Comparative analysis IFRS №23 "Loan costs" and PBU 15/01 "Accounting loans and loans and costs for their maintenance"

Principles of debt accounting for borrowed funds established by the National Russian Standard of PBU 15/01 and similar international standard accounting (IFRS 23 "Loan costs") differ significantly.

Comparative characteristics Allows you to state the following.

1. IFRS 23 "Loan costs" provides for two different ways to account for loans and loans. The first (standard) method involves the assignment of interest on loans and loans to the costs of the period in which they are produced. The second (alternative) method in addition to the standard accounting offers the use of capitalization of costs of loans and loans in the value of assets called qualified if the borrowed funds were attracted specifically to acquire these assets.

With an alternative way to account for costs in the initial cost of qualified assets, interest on loans and loans are included. At the same time, an asset is understood under a qualifiable asset, the preparation of which to intended use or for sale necessarily requires considerable time.

We give examples of qualified assets.

• 1. Stocks that require considerable time to bring them to the commodity state. For example, the company produces 5-year exposure wine. The company may consider this as a qualifiable asset.
• 2. Objects unfinished capital constructionFor example, the company is building a power station, construction works Strengthen 4 years. The company may consider this as a qualifiable asset.
• 3. Investment property, for example, the company acquired an office building and plans to repair it and rent a third party. The company may consider this as a qualifiable asset.

Do not belong to qualified assets of reserves, in a short time converted to goods (for example, the production of milk cottage cheese, which takes several days; it cannot be considered as a qualifiable asset), as well as goods intended for further resale.

In the Russian practice of accounting in accordance with the norms of PBU 15/01, an order corresponding to the permissible alternative in IFRS 23 is applied. According to paragraph 12 of PBU 15/01, the costs of loans and loans should be recognized by the costs of the period in which they are made, with the exception of that Their parts that are subject to inclusion in the cost of the investment asset. The "qualifly asset" is named in PBU 15/01 by investment asset, however, despite the difference in titles, the economic essence of these concepts is one: these are assets requiring significant time to purchase and (or) construction and preparation for use.

So, PBU 15/01 requires, and IFRS 23 allows for the costs of loans directly related to the acquisition of an investment (qualified) asset, in its initial cost, but unlike IFRS 23 PBU 15/01 makes a number of reservations prohibiting such inclusion in Some cases. Consider them.

In accordance with paragraph 13 of PBU 15/01 investment assets Do not include objects purchased for resale. Thus, even if the preparation of these objects to use will require considerable time, the costs of borrowed funds will not be included in their cost. In IFRS 23 there is no this restriction.

PBU 15/01 prohibits the inclusion of loan costs in the cost of that investment asset, according to which the rules of Russian accounting does not provide for depreciation (p. 23). IFRS 23 does not include the inclusion of the costs of borrowed funds in the cost of a qualified asset depending on whether depreciation is charged on this asset.

From the requirement of PBU 15/01 to include loan costs only in the value of those investment assets for which depreciation is accrued, it follows that these costs should not be included in the cost of current assets, since the depreciation is not provided for them. Arguing so, we can conclude that the costs of borrowed funds should not be included not only in the value of goods, but also in the cost of material and production stocks. Note that IFRS 23 does not contain this limitation.

PBU 15/01 does not suggest keeping accounting for loans and loans to the method, which in IAS 23 is indicated as the main one (reflection of interest on borrowed funds exclusively as part of current expenses).

• 2. PBU 15/01 Sets general principles The debt accounts for loans, loans and issued to borrowed funds, the description of which is not provided for by IFRS 23. So, IFRS 23 does not contain instructions on the classification of debt on loans and borrowings on the short-term and long-term, the need to transfer urgent debt into overdue in the presence of grounds.
• 3. And PBU 15/01, and IFRS 23 determine the composition of the costs of loans and loans, including: "General" - interest on borrowed funds, additional costs - are associated with the involvement borrowed money and exchange differences arising from the involvement of borrowed funds. At the same time, IFRS 23 refers to the composition of costs such expenses as gradual write-off (sometimes called depreciation) of income and expenses obtained as a result of bond emissions, financial payments within financial leasingreflected in accounting in accordance with IFRS 17 "Rent". PBU 15/01 refers to the costs of borrowed funds the sums, as well as interest, discount for payments to benefits and bonds.
• 4. The main focus of IFRS 23 pays recognition of loan costs with an alternative accounting procedure, determining the composition of the costs of loans permitted to capitalization; the moment of the beginning of capitalization and suspension of capitalization; Accounting for loans and loans under cessation of capitalization.

The norms of PBU 15/01 (p. 29) in cases where borrowed funds received for the purpose of acquiring an investment asset are also expected to use the "capitalization rates" when accrued interest for the use of these borrowed funds, but in russian standard The term "weighted average rate" is used. The order of its calculation is similar to the procedure established in IFRS 23.

In determining the costs of loans permitted to capitalization during the period, any investment income received by such funds is deducted from the amount of costs incurred on loans (paragraph 16 of IFRS 23). This kind of requirement is also contained in paragraph 26 of PBU 15/01, according to which the costs of loans and loans associated with the acquisition of an investment asset are reduced by the amount of income from the temporary use of borrowed funds as long-term and short-term financial investments.

In accordance with the norms of IFRS 23, capitalization of costs for the use of borrowed funds as part of the initial cost of a qualified asset should begin when:

there were expenses on this assets;

there were costs of loans;

the work required to prepare an asset for use in the appointment or for sale has begun.

According to the requirements of paragraph 27 of PBU 15/01, the inclusion of the costs of loans and loans to the initial cost of the investment asset is made in the presence of the following conditions:

the emergence of the cost of acquisition and (or) construction of an investment asset;

the availability of actual costs of loans and loans or obligations to implement them;

the actual start of work related to the formation of an investment asset.

Thus, the moment of starting capitalization in Russian and international standards Defined similarly.

We continue the publication of materials from the IFRS series for beginners. In previous rooms, we studied the requirements of international standards to account for long-term assets on the example of fixed assets and investment property (see, No. 10, 2013), as well as the procedure for impairment of long-term assets (see No. 11, 2013). This article also affects the topic of long-term assets.

The main question that will be reviewed is whether the costs of loans should be included in the initial cost of an asset if this loan is used to create an asset. The IFRS Council dedicated to this issue a separate standard - IAS 23 "Loan costs".

Picture. Structure and main provisions of IFRS (IAS) 23

Basic idea standard

The company must recognize the costs of loans as expenses in the period in which they are incurred.

However, the costs of loans directly related to the acquisition, construction or production of a qualified asset should be capitalized as part of the cost of this asset.

Under qualified asset (Qualifying asset) is understood as an asset whose preparation for

Note!

In the Russian translation of IAS 23, the term Qualifying Asset sounds like an "asset that meets certain requirements". However, in paragraph 7 of the translation, there is a phrase: "Assets, ready for use on purpose or for sale at the time of purchase, are not qualified asset." Probably, the term was initially translated as a "qualified asset" and subsequently replaced by "meeting certain requirements." But, unfortunately, not everywhere (possibly technical error). The article uses the option "qualified asset", since it is contained in the original text and more convenient than the translated.

Use for destination or for sale necessarily requires considerable time.

At the same time, the qualified asset may be:

• stocks;
• fixed assets;
• intangible assets;
• investment property.

A key concept for identifying a qualified asset is precisely the considerable time to create it or prepare for use.

At the same time, the Standard allows not to capitalize interest for stocks created in large quantities and on a regular basis, and for biological assets taken into account by fair valueEven if the identification requirements are performed for them as qualifiable assets.

