Deposits of founders to the replenishment of net assets. As an increase in net assets by the founders. How to increase pure assets

With a critical imbalance between assets and capital indicators, it is necessary to increase clean assetov founders. Postings reflect in accounting this operation with account participation 83. This event is implemented through additional contributions founders, attracting new investment infuses. The obligation of the procedure is regulated by law No. 14-FZ of 08.02.1998 for cases with the underestimation of the value of the property in relation to the actual level of capital value.

Action Algorithm If you need to increase assets

Accounting or Economic Department of the Company annually conduct results analysis financial activities. On the basis of information from the balance you can estimate compliance with the key balance Rules - The size of pure assets cannot be less than the amount of formed capital. The maximum allowable runting range between these indicators is 10,000 rubles.

Formally, the increase in net assets of Ltd. can be voluntary or forced. In the latter case, the choice is between the buildup of the material base and the liquidation of the organization.

In the reporting documents it is necessary to show a data center:

• the dynamics of changes in the control indicators over the past 3 annual intervals;
• justification of the decline in the size of the assets before the critical mark;
• the events that the company's management plans to hold the situation and improve the financial situation of the firm to stabilize the situation.

The failure to eliminate the urgent imbalance is fraught with the compulsory closure of the company in court.

Let's call ways how to increase clean assets:

• produce a large-scale accommodation of property objects owned by the firm on the right of ownership with the obligation of regular revaluation in the future;
• if there is a reserve between the minimum amount of share capital and its current volume, it is possible to reduce the amount of capital with the registration of this fact to the EGRUL;
• immediately an increase in net assets by the founders.

The latter option is possible, provided that one or more founders agree on a voluntary basis to provide their enterprise material assistance. Owners make additional contributions money With the appointment of payment:

To reflect the operation to adjust the value of assets in account registers is necessary:

Wirings in accounting for the gaining of a new property or the admission of the missing amount of funds register the date of the actual obtaining these assets.

For monetary translations It is necessary to take into account the norms of paragraph 1 of Art. 251 of the Tax Code of the Russian Federation: incoming additional contributions are not subject to inclusion in the taxable income tax base if the founder owns more than half of the authorized capital of the company.

According to the receivable property there is a restriction on the transfer of new assets to third parties: the alienation of such objects is impossible throughout the first year of ownership.

One of the options is the owner, already officially entering the business, can forgive the company a debt in order to increase its net assets. This tool is attractive in that it frees the organization from payment

The fee for increasing clean assets (cha) is one of the tools of non-free transfer of property in business, fixed in PP. 3.4 p. 1 Art. 251. Tax Code RF. But like other tools, it has its advantages and disadvantages.

For the convenience of perception, we list them:

contribution to net assets can any participant in the Company: legal or individual Regardless of the size of the share in the authorized capital (for comparison: the contribution to the property on the basis of paragraphs. 11, paragraph 1 of article. 251 NK can only participate with a share of more than 50%);

when contributing to Chase, there are no restrictions in the subsequent disposal of property during the year from the date of the transfer (limit in one year paragraph. 11 of paragraph 1 of Art. 251 NK);

property can be transmitted, as well as property and non-property rights (including the rights of the loan, etc.), having monetary evaluation;

however, only the participant / shareholder (the subsidiary gift is impossible is impossible to make a contribution to increasing chase - the transfer of property from a subsidiary to maternal);

this tool is applicable only to economic partnerships and societies (AO, LLC, etc., but not applicable to manufacturing cooperatives, economic partnerships);

when contributing to cha does not increase the authorized capital of the Company.

As this instrument can work successfully, consider on the example of the Case of Experts of the Taxcoach Center for the sphere of retail. Imagine a business that is conducted within the Group of Companies. Retail stores are independent legal entities (while the area of \u200b\u200beach store allows UEEND). However, how to be with the profit of each operating point? You can take advantage of the contribution already known to us! Retail companies establish a legal entity (we denote it as an investment center) and contribute as deposits to the property in order to increase the amounts of products reversed from the sale of products. The income tax is not necessary and the investment center can freely dispose of the money of the participants, for example, invested them in new activities.

Thus, the contributions to the net assets of society are not subject to income tax on the receiving party (while the debt in the form of the amount of interest on the loan, written off by the forgiveness of the debt, on the basis of paragraph 18 of Article 250 of the Tax Code of the Russian Federation, is subject to the inclusion of the order of the debtor's non-revenue one.

