home » Registration of legal entities

Liabilities borrowed funds accounts payable. Accounting for operations with borrowed funds from the organization - the borrower

The concept and essence of categories: debt, debt obligation, borrowed funds and accounts payable

Definition 1

A debt obligation is a form of manifestation of the economic category and expresses the essence of the category "debt".

A debt obligation is a certain form of the concept of "debt", which is the relationship between the creditor and the debtor, the basis of which is the movement of resources, which is planned to be stopped by fulfilling obligations or by forcing the right to claim. The duration of a debt obligation has a fixed term. At the same time, it is important to correctly draw up debt obligations from the point of view of jurisprudence, in addition, they must comply with civil law.

Remark 1

Debt obligations are a special commodity, which has a direct impact on the level of their value. According to its economic content, the category of debt obligations can be attributed to borrowed funds of the enterprise.

Obligations of organizations can be classified according to different criteria, for example, by subjects, maturity, etc. So in the classification of obligations by subjects, they usually distinguish:

  • obligations to third parties
  • obligations to the owners of the enterprise.

Liabilities to owners represent the "equity" of the organization. It should be noted that the organization's obligations to third parties are different types of accounts payable. In general terms, liabilities to third parties form the borrowed capital of the organization.

Definition 2

Borrowed funds (borrowed capital) are economic and legal obligations of the organization to third parties.

The amount of borrowings reflects future withdrawals of assets (funds) of the organization associated with previously accepted obligations. Considering a commercial bank, it should be noted that it attracts cash (borrowed) funds using the deposit instrument, as well as various loans and credits that the bank receives from the Central Bank of the Russian Federation and other banks.

Definition 3

The bank's debt in general terms is the amount of debts arising in the course of banking operations and obligatorily payable.

Bank debt can be:

  • creditor,
  • accounts receivable.

The emergence of bank accounts payable and receivable affects the fundamental accounting model as follows:

Definition 4

A bank's accounts payable is the amount of the bank's debts to individuals and legal entities that have arisen in the course of execution of banking operations.

This type of debt for the bank is its own financial obligation. Accounts payable to the bank arises during the execution of transactions with banks, internal banking operations and customer transactions.

Regulatory regulation of accounting for accounts payable in a commercial bank

All activities carried out by commercial banks are regulated by the Central Bank of the Russian Federation. The main document that regulates accounting in commercial banks is the "Regulations on the rules for maintaining accounting in credit institutions located on the territory of the Russian Federation". This document establishes the key rules for organizing accounting in commercial banks. It defines the main accounting accounts and establishes the procedure for the implementation of banking operations. Accounting for accounts payable is also regulated using this provision.

In case of insufficient financial resources, a commercial bank may receive loans from the Bank of Russia. Also, loans can be obtained from non-resident banks and other Russian banks. Registration of these operations is carried out by drawing up an application letter, which indicates the amount, term and purpose of the loan. Attached to the letter are: memorandum of association, articles of association, certificate of registration, seal imprint, cards with sample signatures, balance sheets as of the date of receipt of the loan and the reporting date, documents on the availability of security for the repayment of the loan. Further, an agreement is concluded on the sale or purchase of credit resources.

The following accounts are used to record these transactions: 312 -325 of the Chart of Accounts of Credit Institutions. Accounts of the second level according to these accounts are divided by terms of the loan.

Absolutely any association in the process of economic activity can play the role of a supplier (executor) or customer. When making settlements on his accounts, as a rule, both accounts payable and receivable are formed. In this article, it would be appropriate to consider the concept and types of accounts payable and receivable. In addition, it is important to study the current aspects regarding the first category.

Features of debts

For a full understanding of such a category as accounts payable, it is advisable to consider the relevant system as a whole (namely, the concept, features, types of receivables and payables of the enterprise).

Today, accounts receivable is defined as the debt of other associations, employees and citizens of this structure. In other words, this is the debt of buyers for the purchased product, services rendered or work performed; debts of persons of accountable value for the amounts of funds issued to them. It is important to know that individuals and organizations that owe a certain amount of money to this organization are called debtors.

Accounts receivable: classification

It should be emphasized that receivables are endowed with a fairly branched classification. So, in accordance with the content of obligations, it is customary to distinguish the following types of categories:

  • Debt that is directly related to the sale of marketable products, works or services.
  • Debt that is in no way related to the sale of marketable products, works or services.

When considering the types of receivables and payables, it should be noted that the duration criterion involves the division of receivables into long-term and short-term, which is often called current in modern literature. In accordance with such a factor as the timeliness of payment, the following types of debt are distinguished:

  • Normal.
  • Overdue (sometimes hopeless and doubtful).