Naturally, assets, ready to use or sell at the time of purchase, cannot be qualified.

Under the costs of loans are understood:

• percentage costs calculated using the effective interest rate;
• financial costs for financial lease in accordance with IAS 17 "Rent";
• course differences arising from the attraction of loans in foreign currency.

We will understand why interest on loan is calculated based on an effective interest rate, and not percentage provided for in the contract.

Effective interest rate - This is a mathematically calculated interest rate at which future cash payments discounted at this rate are equal to the book value of the obligation.

The need for an effective interest rate is due to the fact that in accordance with the operating IFRS (IAS) 39 "Financial Instruments: Recognition and Assessment" in the editorial office of IFRS 9 "Financial Instruments" in the initial cost of loans include the costs of attracting them.

Often it is surprising that in international standards, the costs of attracting a loan are not expenses.

However, it should be recalled that the Russian analogue allows the possibility of gradually inclusion in the costs of additional costs associated with obtaining a loan. Paragraph 8 of PBU 15/2008 "Accounting for loans and loans" permits evenly, throughout the term of the loan agreement, to recognize additional costs associated with obtaining a loan in expenditures.

International standards for inclusion in the costs of additional costs to attract a loan use a mechanism for the effective interest rate. Consider the effect of the effective interest rate on the example.

Example

January 1, 2013, the company received a loan on replenishment from the bank current means in the amount of $ 20 million for a period of three years. The interest rate under the contract is 10 percent per annum, interest is payable at the end of each year. The body of the loan in the amount of $ 20 million is subject to repayment on December 31, 2015.

In accordance with the terms of the contract, the Bank charges a commission for issuing a loan in the amount of 1.5 percent of the loan amount. In addition, the company paid specialized services financial companyrelated to the preparation of documents for a loan, in the amount of 200 thousand US dollars.

It is required to determine the costs of financing recognized in the profits and losses, for 2013, 2014 and 2015.

Decision. The costs associated with obtaining a loan in the form of a commission for issuing a loan of $ 300 thousand (US $ 20 million x 1.5%) and the services of a financial company in the amount of 200 thousand US dollars are not expenses , and are included in the initial cost of the loan.

The initial cost of the loan is 19,500 thousand dollars (20,000 thousand - 300 thousand - 200 thousand).

The effective interest rate is 11.023 percent per annum. Please note that the effective interest rate is almost impossible to be manually locked. For its calculation, it is used, in particular, the built-in function of the EMD (internal rate of profitability) Microsoft Excel package.

The calculation of interest expenses recognized in profits and losses using an effective interest rate in the amount of 11.023 percent per annum is shown in Table 1.

Table 1. Calculation of interest expenses, thousand dollars. US

Thus, interest for the use of a loan in the amount of 6000 thousand US dollars, as well as the initial costs associated with obtaining a loan, in the amount of $ 500 thousand (300 thousand + 200 thousand) on a systematic basis recognized in profits and Loss as expenses for financing for 2013-2015.

For comparison, the costs of financing recognized according to PBU 15/2008 would be:

· 2013 - 2167 thousand US dollars (2000 thousand percent of + 1/3 x 500 thousand. Costs to attract a loan);

· 2014 - 2167 thousand US dollars;

· 2015 - 2166 thousand US dollars.

Total: 6500 thousand US dollars.

Dates of capitalization interest

The capitalization of interest begins from the moment when the following conditions are performed simultaneously:

• the costs of qualified asset suffered;
• incurred loan costs;
• work has begun on the preparation of a qualified asset to use for the purpose or to sell.

The capitalization of interest is suspended when work on a qualified asset is interrupted for a long time. At the same time, the capitalization of interest continues if the stop is associated with the characteristics of the asset.

Example

The suspension of the building of the building, associated with the pumping of water from the pit, does not stop the capitalization of interest, since the features of the soil were known in advance at the project binding stage to the terrain and the appearance of water in the pit was the expected event.

The capitalization of interest is terminated when almost all work on the preparation of a qualified asset to use or selling is completed. Under the term "ended almost all work" is implied by the end of the physical structure of a qualified asset, although administrative work on its final design can continue.

In order to capitalize interest on a qualified asset, the enterprise must identify the type of loan, which is used to finance the creation of a qualified asset.

Loans for these purposes are divided into two types:

• special loans - loans attracted exclusively in order to finance the creation of a qualified asset;
• loans general purpose - Loans attracted by the enterprise for general purposes, but actually used in fully or partially to finance the creation of a qualified asset.

Special loans

Special loans are easy enough to identify. Their appointment is directly indicated in the loan agreement (or loan agreement). All interest on special loans (taking into account the requirements of the beginning and end of capitalization) for the disadvantage of investment income are subject to capitalization in the initial value of a qualified asset.

The investment income from temporarily invested borrowed funds is understood under investment income. Enterprises - recipients of a special loan often have to invest in the received borrowed funds due to the fact that the creation of a qualified asset requires gradual financing, while the bank (or lender) provide the entire amount of the loan.

Example

The company plans to make a new production line during 2013. Production and installation costs are estimated at $ 10 million. To finance this project, it is planned to use both the company's own funds and a special bank loan in the amount of $ 6 million.

The Bank provided a loan company on January 1, 2013 at a rate of 10 percent per annum with a maturity of December 31, 2014. Interest is paid at the end of each year, the body of a loan in the amount of $ 6 million is subject to repayment on December 31, 2014.

On January 1, 2013, the company from the funds of the loan made a prepaid to suppliers in the amount of $ 2 million. The remaining amount of the loan ($ 4 million) has placed a deposit in the same bank at a rate of 6 percent per annum before March 31, 2013.

The actual work on manufacturing and installation of the production line began on February 1, 2013. On December 1, 2013, the work on the creation and installation of the production line was completed, and it was ready for operation. Administrative work on the design of the production line was completed by December 31, 2013, and from January 1, 2014, the enterprise began to produce products.

It is required to determine the initial value of the fixed assessment, the amount of costs of financing and the amount of investment income, reflected in the reporting for 2013.

Decision.Bank loan is a special loan, as it was attracted solely for the purpose of manufacturing and installing a new production line.

· Dates of the cost of the costs of a qualified asset (prepayment Suppliers were implemented on January 1, 2013);

The deadline for the capitalization of interest on loan - December 1, 2013, when almost all work on the creation of the production line is completed.

Interest on the loan accrued from February to November 2013 (10 months) is equal to 500 thousand US dollars (US $ 6,000 x 10% x 10/12).

Investment income:

· In January 2013, 20 thousand US dollars (US $ 4000 x 6% x 1/1 12) are equal;

· For February-March 2013, 40 thousand US dollars (US $ 4,000 x 6% x 2/12) are equal.

Total investment income is 60 thousand US dollars.

Interest on the loan to be capitalized in the main agent is equal to 460 thousand US dollars (500 thousand - 40 thousand).

Total initial cost of the production line will be 10,460 thousand US dollars (10,000 thousand + 460 thousand).

Please note that not all investment income is deducted from accrued interest, but only the income received during the period limited to the start and end of interest capitalization (that is, from February 2013 to November 2013 inclusive).

The total amount of interest accrued for 2013 is equal to $ 600 thousand (US $ 6,000 x 10%).

In total, the total amount of interest reflected as expenses in the income statement for 2013 will be $ 140 thousand (600 thousand - 460 thousand).

Investment income, reflected in the profit and loss for 2013, is 60 thousand US dollars.