Read also

• Non-free transfer of property in business: what tool to choose?
• Interest on loan from the founder: you can forgive, but you need to pay the tax

And what will happen if the participant, for example, the company on the OSN, is not money as a contribution to CHA, and property? Lessa is subject to this operation VAT? Yes and no. In the sense that the transmission side (if it is general System taxation) should restore VAT with residual value Property. At the same time, the reduced value added tax can be included in the costs. But the receiving party will not be able to accept VAT to deduct, since the money for this property did not pay, because the contribution to the property is a type of gratuitous transfer. So without a spoon of tar in the barrel of honey can not do ...

Now let's see that from interesting to the use of this tool it is found in litigation.

Judicial practice on challenging the tax authorities application of the benefits of PP. 3.4 p. 1 Art. 251 NK RF is not very extensive. The main thing is what tax authorities pay attention is the reality of perfect operations. Naturally, the acts of the parties should be a business goal, which is to improve the state of the company. The increase in the magnitude of net assets, increasing the profitability of the company after the "injections" of the founder just may indicate this.

At the same time, the courts pay attention to the validity of the increasing taxpayer's net assets. For example, sending Case No. A22-4288 / 2015 for a new consideration to the court of first instance, the Court of Cassation gave the Nortyarday court to investigate the taxpayer's accounting and tax documentation confirming (or refutable) the actual increase in its net assets, and the reflection of this operation in the accounting balance of society For the corresponding calendar year.

In another example tax authority The reality of the deployment of the founder in net assets, which claimed to be purchased from the right to the taxpayer (No.A53-31131 / 2015) was announced. The courts supported the tax authority in the fact that initially the services were rendered fictitiously, in order to overestimate deductions on VAT, and the accumulated payables only for the species inflicted by the founder. Thus, the taxpayer tried to avoid non-deactive income in the amount of non-consistent (hopeless) accounts payable.

And what if the participant contributes a third party bill in cha? At the first stage acts general rule - Operation on the contribution of bills in Cha is not subject to income tax, everything is logical. Whereas the further transfer by the Company of this bill of exchange to a third party on account of payable debt is already subject to taxation (see Cases No. A53-20551 / 2015, A41-39593 / 2015): The taxpayer has the right to attribute to expenses for the purpose of taxation, only the cost of implementing bills.

Another controversial moment in practice arose in connection with the transfer of the participant to society on the basis of PP. 3.4 p. 1 Art. 251 of the Tax Code of RF gratuitous right to use property belonging to him. As the courts indicated, supporting the position of the tax authorities, the property for which the right of use was transferred, separately from the organization's own property on the off-balance account (paragraph 5 of PBU 1/2008, instructions for applying the account plan). Consequently, this property does not increase the organization's net assets. In this regard, the income with the gratuitous temporary use of the property of the participant (shareholder) should be taken into account as non-decalization on the basis of paragraph 8 of Art. 250 NK RF. (See Cases No. A66-9803 / 2015; A50-24058 / 2015).

Finally, what will happen if the founder decided to contribute to the society, however, at the time of the actual transfer of funds managed to exit the participants? Such a dispute was in judicial practice And ended in favor of the taxpayer! It should be noted that the decision on a contribution to property in order to increase the cha is the only participant accepted before it came out of society. While the contribution of 10 million rubles (two tranches) listed two months after the company's composition has changed.

As the court of first instance indicated, the obligation to deposit into the property of the Company, adopted by its only participant, should have been executed by this participant even in the case of alienation by their share. The appellate court, on the contrary, supported the tax authorities, insisting that the cash received by the taxpayer from the former participant is free of money. The point in this dispute was put by the court of cassation instance, according to which the obligation of a participant in providing financial assistance to the Company does not pass to the acquirer of the share, and the moment of actual transfer of the taxpayer of the sum of money does not change the qualifications of this contribution as the income of the taxpayer received in the form of property transmitted by the participant of the economic Societies in order to increase net assets (see case No. A40-21501 / 2014). Unfortunately, more detailed information About the details of the transaction on the alienation of the participant of the share in the case file is not (which would allow to evaluate whether the position of the Court of Cassation on this case is a single case or this decision is reasonable).

