A. Copy of plan booklets and other communications to employees
B. Copy of plan and trust documents including all amendments and board resolutions
C. Copy of most recent IRS determination letter
D. Copy of IRS form 5500 for most recent 5 years (including schedule В attachment and plan financial statements certified by accountants)
E. Copy of PBGC premium filings for most recent 5 years
F. Copy of any applicable insurance contract s) and latest insurance company report(s)
G. Copy of actuarial reports for most recent 5 years
H. Pension footnote disclosure for most recent 5 years ^
I. Listing of plan participants and, if available, employees not participating. Employees sorted by classes of employees (salaried, hourly, commissioned, salesmen, deferred vested terminees, retirees)
J. A statement identifying any outstanding requests for plan information from participants
K. Accrued benefit information on each employee
L. Indication of who administers plan (e.g.. Consulting firm, bank, or company itself)
M. Representations and warranties regarding (a) actual, anticipated or threatened litigation involving plan; (b) operational compliance with applicable laws, etc.

4. Investment Incentive Plans:

A. Copy of plan booklets and other communications to employees
B. Copy of plan and trust documents including all amendments and board resolutions
C. Copy of most recent IRS determination letter
D. Copy of IRS form 5500 for most recent 5 years (including financial statements certified auditors)
E. Copy of any applicable insurance contracts) and latest insurance company report(s) (e.g., A guaranteed income contract)
F. Report of the investment experience of the trust fund and the administrative costs charged to the fund
G. List of plan participants. Employees sorted by classes of employees (salaried, hourly, commissioned, deferred vested terminees, retirees) H. Most recent contribution allocation run and code information necessary to decipher same

5. Group Benefits:

A. A statement identifying any outstanding requests for plan information from participants B. Account balance information on each employee C. Indication of who administers plans , D. Insurance policies/contracts
• Complete and current copy of all group benefit policies and contracts for administrative service arrangements
• Identification of any benefit changes which have occurred during the most recent 3 years and the effective dates of such changes E. Company costs:
• A current list of monthly premium billing rates for each group benefit plan and copy of latest premium statements, if applicable
• List of premium rates in effect for the past 2 years and effective dates of any changes (increases and decreases)
• List of any overdue premiums relating to grace period under contracts
F. For each group benefit plan, copy of any insurance company renewal reports for the last 3 years. If not available, statement listing total premiums paid, claims paid, reserves, and retentions by year
G. For each group benefit plan, monthly contributions paid by employer and/or employees
H. Copy of plan booklets and other communications to employees
I. Federal government reports:
• Copy of 5500 ’s for most recent 5 years
• Names and locations of any health maintenance organizations (HMO’s) that provide medical
services to any employees J. Names and addresses of all brokers, consultants, and agents for each group benefit plan
K. Indications of what, if any, post-retirement coverage is provided and how funded or otherwise accounted for (also see retiree medical)
L. Information on any funding vehicles used (e.g., VEBA)

6. Retiree Medical:

A. Copy of plan booklets and other communications of employees
B. List of plan participants including active, disabled and retired
C. Information on plan changes, changes in cost-sharing arrangements (including retiree contributions, deductibles and stop loss), and claims rates for most recent 3 years
D. Recent estimates ofFAS 106 liabilities and expense

A. Non-Qualified Retirement Plans:

A. Copy of booklets and other communications to executives
B. Copy of plan documents
C. Copy of any insurance contracts and reports
D. Information of any funding vehicles (e.g., Rabbi trust)
E. List of plan participants
F. Accrued benefit/account balance information

8. Compensation:

A. Organization charts showing all key exempt positions, by department
B. List of all exempt and non-exempt salaried employees by position, salary grade and range, current salary, and bonus/incentive/commission earnings, including salary and extra compensation history for the last 3 years; summary data for employees earning less than $50,000 per year
C. Copy of all compensation plans, or written summaries of them, including administrative regulations
D. Assessment of compensation position versus market (base and total earnings analysis); provide supporting data if available
E. Payroll practice & administration; include controls, use of outside bureaus and service agreements with such bureaus
F. Details of working hours including description of practices related to flex-time, overtime policy and payments
G. List of outstanding claims (for example: vacation accruals, sickness)
H. Copy of job evaluation plan, or a summary of how the plan works
I. Copy of all current salary or wage ranges
J. Description of the salary planning/merit budgeting process
K. Copy of salary and/or wage administration guidelines covering salary/wage increase practices
L. Indication of whether or not current descriptions exist for all jobs
M. Copy of deferred compensation arrangements (including information on any funding vehicles such as Rabbi Trust or COLI) and employment and consulting contracts or agreements
N. Guidelines for company car eligibility and use; indication of how many company cars exist
O. Employee loans
• Employee name
• Position
• Data and amount of loan
• Purpose of loan
• Repayment terms
• Current outstanding balance
• Security
P. Company-paid memberships
Q. Description of all equity participation plans including amounts by person. Include options/restricted stock/phantom plans. Describe vesting provisions and accrual methodology/bookings and any recent amendments. Describe any stock purchase plans.
R. Description of executive perquisites
S. Executive physical examination program
T. Salary continuation plan
U. Financial counseling program
V. Any other compensation plans or arrangements, and names of participants
W. Describe compensation practices for the leased employees
X. Describe payroll processes
Y. Any changes pending to compensation practices? If yes, please give details.
Z. Describe practices for expatriate compensation, if applicable. Give relevant detail for any individuals located outside the United States
AA. Describe any plans, contracts, or commitments which would be impacted by a change in ownership
BB. Describe any special severance or parachute plans

9. EEO:

A. Copy of most recent EEO-1 report(s)
B. Brief summary of any pending discrimination or wrongful termination charges or lawsuits
C. Identification of any affirmative action plan audits during prior 10 years (including audits in progress)

10. HR Legal Issues:

A. Copy of all management contracts by person
B. Sample copy of employee offer letters and contracts
C. Copy of all confidentially/non-compete/consulting/recruiting agreements
D. Any document outlining the “rights of workers” (collective agreement, etc.); Description of all associated communication and decision making processes (assessment of current climate)
E. Lists of all persons departing employment within the past 18 months; the rationale and settlement reached, if appropriate
F. Disclosure of any conflict of interest situations (for example: persons owning stock in suppliers or customers)
G. List of any litigation underway related to employment other than EEO
H. Identify and summarize all employment related litigation, including administrative charges, active or occurring within the last 24 months
I. Information pertaining to any open issues on FMLA/ADA/OSHA J. Describe any organizing campaigns or attempts in the last 18 months

11. HR Systems:

A. Description of existing system(s) for maintaining employee data, including software, hardware, outsourced systems and paper systems

12. Policy Manuals:

A. Copy of personnel and procedures manuals

13. Mandatory Employment Costs:

A. The dollar amount of the most recent full year “FICA” withholding tax
B. The dollar amount of the most recent full year federal unemployment insurance tax and an indication of the claims experience for the most recent two years
C. Any other state/local payroll taxes - for the most recent full year
D. The dollar amount of any workers compensation premium or other contribution, preferably for the most recent 3 years, but at least for the most recent year

14. Sourcing of Talent:

A. Describe the process of sourcing candidates for the talent pool
B. How are individuals sourced?
C. How are individuals screened?
D. Describe the interview process/methodology
E. What is the profile of the ‘average’ placement candidate by segment?
F. Describe the turnover within the talent pool
G. Describe the testing and reference checking processes for evaluation of applicants. For testing tools, provide information about validation.
H. Describe your branch structure and sourcing methodology as compared to the benchmark of your competition I. Given your affiliated sourcing mechanisms, describe the current capacity/saturations of the relevant sources