The concept and types of accounts payable

Accounts payable as an independent category of legal significance is a special part of the general property complex of the structure, which is the subject of binding relations between the association and its creditors. It is important to note that the economic aspect, one way or another, consists of a part of the organization's property (we are talking mainly about cash) and inventory items. It must be remembered that the structure uses and owns all types of accounts payable that are relevant today, however, one way or another, it undertakes to pay or return the corresponding part of the property complex to creditors. The latter are vested with the right to demand the performance of the obligation presented.

Dual nature of accounts payable

From the materials of the previous chapter, we can conclude that the nature and types of accounts payable are determined by a dual legal nature. In other words, as part of the general property complex, the category belongs to the organization in accordance with the right of ownership in relation to things or funds received by a loan method. On the other hand, as an object of legal relations of an obligatory nature, the considered economic category is nothing but the organization's debts to creditors. It is important to note that the latter are the persons endowed with all the rights to collect or demand from this association the specified part of the common property complex.

In accordance with the simplified aspect, accounts payable - a type of obligation to creditors; what the organization owes to other individuals or legal entities. A full definition of the category under consideration implies the obligatory consideration of the features noted above. Thus, accounts payable is part of the general property complex of the organization, which is the subject of debt obligations of the debtor's association, which have arisen in accordance with various legal grounds, to direct creditors (authorized persons).

Accounting for accounts payable - a mandatory aspect

It is important to know that all currently existing types of accounts payable, one way or another, are subject to accounting and, of course, reflected in the balance sheet. They are reflected as debts of the association-balance holder.

When the creditor structure does not intend to take any actions related to the voluntary return of debts, the debtor has the opportunity to collect them by force. It is important to add that, depending on the type of accounts payable, both judicial and extrajudicial procedures take place today.

Debt obligations of various origins

It is interesting to know that the definition of accounts payable currently covers those debt obligations of the creditor association that are of various origins. Since the currently known types of accounts payable are bright sources of cash or other material resources at the disposal of the organization, they are present in the liabilities of the balance sheet. It should be added that the accounting of the category analyzed in the article is carried out in accordance with each creditor separately. The indicators of a generalizing nature reflect the total amount of accounts payable. By the way, it is given only on condition of division into certain groups.

Temporary financial improvement

The concept and types of accounts payable, its features at the present stage of economic development suggest that the attraction of borrowed money or other material resources into the turnover of the structure is a phenomenon that in any case implies a temporary improvement in the overall financial condition of the organization. The main condition here is that the borrowed funds are not frozen for a long period in circulation - they are returned at the time determined in accordance with the official agreement.

You need to know that otherwise there is a threat of an overdue type of accounts payable of the enterprise. This alignment, as a rule, involves the payment of a certain amount of a fine, as well as a significant deterioration in the financial life of the structure. That is why, when managing, it is imperative to study the prescription, the composition of the occurrence of accounts payable, as well as the presence, causes and frequency of its formation.

free credit

All types of accounts payable of the organization, in accordance with their essence, act as a free loan and belong to the category of cash and other material resources attracted by the structure into economic circulation. It should be noted that, unlike liabilities of a sustainable nature, accounts payable are not a planned source of the formation of working capital. One way or another, it serves as a short-term liability of the enterprise.

It is interesting to note that part of the structure under consideration is determined by the regular nature, because it appears, as a rule, due to certain features of the calculations. However, most accounts payable arise as a result of a violation of the discipline of the settlement and payment type. So, it acts as a consequence of non-observance by the structure of the actual terms of payment for a commercial product and the submission of settlement documentation.

Short-term type of borrowings

The considered category characterizes the most short-term variety of borrowed funds used by the structure. It is necessary to know that these funds are formed at the expense of sources of internal significance. Their accrual in accordance with various types of accounts is carried out by the organization on a daily basis. The repayment of obligations under these accounts payable is made within a specific time frame, where the range, as a rule, does not exceed a monthly period. Since, after accrual, the funds included in accounts payable no longer belong to the organization’s property, but are only applied until the due date determined for the repayment of current obligations, in accordance with their economic content, they are one of the varieties of borrowed capital.

Classification of accounts payable

In this and subsequent chapters, it would be appropriate to consider the main types of accounts payable. Today it is customary to allocate debt for:

  • Contractors and suppliers.
  • Transfers of premiums in accordance with the structure's property insurance.
  • Transfer of contributions in accordance with the personal insurance of employees.
  • Bills payable.
  • Founders in accordance with the payment of income and so on.

So, depending on the legal nature and legal regime, the category under consideration is reduced to three groups:

  • Before social funds and the budget.
  • To employees (for example, wage arrears).
  • To contractors and partners.

According to the criterion associated with the fact of the payment, the debt is:

  • Non-overdue (debts, the maturity of which did not come at the time of the formation of the balance sheet).
  • Overdue (maturity dates have come).

What else?