The Ministry of Finance of the Russian Federation, meanwhile, adheres to the opposite position and regains the contribution of the former participant as non-degree income: if the date of concluding agreement on the forgiveness of debt (count, at the date of deposit, and not a decision about this), the person was not a member of the Company, then the benefit on income tax is not valid.2

Thus, in the decisions of general meetings of participants and shareholders of organizations, do not forget to indicate that the transfer of property is carried out on the basis of PP. 3.4 p. 1 Art. 251 of the Tax Code of the Russian Federation precisely in order to increase net assets (so that the tax authorities did not have a reason to doubt the essence of the operation). And returning to the beginning of our mailing list, remember: a promotion of the duty to society, his new participant should not immediately come from the composition of shareholders (participants). Otherwise, the tax authority will say that the lender did not intend to participate in the company's activities and receive profits from this activity, and its only goal when the business is sent to business and the taxation of taxation from the company.

As a document will save. In the presence of debt to companies belonging to one group, the most obvious way to reduce the "creditors" is the transfer of such debt into the status of equity, including by the forgiveness of debt. From a tax point of view, such a forgiveness of debt will not lead to an increase in the tax burden due to the use of subparagraph 3.4 of paragraph 1 of Article 251 of the Tax Code of the Russian Federation. This norm suggests that when the debt is forgred by the founder in order to increase the value of net assets of a subsidiary, income of the latter, obtained as a result of such forgiveness, are not incurred by the income tax.

Recall that this rule has been valid since 2011, but applies to the obligations arising from January 1, 2007 (paragraph 1 and 2 of Article 4 of the Law of 12/28/10 No. 409-FZ). And therefore the founders can benefit the debts to their "daughters" not only at the moment, but also reconsider their past tax obligations. This norm applies only to business commits and partnerships. therefore non-commercial organizationsAlso, production cooperatives and unitary enterprises are not entitled to apply it (the letter of the Ministry of Finance of Russia from 10/06/11 No. 03-03-07 / 39).

The goal of such benefits is to allow the founders in the non-cash regime to improve the financial performance of their subsidiaries. This is important, for example, to attract funding from third-party investors. Banks I. investment companies When granting funding, the borrower balance structure is preliminarily assessed. No one will issue a loan company with negative net assets.

Another possible reason for increasing the cost of pure assets is the prospect of selling a subsidiary. The greater the cost of net assets, the higher the market value of the shares or shares of "daughters". As a result, it is possible to sell business more expensive.

With a small amount of the cost of net assets, the company may encounter with other problems. For example, this indicator is taken into account when calculating the limit of recognition of interest on controlled debt (paragraph 2 of Art. 269 of the Tax Code of the Russian Federation). The higher the amount of net assets, the more sum recognized percentage consideration. In addition, legislation prohibits the company to distribute profits and pay dividends if the cost of its net assets is less than the authorized capital. Either become less as a result of such a payment (clause 1 of article 29 Federal Law from 08.02.98 No. 14-FZ, p. 1 tbsp. 43 of the Federal Law of December 26, 1995 No. 208-ФЗ). At the same time, the assessment of the value of net assets should be made quarterly and at the end of the year to the relevant reporting dates (clause 5 of the procedure for assessing net assets in joint-stock companies, approved by the Order No. 10 of Russia No. 03-6 / PZ, and FKSB of Russia No. 03-6 / PZ). The same procedure also apply companies of other organizational and legal forms, in particular, LLC (letters of the Ministry of Finance of Russia No. 03-02-07 / 1-27, from 07.12.09 No. 03-03-06 / 1/791) .

Note that there is a risk of retraining debt forgiveness within the Group of Companies. And donation between legal entities - An insignificant transaction (sub. 4 p. 1 of Art. 575 of the Civil Code of the Russian Federation) with all the consequences of this consequences (paragraph 8 of Art. 250 Tax Code of the Russian Federation). But the presidium of the Russian Federation directly recognized the possibility of a breakdown of debt between companies (RESOLUTION of 07/15/10 No. 2833/10).

But tax authorities may also make a different claim. Allegedly, as a result of the forgiveness of the debt, no gratuitous transfer of property occurs, therefore, this operation is completely or partially (in the amount of interest - a letter of the Federal Tax Service of Russia dated 02.05.12 No. EF-3-3 / [Email Protected]) Not falls under the benefit. But the courts do not agree with this approach (the resolution of the Federal Arbitration Court of the West Siberian District of 12/22/11 No. A27-4570 / 2011).