IV. Legal

A. Review all board and shareholder minutes
B. Review the company’s articles of incorporation and bylaws
C. Review all agreements relating to securities of the company, including purchase agreements, stockholders’ agreements, registration rights agreements, voting agreements, rights of first refusal and all other relevant agreements
D. Review key intellectual property agreements and any issues requiring financial quantification
E. Review other intellectual property issues including patents, claims, licenses, trademarks, etc.
F. Review any security filings and compliance requirements
G. Review tax filings and compliance requirements
H. Review outsourcing contracts and agreements
I. Review customer related contracts, agreements, bids, GSA, warranties, service contracts, etc.
J. Review export related requirements
K. Review government related agreements including grant assistance
L. Review all government investigations
M. Review all litigation

VI. Technology

1. Systems:

A. Review current IS environment including hardware, software, networking and telecommunications
B. Review IS planning process, project and project capital requirements
C. Review long-term IS strategy
D. Review procedures for Y2K compliance

2. Environment Questions

A. What environment is the solution hosted on?
B. What is the underlying database used in production?
C. How do you manage redundancy?
D. How do you manage failures?
E. How do you manage rollbacks?
F. What is your history of failures?
G. How often does the system fail?
H. How much manual intervention is required when the system fails?
I. What does it take, from a resources perspective, to operate this?
J. Is there a separate production and development environment?
K. Development effort to maintain the current system?
V’ Where is the current system in development right now?
M. What is the maintenance effort for the current system?
N. Project management in place?
O. What is the process for managing change?
P. When is the next redesign scheduled for?
Q. How do you measure customer satisfaction?
R. What tools do you have in place to measure customer sat?
S. What tools do you have in place to measure performance and throughput?
T. Will this scale to support the number of hits and potential user base Gateway brings?
U. What is the discipline you use to manage development?

3. GUI

A. How do you generate HTML?
B. What is the browser standard you designed to (IE or Navigator)?
C. How do you maintain session and state? (Cookies or Hidden Fields)

4. Architecture

A. What are the components of your architecture?
B. Do an architectural walkthrough
C. What was your capital plan for 1999?
D. What is the capital plan for 2000 IT to get the business to $ ?
E. What do you anticipate the needs if growth is to get to $1 billion?

5. Scalability

A. What is your capacity model?
B. How do you gage capacity?
C. What metrics do you use to gage capacity and growth?
D. What measures are you using/developing for future scalability?
E. What is the measured throughput of the environment?
F. How many transactions occur daily? Weekly? Monthly?
G. What are the volumes? Volumes? Volumes?
H. When are the heaviest volumes?
I. How many hits to the web site are measured?

6. Data Management

A. How is information, at the catalog level, stored?
B. How are items selected from the catalog?
C. How is information in me catalog maintained?
D. How do you add items?
E. How do you remove items?
E. How to you change prices on an item?
G. Do you have an underlying data model?

7. Security

A. What are the categories of users in the system?
B. Who has authorization to make changes?
C. What information is tracked on the visitor to the site?
D. What is the secured transaction method?

8. Development Environment

A. Tools used to develop the solution?
B. Tools used to test the solution?
C. Formal methodology used to develop system?
D. What were the system development plans for 1998?
E. Did you meet those objectives?
F. Where did you miss?
G. How did you accommodate gaps in development? ,
H. How did the business view on time delivery? Acceptable? Excellent?
I. What functions were not completed as a result of the effort?
J. Formal documentation of system requirements?
K. Were contractors used to build the system?
L. How many developers do you have?
M. What are their skills inventory?
N. How many testers do you have?
O. What third party software is used in the application?
P. Are their existing licensing agreements for third party software?

9. Site Information Management

A. Does the environment support change detection notification?
B. How is the information collected?
C. Where is the information stored?
D. How is this information used?
E. Do you bill for advertising?
F. Ever used hyperlinks to other sites?

10. Integration

A. What back end systems do you currently integrate with?
B. Do you have an established API for integration with other backend systems?
C. Does your API enable extensibility? Support for information we need that they don’t deliver or they need that we don’t deliver.
D. Is customer information stored in a standard format for sharing?

11. Infrastructure

A. What type of environment is this run on? Windows NT or UNIX
B. What types of Network Cards? Intel Pros?
C. What type of router are you running?
D. What type of messaging system are you running, if any?
E. Single name in the DNS address with multiple IP addresses?
F. What is the amount of database processing do you have?
G. How is the infrastructure organized? Web servers to data servers?
H. Use FCAL - Fiber Channel Loop?

СОСТАВЛЕНИЕ ФИНАНСОВОЙ ОТЧЕТНОСТИ ПО МСФО ЗА 2009 г.: КАКИЕ РОССИЙСКИЕ И МЕЖДУНАРОДНЫЕ СТАНДАРТЫ ИСПОЛЬЗОВАТЬ

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С В. МОДЕРОВ,
руководитель отдела финансового учета по международным стандартам Института проблем предпринимательства, г. Санкт-Петербург

Статья дает сопоставление российских стан¬дартов бухгалтерского учета МСФО. Пользуясь приве¬денной в статье таблицей, составитель финансовой отчетности за 2009г. имеет возможность увидеть название и реквизиты аналога российского правила в МСФО. Таким образом, составитель финансовой отчетности имеет возможность сэкономить время на подготовку финансовой отчетности и получить дополнительную уверенность в соответствии своей работы МСФО. Статья рекомендуется практикам в области МСФО. Все рассматриваемые стандарты актуальны для финансовой отчетности по МСФО за период, оканчивающийся 31 декабря 2009г.
Ключевые слова: международные стандарты финансовой отчетности (МСФО), финансовая отчет¬ность, трансформация.
Составители финансовой отчетности по МСФО российских и зарубежных предпри¬ятий, связанные необходимостью ведения российского учета, вынуждены искать аналоги тре¬бований национальных стандартов в соответствую¬щих стандартах МСФО. Исходя из обнаруженных отличий, производится трансформация финан¬совой отчетности, т.е. удаление методом двойной записи имеющихся отличий между учетами в раз¬вернутой оборотно-сальдовой ведомостью с допол¬нительным раскрытием информации.
Предлагаем инструмент, которой позволит практикующему специалисту сократить время на поиск отличий в национальной отчетности от отчетности, соответствующей во всех существен¬ных аспектах МСФО. Зная номер и требования национального стандарта можно, обратившись к таблице, представленной далее, получить ссылку на номер и название стандарта МСФО, ознако¬мившись с которым, можно принять решение о наличии отличий и об их существенности для отчетности. Далее, рассчитав суммы трансфор¬мационных записей, можно приступать непос¬редственно к трансформации
Таблица соответствия МСФО и РСБУ состав¬лена в целях помощи при составлении финансовой отчетности по МСФО за 2009 г., т. е. в нее включены все стандарты и интерпретации МСФО, которые действовали или были приняты за 2008 г. Именно эти стандарты и интерпретации и действуют для составления отчетности за 2009 г.