You need to know that in the structure of accounts payable it is customary to single out the debt of the association:

  • To contractors and suppliers.
  • To employees and organizations.
  • Before off-budget funds of the state character.
  • Before the budget.
  • According to received loans and credits.
  • to other creditors.

Features of accounts payable

  • It is a free source of applied borrowed funds. Being a free source of capital formation, accounts payable provides some reduction not only in its borrowed share, but also in the full cost of capital.
  • The size, one way or another, affects the duration of the financial cycle of the structure. It has an impact to some extent on the required amount of cash in order to finance current assets. The larger the relative value of the category under consideration, the smaller the amount of money the structure needs to attract for the current financing of its own economic activity.
  • The total amount of debt directly depends on the volume of economic activity of the structure (primarily on the volume of output and sales of the product). It is important to note that with an increase in the volume of production and sale of marketable products, the expenses of the organization increase, which are accrued as part of the debt. Thus, the total amount of accounts payable increases, and vice versa.

It is important to emphasize that the value of the category under consideration is affected by the volume of all purchases, as well as the corresponding percentage of purchases under the terms of the subsequent payment. In addition, factors related to the execution of contracts with counterparties have a considerable influence; terms of settlements with contractors and suppliers; the level of saturation of the market with this product; policy related to the repayment of accounts payable; consistency in the application of the results of the analysis of the category under consideration, as well as its quality; settlement system adopted in the structure.

It is important to note that in the case of an increase in non-cash settlements, the quality and turnover of accounts payable increase proportionally. Its size is reduced, so the stability and solvency of the structure is significantly increased. In addition, accounts payable may be terminated by the executor of obligations, as well as written off as unclaimed.

Analytical accounting of debts on credits and loans is kept separately by types of credits and loans, by credit institutions and other lenders, by individual credits and loans (types of loan obligations).

In accordance with the provisions of PBU 15/01, debt on debt obligations may be urgent (the maturity of which, under the terms of the contract, has not come or extended (prolonged) in the prescribed manner) and overdue (debt on received loans and credits that have expired).

Note!

Accounting for urgent and overdue debts is kept separately on separate sub-accounts opened for accounts and.

The organization that received the borrowed funds, at the end of the payment period is obliged to carry out transfer of urgent debt into overdue, and this transfer is made by the borrowing organization on the day following the day when, under the terms of the loan or credit agreement, the borrower was supposed to repay the principal amount of the debt.

Paragraph 6 of PBU 15/01 allows organizations - borrowers to account for long-term debt on loans and borrowings in any of two possible ways, while the method used must be fixed in the accounting policy of the organization.

Option 1.

The borrowing entity accounts for borrowings under a long-term agreement as long-term debt before the expiration of the agreement.

Option 2.

The borrower organization first records the debt under a long-term agreement as a long-term debt and transfers it to a short-term debt at the moment when 1 year remains before the expiration of the agreement.

If an organization receives borrowed funds in foreign currency, then this operation is regulated by the Accounting Regulation "Accounting for assets and liabilities whose value is expressed in foreign currency" PBU 3/2000, approved by order of the Ministry of Finance of the Russian Federation dated January 10, 2000 No. 2n (hereinafter PBU 3/2000).

Borrowed funds can be provided not only in the currency of the Russian Federation - rubles, but also in foreign currency or in conventional monetary units. In case of receiving such borrowings, the borrowing organization is obliged to be guided by paragraph 9 of PBU 15/01:

“The debt on the loan granted to the borrower and (or) the loan received or expressed in foreign currency or conditional monetary units is taken into account by the borrower in ruble valuation at the exchange rate of the Central Bank of the Russian Federation in force on the date of the actual transaction(providing a loan, a loan, including the placement of loan obligations), and in the absence of the exchange rate of the Central Bank of the Russian Federation - at the rate determined by agreement of the parties.

Expenses in the form sum difference arise for the taxpayer if the amount of obligations and claims that have arisen, calculated at the exchange rate established by agreement of the parties in conventional monetary units on the date of sale (posting) of goods (works, services), property rights, does not correspond to the amount actually received (paid) in rubles.

The resulting difference between the ruble valuation of liabilities for date of acceptance for accounting of accounts payable and its ruble valuation at expense recognition date represents sum difference. It would be most correct to recognize the date of occurrence of sum differences - the date of repayment of debt under credit and loan agreements.

On March 13, the organization made a preliminary payment for goods that were accepted for accounting on March 20, 2006. The organization returned the loan amount to the bank on April 10, 2006.

In the accounting of the organization, the accountant of the organization reflected this as follows:

Account correspondence

Amount, rubles

Debit

Credit

The amount of the loan received

Advance payment for goods

Goods from the supplier accepted for accounting

Accounted for VAT on goods received

Advance payment for goods

Interest accrued on the loan received (30%: (365: 100) x 500,000 rubles x 11 days)

Interest accrued on the loan received (30%: (365: 100) x 500,000 rubles x 10 days)

The amount of borrowed funds and the amount of interest due were returned 500,000+ 4109.59 + 4520.54 + 4109.59

End of example.