We note that earlier affiliate companies had the opportunity to transfer to each other assets in non-cash regime (sub. 11 of paragraph 1 of Art. 251 of the Tax Code of the Russian Federation). However, the new version (sub. 3.4 p. 1 of Art. 251 of the Tax Code of the Russian Federation) has a number of advantages.

First, the size of the participant's share to use the benefits provided for by subparagraph 3.4 of paragraph 1 of Article 251 of the Tax Code of the Russian Federation, does not matter (letters of the Ministry of Finance of Russia of 20.04.11 No. 03-03-06 / 1/257, from March 21, 2011 No. 03- 03-06 / 1/160, FTS of Russia of 05/23/11 No. AC-4-3 / [Email Protected]). Secondly, even if the subsidiary will transmit the received property to third parties, it will not lose their rights to benefit (letters of the Ministry of Finance of Russia of 04/18/11 No. 03-03-06 / 1/243, from 20.02.12 No. 03-11-06 / 2/26). Thirdly, the risk of recognition of forgive interest in the income of the borrower is reduced. Since subparagraph 3.4 of paragraph 1 of Article 251 of the Tax Code of the Russian Federation applies not only for granted property received, but also on property rights.

Perhaps the only lack of new benefits are restrictions on the composition of persons who can use it. It can be used with an increase in the cost of net assets of only a subsidiary. While subparagraph 11 of paragraph 1 of Article 251 of the Tax Code of the Russian Federation makes it possible to forgive the debts of the parent company.

What form is compiled. Despite the fact that the forgiveness of the debt may be a one-sided deal (Art. 415 of the Civil Code of the Russian Federation), it is best to arrange a bilateral written agreement between the lender and the debtor. The agreement lies in the same form as the agreement on which the obligations are terminated (paragraph 1 of Art. 452 of the Civil Code of the Russian Federation).

What must be in the document must be. In this agreement, it is necessary to register, in which a contract formed debt, its size, repayment date and for what reason the debtor cannot fulfill its obligations. As well as the focus of the debt for the replenishment of the Company's net assets and the business purpose of such replenishment.

Additional security measures. In order to avoid possible claims of tax authorities, it is necessary to fulfill all the requirements of subparagraph 3.4 of paragraph 1 of Article 251 of the Tax Code of the Russian Federation. In addition to the agreement, the company is also worth issuing corporate documents, on the basis of which the debt says goodbye. For example, the protocol or decision general Assembly participants or shareholders of the Company. In accordance with which property, property or non-property rights are transferred to the company to increase the cost of net assets.

In the protocol, it is also advisable to indicate which goal is to increase the cost of net assets of the company. With the help of such a document, the company will most likely be able to remove the claims of controllers, without bringing things to trial.

Also, when using the debt forgiveness within the Group of Companies, it is necessary to evaluate aggregate tax savings due to the impossibility of accounting in the costs of the farewell side of the debt amount. Since such a deal, the controllers will be considered as a gratuitous transfer of funds (paragraph 16 of Art. 270 of the Tax Code of the Russian Federation). Therefore, the group of companies should determine the qualifications of such a transaction and the beneficial used. If the debtor does not take into account the amount of debt as part of income, then the creditor should exclude this amount from expenses for tax purposes.

As a rule, the presence of a loss in accounting indicates negative net assets of the company (of course, with the exception of cases when the organization has over the past periods retained earnings in an amount exceeding the loss).

Provisions of Article 4 of Article 90 of the Civil Code of the Russian Federation provided that if at the end of the second and each subsequent fiscal year, the cost of net assets of the Company will be less than authorized capital, the Company is obliged to announce and register in the prescribed manner to reduce its authorized capital or increase net assets.

If the cost of the specified assets of the Company becomes less than the law of the minimum amount of share capital, society is subject to liquidation.

Similar provisions are contained in paragraphs.20 of Federal Law No. 14-FZ "On Limited Liability Societies" and in paragraph 4 of Article 35 of the Federal Law No. 208-FZ "On Joint-Stock Companies".

Calculation of net assets must be carried out in accordance with the procedure for determining the value of net assets, approved by the Order of the Ministry of Finance of Russia of 28.08.2014 No. 84n.