Таблица соответствия МСФО и РСБУ

Российский стандарт Название российского стандарта Номер МСФО Название МСФО
ПБУ 19/02 Учет финансовых вложений МСФО (IAS) 32 Финансовые инструменты: раскрытие и предоставление информации
МСФО (IAS) 39 Финансовые инструменты: признание и оценка
МСФО (IFRS) 7 Финансовые инструменты: раскрытие информации
КИМФО (IFRIC) 9 Переоценка встроенных производных финансовых инструментов
ПБУ 17/02 Учет расходов на научно-исследо¬вательские, опытно-конструктор¬ские и МСФО (IAS) 38 Нематериальные активы
ПКИ (SIC) 32 Нематериальные активы — затраты на вэбсайт
ПБУ 18/02 Учет расчетов по налогу на при¬быль МСФО (IAS) 12 Налоги на прибыль
ПКИ (SIC) 21 Налоги на прибыль: возмещение переоценен¬ных неамортизируемых долгосрочных активов
ПКИ (SIC) 25 «Налоги на прибыль: изменение налогового статуса компании или ее
ПБУ 16/02 Информация по прекращаемой деятельности МСФО (IFRS) 5 Необоротные активы, предназначенные для продажи и прекращенная
ПБУ8/01 Условные факты хозяйственной деятельности МСФО (IAS) 37 Резервы, условные обязательства и условные активы
ПБУ 15/01 Учет займов и кредитов и затрат по их обслуживанию МСФО (IAS) 23 Затраты по займам
ПБУ 5/01 Учет материально-производствен¬ных запасов МСФО (IAS) 2 Запасы
ПБУ 6/01 Учет основных средств МСФО (IAS) 16 Основные средства
КИМФО (IFRIC) 1 Изменения в существующих обязательствах по восстановлению окружающей среды и тому подобных обязательствах
ПБУ13/2000 Учет государственной помощи МСФО (IAS) 20 Учет правительственных субсидий и рас¬крытие информации о правительственной помощи
ПКИ (SIC) 10 Правительственная помощь
КИМФО (IFRIC) 12 Соглашения о предоставлении публичных услуг с государством
ПКИ (SIC) 10 Правительственная помощь
ПКИ (SIC) 29 Соглашения о предоставлении публичных услуг с государством: раскрытие информации
ПБУ14/2000 Учет нематериальных активов МСФО (IAS) 38 Нематериальные активы
ПБУ12/2000 Информация по сегментам МСФО (IFRS) 8 Операционные сегменты
ПБУ 11/2000 Информация об аффилированных лица МСФО (IAS) 24 Раскрытие информации о связанных сторонах
МСФО 27 Консолидированная и индивидуальная финансовая отчетность
ПКИ (SIC) 12 Консолидация — компании специального назначения
МСФО (IAS) 28 Инвестиции в ассоциированные компании
МСФО (IAS) 31 Доли в совместных предприятиях
ПКИ (SIC) 13 Совместно контролируемые компании — неденежные вклады со стороны предпри¬нимателей
КИМФО (IFRIC) 2 Доли участия в кооперативах и других по¬добных компаниях
МСФО (IFRS) 3 Объединения бизнесов
КИМФО (IFRIC) 11 МСФО 2: Операции с акциями в пределах Группы или с казначейскими акциями

Российский стандарт Название российского стандарта Номер МСФО Название МСФО
ПБУ 3/2000 Учет активов и обязательств, стоимость которых выражена в иностранной валюте МСФО (IAS) 21 Влияние изменений валютных курсов
ПКИ (SIC) 7 Введение Евро
ПБУ 4/99 Бухгалтерская отчетность органи¬зации МСФО (lAS) 1 Представление финансовой отчетности
ПБУ 10/99 Расходы организации Нет соответствия Частично рассматриваются в следующих стандартах: МСФО (IAS) 1 «Представление финансовой отчетности»; МСФО (IAS) 18 «Выручка»; КИМФО (IFRIC) 13 «Программы повыше¬ния лояльности покупателей»
ПБУ9/99 Доходы организации Нет соответствия Частично рассматриваются в следующих стандартах: МСФО (IAS) 1 «Представление финансовой отчетности»; МСФО (IAS) 18 «Выручка»; ПКИ (SIC) 31 «Выручка — бартерные сдел¬ки, включающие услуги по рекламе»
ПБУ 1/98 Учетная политика организации МСФО (IAS) 1 Представление финансовой отчетности
МСФО (IAS) 8 Учетная политика, изменения в бухгалтерс¬ких оценках и ошибки
ПБУ 7/98 События после отчетной даты МСФО (IAS) 10 События после отчетной даты
ПБУ 2/94 Учет договоров(контрактов) на капитальное строительство МСФО (IAS) 11 Договоры подряда
Федераль¬ный закон OT21.11.1996 № 129-ФЗ. Приказ Мин¬фина России от29.07.1998 № 34-н 0 бухгалтерском учете Об утверждении Положения по ведению бухгалтерского учета и отчетности МСФО (IAS) 1 Представление финансовой отчетности
Нет аналога МСФО (IAS) 29 Финансовая отчетность в условиях гиперин¬фляции
Тоже МСФО (IAS) 36 Обесценение активов
КИМФО (IFRIC) 10 Промежуточная финансовая отчетность и обесценение
МСФО (IFRS) 1 Первое применение МСФО
МСФО (IFRS) 2 Платежи с использованием акций
КИМФО (IFRIC) 8 Сфера применения МСФО 2
МСФО (IFRS) 4 Договоры страхования
МСФО (IFRS) 6 Разведка и оценка полезных ископаемых
МСФО17 Аренда
КИМФО (IFRIC) 4 Определение того, содержит ли договор элементы финансового лизинга
ПКИ (SIC) 15 Операционный лизинг — поощрения ли¬зингополучателей
ПКИ (SIC) 27 Определение сущности сделок, имеющих юридическую форму финансового лизинга
МСФО (IAS) 40 Инвестиционная собственность
МСФО (IAS) 41 Сельское хозяйство
МСФО(1А8)2б Учет и отчетность пенсионных фондов
МСФО (IAS) 33 Прибыль на акцию
МСФО (IAS) 19 Вознаграждения сотрудников
КИМФО(1РК1С) 14 сотрудников МСФО 19: Границы активов пенсионных планов с установленными выплатами, минимальные требования к фондированию планов, а также их взаимосвязь

Для нахождения соответствующих стандар¬тов РСБУ и МСФО можно использовать раз¬личные юридическо-консультационные элек¬тронные системы. Для поиска текстов МСФО рекомендуется использовать официальный сайт Совета по международным стандартам финан¬совой отчетности www.iasb.org. Стоит отметить, что официальная версия МСФО выпускается Советом на английском языке, а также на всех языках стран Европейского союза. Официальной версии МСФО на русском языке по состоянию на сентябрь 2009 г. нет.
Список литературы
1. Сайт в Интернете Совета по международ¬ным стандартам финансовой отчетности — URL:
http://www. iasb.org, раздел публикации.
2. Сайт Министерства финансов Российской Федерации — URL: htfp://www. minfin. ru, раздел публикации.

Источник: Международный Бухгалтерский улет №9 (129) 2009

Consolidations

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This article is aimed primarily at candidates studying consolidations for Paper F7, Financial Reporting. It will also benefit candidates studying for paper 2, Corporate Reporting.

Most candidates have a sound understanding of basic consolidation techniques. This article looks at some of the more difficult areas, where candidates often experience problems, namely: fair values of consideration and adjustments to an acquired subsidiary’s identifiable assets, liabilities and contingent liabilities; elimination of intra-group trading and other transactions; and goodwill impairment. It is based on relevant International Financial Reporting Standards (IFRSs), but much of it is also relevant to other adapted papers, including those based on UK GAAP.

FAIR VALUE ADJUSTMENTS
In calculating goodwill, and the initial carrying amount of acquired assets and liabilities, IFRS 3, Business Combinations requires that both the Consideration paid by the parent company (or ‘parent’) and the net assets of the acquired subsidiary are valued at their fair values. Fair value is defined (in several IFRSs) as the amount for which an asset could be exchanged, or a liability settled, between knowledgeable and willing parties in an arm’s length transaction. Consideration paid may be in the form of assets given (normally cash), liabilities assumed, or shares or other financial instruments issued by the acquirer, plus any direct costs, attributable to the business combination. The relevance of this requirement may be examined in the following ways:

 Determining the number of shares a parent issues in an acquisition (usually on the basis of a specified share exchange), and applying the stock, market pricey the parent’s shares at the date of the acquisition. The question may say that the share issue has not yet been recorded in the parent’s financial statements. Candidates will therefore have to record both an increase in the nominal value of the parent’s share capital and any premium (determined by the stock market value) on the issue.