Let us first explain what is meant by an investment asset.

“Additional costs incurred by the borrower in connection with obtaining loans and credits, issuing and placing loan obligations, may include costs associated with:

provision of legal and advisory services to the borrower;

implementation of copying and duplicating works;

payment of taxes and fees (in cases stipulated by the current legislation);

carrying out examinations;

consumption of communication services;

other costs directly related to obtaining loans and credits, placement of loan obligations”.

As you can see, this list of additional costs is open. Such costs are reflected in the accounts of the borrowing organization in the reporting period in which they were incurred, may be previously accounted for as receivables, with subsequent inclusion in operating expenses during the maturity of the loan obligation.

Example 3

Suppose that a construction organization received on January 10, 2006 a bank loan in the amount of 1,000,000 rubles for a period of 6 months. At the same time, the organization paid a remuneration in the amount of 6,000 rubles (excluding VAT) to a third-party organization for the examination of this agreement.

The entity's accounting policy stipulates that incremental borrowing costs are deferred and then charged to operating expenses over the term of the contract.

In the accounting of the organization, this will be reflected as follows:

Account correspondence

Amount, rubles

Debit

Credit

The costs of paying for the services of experts are taken into account

51 "Settlement account"

Paid expertise services

51 "Settlement account"

66 sub-account "Settlements on the principal amount of the loan"

Received funds under a loan agreement

Then, on a monthly basis, during the term of the loan agreement (6 months), the accountant will include in the operating expenses the corresponding part of the costs for the examination of the agreement.

91 sub-accounts "Other expenses"

Part of additional costs included in operating expenses

The procedure for organizing the accounting of loans and borrowings is regulated by the Accounting Regulation "Accounting for loans and credits and the costs of servicing them" PBU 15/01, approved by order of the Ministry of Finance of Russia dated 02.08.2001 No. 60n.

Currency transactions to attract a loan are carried out in a non-cash manner and are recorded in the borrower's account at the time of receipt of funds. Foreign currency is credited to the organization's current currency accounts in authorized banks.

The borrowing organization accepts for accounting at the time of the actual transfer of foreign exchange funds credit obligations for the principal amount of the debt as part of accounts payable. The principal amount of the debt (debt) under the loan and (or) credit received from the lender is accounted for by the borrowing organization in accordance with the terms of the loan agreement or credit agreement in the amount of actually received funds.

Debt on a loan granted in a foreign currency is accounted for by the borrower in ruble terms at the exchange rate of the Bank of Russia effective on the date of the actual transaction.

Depending on the term of the loan, accounts payable can be short-term or long-term.

When receiving a loan or loan for a period of more than 12 months, an entry must be made in the accounting of the borrowing organization on the debit of the account for accounting for cash or other valuables received and the credit of the account.

The working chart of accounts may provide for the use of the following accounts:

The repayment of foreign currency loans is made within the terms established by the loan agreement. According to civil law, the organization's obligations to repay the loan are considered fulfilled after the foreign currency is credited to the creditor's bank account, unless otherwise provided by the agreement.

In accounting, the repayment of credit obligations is recognized at the time the funds are debited from the borrower's foreign currency account.

Depending on the content of bank credit and loan agreements, the existence of amounts of urgent and (or) overdue debts is established.

The agreement comes into force and becomes binding on the parties from the moment of its conclusion, for loan and credit agreements, this is the moment of transfer of funds.

If the terms of the agreement provide for the repayment of a foreign currency loan in parts, then the delay in the return of its next part gives the creditor the right to demand early repayment of the entire remaining amount of the debt and interest.

Foreign exchange transactions for the payment of penalties to fulfill credit obligations, carried out from the accounts of the organization in authorized banks or third parties in favor of residents and non-residents, can be carried out without a special permit (license) from the Bank of Russia.

In accordance with paragraph 7 of PBU 3/2000, the value of funds expressed in foreign currency in settlements (including settlements on loan obligations) with any legal entity and individual as of the date of preparation of financial statements, expressed in foreign currency, is subject to revaluation in ruble terms.

The exchange rate difference is reflected in accounting in the reporting period to which the date of fulfillment of payment obligations refers or for which financial statements are prepared.

The exchange rate difference between the ruble valuation of foreign exchange liabilities at the exchange rate set by the Bank of Russia as of the reporting date and their ruble valuation at the Bank of Russia exchange rate in effect on the date the funds were credited or on the date of the last revaluation is accounted for at the end of the current period.