Of course, in practice, rare cases of liquidation of the company under the indicated grounds.

For example, the Moscow District Arbitration Court in 2014-2016. repeatedly got up to the side of organizations in the event of economic activity, submission to the Inspectorate of the tax and accounting reporting and the lack of arrears in taxes and fees, as well as on other mandatory payments.

According to judges, the fact that the size of net assets was less established by the law of the minimum amount of authorized capital, can not entail the immediate liquidation of the organization (see Resolutions of 19.07.2016 No. F05-9990 / 2016 in case No. A41-96797 / 15).

Nevertheless, the risk is great - The organization with negative net assets can eliminate. And the courts of other districts are not as favorable (see, for example, the resolutions of the FAS of the Volga-Vyatka district of 24.03.2014 in case No. A31-921 / 2013, the West Siberian District from 02.06.2014 in case No. A45-23245 / 2012).

To avoid liquidation, it is possible to reduce the authorized capital, but by no less than its legally established minimum (for example, it is 10,000 rubles for limited liability companies), there are also other legal schemes for increasing net assets, including can be reorganized .

Scheme 1. Reorganization in the form of joining or merger

If an unprofitable company to attach to profitable (or to merge it with a profitable organization), the amount of the loss will turn off not only for taxation, but also for purposes accounting.

Conclusion - net assets will grow.

Scheme 2. Revaluation of fixed assets and intangible assets

Suppose the company has real estate purchased for a long time, and almost already burned. Revaluation will help to increase its cost.

Due to this procedure, only the assets of the organization increase. For income tax, no consequences arise. And if real estate is taxed on property cadastral value, after the revaluation, the amount of property tax will not change. Read more about revaluation on with. 234.

Similarly, you can reassess intangible assets.

Scheme 3. Transition to IFRS

Indeed, it may turn out that according to the rules specified in Russian PBUs, the organization has a loss. But if the company applies to reporting international standards, which are based on management accounting rules (which is not prohibited by federal law of 06.12.2011 No. 402-ФЗ "On Accounting" and even recommended by the Ministry of Finance of Russia), it may turn out that the financial result will be positive.

And therefore, the cost of net assets will be greater than the magnitude of the company's share capital.

If the organization has no other options for increasing net assets, the founders will help her.

In tax accounting, the amount of financial assistance does not participate in the tax on one of the grounds: if the owner participates in more than 50% in the authorized capital of the recipient's company (sub.11 paragraph 1 of Article 251 of the Tax Code of the Russian Federation) or if money amount transferred to increase net assets, including by forming additional capital (Sub.3.4 p.1 of article 251 of the Tax Code of the Russian Federation).

Consider the last option.

To take advantage of the benefit of income tax on the second base, the company does not need to perform any additional conditionsNor in terms of the size of the share of the participation of the transmitting parties in the authorized capital, in no way from the company of property at least during the year from the date of its receipt (the emails of the Ministry of Finance of Russia dated July 16, 2015 No. 03-0306 / 2/4093, FTS of Russia from 22.11 .2012 No. EF-4-3 / 19653, etc.).

The main thing is to make a decision of the founders that the appropriate property or money is transmitted precisely to increase net assets.

In accounting, gratuitous financial assistance to the founder refers to additional capital using an account 83 (letters of the Ministry of Finance of Russia of October 28, 2013 N5 03-03-06 / 1/45463, from 10/14/2013 No. 03-0306 / 1/42727). That is, it turns out that the net assets of the company will increase in the receipt of assistance from the founder and there will be no additional taxation.

Tekinalogue consulting planning planning organization

According to the order of FCCB No. 149 of August 5, 1996, "On the procedure for assessing the value of net assets of joint-stock companies", net assets are "the value determined by subtracting from the amount of assets of the joint-stock company adopted for the calculation of the amount of its obligations taken to the calculation."

Many works of Russian and foreign scientists are dedicated to analyzing the concepts of the concept. In the scientific literature, the indicator "Pure assets" is also called the indicators of the capital structure.

In Western accounting, the concept of "net assets" is used and is considered as equivalent to the company's own capital.

In Russian accounting, the calculation of net assets mainly coincides with this approach, but the requirements of compliance with their own capital of the joint stock company are not contained.