General purpose loans

The main complexity is the definition of the relationship between the loans obtained on the general goals of financing the company's activities, and the costs of creating a qualified asset. Whether general-purpose loans were used to pay for the cost of creating a qualified asset, and if "yes", then to what degree

The IFRS Council recognizes that these issues are not easy and require professional judgment. To determine whether there is a bond between general-purpose loans and qualifiable asset, IAS 23 introduces the following formula: loan costs relate to the acquisition, construction and creation of a qualified asset in the event that these costs could be avoided in the absence The most qualified asset. Thus, the answer to the question of whether a general purpose loan is associated with a qualified asset is reduced to an assessment of the need to finance the company's activities, provided that the decision to create a qualified asset is not accepted. If there is no financing needs (in the absence of a qualified asset), it can be concluded that the loan is used to create a qualified asset. And check this by analyzing the financial report

To ensure uniform approaches and comparability, during past periods, it is desirable that the method of assessing the need to finance the creation of a qualified asset at the expense of general-purpose loans has been fixed in the enterprise accounting policy.

Position.

Example

The company "A" and "B" is needed by financing. For these purposes, they attracted short-term loans in the first quarter of 2013. It is known that during 2013, both companies have been engaged in the construction of new production lines and on December 31, 2013 their construction has not yet ended. Revenue of companies "A" and "B" increased in 2013 compared with 2012 by 50 and 20 percent, respectively. To ensure an uninterrupted process of production and sales of products, a corresponding increase in investments in current assets (minus trading accounts payable).

It is required to determine whether the means of short-term assets were used to finance the construction of qualified assets (production lines) on the basis of the data below for the statement of financial position as of December 31, 2012 and 2013 (see Table 2 and 3).

Table 2. Report on the financial position of the company "A" on December 31 (million dollars)

Table 3. Report on the financial position of the company B "on December 31 (million dollars)

If company "A" It was not engaged in creating a production line (qualified asset), then the need for financing would have occurred only because of the need for financing the increase in working capital. The company's turnover increased by 50 percent, which demanded an increase in investments in working capital in the amount of $ 60 million. This increase in working capital is funded by a short-term loan of $ 50 million and own funds Companies in the amount of $ 10 million.

Conclusion: Short-term loan tools were not used to finance the creation of a qualified asset (production line).

If company "B" It was not engaged in creating a production line (qualified asset), then the need for financing would have occurred only because of the need for financing the increase in working capital. The company's turnover increased by 20 percent, which demanded an increase in investments in working capital in the amount of $ 19 million. This need for increasing working capital is fully funded by a short-term loan of $ 40 million.

It is obvious that the loan tools in the amount of $ 21 million (40 million - 19 million) in excess necessary for financing working capital are directed by the company to finance investments in a qualified asset.

Conclusion: the means of a short-term loan in the amount of $ 21 million are used for the purposes of financing the creation of a qualified asset (production line).

It is worth noting that, in contrast to the international standards of PBU 15/2008, it does not indicate at all how the enterprise should determine whether the means of general purpose loans were used to create a qualified asset (investment asset in PBU terminology 15/2008).

The consequence of this is the formal approach of enterprises when the loan funds are displayed on a separate account for the implementation of payments to suppliers for purchased raw materials, materials and services or services or (if the loan funds fall on the current accounting account of the enterprise) all investment payments are suspended until the loan amount is fully utilized on Calculations with operating providers. As a result, "in the hands" of the enterprise remains documents that the loan was spent solely on the goal of replenishing working capital, but this approach does not reflect the real economic goal Attraction I.

Note!

It is important to remember that when preparing the reporting in accordance with IFRS important role Playing the principle of the priority of economic content over the legal form. Reporting should reflect economic essence operations, therefore, the legal approach that applies russian enterprises Within the framework of PBU 15/2008 for formal evidence that loans were not used to finance an investment asset, unacceptable from the point of view of international standards.

Loan use.

The formal approach of PBU 15/2008 is vividly visible on the following example.

Example

The enterprise is building an investment asset, and this construction will continue throughout the year. Building costs are 1 million US dollars and can be spent at a time at the beginning of construction (the one-time purchase of materials and prepayment contractors).

The enterprise takes a short-term six-month loan on replenishment of working capital in the amount of $ 1 million and actually uses it to finance construction. In six months, the loan returns and takes a new loan under the same conditions and the same amount (1 million USD).

From an economic point of view, this is one loan, which is simply prolonged for 6 months, and naturally, that all interest on the loan is subject to capitalization during the year of construction. However, from a formal point of view of PBU 15/2008, the second loan is not related to the construction of an object (after all, all costs are carried out at the beginning of construction), and interest on the second loan in accordance with PBU 15/2008 should be recognized as the expenses of the period.

Capitalized interest. How IFRS (IAS) 23 determines the cost of general-purpose loan costs that need to be capitalized as part of a qualified assetXXX

The IFRS Council suggested a very elegant solution to this issue. No need to determine which specifically general purpose loans and to what extent were used to create a qualified asset, as, for example, requires PBU 15/2008. It is sufficient to initially identify that loans (or one loan) of general purpose were used to finance the creation of a qualified asset.

In this case, the formula is as follows:

Capitalized loans costs \u003d Capitalization rate x asset costs
Capitalized loan costs X are actually accrued loan costs

Capitalization rate equal to the weighted average value of the costs of loans remaining outstanding during the period (with the exception of special loans intended for financing the creation of an asset). Under the period in international standards, by default, the annual reporting period is understood. However, if the company represents interim financial statements in accordance with IAS 34 "Interim Financial Reporting", the period for capitalization will be the interim reporting period (month, quarter or half a year). It will also not be contrary to the requirements of IFRS, if in accounting policies for the purpose of applying IFRS (IAS) 23, the company will establish its (admit, monthly) period of determining the capitalization rate.

Order procedure costs for asset Standard is not installed. In practice, medium costs are usually used during the period.

Naturally, the order of determining the cost of asset should also be enshrined in the accounting

Note!

The costs of an asset are considered to be the total costs of an asset, and not just incurred during the period.

Enterprise policy.

Example

During the reporting period, the company also represents quarterly intermediate reporting.

April 1, 2013 Enterprise start construction claimed facilities. It is expected that they will need one year.

According to the intermediate financial statements and a preliminary version of the annual financial statements for 2013, investment in the construction of wastewater treatment facilities (excluding capitalized interest) amounted to:

On May 1, 2013, the company received a short-term bank loan in the amount of $ 5 million for a period of 6 months at a rate of 12 percent per annum (here and further the interest rate of the loan provided coincides with the effective interest rate).

On November 1, 2013, the company received an annual bank loan in the amount of $ 6 million for a period of 1 year at a rate of 11 percent per annum.

Analysis showed that both loans were used to finance the construction of wastewater treatment facilities.

In addition, during the whole 2013, the company used a bank overdraft, the remainder of which at the end of each month was $ 3 million. Overdraft was provided by the bank at a rate of 14 percent per annum.

It is required to determine the amount of expenses that the company is obliged to capitalize in the cost of wastewater treatment facilities.

Decision.Claimed facilities are a qualified asset, as they require a long time for construction. Due to the fact that general-purpose loans were used to finance the construction of wastewater treatment facilities, it is necessary to capitalize the relevant costs of general-purpose loans as part of the costs of treatment facilities.

Calculation of the actual costs of general appointment loans in the second quarter of 2013:

· Overdraft in the amount of $ 3 million - 105 thousand US dollars (3000 thousand x 14% x 3 months / 12 months);

· On a loan of $ 5 million - US $ 100,000 (5000 thousand x 12% x 2 months / 12 months).

In total, the costs of loans in the second quarter of 2013 are 205 thousand US dollars.