The debt on the received credit (loan) in foreign currency is written off in ruble terms at the exchange rate of the Bank of Russia in force on the date of payment. At the same time, the organization records the exchange rate difference between the ruble valuation of foreign exchange liabilities at the exchange rate of the Bank of Russia effective on the date of return of foreign exchange funds and their ruble valuation at the Bank of Russia exchange rate effective on the date of the last revaluation.

Exchange differences resulting from the recalculation of the amount of the principal debt under the loan agreement are included in the financial results of the organization as non-operating income and expenses.

Thus, the exchange difference is recognized at each revaluation of funds in settlements on loans and borrowings in foreign currency on the reporting date, as well as on the date of fulfillment of credit obligations (repayment of the loan).

Example 4

The organization received a loan of $150,000 for 2 months.

The exchange rate of the US dollar against the ruble was (conditionally):

Account correspondence

Amount, rubles

Debit

Credit

The received short-term loan in foreign currency was credited to the current foreign currency account (150,000 USD x 30.50 rubles/USD)

Foreign currency funds were debited from the current foreign currency account upon repayment of the loan (150,000 USD x 30.70 rubles/USD)

A positive exchange rate difference is reflected between the ruble valuation of loan liabilities at the Bank of Russia exchange rate as of the loan repayment date and their ruble valuation at the Bank of Russia exchange rate as of the date of the last revaluation

The rules for the formation in accounting of information on the costs associated with the fulfillment of obligations on loans and credits received are given in PBU 15/01, according to clause 2 of which these rules do not apply to interest-free loan agreements and state loan agreements.

Interest for the use of the provided foreign exchange funds is accrued monthly from the moment the foreign currency is credited to the account of the organization in accordance with the procedure established by the agreement. The amount of interest increases the principal loan obligation.

The fulfillment by the organization of obligations to pay interest must be carried out within the time limits established by the agreement. If such terms are not defined, then interest is paid monthly until the day of repayment of the loan amount.

Indebtedness on outstanding credits and loans is shown in the accounting records taking into account the interest payable in accordance with the terms of the agreements at the end of the reporting period.

Accrued interest is taken into account in ruble terms at the rate of the Bank of Russia in effect on the date of their recognition, and in its absence, at the rate agreed by the parties to the transaction. The procedure for recalculating interest debt is similar to the procedure established for the principal debt.

Therefore, the exchange rate difference is determined at each revaluation of unpaid interest on credit obligations in foreign currency on the reporting date, as well as on the date of fulfillment of obligations to pay them.

The basis for terminating the accrual in accounting of exchange rate differences arising from the revaluation of the balance of funds in settlements of credit and loan obligations in foreign currency is the termination of obligations under this loan agreement.

Exchange differences under a loan agreement, in which obligations to the creditor are expressed in foreign currency, are not accrued from the moment (indicated in the text of the agreement) of the expiration of the loan agreement (which can be extended), if it provides that from this moment (date) obligations of the parties (lender and borrower) under the contract.

In the absence of the above condition in the text of the loan agreement, exchange differences are accrued until the moment (date) stipulated by the agreement when the parties fulfill their obligations to repay the entire amount of the loan (loan) and interest on it by the borrowing organization.

Exchange differences resulting from the recalculation of the amount of the principal debt under a loan agreement are recognized as non-operating income and expenses, while exchange differences arising from the revaluation of accrued interest are reflected in accordance with the procedure provided for the recognition of costs for servicing loans.

The costs of loans and credits received are expenses of the period in which they are incurred and are related to operating expenses, with the exception of their part to be included in the cost of an investment asset - an object of property, the preparation of which for the intended use requires a significant amount of time.

Borrowing and credit costs are included in current expenses in the amount of payments due in accordance with the terms of the concluded agreements, regardless of the form and when the above payments are actually made.

Accrued interest on loans and borrowings attributable to operating expenses are reflected in the accounting records of the borrowing organization on account 91 "Other income and expenses", sub-account "Other expenses" (91-2)

Note!

Debt on received loans and credits is shown taking into account interest payable at the end of the reporting period according to the terms of the contracts.

In the accounting of the organization, the amounts of accrued interest for the use of borrowed funds are reflected in the credit of accounts 66 “Settlements on short-term loans and borrowings” and 67 “Settlements on long-term loans and loans” in correspondence with the debit of account 91 “Other income and expenses”. It should be noted, however, that the amount of accrued interest is taken into account apart.

Payment of accrued interest reduces accounts payable on borrowed funds received.

Example 5

On March 10, 2006, the bank granted a loan in the amount of 1,000,000 rubles to the manufacturing enterprise Tekhnika LLC for a period of 3 months at 24% per annum. In accordance with the terms of the loan agreement, the organization is obliged to pay interest to the bank on a monthly basis for using the loan no later than the 5th day of the next month.