The cost of net assets also reflects the cost of that part of the property. commercial organizationwhich would remain with the founders (participants) of a commercial organization with the "imaginary" liquidation of a commercial organization with the simultaneous termination of its accounts and accounts receivable At the cost reflected in accounting registers at the date of imaginary liquidation.

In practice, there are cases when the understatement of net assets occurs due to the fault of the accountant.

For example, at OJSC Bembby, when calculating the value of the liabilities participating in the calculation of net assets, targeted financing was taken into account, obtained by the JSC from the budget to update fixed assets.

According to PBU "Accounting state aid»Target financing of capital costs at the expense of funds state budget "It is taken into account as income of future periods when entering objects non-current assets commissioned followed by the assignment during the period useful use Objects of non-current assets in the amount of accrued depreciation on financial results Organizations as non-revenue income. "

When commissioning acquired by budget financing Fundamental funds, accounting of OJSC "Bembby" did not take into account this source of financing as part of the income of future periods that do not participate in the calculation of net assets. As a result, net assets at the end of 2001 were underestimated by 516 thousand rubles. (Tab. 1).

The federal legislation imposes certain restrictions on the limit value of net assets.

If the magnitude of net assets turns out to be less authorized capital, then according to Art. 35 of the Law "On Joint-Stock Companies" The authorized capital is to be reduced to the magnitude of net assets. The authorized capital of the Company determines minimum size Property guarantees the interests of his creditors. The real size of the property to which creditors can count when returning debt is defined just the size of net assets.

If at the end of the second and each subsequent fiscal year in accordance with the annual accounting balanceproposed for approval by the Company's shareholders, or the results of the audit, the cost of net assets of society is less than the magnitude of the minimum share capital specified in Article 26 of the Federal Law "On Joint-Stock Companies", society is obliged to decide on its liquidation.

Thus, the indicator "net assets" (cha) is calculated by the formula:

Cha \u003d assets - obligations,
And the following restrictions are superimposed on it.

1. Cha\u003e \u003d Criminal
   If the authorized capital is less than cha, then it is reduced to the amount of cha.
2. Cha\u003e \u003d UK\u003e \u003d 100 000 rub.

In practice, there are cases when the "net assets" indicator has a negative value. This testifies not only to the inefficient work of a commercial organization, but also on the insecurity of the execution of creditors' claims. According to federal legislation, such an enterprise is subject to liquidation.

Ways of increasing the indicator of CA are obvious: either to increase assets without appropriate increasing obligations, or reduce obligations: assets - MAX, liabilities - min.

Mechanisms of increasing assets

In accordance with International standards financial statements (IFRS) of Article 49, 53 - 68, 102 - 110 of the chapters of IFRS "Principles":

"Assets are resources controlled by the company as a result of events of past periods, from which the company expects economic benefits in the future. The future economic benefit concluded in the asset is the potential that will enter directly or indirectly into the cash flow or equivalents of the company's money. This can be done in different ways, for example, asset can be:

• used separately or in combination with other assets in the production of goods and services sold by the Company;
• exchanged for other assets;
• used to repay the obligation;
• distributed among the owners of the company. "

Increased assets can be achieved by:

1. profit;
2. obtaining financial assistance;
3. revaluation;
4. emissions of shares.

1. The most common mechanism for increasing the profitability of the joint stock company is the following. Profit is formed by subtracting from revenue from the sale of products (works, services) costs for the production of products (works, services). Target installation on increasing profits will be:
Revenue - Max; Costs - min.

Revenue increasing is often impossible due to limited production resources (lack of fixed assets, labor).

The essence of the limitations of production resources is to limit your own financial resources. If you resort to borrowed financing, the obligations will increase with an increase in assets, which will not lead to an improvement in the indicator of net assets.

Moreover, the increase in borrowing financing will increase the risk of the onset of financial difficulties (fines, penalties, legal costs) What else can increase obligations.

Restrictions in the growth of revenues may also be due to the inability to expand the market (there is no additional demand for products (work, services)).

The cost reduction mechanism is more diverse than the mechanism of increasing revenue. But often cost reduction activities also require additional financial resources that do not always have.

Cost reduction activities include: a decrease in labor consideration, material consumption, energy intensity of products (works, services), as well as improving the management structure. The cheapest cost reduction source is reduction depreciation deductions. The depreciation charges are less, the higher the assets in the book estimate and profit.