Calculation of the actual costs of general appointment loans in the third quarter of 2013:

· On a loan of $ 5 million - 150 thousand US $ 150 (US $ 5,000 x 12% x 3 months / 12 months).

In total, the costs of loans in the third quarter of 2013 are 255 thousand US dollars.

Calculation of the actual costs of general-purpose loans in the fourth quarter of 2013:

· Overdraft in the amount of $ 3 million - US $ 105,000 (US $ 3000 x 14% x 3 months / 12 months);

· The loan amounts to $ 5 million - $ 50,000 (US $ 5,000 x 12% x 1 month / 12 months);

· On the loan in the amount of $ 6 million, 110 thousand US dollars (US $ 6,000 x 11% x 2 months / 12 months).

Therefore, the costs of loans in the fourth quarter of 2013 - $ 265 thousand.

Calculation of capitalization rates for outstanding loans at the end of II, III and IV quarters of 2013:

· Capitalization rate in the second quarter - 13.0% ((105 + 100) / (3000 x 3 months / 12 months. + 5000 x 2 months / 12 months));

· Capitalization rate in the third quarter - 12.8% ((105 + 150) / (3000 x 3 months / 12 months + 5000 x 3 months / 12 months));

· Capitalization rate in the fourth quarter - 12.3% ((105 +110) / (3000 x 3 months / 12 months + 6000 x 2 months / 12 months)).

Please note that in the fourth quarter, the capitalization rate is calculated only in view of the costs of outstanding loans at the end of the reporting period (December 31, 2013).

Calculation of costs (medium) for the construction of wastewater treatment facilities in the II, III and IV quarters of 2013:

· Construction costs in the second quarter - $ 2500 thousand ((5000 + 0) / 2);

· Building costs in the third quarter - 10,000 thousand US dollars ((15,000 + 5,000) / 2);

· Building costs in the fourth quarter - $ 17,500 thousand ((20,000 + 15,000) / 2).

Calculation of capitalized costs of loans in the cost of construction of wastewater treatment plants in 2013 is shown in Table 4.

Table 4. Calculation of capitalized costs of loans consisting of construction costs

At the end of 2013, as part of the costs of the construction of wastewater treatment facilities, it is necessary to capitalize the costs of general-purpose loans in the amount of 601 thousand US dollars.

In profits and losses, the amount of 124 thousand US dollars (205 thousand - 81 thousand) will be reflected as expenses for loans (205 thousand - 81 thousand).

Conclusion

We reviewed the basic provisions of IAS 23 "Loan costs" and found out that the basic idea of \u200b\u200bthe standard is that if loans are used to finance the creation of qualified assets, they are obliged to capitalize as part of the costs. All other loans costs are recognized as the costs of the reporting period.

The IFRS Council suggested simple and comfortable methods Capitalization of the costs of loans depending on the nature of the loan. If the loan is specially obtained on financing the creation of a qualified asset, then capitalization is subject to all interest in the cons of investment income.

If general-purpose loans are used to finance the creation of a qualified asset, the calculation of the costs of loans subject to capitalization is also quite simple - this is a product of the capitalization rate for the cost of a qualified asset (but not more actually accrued loan costs). In this case, the calculation does not depend on what particular general purpose loans were used to finance a qualified asset, in no proportion to this.

The company must be approved in his accounting policies:

• methodology for determining whether general-purpose loans are used to finance the creation of qualified assets;
• the period used to calculate the capitalization rate;
• the procedure for determining the costs of a qualified asset (medium or at the reporting date).

IAS 23 "Loan costs"

Ordinary practice for russian companiesHowever, as for their foreign colleagues, attracting borrowed funds to finance their activities.

Obligations of funds received are financial obligations whose repayment is made by money or other financial assets. For borrowed obligations, additional costs arise related to loan interest, which is considered in a separate standard of MSU-23 "Loan costs".

In accordance with the main standard rules for recognizing loans costs, these costs should be recognized as the cost of the period in which they are manufactured, regardless of the conditions for obtaining a loan, that is, regardless of which form and when payments on loans and loans are made.

The standard determines that the loans as costs are recognized:

Interest on banking overdrafts, short-term and long-term loans;

Depreciation of discounts or premiums associated with borrowed funds;

Depreciation of additional costs that were made in connection with the receipt of loans and loans;

Financial lease payments paid in excess of the amount of the principal debt (cost) on rented property;

Currency differences arising from loans in foreign currency in the part in which they are considered to be adjusted for the payment of loans.

If funds are borrowed for general purposes

The amount of costs should be determined by applying a capitalization rate to the costs for the corresponding asset, which is calculated as the weighted average value of costs, in relation to the loans of the company remaining outstanding during the period, with the exception of targeted loans.

Σ Capitalized costs

Σ Cost of period

All loans are not targeted.

Capitalization rate \u003d (1 000 * 20% + 5 000 * 15% + 10 000 * 10%) / (1000 + 5 000 + 10 000)

If 5,000 - 15% target, then:

Capitalization rate \u003d (1 000 * 20% + 10 000 * 10%) / (1 000 + 10 000)

Interest on loans and loans should be recognized reporting periodwhich arose and existed a loan or loan obligations, regardless of which period, under the terms of the loan (loan), they should be paid to the lender led by the means. The amount of interest recognized (accrued) in the reporting period is determined by calculating the following formula:

SP \u003d ----------,

where the joint venture is the amount of interest to accrual in this reporting period;

N - the rate of interest, on the terms of payment of borrowed funds;

D - the number of days of use of borrowed means in this reporting period;

SZ - the amount of liabilities for a loan (loan) in this reporting period to which interest is accrued;

PP - the period on which the established rate of interest is calculated. Usually the percentage rate is set to the annual period. Install, for example, the rate of 14% per annum on the annual period. But the norms of interest may be established at the rate of the quarter, month or other period, less than the annual. For example, the rate of 1% per week.

Example. On September 12, the organization received a loan in a bank for a period of one month in the amount of 300 million rubles. With the rate of percentage of 28% per annum. Interest is paid at the end of the term, along with the return amount of the debt. In the balance sheet for the period ending on September 30 (in the financial statements on October 1), one should be charged and recognized as a consumption in September the amount of interest from September 13 to September 30. The day of receiving a loan (September 12) is not accepted in counting.

(28 x 18 x 300): (365 x 100) \u003d 4.2 million rubles.

The amount of interest is 4.2 million rubles. It should be recorded in September, and since it is not paid to the Bank, in the reporting balance to attach it to the amount of the principal debt, recognizing the loan obligation at the reporting date equal to 304.2 million rubles.

Depreciation of discounts or premiums on obtained loans with uniform amounts is recognized in the costs of the reporting periods to which they relate. For example, on September 15, the organization received 300 million rubles for bill. The payment time of the bill comes after 125 days, not counting the day of his discharge (issue). The amount on the bill payable is equal to 325 million rubles. When receiving money in the amount of 300 million rubles. They will be credited to the settlement account of the organization in the bank with simultaneous reflection of the obligations on the bill in the amount of 325 million rubles. Consequently, a bonus on a bill of exchange 25 million rubles. It should be repaid within 125 days, by: 25: 125 \u003d 0.2 million rubles. in a day. The amount for 15 days of September is debited to the costs of financial statements for 9 months: 15 x 0.2 \u003d 3 million rubles. The remaining amount is 22.5 million rubles. It should be recognized in the reporting balance on October 1 as expenses of future periods. In the reporting for the fourth quarter, in which 92 days should be recognized as a consumption: 92 x 0.2 \u003d 18.4 million rubles, leaving on the balance on January 1 in the expenditures of future periods: 22 - 18.4 \u003d 3.6 million rubles, which will be debited on consumption in the next reporting quarter when paying for this bill.