The total amount of interest to be paid by Technika LLC for the use of the provided loan will be:

1,000,000 rubles x 24: (366 x 100) x 93 days = 60,983.61 rubles;

In the accounting of Tekhnika LLC, transactions with borrowed funds were reflected as follows:

Account correspondence

Amount, rubles

Debit

Credit

51 "Settlement account"

Loan amount received

The amount of interest on the loan for March 2005 was accrued (1,000,000 rubles x 24: (366 x 100) x 22 days)

Therefore, if the terms of the agreement do not determine the monthly calculation of interest, then in accordance with clause 18 of PBU 15/01, the borrower organization must still calculate interest evenly (on a monthly basis).

Advice: provide for monthly accrual of interest in contracts, otherwise possible deviations may appear in accounting when reflecting interest accrued in accordance with the terms of the contract and accrued monthly.

Since the accounting standard allows interest to be calculated in two possible ways, the organization must choose any of the options and fix this provision in its accounting policy.

Let us give an example from the consulting practice of BKR-Intercom-Audit CJSC on the recognition of interest on a loan used for the construction of a residential building.

Example 6

Question:

A commercial organization (CJSC) received a loan in the amount of 10 million rubles. at 6% per annum from another commercial company. The loan agreement does not specify for what specific purposes it is issued.

5 working days after the receipt of the borrowed funds, the CJSC sent an amount of 9.5 million rubles. to invest in the construction of a residential building. There were no other receipts to the current account of the CJSC during this period.

Question: For accounting purposes, should the accrued interest on a loan be included in the value of the investment asset (and in what part - in full or in proportion to the share of payment under the investment agreement) or should the amount of interest be attributed to operating expenses?

Answer:

The rules for the formation of information on fixed assets of an organization in accounting, including the rules for the formation of the initial cost of a fixed asset, establishes the accounting regulation "Accounting for fixed assets" PBU 6/01, approved by order of the Ministry of Finance of the Russian Federation dated March 30, 2001 No. 26n (hereinafter PBU 6/01).

The actual costs that form the initial cost of fixed assets include interest accrued before the acceptance of an item of fixed assets for accounting on borrowed funds, if they are involved in the acquisition, construction or manufacture of this item.

However, the provisions of PBU 15/01 provide for two options for classifying interest on a loan as an expense.

In general, the costs of loans and credits received, directly related to the acquisition and (or) construction of an investment asset, should be included in the cost of this asset and repaid through depreciation (paragraph 23 of PBU 15/01).

The costs of received loans and credits related to the formation of an investment asset, for which, according to the accounting rules, depreciation is not charged, are not included in the cost of such an asset, but are charged to the current expenses of the organization in the generally established manner. Since depreciation is not charged for housing stock objects (paragraph 17 of PBU 6/01), interest on a loan used to build a residential building does not apply to costs included in the initial cost of the fixed asset. These percentages are operating expenses of the organization and are subject to inclusion in the financial result of the organization.

Assessing the ratio of the norms of PBU 6/01 and PBU 15/01 from the standpoint of the theory of law, we can conclude that the norms of PBU 6/01 are general, as they regulate the formation of the initial cost of any fixed assets. The norms of PBU 15/01 are special, since they deal with the accounting of expenses on loans and credits for a specific type of property - not subject to depreciation. Thus, it seems to us that in the case under consideration one should be guided by the norms of PBU 15/01, which are special in relation to the norms of PBU 6/01.

In the light of the above, it can be concluded that the entire amount of accrued interest on the received loan is included in the operating expenses of the reporting period of their recognition.

During the oral discussion, it was found out that the object under construction - a residential building can be intended for resale, and accordingly, after the transfer of ownership to CJSC, the apartments will not be put into operation as fixed assets, but included in the composition of goods. However, at the time of investing funds in the construction, the CJSC does not unequivocally determine the purpose of the property.

Since the general principle for recognizing costs for loans and credits received under PBU 15/01 is that these costs should be recognized as current expenses, we focus on the exception. A special procedure has been established for the portion of borrowing costs that is to be included in the cost of an investment asset. Also, if the organization uses the funds received from loans and credits to pre-pay for inventories, other valuables, works, services or to issue advances and deposits on account of their payment.

The concept of an investment asset is defined as an object of property, the preparation of which for the intended use requires a significant amount of time. Items purchased directly for resale are excluded from this category. Since an organization cannot qualify an object under construction as intended directly for sale, it is unlawful to exclude a house under construction from the category of an investment asset.

It is also unreasonable to regard investments in the construction of a residential building as an advance payment for inventory items, since at the construction stage the organization does not have sufficient grounds to qualify the future object as a commodity.

Therefore, in relation to interest on a loan received, the rules for accounting for expenses on loans aimed at acquiring an investment asset should be applied. As noted above, in general, the costs of loans and credits directly related to the acquisition or construction of an investment asset should be included in the cost of this asset and repaid through depreciation. The rules of paragraph 23 of PBU 15/01 regarding the inclusion of interest in the cost of an investment asset, first of all, aim to comply with the principle of uniform inclusion of expenses in the cost of goods sold.