In addition to profits from the main activity, the JSC can make a profit from the sale of fixed assets, materials, valuable papers. Such sources of assets increase also need to be used as much as possible.

All the above, the listed measures to increase the profitability of AO will take on production activities. There are also measures to increase profits that are not related to production (inform them of accounting activities): applying a method for evaluating the write-off of materials into production (FIFO, LIFO, middle Costs), the use of various reserves formed at the expense of cost and number of others. But the use of such accounting measures in order to increase profits will not affect a significant aspect on the figure of Cha, since in a quantitative (material) attitude of assets not to add.

2. Obtaining financial assistance is the fastest and surest way to increase net assets of JSC, since in this case an increase in assets (cash) without an appropriate increase in obligations occurs. Financial assistance can provide:

• federal, regional or local authorities in the form of financing current and capital expenditures;
• owners (shareholders);
• lenders.

In accordance with Article 31 of the Law "On Insolvency (Bankruptcy)" of October 26, 2002 No. 127-FZ "The founders (participants) of the debtor, the owner of the property of the debtor - unitary enterprise, creditors and other persons as part of measures to prevent bankruptcy, the debtor may be provided with financial assistance in the amount sufficient to repay monetary obligations and mandatory payments and restore the debtor's solvency (pre-trial sanitation).

The revaluation does not give the increment of assets in the form of money or increase the number of assets, but improves the indicator of "net assets" by increasing the value of the property of the enterprise (assets).

The result of the revaluation is to increase the cost of assets ( balance value property) due to the corresponding increase in sources of funds in the form of additional capital, which is part of own funds JSC. An increase in net assets also increases investment attractiveness. Moreover, the more expensive the property of the debtor, the more confidence from creditors (including banks), as the cost of collateral is increasing.

On many industrial enterprises The value of the property is underestimated, since when privatization it was often obtained at a symbolic price. Therefore, its own capital is underestimated, since the industry's fixed assets are approximately equal own capital and parts of long-term borrowed capital. But in the balance of most enterprises rarely meet long-term borrowed capital. Long-term borrowed funding in our country is essentially poor.

In general, the balance of industrial joint stock company is characterized by minimal by authorized capital (100,000 thousand rubles) and great addition, which indicates a reassessment reassessment and practically for the acquisition of the property as a result of privatization. And all the same as the cost of assets (first of all the main funds) is often understated in the industry, which affects the magnitude of net assets, and for creditworthiness (the loan is usually given under assets - small assets are small and loans), and investment attractiveness.

It is worth emphasizing that joint Stock Company With underestimated assets, they are lackings for absorption - a sufficiently one major lender is to claim almost all the property of the debtor if the amount of debt is more than half of the debtor's assets. AO, which has low-profile assets, is usually a low market value of shares, which creates favorable conditions for their buying to capture the management of JSC.

4. Emissions of shares are a relatively cheap and rapid source of receipt of funds not burdened by obligations, which directly affects the increase in net assets of JSC. But the placement of shares on the open stock market As a source of funding is practically not available to Middle enterprises. Emissia shares can afford large companies, listed its shares on the stock exchange, which have a good reputation and high level of net assets.

The only way out for medium enterprises in crisis is the placement of new shares among the current shareholders.

Lowering mechanisms

In accordance with International Financial Reporting Standards (IFRS), "Obligations is the current debt of the company arising from the events of past periods, the settlement of which will lead to an outflow from the company of resources containing economic benefits. The most important characteristic of the obligation is that the company has current debt. Obligations may be legally binding (for example, amounts paid for goods and services received) or arise from business practice (for example, warranty service after the expiration of the warranty period). "

In economic literature you can meet various classifications of obligations. For example, it is proposed to divide the obligations into the following groups:

• obligations to the fiscal system;
• obligations to the financial and credit system;
• obligations to counterparties for their goods or services;
• obligations to shareholders and employees of the enterprise.

Reducing the level of obligations can be achieved by:

1. mobilization cash flow to cover the obligations;
2. restructuring obligations.

1. A certain level of obligations is inherent in any JSC. Moreover, the model and Miller proved that the AO is beneficial to use borrowed capital, as it comes to income tax (interest on the use of borrowed capital is included in the costs, and dividends on the use joint Stock Capital Pay at the expense net profit). But the use of borrowed capital is associated with the risk of bankruptcy AO, which is expressed in the inability to fulfill obligations.