Depreciation of additional costs made in connection with obtaining loans and loans is evenly carried out during the entire period of use of borrowed means in the same manner that is described above to recognize depreciation on discounts and premiums.

Course differences arising from loans in foreign currency, especially to identify in terms of interest capitalized in accordance with the permissible alternative procedure for accounting for loans, which will be considered further. Course differences arising as loans received in foreign currency are recognized to the extent that these course differences adjust the amounts paid for such loans.

Example. The organization received a loan in foreign currency from non-resident in Russia in the amount of 420 thousand pounds of sterling, which is accrued, but not paid at the reporting date of interest in the amount of 8.4 thousand pounds. When drawing up a report for the amount of this obligation, a term difference was charged, increasing the obligations of the Organization's obligations by 943.6 thousand rubles. From this amount of the course difference should be attributed to the costs of loans (percent): 943.6: 428.4 x 8.4 \u003d 18.5 thousand rubles.

Permissible alternative procedure for accounting for loans

The standard assumes that each organization instead of the basic procedure for taking into account loans can choose an alternative, which one should definitely declare when disclosure accounting Policy. Alternative accounting procedure is that loan costs are recognized as the consumption of the reporting period to which they relate to the cons of the cons of their part that is capitalized and is included in the price of relevant qualified assets.

A qualifiable asset is such an object whose preparation for useful use Or for sale requires considerable time. A qualifiable assets include fixed assets and other similar property requiring a lot of time and costs for acquiring, construction or production. Other investments and assets produced in large quantities in constantly repeating production cycle And in a relatively short (short) time, are not considered qualified asset. Property, ready to use on the purpose of purchase, which can be sold without significant long-term refinement after purchase, does not relate to qualified assets.

Alternative procedure for accounting for loan costs adopted by the organization and declared as applied method in accounting policies should be consistently applied relative to all costs of loans that are directly related to the acquisition, construction or production of all without eliminating qualified assets of this organization, even if the accounting value such an asset after capitalization costs for loans will exceed it real value. But in such cases it is allowed to write off the specified exceeding the costs (losses) of the reporting period in which they are revealed.

The costs of loans, capitalized when assessing the initial cost of acquisition, construction or production of a qualified asset, are the costs of obtaining borrowed funds that were used solely to create (acquisition) of the appropriate asset. If borrowed funds are attracted specifically to finance the qualified asset, the costs of loans, capitalized in the value of this asset, are defined accurately and quite simple. These are actual costs for loans. Otherwise, special calculations should be applied to the share of loans to be capitalized. In difficult cases, such estimates can be very subjective, so they need to disclose in detail in the notes to the financial statements.

Obtaining borrowed funds may be ahead of the actual deadlines for their use to finance qualified assets. Naturally, loan costs may arise, and they should be recognized even before financing those objects for which they are intended. Borrowed funds in such conditions may be temporarily invested in financial instruments, other investment projectsRevenue. The amount of loan costs to be capitalized using the obtained borrowed funds for their intended purpose decreases by the amount of investment income previously obtained on them.

In all cases when borrowed funds obtained for general improvement financial system Organizations were actually used to finance the qualified asset, the amount of capitalized loans costs is determined by the weighted average rate determined by the amount general loansremaining outstanding during this reporting period. Of the amount of outstanding loans, the amounts received specifically received for such calculations are eliminated specifically to finance qualified assets. The standard is emphasized that the amount of loans capitalized during the reporting period should not exceed the total amount of loans recognized for this period.

An example of calculating the share of capitalized loans costs:

in thousands of dollars

1. The total amount of loans not redeemed

during the reporting period 1946

2. Including loan amount for financing

qualified assets 1283.

3. Total loan costs

in the reporting period 232

4. Including loan costs

to finance qualified assets 179

5. Commissioned borrowed funds

on financing qualified assets 1575

6. Including financed due to

borrowed funds received for general goals 371

7. Weighted average cost rate:

on general loans

(232 - 179): (1946 - 1283) x 100 8%

Because (Society. The cost of loan costs in the reporting period - the amount of costs for loans to finance qualified assets): (the total amount of loans, not redeemed - the amount of loans for financing qualified assets) x 100

8. The amount of the costs of loans subject to

capitalization in the reporting period:

179 + ((1575 - 1283) x 0.08) \u003d 202.4 202.4

Because The amount of loan costs to finance qualified assets + ((used borrowed funds to finance qualified assets - the amount of loans for financing qualified assets) * 8%

Note: Capitalized loan costs in this reporting period does not exceed the total amount of loans in the same period (232\u003e 202.4).

Borrowing costs are beginning to capitalize, that is, to include in the initial cost of the object of fixed assets or other qualified asset, from the period in which expenses of this object arose, and end after all work on the object and it is ready for use for the appointment Or for sale. With regard to facilities of fixed assets is a complete completion of work on this facility and transfer it to operation. With regard to other qualified assets, capitalization of loan costs continues throughout the entire period in which the work required to prepare it for use on the appointment or subsequent sale has begun. For example, loan costs incurred in periods when the land acquired for subsequent construction remained unused, should not be capitalized. In the period of holding necessary work In the preparation of the Earth, the costs of borrowings are capitalized during the entire period of these work.

When the construction of a separate facility of fixed assets is completed in parts and each part of the object is ready for appointment, the capitalization of the costs of loans for this part of the object is terminated. It continues on others, not yet ready to use the parts of the object. But if the completed part of the object cannot be used for its intended purpose, while the construction of other parts of the object continues, the capitalization of the costs of loans can be discontinued only after the availability of the entire object to use for its intended purpose. It is not uncommon to the situation when the construction of a separate facility of fixed assets is completed and it is transferred for use for its intended purpose, and the costs of an outstanding part of the loan continue. These loan costs are no longer capitalized, but are recognized as the consumption of the reporting period in which they arose, that is, refer to a decrease in the profits of this reporting period.

In those periods in which work on the construction or production of an object for a long time is interrupted, capitalization of loans costs is suspended. Borrowing costs in these periods are reducing the reporting profit. If the construction of the facility is suspended, but the technical and administrative work on this facility continues: preparation or revision of design and estimate documentation, documents for obtaining the necessary permits of the authorities, etc., then the capitalization of loans costs is not suspended. If the delay or interruption of works at the facility is caused by technical, natural or other so-called objective reasons provided by projects and work plans, the capitalization of loans costs continues in those periods in which they arose, regardless of the temporary suspension of work on facilities.

In notes to financial statements, it is necessary to disclose accounting policies used to account for loan costs, the amount of capitalized costs in the reporting period and the average capitalization rate used to calculate the amount of loans obtained on other purposes, but redirected to investments in qualified assets.

Taking into account the fact that domestic companies most often form IFRS reporting by adjusting reporting on RAS, it is important to know the main differences between these accounting systems regarding the reflection of the costs of loans.

According to the fundamental principle of IFRS (IAS) 23, the costs of loans directly related to the acquisition, construction or production of a qualified asset form the cost of this asset, that is, capitalized. And other loan costs must be recognized as expenses. Such requirements put forward and PBU 15/2008 "Accounting for loans and loans". Thus, the costs of loans recognize other expenses, except for the part of their part, which is subject to the inclusion in the cost of an investment asset, unless otherwise established by this Regulation (paragraph 7 of PBU 15/2008).

Despite the fact that PBU 15/2008 is mostly consistent with the principles set out in IAS 23 "Loan costs", in some situations there are differences, for example:

non-compliance of the composition of the costs of loans;
Different interpretation of the concept of "qualifiable asset";
the difference in the temporary criteria necessary to capitalize the costs of loans in the composition of a qualified asset;
The difference in recognizing additional costs associated with obtaining loans and loans.