In relation to fixed assets, for which depreciation is not charged, the cost of the object does not participate in the formation of the cost of sales. Therefore, the cost in the form of interest on a loan directed to the acquisition of an object is recognized by the organization as operating expenses at the time of their accrual.

Upon completion of construction, the object can be qualified as a commodity. The cost of goods sold forms the costs of the organization at the time of sale. Based on the rules of PBU 5/01, the cost of goods consists of the actual costs of their acquisition, including accrued interest on borrowed funds before the accounting of inventories, if they are involved in the acquisition of these stocks. Based on this, it can be concluded that the amount of interest on a loan allocated for the construction of a construction object affects the financial result from the sale of this object in the future. Therefore, the cost of goods, formed without taking into account the amount of accrued interest, will affect the size of the profitability of transactions for the purchase and sale of apartments, which may affect the decisions of users of financial statements.

At the same time, it should be borne in mind that financial statements are prepared according to certain rules, taking into account the materiality indicator. It is necessary to declare what value of the indicator will be accepted as significant in the accounting policy. Paragraph 11 of PBU 1/98 establishes that the organization must disclose the accounting methods adopted in the formation of accounting policies that significantly affect the assessment and decision-making by interested users of financial statements. Methods of accounting are recognized as essential, without knowledge of the application of which by interested users of financial statements it is impossible to reliably assess the financial position, cash flow or financial results of the organization. Accounting methods include, in particular, methods for evaluating goods and recognizing profits from the sale of goods.

The decision by the organization of the question of whether this indicator is significant depends on the assessment of the indicator, its nature, and the specific circumstances of occurrence. The organization can decide when, for the formation of the actual cost of goods, an amount is recognized as significant, the ratio of which to the cost of this product is at least 10 percent. Since the loan was received at 6% per annum, when construction is carried out for no more than a year, the amount of interest will not exceed the materiality limit.

Therefore, interest on a loan used to construct a residential building may be recognized as operating expenses on the date it accrues. If the organization is sure that the amount of interest accrued on the loan will exceed the materiality level, then we recommend using the account to accumulate the costs of servicing the loan and evenly include it in expenses as the apartments are sold.

The fact is that today there is a different procedure for accounting for these differences in received borrowed funds. Differences relating to interest are operating expenses, and differences arising from the assessment of borrowed funds (on the principal amount of the debt) in accordance with the norms of accounting legislation are classified as non-operating expenses. But the return of the principal amount of the debt is not considered an expense. How to be in such a situation?

Example 7

Let's assume that Raduga LLC received on March 12, 2006 from Katyusha CJSC a loan, the cost of which is expressed in conventional monetary units. The amount of borrowed funds is equivalent to 5,000 euros. Borrowed funds are provided for a period of 1 month at 40% per annum.

The euro exchange rate is taken conditionally and is:

51 "Settlement account"

The amount of borrowed funds was returned (5,000 c.u. X 34.70 rubles)

As you can see, as a result, the amount of 1,000 rubles (173,500 rubles - 172,500 rubles) remained on the account, which actually represents the amount difference that has arisen.

End of example.

For more information on the issues of accounting for transactions with borrowed funds from a borrowing organization, you can find in the book of CJSC “BKR-Intercom-Audit” “Borrowed and credit funds. Pledge and surety.

In economic science, the postulate is accepted that an enterprise using its own working capital in economic activities is more stable than an organization that has some part of borrowed funds in its structure. This statement can be disputed, because credit money can allow an enterprise to get more profit if it is used effectively and, accordingly, improve its financial position.

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

APPLICATIONS AND CALLS ARE ACCEPTED 24/7 and 7 days a week.

It's fast and IS FREE!

The difference lies in the cost of capital - the company uses its money for free, you have to pay interest on borrowed money. The proportion between own working capital and borrowed funds must be reasonable, maintaining a high financial stability ratio.

Competent management of accounts payable significantly affects the sustainability of the enterprise: the higher the debt, the more problems the organization experiences, ranging from paying salaries to employees to reducing staff motivation. Relations with partner organizations and tax authorities may deteriorate, which can literally put the organization on the brink of survival.

Among borrowed funds, a special place is occupied by long-term accounts payable.

What it is

Long-term accounts payable (KZ) - the organization's obligations in relation to other business entities, exceeding a period of one year. In order to be able to successfully manage the company's debts, it is necessary to determine their optimal ratio to their own working capital and develop a system of relations with creditors that allows the most profitable use of other people's funds.

On the one hand, it turns out that a long-term KZ is a part, a share of property legally owned by an enterprise, transferred to it by a creditor on the basis of an agreement, on the other hand, it is a debt that acts as an object of created legal obligations.