 Occasionally, cash consideration may be deferred (ie not paid at the date of acquisition) to a specified date after the acquisition Where this period is significant (usually one or more years) the amount of the cash consideration will need to be discounted to a present value, at the rate for cost of capital given in the question. Candidates must determine the present value of such consideration, and then account for the ‘unwinding’ of the discounted amount, and show the liability in the balance sheet. In the period after the acquisition, the parent should accrue a finance charge (at the rate of the cost of capital) in its income statement (which is consolidated), and add this to the carrying amount of the deferred consideration (a liability) in its balance sheet (which is also consolidated).

The most common form of fair value adjustment is that made to the assets of the acquired subsidiary The amount of the required adjustment is normally given in the question The simplest of these adjustments would be to a non-depreciating, non-current asset (normally land). The amount of the adjustment should be added to the carrying amount of the asset (as it appears in the subsidiary’s books), and the total included in the consolidated balance sheet (think of this as a debit entry). The amount of the adjustment should also be included in the calculation of goodwill (the equivalent of a credit entry, similar to creating a revaluation reserve). Note - sometimes in practice a subsidiary will actually revalue its assets to fair values (in its entity financial statements) prior to consolidation, to assist the consolidation process. This is sometimes referred to as ‘push down’ accounting, whereby the fair values determined by the parent are ‘pushed down’ into the subsidiary’s books.

Where a fair value adjustment relates to a depreciating non-current asset, the above technique is also performed, but there is a further complication. In the post-acquisition period, the depreciation of acquired assets must be based on their fair values., I n the subsidiary’s own (entity) financial statements, depreciation will have been based on the asset’s carrying amount. Thus the consolidated financial statements will require a fair value depreciation adjustment. The amount of this may be given in the question, or candidates may have to calculate it based on the remaining life (and depreciation policy) at the date of acquisition. The amount of this adjustment (assuming the fair value is greater than the carrying amount) reduces both the subsidiary’s post-acquisition profits (which will also affect any minority interests) and the carrying amount of the asset.
Inventories may also require fair value adjustments. Raw materials and bought-in components are normally valued at their replacement cost; finished goods should be valued at net selling price less a reasonable profit allowance. It is also possible 1паГПаЬПгНм will require fair value adjustments. This may be as simple as recognising a liability that the subsidiary had not accounted for (eg an account payable inadvertently not recorded by the subsidiary), or the restatement of a loan to fair value due to a change in interest rates since it was taken out. A further complication is that IFRS 3 requires the recognition ‘of any contingent liabilities of the subsidiary, provided they can be reliably measured. Such liabilities would not be recognised in the subsidiary’s financial statements, other than by way of a note. The IASB recognises that this requirement creates an inconsistency with IAS 37. Provisions, Contingent Liabilities and Contingent Assets’”

EXAMPLE 1
Holdrite purchased 80% of the issued share capital of Staybrite on 1 April 20Х5. Details of the purchase consideration given at the date of purchase are:
 A share exchange of three shares in Holdrite for every five shares in Staybrite

 The issue to the shareholders of Staybrite 8% loan notes, redeemable at par on 31 March 20Х8 on the basis of $100 loan note for every 125 shares held in Staybrite

 A cash sum of $121 for every 100 shares in Staybrite, payable on 1 April 20Х7. Holdrite’s cost of capital is 10% per annum.

The market price of Holdrite’s shares at 1 April 20Х5 was $4.50 per share. In order to help fund the acquisition of new operating capacity for Staybrite, Holdrite also subscribed for a for a 10% $4m loan note (20X8) issued by Staybrite immediately after the acquisition. A fair value exercise was carried out at the date of acquisition of Staybrite, with the following results:

Carrying amount $000 Fair value $ 000
Land 20,000 23,000
Plant 25, 000 30, 000
Inventory 5,000 6,000

The fair values have not been reflected in Staybrite’s financial statements.
In addition, a note to Staybrite’s financial statements gave details of a contingent liability in respect of outstanding litigation. The directors of Holdrite considered that $5m would be a reliable measurement of this contingent liability. The details of each company’s share capital and reserves at 1 April 20Х5 are:

Holdrite $000 Staybrite$ 000
Equity shares of 1$ each 20,000 10,000
Share premium 5, 000 4, 000
Retained earnings 18,000 8,000

Required Calculate the goodwill arising on the acquisition of Staybrite.
Answer
Goodwill in Staybrite:

$000 $000 $000
Consideration shares (10,000 x 80% x3/5 X $4.50) 21 600
8% loan notes (10,000 x 80% x $100/125) 6 400
Deferred cash payment ($9,680/1.21 see below) 8 000
36 000>
Less
Equity share premium 10 000
Pre-acquisition reserves 8 000
Less contingent liability (5 000) (3 000)
Fair value adjustment (3,000+ 5,000+ 1,000) 9 000
26 000 x 80%
20 800
Goodwill 15 200

Goodwill
The gross cash consideration will be $9,680(10,000 x 80%/100 x $121). If $1 was invested for two years, carrying an interest rate of 10%, it would be worth $1.21.

Note: the 10% loan note issued after acquisition is not part of the consideration.

INTRA-GROUP ADJUSTMENTS
The objective of consolidated financial statements is to present the results of the parent - and all the entities over which it has control (ie a group) - as if they were a single entity.
It follows from this that an entity cannot trade with itself, nor make a profit from any transaction within the group. Thus any intra-group transactions need to be eliminated (cancelled) as part of the consolidation process. This article will consider the most common examples of such transactions: intra-group sales, the transfer of non-current assets, and the provision of loans.

Intra-group sales
If one member of a group sells goods to another, these sales are recorded by the seller in revenue, and by the purchaser in cost of sales at the same amount (the transfer price). Provided the purchaser has sold on the goods to an entity that is not a member of the group, it is a simple matter to eliminate the intra-group sale from revenue and cost of sales (at the same amount) when consolidating the income statements. This elimination would have no effect on the balance sheet. Occasionally, candidates eliminate the selling price from revenue and the cost price from cost of sales - this is incorrect.

A problem arises when some of the goods from the intra-group sale are still in the inventory of the purchasing company at the year end. As these goods have not left the group, any profit added by the supplying company has not been realised and must therefore be eliminated. Once the amount of the unrealised profit has been determined, it is deducted from gross profit (by increasing cost of sales) and also deducted from the carrying amount of the consolidated inventory on the balance sheet. This deduction reduces the balance sheet value of the inventory to the cost of the group.
Occasionally, a non-current asset is transferred within the group (say from a parent to a subsidiary). The parent may have manufactured the asset as part of its normal production (and therefore included the sale in revenue), or it may have transferred an asset previously used as part of its own non-current assets. If the transfer is done at cost, then the first example would be equivalent to a company constructing its own non-current asset The required elimination would therefore be to remove the cost of the asset from both revenue and cost of sale. In the second example, no elimination would be required.

The situation is also complicated if the transfer contains a profit element. In its entity financial statements, the parent would report this profit in its income statement. This would be either as a normal sale or as a profit on disposal if it represented the transfer of a non-current asset. The consequences in the subsidiary’s financial statements are that the carrying amount of the asset would be overstated (in terms of cost to the group), and future depreciation charges would also be overstated (when compared to depreciation based on cost to the group). At the date of sale/transfer, the profit is unrealised, and in financial statements prepared at this date, the profit would be eliminated from the (parent’s) income statement (and retained earnings) and from the carrying amount of the asset.