These differences lead to the emergence of difficulties at the stage of recognizing loan costs and cause the need for adjustments in the reporting transformation process. Consider the main problems faced by domestic companies when applying the provisions of IFRS (IAS) 23.

Let's compare the provisions of IFRS (IAS) 23 "Loan costs" with the provisions of PBU 15/08 "Accounting for loans and loan costs" for basic signs.

The first feature is the regulation sphere.

In IFRS, accounting costs for loans regulates IAS 23 "Loan costs". In RAS, accounting costs for loans are regulated by PBU 15/08 "Accounting for loans and loans and costs for their maintenance."

The "Loan Costs" standards consider issues related to recognition of loan costs.

The standard states that its provisions cannot be applied for such loans such as:

Qualifiable assets that are reflected at fair value;

Reserves that are manufactured in large quantities and on a regular basis.

In PBU 15/08, in addition to the reflection of the costs of loans, issues relating to the borrowed funds themselves are also regulated. This is due to the fact that in the RAS there is no special provision regulating financial liabilities, similar to IFRS (IAS) 32-39. Questions are included in the cost of assets for loans, for example, regulated by PBU 5/01 "Accounting for material and production reserves".

In general, it can be said that after the entry into force of PBU 15/2008 "Accounting for loans and loans", this provision is a mirror reflection of its international analogue of IAS 23 "Loan costs".

The second sign of comparison is the composition of the costs of loans.

In IAS 23, loans costs are characterized as the expenses of the organization related to the involvement of borrowing funding.

The costs of loans are referred according to IAS 23:

Interest on banking overdrafts and long-term and short-term loans and loans;

Depreciation of the discount or premium associated with the involvement of borrowed funds;

Depreciation of additional expenses of the organization arising from the attraction of borrowed funding;

Expenses for financial leases in accordance with IAS 17;

Currency differences related to the involvement of borrowed funds in foreign currency in the part under consideration as an adjustment of financial expenses for interest.

In PBU 15/08, the following loan costs are presented:

Interest due to the payment of the lender (creditor);

Additional loan costs.

Additional loan costs are:

Amounts paid for informational and consulting services;

The amounts paid for the examination of the loan agreement (loan agreement);

Other expenses directly related to obtaining loans (loans).

IN IFRS list Loan costs are open, unlike RAS.

In the RAS, there are no interest on banking overdrafts in the costs of loans.

Also in the RAS, due to the lack of a standard, which would regulate the issues of financial lease, as part of the costs of loans are not defined financial expensesrelated to financial lease.

Compare IFRS (IAS) 23 with PBU 15/08 by how they characterize the concept of a qualified / investment asset.

In IAS 23, a qualifiable asset is characterized as an asset, to prepare for the use of or selling a long period of time.

The standard, as examples, provide such qualified assets as stocks, fixed assets, investment property, intangible assets.

The concept of an investment asset is used in the RAS. The investment asset is an object of property, the preparation of which to intended use requires a long time and significant costs for the acquisition, structure and (or) manufacture.

The provision lists such examples of investment assets such as objects of incomplete production and unfinished construction, which will later be adopted to accounting by the borrower and (or) by the Customer (Investor, Buyer) as fixed assets (including land), intangible assets or other non-current assets.

According to IAS 23, reserves and investments, which are manufactured in significant quantities, on a repeating basis and over the short period of time are not included in the category of qualified assets.

The IFRS considers more types of works that are conducted on the production or acquisition of an asset, therefore increasing the list of qualified assets and the capitalization period of loans.

The fourth sign of comparison is to recognize the costs of loans.

According to IAS 23, loans costs directly related to the formation of a qualified asset are included in the cost of this asset. Other loans costs are recognized as consumption in the period in which they arose. The IFRS considers the possibility of attributing the costs of a qualified asset based on the relationship of the fact of the costs of loans and the cost of acquisition (creation) of the asset.

The costs of loans obtained for the purposes of financing the qualified asset arising during the period of capitalization are included in the value of the asset minus income from the temporary investment of the loan, as financial investments.

In accordance with the RAS, the costs of obtained loans are recognized by the costs of the period in which they are manufactured, with the exception of the part, which should be included in the cost of the investment asset.

The costs of loans incurred in connection with the acquisition of an investment asset are subject to inclusion in the cost of acquiring an asset minus income from the temporary use of borrowed funds as financial investments.

Thus, according to this feature of RAS and IFRS are almost identical.

Compare accounting costs for loans on the fifth sign - the period of capitalization of the costs of loans.

In IFRS, capitalization of loan costs begins from the moment of the following conditions:

The emergence of costs associated with the acquisition of an asset;

The emergence of loan costs;

The implementation of activities to bring the asset to a state suitable for use or sale.

Capitalization of loan costs in the cost of a qualified asset is suspended when interrupted to bring the qualified asset to suitable or selling, except in cases where the suspension of activities is the inseparable stage of the asset creation process.

The costs of loans are terminated to be capitalized in the cost of a qualified asset when the work required to bring the asset to a state suitable for use or sale is completed.

In cases where the creation of a qualified asset is completed in parts, each of which is ready for use, despite the fact that the creation of other parts is not completed, the cost capitalization in the value of the completed part is terminated.

In the RAS, the capitalization costs for loans in the cost of an investment asset is carried out in the following conditions:

The emergence of costs of acquisition, structure and (or) making an investment asset;

The beginning of work on the formation of an investment asset;

The existence of loans and loans or obligations to implement them.

The inclusion of the costs of obtained borrowings and loans used to create this asset is suspended when the work related to the acquisition, structure and (or) manufacturing an investment asset during the period exceeding three months.

The period in which additional coordination of an asset arising in the construction of an asset of technical and (or) organizational nature is carried out is not considered to suspend work on the formation of an investment asset.

The inclusion of the costs of obtained borrowings and loans in the cost of the investment asset is terminated from the first day of the month following the month of the adoption of an asset to accounting.

PBU 15/08 Unlike IFRS, a temporary criterion for suspending the capitalization of loans costs is agreed.

However, in PBU 15/08 there are no provisions on the cessation of capitalization of costs in the cost of a part of the object.

It should also be noted that the capitalization conditions for loans costs in the cost of an investment asset according to PBU 15/08 are absolutely identical to those given in IAS 23).

Compare the features of recognition of loans costs when it is difficult to unambiguously determine the relationship between loans and a qualified asset.

If it is difficult to unambiguously determine the relationship of the loans obtained with a specific qualifiable asset, then the costs to be capitalized are determined by the capitalization rate.

The capitalization rate is a weighted average borrowing rate on all loans of the company, with the exception of those loans that are obtained under a qualifiable asset.

If the acquisition, construction and (or) manufacturing of the investment asset, the funds of loans (loans) obtained on targets that are not related to such acquisition, construction and (or) manufacturing, then interest due to the receipt of the lender (creditor) are included in the price investment asset is proportional to the proportion of these funds in total amount Loans (loans) due to the payment of the lender (creditor) obtained on the purposes that are not related to the acquisition, structure and (or) the manufacture of such an asset.

Also in IAS 23, it is indicated that the amount of capitalization costs cannot exceed the cost of loans that have been incurred during this period.

The next, seventh sign of comparison is testing for impairment.

According to IFRS 23, if the expected finite book value of a qualified asset exceeds its pure price of the implementation or value of use, balance value It is necessary to write off in accordance with the requirements of other standards.

In PBU 15/08, impairment testing is not provided.

Transitional positions.