Given the mechanisms of inflation, it can be seen that the use of long-term debt in the financial activities of the company is useful, since the actual value of money at the time of receipt is significantly different from the value of funds at the time of payment.

The reasons for the emergence of debt can be different: lack of working capital of the enterprise or a long production cycle that requires additional financial injections. Also, one of the main reasons for the occurrence of a long-term short circuit may be the specifics of production.

The appearance of a long-term short-term credit occurs during the acquisition of assets in the event that the buyer is granted a deferred payment. Its actual cost will be equivalent to the amount of money required for repayment on the date of its acceptance for accounting (discount).

The difference between the price in the event of immediate payment and its value at the date of recognition is recognized as amortization. If the price of an asset upon immediate payment is unknown, you can apply the interest rate on bank loans with similar terms or the weighted average interest rate of the Central Bank. Tax liabilities cannot be discounted.

What applies

The chart of accounts in Russia defines 7 main types of debts as long-term liabilities:

  • long-term bank loans - the amounts that the company must pay to creditors, taking into account accrued interest;
  • loans and credits taken from non-bank sources (for example, a loan from a founder);
  • promissory notes with a maturity of more than one year;
  • bonds issued by the company with a maturity of more than one year;
  • deferred tax liabilities are the amount of taxes due in the near future. A similar situation may arise if there are discrepancies between accounting and tax accounting standards and accounting indicators exceed the amount of tax in the reporting tax period;
  • pension provision of employees - the planned obligations of the enterprise for payments to retired former employees of the organization. This item reflects the amount of money required to be paid today against future pension obligations;
  • long-term financial lease obligations.

Timing

Long-term loan commitments include all debt with maturities of more than 12 months or after the operating cycle if it is longer than one year. They will be reflected as the present value of future payments.

Long-term accounts payable in the balance sheet

Every accountant knows that long-term KZ in the balance sheet is accounted for in section IV with the same title: Long-term liabilities of the balance sheet. It is in the passive part of the balance sheet and contains numerical data on debts with maturities exceeding one year.

Line 1410 "Borrowed funds"

In this line, based on the accounting rules, the amounts of long-term loans reflected in accounting on account 67 - “calculations on long-term loans and loans” should be indicated. Only amounts actually received by the borrower should be reflected in long-term debt.

If the subject of filling is borrowed funds in the form of loan agreements, their execution is completely different. Based on the receipt of a loan, the accountant must reflect in the balance sheet not the actual amount of funds received, but the figure specified in the contract.

When compiling an explanatory accounting note, the same approach is used: it must indicate the lost amounts under the loan agreement.

Filling in line 1410 Loans and credits includes the amount of loans and credits received by the organization. It also reflects the accrued interest at the end of the reporting period.

Line 1420 "Deferred tax liabilities"

In the next line, the accountant is required to reflect the amount of deferred tax liabilities that are part of the budget allocations. Their presence leads to an increase in the total amount of payment of corporate income tax. How do they arise? It's all about the difference between the two approaches: traditionally, the policy of the tax authorities differs from the requirements of accounting, based on the requirements of the Ministry of Finance.

When filling out this line, the accountant takes account 77 as a basis.

Line 1430 "Estimated liabilities"

In line 1430, the amount of long-term estimated liabilities is entered, including, among other things, reserves for future expenses (account 96).

This may include:

  • unavoidable costs associated with the economic activity of the organization;
  • probable expenses whose occurrence can be foreseen. They reduce the economic benefit of the enterprise;
  • amounts of possible costs that can be valued. Estimated liabilities also include the payment of holiday money and insurance premiums accrued on it.

Accounting rules prohibit this line from including unfulfilled contracts under which one of the counterparties has not yet fulfilled its obligations to the other.

Also, reserves, whose formation comes from the retained earnings of the organization, are not subject to inclusion in line 1430.

The calculation of estimated liabilities should be formally fixed in the accounting policy of the enterprise.

Line 1450 "Other liabilities"

In line 1450, the accountant indicates the totality of other long-term liabilities that were not included in the previous lines of the balance sheet.

This, as a rule, includes credit balances on accounts: 60, 62, 68, 69, 75, 76, 86.

Settlements with suppliers and contractors, buyers and customers, tax and social insurance settlements, targeted financing - everything is reflected in line 1450.

The final line 1400 summarizes all long-term liabilities of the enterprise at the end of the reporting period and shows the total amount of credit debt

Information requirements for a long-term short circuit, as a rule, are available at the enterprise.

Sources of information can be:

  • loan agreements with banking or other institutions;
  • information on the terms of the bond issue;
  • long-term financial lease agreements.

Thus, in conclusion, we note that the presence of accounts payable indicates the resulting gaps between the needs of the enterprise to pay current expenses and its capabilities at the moment, requiring the attraction of borrowed funds.