The adjustment required in subsequent years is more complex. Instinctively, one might eliminate the whole of the profit from the parent’s retained profits and the carrying amount of the asset (the same adjustment as on the date of the sale/transfer). A further adjustment might then be made to increase the subsidiary’s profit by the ‘excess’ depreciation, recorded in the income statement and retained earnings (this would also affect any minority interests), and also to increase the carrying amount of the asset by this amount. Some commentators and textbooks use this method and it will be marked as correct. However, it should be understood that depreciation is effectively a measure of the realisation of an asset. Thus, in subsequent accounting periods, it is only the unrealised profit left in the carrying amount of the asset that should be eliminated from the parent’s profit, and from the carrying amount of the asset. Both methods give the same carrying amount for the asset, but the excess depreciation that was added back to the subsidiary’s profit in the first method is instead ‘netted’ off the initial amount of the unrealised profit, before being deducted from the ‘parent’s profits. As well as being more conceptually correct, the second method is easier to apply.

Intra-group loans
It is quite common for a parent to provide a loan to a subsidiary on which interest will usually be paid and received. The parent will normally show the loan as an investment, with any interest received included in its income statement. Conversely, the subsidiary will show the loan as a non-current liability (assuming repayment is due in more than one year’s time), and will show any interest paid as a financing cost its income statement. It is a relatively simple matter to eliminate the asset (investment) against the liability (loan) in the consolidated balance sheet, and the interest received against the interest paid in the consolidated income statement. One point to watch out for is that a subsidiary may have issued, for example, $5m of loan notes of which the parent has purchased only $3niJn these circumstances, only the $3m (and the proportionate interest) should be eliminated. Thus, the consolidated financial statements would show a loan of only $2 together with proportionate interest paid (ie the amounts that relate to parties outside the group).

EXAMPLE 2
Continuing the group situation in Example 1. In the post-acquisition period, Holdrite sold goods to Staybrite for $72,000. Holdrite achieved a mark-up on these goods of 20% on cost. At the year end, Staybrite still had $42,000 (at the transfer price) of these goods in its inventory.
On 1April 20Х5, Holdrite sold an item of plant to Staybrite for $120,000. Holdrite had manufactured this plant at a cost of $100,000 and treated it as a normal sale. Staybrite is depreciating this plant on a straight-line basis over a five-year life with no estimated residual value.
On 1 October 20Х5, Staybrite issued a $2m 8% (actual and effective rate) loan note, redeemable in 20YO Holdrite had subscribed for $800,000 of this issue. All due interest had been paid by 31 March 20Х6.

Required
Using the journal format, show the adjustments required for the above transactions when preparing the consolidated financial statements for the year ended 31 March 20Х6.
Answer

Dr $ Cr $
Revenue 72 000
Cost of sales 72 000
Elimination of infra-group sales
Profit (made by Holdrite) 7 000
Inventory 7 000
Elimination of URP from inventory (of Staybnte):
A mark-up of 20%
(ie 1/5th on cost) is equivalent to 1/6th on selling price, therefore unrealised profit TURP) is $42,000/6 = $7,000
Revenue 120 000
Cost of sales 100 000
Depreciation charge 4 000
Non-current assets-plant 16 000

Elimination of the sale and cost of sale (effectively own costs have been capitalised as a non-current asset). Reduction of carrying amount of the plant by the URP over the remaining life of the plant (20,000/5 years x 4 years). Reduction of depreciation to be based on cost to group. Note: in the balance sheet, the effect of the first three entries relating to the plant in the income statement will reduce group retained earnings by $16,000.

Dr $ Cr $
8% loan note (non-current liability) 800 000
Investments 800 000
Interest received 32 000
Interest paid 32 000

Elimination of intra-group investment/loan and related interest (ie 8% on $800,000 for six months). Note: after these adjustments, the consolidated balance sheet will show 8% loan notes of $1.2m, and the income statement will include interest paid of $48,000.

Tutorial note
Although the above answers are framed as journal entries, it should be appreciated that they are not actual journal entries. Consolidated adjustments are merely workings - they do not exist in any company’s books.

GOODWILL IMPAIRMENT
IFRS 3, Business Combinations changed the required subsequent accounting treatment for consolidated goodwill. Prior to its introduction, many companies amortised goodwill over its estimated useful life (a practice still continued in many jurisdictions, including the UK). IFRS 3 prohibited amortisation of goodwill in favour of an annual impairment test, which may be applied more frequently, if there are indications of impairment. The detailed procedures for impairment testing of goodwill are contained in IAS 36, Impairment of Assets. It is a simple matter to account for a given impairment loss; it is charged to the income statement (normally as an operating expense), and credited to the carrying amount of goodwill on the balance sheet.
It is useful to consider the process of testing for goodwill in a little more depth. Any asset is said to be impaired if its carrying amount is more than its recoverable amount. Goodwill generates cash flows in combination with other assets - these are known as cash generating units or CGUs. The impairment test must be done by comparing the carrying amount of the CGU containing the goodwill with its recoverable amount. For a consolidation question, the simplest form of CGU would be the assets of an acquired subsidiary (note: liabilities do not normally form part of a CGU). IFRS 3 has an interesting view of goodwill where there is a minority interest. It says that the traditional goodwill calculated on consolidation represent only the goodwill owned by the parent, and that there also exists (but is not recognise) proportionate amount of goodwill relating to the minority. Thus, when determining any impairment to a CGU, it is necessary to ‘gross up’ the recognised goodwill in respect of any minority interest. The grossed up goodwill is referred to as ‘national goodwill’. Following this concept, IFRS 3 argues that the (determined) recoverable amount of a CGU is based on all its assets, and therefore should be compared to the carrying amount of all the CGU’s assets (which must include the unrecognised minority share of goodwill).
Once determined, an impairment loss must first be allocated to goodwill (based on the national amount), then any remaining loss allocated pro rata to the CGU’s other assets. If the amount of the impairment loss is less than the national goodwill, the remaining goodwill balance is reduced by the minority interest percentage prior to it being reported in the consolidated Balance sheet.

EXAMPLE 3
At 31 March 20Х6, the following information is available for two CGUs:

CGU 1$ m CGU 2 $m
Goodwill 90 60
Other assets 140 120
Minority Interest 25 % 40%
recoverable amount 180 90

Required
Show the assets of the CGUs after impairment testing.
Answer

CGU 1$ m CGU 2 $m
Goodwill 30 nil
Other assets 140 90

CGU 1
The goodwill of $90mrelates to a controlling interest of 75%: unrecorded goodwill relating to the minority interest would therefore be $30m (90/75% x 25%), giving notional goodwill of $120m, and notionally adjusted assets of $260 ($120m + $140m other assets). This gives an impairment loss of $80m ($260m - $180m recoverable amount). The whole of this loss would be allocated to goodwill, leaving a balance of $40m ($120m - $80m). When preparing the balance sheet after the impairment the $40m is reduced to $30m reflecting only the parent’s share (75%) of the goodwill.
Note: the net assets are now shown at $170m ($30m goodwill + $140m other assets), which appears to be below the recoverable amount of $180m. However, there is $10m of unrecognised goodwill relating to the minority interest.

CGU 2
A similar analysis to that applied to CGU 1 would give a notional goodwill figure of $100m($60m/60%) and a notional carrying amount of all assets of $220rn($100m + $120m other assets). This means the impairment loss for CGU 2 is $130m ($220m - $90m recoverable amount). $100m of this amount would be allocated to goodwill (reducing it to zero) and the other assets would be written down to $90m ($120m - $30m remaining loss). This $30m would be applied pro rata to each of the asset groups (property, plant etc) that make up the other assets.
The issues discussed in this article are summarised in Example 3.