The fulfillment of obligations is inextricably linked with a cash flow that forms revenue from sales. If the increase in cash flow is ahead of the growth of liabilities, then the obligations will be reduced. If, on the contrary, there will be a decrease in cash flow, the obligations will immediately increase. Thus, the level of obligations can be reduced by mobilizing cash flow. When lowering the level of obligations, net assets of JSC will increase. Mobilization of cash flow can be carried out by accelerating receivables collection.

Accelerating receivable collection can be achieved by:

• establishing hard control over the compliance with contractual discipline by counterparties;
• conclusion of contracts involving the transition of ownership of products (work, services) only after their payment;
• sale of receivables (factoring) bank or factor system. The factor is usually paying part of the amount of receivables (up to 80%), the remaining 20% \u200b\u200bcan be considered as costs to acquire sources of financing of the enterprise.
• introduction of a prepayment system, stimulating the buyer for payment of products according to the "2/10 total 30" scheme, meaning that
  • the buyer receives a 2% discount in the case of payment of the goods received within 10 days from the date of receipt of the goods;
  • buyer pays complete value goods, if payment is performed in the period from 11 to 30 years of lending;
  • in case of non-payment within a month, the buyer will be forced to additionally pay a fine, whose value can vary from the moment of payment.

With overdue receivables, it is necessary to organize work on its recovery. Financial ways Impact on debtors for recovery of overdue receivables are: making acts of reconciliation of debt, the use of penalties, proposals for the holding of arrears, the sale of debt, initiation of the bankruptcy procedure of insolvent debtor.

It should be noted that the more JSC has obligations, especially overdue, the tougher there should be a policy of receivables management.

If AO will distract funds in the calculations, then there will be a deficit of resources to repay their own commitments.

2. The second way to reduce the obligation is the restructuring of obligations.

The following ways to restructure liability can be distinguished:

• prolongation short-term credit bank;
• debt translation into long-term category;
• conclusion of contracts for the supply of products with a delay of payment from 30 days;
• restructuring tax liabilities;
• translation of part short-term obligations in promotions or bonds;
• registration of the obligations of the payment of goods (works, services) of the bill with a remote maturity;
• "Forgiveness" of debt.

Essentially, all restructuring procedures are reduced to either the transfer of borrowed capital to the shareholder or to the prolongation of borrowed capital, or to innovation (replacing one obligation to others). It is also possible to achieve an agreement on the forgiveness of debt.

Prolongation of obligations improves the performance of AO solvency, reduces the share of overdue obligations in the Based Capital of JSC, but does not increase the net assets of JSC.

The restructuring of the borrowed capital into the share increases net assets of JSC, but it must be borne in mind that in the case of the transfer of shares that make up more than 20% of share capital, the pressure levers appear on the JSC management process by the new owner.

conclusions

Pure assets are an important indicator financial and economic activities of JSC. If AO shares do not have market value (Not quoted on the stock exchange), the indicator of "net assets" can to some extent replace the "Market Capitalization of the Company" by the indicator.

The better the indicator of "net assets", the higher the investment attractiveness of JSC, the more confidence from creditors, shareholders, employees. And, on the contrary, the lower the value of the "net assets" indicator, the higher the risk of bankruptcy AO. Therefore, the management of the AO should control the value of this indicator, prevent its fall to the critical value established by the law, to seek ways to increase it.

List of used literature

1. Brigham Yu. Gapenski L. Financial Management: in 2 volumes / translation. from English Ed. V.V. Kovaleva, St. Petersburg: Economic School, 2001
2. Karlin Thomas P., Mak Min Albert R. Analysis of financial statements. Edition of the Association of Bankers of America. M., 1998, p. 134.
3. Kovalev V.V. The financial analysis: Capital Management. Choosing an investment. Reporting analysis. - M.: Finance and Statistics, 1998. - 512 p.
4. Koshkin V.I. et al. Anti-crisis management: 17-modular program for managers "Managing the Development Organization", Module 11.-M.: Infra-M, 2000.
5. Nidlz B., Anderson H., Caldwell D. Accounting Principles. M.: "Finance and Statistics", 1994.

Andrei Viktorovich Komarov
Director of AKF "TsFO"

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