IAS 23 determines that the standard that has undergone changes applies to the costs of loans, the date of capitalization of the cost of which begins with the date of entry into force or after.

In RAS does not define the concepts of transitional positions.

Conceptual differences

In the coincidence of the accounting policy and if the loan costs are essential for the organization, despite this reporting on RAS and IFRS will not coincide in the following two reasons:

Loan debts in accordance with RAS reflect on the actual value of the assets received when obtaining them, whereas in IFRS it is reflected at the fair value of the assets received minus initial costs under IFRS 39. Thus, the magnitude of payables, as well as financial results For each period before her full repayment IFRS will be different if the conditions for obtaining borrowed funds differ from market conditions.

Percentage expenses in IFRS are not evenly reflected as indicated in PBU 15/08, but by the method effective interest rate. It is determined by the discount formula based on future cash streams At initial cost and periods financial obligation. Further, each reporting period is multiplied by the increasing amount of the obligation, and the difference is recognized in the income statement as part of interest expenses.

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Ministry of Education and Science of the Russian Federation

FGBOU VPO "Volga State Technical University"

Department of Accounting and Audit

Test

by discipline:

"International Financial Reporting Standards"

"Comparative analysis of IFRS №23" Loan costs "and PBU 15/2008

"Accounting loans and loans and costs for their maintenance" "

Performed:

student c. ZBU-51 (6 years)

Somatodanova O. O.

Checked: k.e. n,

associate Professor Accounting Department

accounting and audit yakovlev L. I

Yoshkar-Ola.

Introduction

The similarities and differences of IFRS №23 "Loan costs" and PBU 15/2008 "Accounting for loans and loans, costs for their maintenance"

Conclusion

Introduction

Increasingly, and more often organizations have to use borrowed funds in their work. At the same time, it is no secret that considerable interest is quite significant for payment for such financial "help.
Accounting for interest on loans and loans always causes many questions from accountants. Since in the Russian Federation from January 1, 2009, the procedure for accounting for expenses related to the fulfillment of obligations for loans and loans is regulated by the new PBU 15/2008, approved by the Order of the Ministry of Finance of Russia from 06.10.2008 N 107n. The provision of 15/2008 in its content is quite close to IAS 23 "Loan costs". This serves as proof of the gradual transition of the Russian practice of accounting for international standards.
The fundamental principle of accounting for loans in accordance with IFRS (IAS) 23 is the following: loan costs directly related to the acquisition, construction or production of a qualified asset are included in the initial value of this asset. Such loan costs are capitalized subject to the possible organization in the future of economic benefits from a qualified asset and if the costs can be reliably measured. Other loan costs should be recognized as expenses for the period in which the organization made these costs.
The purpose of the test work is based on the study of IFRS 23 and PBU 15/2008 to carry out a comparative analysis of the methodology for accounting for loans in Russian and international accounting.
The object of work is the standards of IFRS 23 and PBU 15/2008.

Subject - accounting for loans costs in accordance with IFRS 23 and PBU 15/2008.

Comparative analysis of IFRS №23 "Loan costs" and PBU 15/2008 "Accounting for loans and loans, costs for their maintenance"

Loan cost accounting rules are established in IAS 23 "Loan costs" (new IFRS costs applied from January 1, 2009) and PBU 15/2008 "Accounting for loans and loan costs", approved by the Order of the Ministry of Finance of Russia from 08.11. 2010 N 1144N (hereinafter - PBU 15/2008). PBU 15/2008 In most cases, it follows the rules and recommendations set forth in IAS 23, although there are differences between them in some situations.

According to IAS 23, loan costs are percentage and other expenses that are carried out by the organization in connection with the receipt of borrowed funds. Based on PBU 15/2008, these costs are associated with the fulfillment of obligations on loans obtained (including attracting borrowed funds by issuing bills, issuing and selling bonds) and loans (including commodity and commercial).

The composition of the costs of loans in accordance with IAS 23 is wider than in PBU 15/2008. To loan costs of IFRS (IAS) 23 refers a percentage of banking overdrafts and short-term and long-term loans; depreciation of discounts or premiums associated with loans; depreciation of additional costs incurred in connection with the organization of a loan; interest on financial lease; Course differences arising from loans in foreign currency.

In accordance with paragraph 3 of PBU 15/2008, it determines that loan costs are interest due to the payment of the lender (creditor), as well as additional loan costs. At the same time, additional expenses are amounts paid for information and consulting services; the amounts paid for the examination of the loan agreement (loan agreement); Other expenses directly related to obtaining loans (loans). All additional costs directly related to obtaining loans and loans are related to other expenses in the reporting period in which they were incurred. However, PBU 15/2008 also admits a uniform inclusion of additional loans and loans during the term of the loan agreement or a loan agreement.

The fundamental principle of accounting for loans in accordance with paragraph 9 of IFRS (IAS) 23 is the following: loan costs directly related to the acquisition, construction or production of a qualified asset are included in the initial cost of this asset. Such loan costs are capitalized subject to the possible organization in the future of economic benefits from a qualified asset and if the costs can be reliably measured. Other loan costs should be recognized as expenses for the period in which the organization made these costs.

The fundamental principle of accounting for the costs of loans in accordance with paragraph 6 of PBU 15/2008 is somewhat different: loan costs are reflected in accounting in the reporting period to which they relate. They are recognized by other expenses of the organization. As well as small business entities, with the exception of issuers publicly placed valuable papersIt is entitled to recognize all the costs of loans to other expenses. However, it is an exception to this rule: interest due to the payment of the lender (creditor) directly related to the acquisition, construction and (or) manufacturing of an investment asset is included in the price of the latter, unless otherwise provided by paragraph 7 of PBU 15/5008. In PBU 15/2008, it is enshrined that interest on loans and loans is included in other expenses or relate to the cost of an investment asset evenly, regardless of the conditions for the provision of borrowed funds. At the same time, interest may be reflected in accounting based on the conditions for the provision of a loan or loan only in the case when such a reflection of interest is not significantly different from uniform inclusion.

The international standard IAS 23 clause 5 gives the following definition of a qualified asset: This is an asset whose preparation for intended use or for sale necessarily requires considerable time. In PBU 15/2008, instead of the term "qualifiable asset", the concept of "investment asset" is used. At the same time, two conditions for recognizing an investment asset are called: not only considerable time, but also significant costs. In accordance with paragraph 7 of PBU 15/2008, the investment asset is understood as the object of property, the preparation of which to their intended use requires a long time and significant costs for the acquisition, structure and (or) manufacture.

According to clause 7 of IAS 23, depending on the circumstances, qualified assets may be: reserves that require considerable time to bring them to the commodity state, enterprises of the manufacturing industry, enterprises of electric power industry, intangible assets, investment real estate. Are not qualified asset (clause 7 of IFR (IAS) 23): financial assets And the reserves produced by or otherwise created in a short period of time, assets that, when purchased, are ready for use for their intended or for sale. PBU 15/2008 P.7 as an investment asset only considers fixed assets. Investment assets include objects of unfinished production and unfinished construction, which will subsequently be accepted for accounting by the borrower and (or) by the Customer (Investor, Buyer) as fixed assets (including land plots), intangible assets or other non-current assets.

According to paragraph 17 of the IAS 23, the organization is obliged to proceed to capitalization of loans costs as part of the cost of a qualified asset from the initial date. At the same time, the initial date is the date for which the organization first fulfilled all the conditions listed below:

suffered the costs of this asset;

suffered loan costs;

the work has begun and continues the work necessary to prepare an asset to its use for its intended purpose or for sale.