EXAMPLE 3
Highveldt, a public listed company, acquired 75%of Samson’s ordinary shares on 1 April 20Х5. The purchase consideration consisted of:

 A share exchange of one share in Highveldt for two shares in Samson. The market price of Highveldt shares at the date of f acquisition was $4 each
 An immediate $1.75per share in cash
 A further amount of $81m payable on 1 April 20Х6. Highveldt’s cost of capital is 8% per annum.

Highveldt has only recorded the consideration of $1.75 per share

The summarised balance sheets of the two companies at 31 March 20Х6 are shown below:

Highveldt Samson
$m $m $m $m
Tangible non-current assets 570 380
Investments 150 Nil
720 380
Current assets 130 90
Total assets 850 470
Share capital and reserves:
Ordinary shares of $1 each Reserves: 270 80
Reserves
Share premium 80 40
Revaluation reserve 40 nil
Retained earnings
- 1april 20X5 160 120
-Year to 31 march 20X6 190 350 101 221
740 314
Non-current liabilities
10% loan note nil 60
Current liabilities 110 69
Total equity and liabilities 850 470

The following information is relevant:

 Highveldt has a policy of revaluing land and buildings to fair value. At the date of acquisition, Samson’s land and buildings had a fair value $f$70m”in excess of their carrying amounts, and at 31 March 2006 this had increased by a further $4m (ignore any additional depreciation).

 Samson had established a line of products under the brand name of Titanware, Acting on behalf of Highveldt, a firm of specialists had valued the brand name at $40m with an estimated life of l0 years as at 1 April 20X5. The brand is not included in Samson’s balance sheet.

 Immediately after acquisition, Highveldt sold Samson an item of plant for $15m that it had manufactured at a cost of $10m. The plant had an estimated life of five years (straight-line depreciation) and no residual value.

 On 1 October 20X5 Samson issued $60m 10% (actual and effective rate) loan notes. Highveldt subscribed for $20m of this issue. Samson has not paid any interest on this loan, but it has recorded the amount due as a current liability; Highveldt has also accrued for its interest receivable of this loan.
Post-acquisition, Samson sold goods at a price of $18m to Highveldt; $5m of these goods were still in the inventory of Highveldt at 31 March 20Х6. Samson applied a mark-up on cost of 25% to these goods.

 A post-acquisition impairment test on the notionally-adjusted consolidated goodwill (ie the goodwill relating to the parent and the minority interest) concluded that it should be written down by $20m

Required
Prepare the consolidated balance sheet of Highveldt at 31 March 20Х6.

Answer

$ m

43

396

909

101

1,010

Tangible non-current asset (570+380+24-4 URP) (w(4)) 970
Intangible non-current asset:
Brand (40-4) 36
Consolidated goodwill (w(1)) 60
Investment (150-105 cash) -20 loan note) 25
1,091
Current asset 218
Total asset 1,309
Shared capital and reserves :
Ordinary shares of $1 each (270+30 (w(1))) 300
Reserves:
Share premium (80+90 (w(1))) 170
Revaluation reserve (w(3))
Retained earnings (w(4)))
Minority interest (w(2))
Non-current liabilities
10% loan note (60-20 intra-group) 40
Current liabilities (110+69-1 intra-group interest) 178
Deferred consideration (75 + 6 (w(1))) 81
Total equity and liabilities 1,309

$m $m
Investment at cost
Share exchange (80% x 75%/2 x $4) 120
Immediate cash (80% x 75% x $1.75) 105
Deferred consideration (see below) 75
300
Less
Ordinary shares 80
Share premium 40
Pre-acquisition 120
Fair-value adjustments:
Brand (see below) 40
Land and buildings 20
300×75% 225
Goodwill on acquisition 75
Impairment (see below) 15
60

The $120m share issue would be recorded as share capital of 30m (30mx $1), and share premium of $90m (30m x $3).
The deferred consideration of $81m must be discounted for one year, at the cost of capital of 8%, to $75m (81/1.08). The $6m difference is the accrued finance charge for the year to 31 March 20Х6.
Although the internally-generated brand cannot be recognised in Samson’s entity financial statements, it should be recognised in the consolidated balance sheet on the acquisition of Samson. This is because the valuation process, as described in the question, is an acceptable method of ‘reliable measurement’.
The fair value adjustment for Samson’s land and buildings on acquisition is $20m. The subsequent increase in value of $4m, in the year to 31 march 20Х6, is treated as a revaluation.
As Highveldt only acquired 75% of Samson, the goodwill of $75m would be grossed up to $100m. This is impaired by $20m, down to $80m, but only 75% of this (ie $60m) would be shown in the consolidated balance sheet. In effect, Highveldt’s goodwill is impaired by $15m.

(2) Minority interest $m
Ordinary share 80
Share premium 40
Retained earnings (221-1 URP see below) 220
Fair value at acquistion 60
Post-acquisition revaluation of land and buildings 4
404×25%
101

There are $5m of goods in inventory at 31 March 20Х6. The URP on these goods is $lm (5 x 25%/125%).

(3) Revaluation reserve: (40 + (75% x 4)) 43
(4) Retained earnings
Highveldt - from question 350
Post acquisition - Samson (101(-1 URP see above) x 75% 75
Finance cost on deferred consideration (see below) (6)
URP in sale of plant (4)
Amortisation of brand (40/10 years) (4)
Impairment of goodwill (15)
(19)
396
Retained earnings in consolidated balance sheet

At the date of sale, there is an unrealised profit of $5m ($15m - $10m) on the plant sold by Highveldt to Samson.
By 31 March 20Х6, the remaining life of the plant is four years out of an original five years. Thus 4/5ths of the URP (ie $4m) must be eliminated from the carrying amount of the asset, and from Highveldt’s profits.

Источник: Student account june/july 2006

ТРАНСФОРМИРУЕМ ОТЧЕТНОСТЬ

Новости, Пресса о МСФО и их применении в России Comments Off

Как перевести российский баланс на международные рельсы

Сергей Модеров руководитель отдела финансового
учета по международным стандартам Института
проблем предпринимательства (г. Санкт-Петербург)

Инар Кумаритов консультант по бухгалтерскому
учету и налогообложению 000 «Центр
бухгалтерского обслуживания “БАЛАНС ПЛЮС”»

За последние годы все больше фирм сталкивается с проблемой подготовки своей отчетности в соответствии с международными стандартами (МСФО). Многим это кажется непростой, а порой и непосильной задачей. Каким же образом можно перевести российские бухгалтерские отчеты на понятный для иностранцев язык?

Способы подготовки отчетности по МСФО

На практике выделяют два способа получения отчетности, соответствующей международным стандартам: параллельный учет и трансформация.
Параллельный учет для российского пред¬приятия - это ведение двух баз данных: по российским стандартам (РСБУ) и МСФО. Обычно такой учет ведется в специальной программе. При занесении опе¬рации проводки попадают как в базу российского учета, так и в базу МСФО. Однако не все факты хозяйственной деятельности можно автоматически разнести по базам ввиду различий в принципах учета по международным и российским стандартам. А значит, потре¬буется ручная корректировка.
Трансформация (restatement) - это процесс подготовки отчетов по МСФО на заданную дату путем внесения корректировок в статьи российской отчетности для приведения их в соответствие с требованиями международных стандартов. Трансформация не требует обязательного наличия специализированных программ и может проводиться с использованием электронных таблиц, например MS Excel.
Параллельный учет более точен и оперативен, но стоит обычно дороже из-за специализированного программного обеспечения. Кроме того, на внедрение

такого учета требуется много времени, в течение кото¬рого все равно приходится составлять отчетность по МСФО путем трансформации. Поэтому каждая фирма сама определяет, что лучше. Как показывает практика, в большинстве случаев предпочтение отдается транс¬формации.

Суть вопроса
Трансформация по своей сути - это перегруппировка учетных данных фирмы в другой бухгалтерский стандарт. Не лишним будет заметить, что единого алгоритма трансформации отчетности как такового нет. Следовательно, каждый случай требует индивидуального подхода.
Подготовить консолидированную отчетность по МСФО можно одним из двух способов. Первый за¬ключается в том, что сначала готовится отчетность по международным стандартам для каждой компании группы. Затем эти данные суммируются и корректируются для получения консолидированной отчетности по МСФО. Второй способ предполагает составление для начала агрегированной отчетности по российским стандартам, а уж после ее трансформацию в соответствии с МСФО.
Выбор того или иного варианта зависит от кадровых и технических возможностей компаний холдинга. Как правило, выбирают второй вариант. Дело в том, что трансформация одной, пусть даже очень большой, отчетности занимает, как правило, гораздо меньше времени и обходится дешевле, чем трансформация по отдельности отчетностей всех компаний холдинга. С другой стороны, если вы хотите получить международную отчетность по входящим в группу горлицам, имеет смысл отдать предпочтение первому варианту.
Отметим, что на практике встречается и третий ва¬риант - дочерним компаниям, которые не готовят финансовой отчетности, рассылаются специальные оп-росники. Они заполняются на местах, отсылаются обратно в головную организацию и позволяют включить данные дочерних компаний напрямую в консолиди¬рованную отчетность группы.
Процесс трансформации можно представить себе как корректировку данных предшествующих отчетных периодов. При этом в отчетность, которая сформирована в соответствии с российскими правилами бухучета, вносят изменения для того, чтобы привести ее в соответствие с международными стандартами.
Перед тем как непосредственно приступить к про¬цессу трансформации, необходимо обладать достаточной информацией о фирме. Помимо российской бухгалтерской отчетности, которая, собственно, и подлежит трансформации, это могут быть сведения о структуре компании, основном виде ее деятельности и др. Более подробно список необходимых данных можно представить так:

- структурная схема организации;
- правовой статус и время образования компании;
- объем уставного капитала и информация об операциях с ним;
- подробные данные о среднесписочной численности работников;
- данные о событиях после отчетной даты и информация о возможном материальном ущербе;
- данные об имуществе, переданном в залог:
- кредитные договоры с банками и т. д.

Отметим, что обычно при составлении финансовой отчетности по МСФО компании используют валюту, в которой совершается большинство операций. Однако, чтобы удовлетворить требования различных пользователей отчетности, могут быть подготовлены варианты отчетов и в других валютах.

Схема трансформации
Решив трансформировать отчетность, для начала фирма должна разработать общую стратегию. Она может выглядеть следующим образом.
Во-первых, выявляются расхождения в учете по российским стандартам с МСФО. Для этого, в частности, проводится:
- инвентаризация запасов на отчетную дату, в процессе которой определяется их рыночная стоимость;
- инвентаризация дебиторской задолженности с целью начисления резерва сомнительных и безнадежных долгов;
- инвентаризация основных средств на предмет установления их чистой рыночной стоимости и обесценения, вызванного моральным и физическим износом функционирующих в настоящее время активов;
- оценка долгосрочных финансовых инвестиций и инвестиционной собственности по рыночной стоимости с последующим начислением резерва переоценки этих активов.

Во-вторых, составляются корректировочные проводки, а План счетов приводится в соответствие с планом счетов по МСФО. При составлении коррек¬тировочных проводок в действующем российском Плане счетов рекомендуется выделить два дополни-тельных счета:

- счет 84-11 «Корректировки нераспределенной прибыли/непокрытого убытка отчетного периода» -для группировки корректировочных проводок по со¬бытиям, относящимся к отчетному периоду;
- счет 84-12 «Корректировки нераспределенной прибыли/непокрытого убытка прошлых лет» - для группировки корректировочных проводок по собы¬тиям прошлых лет.

Заметим, что международные стандарты финан¬совой отчетности не предписывают определенную структуру для Плана счетов и их нумерацию. Поэтому каждая фирма в зависимости от вида своей деятельности вправе самостоятельно разработать свой План счетов. Схематически его структуру можно предста¬вить так:
- текущие (оборотные) активы;
- долгосрочные (внеоборотные) активы;
- краткосрочные обязательства;
- долгосрочные обязательства;
- собственный капитал;
- доходы от основной деятельности;
- расходы от основной деятельности;
- расходы по реализации и административно-управленческие расходы;
- доходы и расходы от неосновной деятельности.

Поправка Сумма Причина поправки
1. Доначислена амортизация основных средств
Амортизация распределяется между:
- стоимостью готовой продукции . на складе
- себестоимостью реализованной продукции
общехозяйственными расходами
10
3
6
1
Порядок начисления амортизации в российском учете отличается от тре¬бований МСФО
2. Уменьшена стоимость готовой про¬дукции 5 Согласно МСФО, в себестоимость продукции на величину общехозяйст¬венных расходов включаются только производственные затраты
3. Списан безнадежный долг 2 Порядок признания долгов безнадеж¬ными по МСФО и РСБУ отличается
4. Начислен резерв по сомнительным долгам 4 Различия в страховании будущих рис¬ков неоплаты
5. Отражен убыток от обесценения стоимости основных средств (сумма уценки основных средств минус вели¬чина накопленной амортизации) 3(7-4) Международные стандарты преду¬сматривают обязательную оценку активов на предмет соответствия их стоимости балансовой

В-третьих, разрабатывается трансформацион¬ная модель. Это совокупность электронных таблиц, куда заносятся данные российской бухгалтерской от¬четности, корректировки и получаемые в результате данные международной отчетности. В самом простом варианте у предприятия может быть всего одна транс¬формационная таблица, в которой по строкам пока¬зывается наименование статей баланса и отчета о прибылях и убытках по МСФО, а по столбцам -остатки по данным российского бухучета, номера трансформационных проводок и выводимые на их основе цифры отчетности по МСФО.
После этого составляются проводки по реклассификации. Это означает, что вам надо будет перенести уже скорректированные остатки с российского Плана счетов на план счетов по МСФО. Его, как мы уже го¬ворили, фирма разрабатывает сама в зависимости от вида своей деятельности. Проводки при этом состав¬ляются так:

ДЕБЕТ «Касса фирмы» КРЕДИТ 50
- перенесен остаток наличных денежных средств;
ДЕБЕТ 60 КРЕДИТ «Расчеты с поставщиками»
- перенесены остатки по расчетам с поставщика¬ми и подрядчиками.

И наконец, в-пятых, составляется трансформиро¬ванная отчетность. Рассмотрим методику трансфор¬мации на конкретном примере. Она может отличать¬ся в зависимости от вида деятельности фирмы

Пример трансформации отчетности
Одним из учредителей ОАО «Вектор» является иностранная компания. Она требует представлять ей бухгалтерскую отчетность, составленную в соответ¬ствии с МСФО.
Для составления отчетности за 2004 год первым делом нужно сформировать таблицу расхождений между учетом по российским стандартам и МСФО с указанием причин поправок (табл. i).
Корректировочные проводки будут выглядеть так.