Activities needed to prepare an asset to its use for its intended purpose or selling include not only the physical creation of the asset itself. Such activities may include technical and administrative work preceding the beginning of the physical creation of an asset. For example, activities related to obtaining permits required to start construction.

In accordance with paragraph 9 of PBU 15/2008, it defines similar conditions, in which the costs of loans and borrowings are included in the price of an investment asset:

the costs of acquiring, building and (or) the manufacture of an investment asset are subject to recognition in accounting;

the costs of loans associated with the acquisition, structure and (or) making an investment asset are subject to recognition in accounting;

work has begun on the acquisition, construction and (or) production of an investment asset.

In accordance with paragraph 20 of IAS 23, the Organization should suspend capitalization of the costs of loans over long periods, when active activities for modifying the object are interrupted. Exceptions are periods when the organization carries out significant technical and administrative work Or when the time delay is the necessary part of the asset preparation process for use or for sale. For example, capitalization continues for a long time when a high water level delays the construction of the bridge if this water level is common for this geographic region.

In PBU 15/2008, paragraph 11 is specified, for what period is suspended inclusion of interest on loans in the cost of an investment asset. When suspending the acquisition, structures and (or) manufacturing of an investment asset for a period of more than 3 months, interest on loans cease to be included in the price of an investment asset from the first day of the month following the month of suspension of the acquisition, structures and (or) of such an asset. It is not considered a suspension period during which additional coordination of the emerging technical or organizational issues arising in the process of acquiring, structures and (or) the manufacture of an investment asset is carried out. Moreover, from the first day of the month following the month of suspension of work on the asset, until the last number of month, in which work on investment assets resumed, interest on loans and loans is included in other expenses of the organization.

In accordance with paragraph 22 of IFRS (IAS) 23, capitalization of the costs of loans should be terminated when almost all the work required to prepare a qualified asset to use for the appointment or sale are completed. The object is usually considered to be prepared for use in the appointment or sale when its physical structure has been completed, despite the fact that everyday administrative work can still continue. If only such minor improvements remain as the object finish in accordance with the requirements of the buyer or user, this indicates almost complete completion of the work.

Similar requirements for the cessation of capitalization of interest on loans are contained in paragraph 12 and paragraph 13 of PBU 15/2008. Interests due to the payment of the lender (creditor) are terminated to be included in the cost of the investment asset from the first day of the month following the month of the earlier event of the two listed:

termination of work on this asset;

the start of using an investment asset for the manufacture of products, work, the provision of services (despite the incomplete work on the acquisition, structure and (or) the manufacture of an investment asset).

The international standard IAS 23 clarifies the procedure for the cessation of capitalization of the costs of loans in paragraph 24, when the construction of a qualified asset is completed in parts. In cases where each part of a qualified asset can be used, while the construction of other parts continues, capitalization of loans should be terminated at the end, mainly the work required to prepare this part of the asset to use or sell. An example of such a qualifiable asset consisting of several parts is a business center consisting of several buildings, each of which is suitable separately. At the same time, if we are talking about an industrial company, which combines several production processes carried out consistently in different workshops of the company located on the same site (for example, steel rolling production), then capitalization of loans will be suspended only with full work. PBU 15/2008 does not contain such requirements to terminate capitalization of loan costs.

In accordance with paragraph 12 of IAS (IAS) 23, the amount of loan costs permitted to capitalize the qualified asset should be determined as actual costs incurred on this loan over the period, minus any investment income from the temporary investment of these borrowed funds. In some cases, the borrowed funds received by the Organization may be temporarily invested before their spending on a qualified asset, and the organization receives investment income. Such income is deducted from the amount of loan costs incurred.

Such a rule is contained in paragraph 10 of PBU 15/2008. Interest on loans associated with the acquisition, construction and (or) manufacturing of an investment asset, decrease by the amount of income from the temporary use of funds received (credits) as long-term and (or) short-term financial investments.

According to paragraph 14 of IAS 23, in those volumes in which the organization receives borrowed funds for general purposes and uses them to acquire a qualified asset, the amount of loan costs allowed for capitalization should be determined by applying a capitalization rate for the cost of this asset . At the same time, the capitalization rate should be the weighted average of the costs of loans, in relation to the loans of the organization that remained not redeemed during the period, with the exception of loans obtained specifically for the acquisition of a qualified asset. However, the amount of the costs of loans capitalized by the organization during the period should not exceed the amount of the costs of loans incurred during this period.

In paragraph 14 of PBU 15/2008 considers a different approach to the calculation of capitalized costs. In case, on the purchase, structure and (or), the manufacture of an investment asset is consumed by loans (loans) obtained on targets that are not related to such works, interest on loans are included in the price of an investment asset in proportion to the share of these funds in the total amount of loans (loans) due to the payment of the lender (creditor) obtained on targets not related to the acquisition, structure and (or) manufacturing such an asset. At the same time, the calculation of the share of interest on loans to be included in the cost of the investment asset is based on the following assumptions of the 4 p. 14 of paragraphs specified in subparagraph 14:

rates for all loans (loans) are the same and do not change during the reporting period;

work on the acquisition, construction and (or) manufacturing of an investment asset continues after the end of the reporting period.

At the same time, the calculations produced by organizations can be based on other assumptions.

The similarities and differences of IFRS №23 "Loan costs" and PBU 15/2008 "Accounting for loans and loans, costs for their maintenance"

Analogue of IAS 23 IFRS Standard Costs of loans"In Russian accounting is PBU 15/2008" Accounting for loans and loans ", approved by the Order of the Ministry of Finance of Russia No. 107n of October 6, 2008 (began to be applied from January 1, 2009). Last changes were made by order №144n dated 08.11.2010

Similarities:

Differences

Conclusion

In modern economic conditions survival commercial organization It is almost impossible without attracting borrowed funds for various purposes. The main source of additional funding is bank loans.

The positive point in updating the regulatory regulation of accounting in 2008 was the introduction new edition PBU 15/2008 "Accounting for loans and loans" in relation accounting reporting 2009. It has become much shorter and brought us to international financial statements.

In this control work considered all the main positions of PBU 15/2008. Conducted a comparison with the IFRS standard 23 "Loan costs".

Thus, it can be concluded that the problem of accounting for loans today is sufficiently designed and requires a detailed study.

List of used literature

Decree of the Government of the Russian Federation of 06.031998 №283 "On approval of the accounting reform program in accordance with IFRS"

Regulation on accounting "Accounting for assets and liabilities whose cost is expressed in foreign currency" (PBU 3/2006) approved by the Order of the Ministry of Finance Russian Federation from 11/27/2006 №154n.

Regulations on accounting "Accounting for loans and loan costs" (PBU 15/2008), approved by order of the Ministry of Finance of the Russian Federation of 06.10.2008 No. 107n.

IFRS 23 "Loan costs".

Accounting Financial accounting: Textbook for universities / Ed. prof. Yu.A. Babayev. - M.: University Textbook, 2011. - 525С.

Bilyk Yu.A. Accounting for loans and loans in 2009 // Accountant consultant. - 2009. - №4. - p.37-47

Blokhin KM How to determine the period of capitalization // IFRS: Practice of application. - 2011. - №2. - S.57-61

Borisenko V. Accounting for loans in accordance with IFRS 23 "Loan costs" // Financial newspaper. - 2010. - №49. - C.11

Eremin MD Consider loans and loans // Accountant consultant. - 2008. - №7. - p.16-24 Accounting Credit Credit Credit

Rzhanitsa V.S. New in the methodology of loans and loans for PBU 15/2008 // Accounting. - 2009. - №1. - S.5-10.

Fomicheva L.P. Accounting loans and loans // New in accounting and reporting. - 2010. - №8. - p.18-27

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