ДЕБЕТ 84- 11 КРЕДИТ 02
- 10 000 000 руб. - доначислена амортизация;
ДЕБЕТ 43 КРЕДИТ 84- 11
- 3 000 000 руб. - часть доначисленной аморти¬зации включена в стоимость готовой продукции на складе;

Статьи Сумма до трансформации Номер поправки из таблицы 1 Сумма после трансформации
1 2 3 4 5
АКТИВ
Основные средства 240 (7) 233
Амортизация (100) (10) (4) (106)
Сырье и материалы 10 10
Готовая продукция 20 3 (5) 18
Налоги к возмещению 3 3
Дебиторская задолженность 30 (2) 28
Резерв по сомнительным долгам (4) (4)
Денежные средства 37 37
Авансы поставщикам 10 10
Итого актив 250 229
АКТИВ
Кредиторская задолженность 60 (7) 60
Задолженность по зарплате 10 (7) 10
Налоги к уплате 35 (7) 35
Краткосрочные займы 20 (7) 20
Уставный капитал 50 (7) 50
Нераспределенная прибыль прошлых лет 30 (7) 30
Прибыль 45 (7) (5) (2) (4) (3) 24
Итого пассив 250 (7) 229

Статьи Сумма до трансформации Номер поправки из таблицы 1
1 2 3 4 5
Сумма после трансформации
Выручка 3000 3000
Себестоимость продаж (2440) (6) (2446)
Коммерческие расходы (200) (200)
Общехозяйственные расходы (300) (1) (5) (306)
Убыток от списания дебитор¬ской задолженности (2) (2)
Резерв по сомнительным долгам (4) (4)
Убыток от обесценения активов (3) (3)
Налог на прибыль 15 (15)
Чистая прибыль 45 24

ДЕБЕТ 20 КРЕДИТ 84- 11
- 6 000 000 руб. - часть доначисленной амортиза¬ции учтена в себестоимости реализованной про¬дукции;
ДЕБЕТ 26 КРЕДИТ 84-11
- 1 000 000 руб. - часть доначисленной амортиза¬ции включена в состав общехозяйственных расхо¬дов;
ДЕБЕТ 84-11 КРЕДИТ 43
- 5 000 000 руб. - уменьшена стоимость готовой продукции на величину общехозяйственных рас¬ходов;
ДЕБЕТ 84-11 КРЕДИТ 62
- 2 000 000 руб. - списана безнадежная дебитор¬ская задолженность;
ДЕБЕТ 84- 11 КРЕДИТ 63
- 4 000 000 руб. - начислен резерв по сомнитель¬ным долгам;
ДЕБЕТ 84-11 КРЕДИТ 01
- 7 000 000 руб. - отражено обесценение стоимо¬сти основных средств;
ДЕБЕТ 02 КРЕДИТ 84- 11
- 4 000 000 руб. - списана сумма амортизации, приходящаяся на стоимость обесценившихся основных средств.

После этого исходные отчетные данные и поправки обобщаются в трансформационной модели (табл. 2 и з). При этом все вычитаемые показатели отражают¬ся в круглых скобках.
После составления трансформационной модели фирма провела реклассификацию счетов. При ее про¬ведении бухгалтер ОАО «Вектор» использовал разра¬ботанный на предприятии План счетов по междуна¬родным стандартам финансовой отчетности. Были составлены такие проводки:

ДЕБЕТ 123 «Основные средства» КРЕДИТ 01
- 233 000 000 руб. - перенесен остаток по основ¬ным средствам;
ДЕБЕТ 02 КРЕДИТ 124 «Амортизация основных средств»

- 106 000 000 руб. - перенесена сумма амортиза¬ции основных средств;
ДЕБЕТ 211 «Сырье и материалы» КРЕДИТ 10
- 10 000 000 руб. - перенесен остаток по сырью и материалам;

Статьи Сумма после трансформации
АКТИВЫ
1. Текущие активы
Денежные средства и их эквиваленты 37
Расчеты с покупателями 28
Резерв по сомнительным долгам (4)
НДС к возмещению 3
Сырье и материалы 10
Готовая продукция 18
Расходы, оплаченные авансом 10
Итого текущие активы 102
2. Долгосрочные активы
Основные средства 233
Амортизация основных средств (106)
Итого долгосрочные активы 127
Итого активы 229
ПАССИВЫ
3. Текущие обязательства
Расчеты с поставщиками 60
Краткосрочные займы 20
Налоги к оплате 35
Расчеты по заработной плате 10
Итого текущие обязательства 125
4. Собственный капитал
Уставный капитал 50
Нераспределенная прибыль прошлых лет 30
Нераспределенная прибыль отчетного периода 24
Итого собственный капитал 104
Итого пассивы 229

Статьи Сумма после трансформации
Выручка 3000
Себестоимость продаж (2246)
Коммерческие расходы (200)
Общехозяйственные расходы (306)
Убыток от списания дебиторской задолженности (2)
Резерв по сомнительным долгам (4)
Убыток от обесценения активов (3)
Налог на прибыль (15)
Чистая прибыль 24

ДЕБЕТ 213 КРЕДИТ 43
- 18 000 000 руб. - перенесена сумма остатка по готовой продукции;
ДЕБЕТ 244 «НДС к возмещению» КРЕДИТ 19
- 3 000 000 руб. - перенесен остаток по НДС;
ДЕБЕТ 231 «Расчеты с покупателями» КРЕДИТ 62
- 28 000 000 руб. - перенесен остаток по расчетам с покупателями и заказчиками;

ДЕБЕТ 63 КРЕДИТ 232 «Резерв по сомнительным долгам»
- 4 000 000 руб. - перенесена сумма резерва по сомнительным долгам;
ДЕБЕТ 262 «Расчетный счет» КРЕДИТ 51
- 37 000 000 руб. - перенесен остаток денег на расчетном счете;
ДЕБЕТ 241 «Авансы выданные» КРЕДИТ 60
- 10 000 000 руб. - перенесен остаток по авансам, выданным поставщикам;
ДЕБЕТ 60 КРЕДИТ 521 «Расчеты с поставщиками»
- 60 000 000 руб. - перенесена сумма задолжен¬ности по расчетам с поставщиками и заказчи¬ками;
ДЕБЕТ 70 КРЕДИТ 531 «Расчеты по заработной плате»
- 10 000 000 руб. - перенесена сумма задолжен¬ности по заработной плате;
ДЕБЕТ 68 КРЕДИТ 533 «Расчеты по налогам»
- 35 000 000 руб. - перенесена сумма налоговой задолженности;
ДЕБЕТ 66 КРЕДИТ 511 «Краткосрочные займы»
- 20 000 000 руб. - перенесен остаток по кратко¬срочным займам;
ДЕБЕТ 80 КРЕДИТ 311 «Уставный капитал»
- 50 000 000 руб. - перенесена сумма уставного капитала;
ДЕБЕТ 84 КРЕДИТ 331 «Нераспределенная прибыль прошлых лет»
- 30 000 000 руб. - перенесена сумма нераспреде¬ленной прибыли прошлых лет;
ДЕБЕТ 84 КРЕДИТ 333 «Чистая прибыль отчетного года»
- 24 000 000 руб. - перенесена сумма нераспреде¬ленной прибыли текущего года.

После проведения реклассификации можно соста¬вить трансформированный баланс и отчет о прибы¬лях и убытках (табл. 4 и 5).
Обратите внимание: помимо бухгалтерского ба¬ланса и отчета о прибылях и убытках отчетность по МСФО включает в себя еще два отчета: об изме¬нениях капитала и о движении денежных средств. (Об особенностях составления этих документов читайте в материале «ПБУ и МСФО: сравним?» на стр.24. - Примеч. ред.)

Источник: СПЕЦПРОЕКТ Фебраль-Март2005 г

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