A set of financial statements under IFRS. IFRS (International Financial Reporting Standards). Notes to reporting

IAS 1 "View financial statements"It is the basis for all reporting under IFRS. It establishes general requirements for the presentation of financial statements, contains instructions on its structure and minimum content requirements.

The purpose of the financial statements is the presentation of information on the financial position, financial results and movement money Companies, which is useful to a wide range of users when making economic decisions. To achieve this goal, the company's financial statements include information about:

• assets;
• obligations;
• own capital;
• income and expenses, including profits and losses;
• deposits received from the owners and the amounts distributed to the owners;
• cash flow.

Together with additional information disclosed in notes, this information helps users of financial statements to predict future cash flows of the company, the timing and probability of their occurrence.

What is reporting under IFRS

A complete set of financial statements under IFRS includes:

• report on financial position at the end of the period;
• report on profit or loss and other aggregate income for the period;
• report on changes in own capital for the period;
• ;
• notes containing a summary of the basic principles of accounting policies and other explanatory information;
• comparative information.

In this case, all financial reports are equal to the degree of importance.

note!

You can use report names other than those specified in IAS 1. For example, a company can use the name or "comprehensive income report" instead of the name "Profit or loss report and other aggregate income." Nevertheless, according to the IFRS Council, presented in the Name Standard reflects the functional purpose of these reports and are consistent with the conceptual foundations of IFRS.

Sometimes companies submit financial statements under IFRS together with reports on value added, protection reports ambient etc. It is important to take into account that the requirements of IFRS apply only to the financial statements itself, and not on such additional reports.

The basic principles of submission of financial statements in IFRS (IAS) 1

The basic principles of submission of financial statements, which are considered in IAS 1 complement the qualitative characteristics, enshrined in the conceptual foundations of IFRS. Consider them in more detail.

Significant presentation and application for conformity IFRS

Financial statements should reliably submit financial position, financial results and cash flows of the company. This goal is achieved by applying the requirements of IFRS and disclosure additional information if necessary. The company must clearly and unconditionally indicate in notes to reporting that its financial statements correspond to IFRS. Financial statements cannot be considered compiled under IFRS, if it does not comply with all IFRS requirements. At the same time, retreats from the requirements of IFRS cannot be replaced by the disclosure of the used accounting policies, as well as additional notes or explanatory materials.

To retreat from the requirements of IFRS is possible only in extremely rare cases. For example, when the company's management concludes that compliance with any requirements of the standard will mislead users that this would contradict the goal of financial statements. But even in such cases, IAS 1 requires numerous disclosures and explanations about this.

Continuity of activity

The company's management is obliged to evaluate the company's ability to continue its activities. Financial statements are based on the agreement on the continuity of the company's activities. An exception will be cases when management intends to eliminate the company, to terminate economic activities or has no real alternative to avoid it. If there are any uncertainty factors that can affect the company's ability to continue continuous activities, they must be disclosed.

Accounting by the method of accrual

The company must form its financial statements (except for the cash flow report) by the method of accrual. This means that assets, obligations, capital, income and expenses are recognized when they arise, and not as the cash flow or payment of cash.

Significance and aggregation

The company must separately submit articles that differ in character or appointment. Unless they are insignificant. The information will be significant if its skips or distortion separately or together may affect the economic solutions received by users. The concept of materiality suggests that the requirements of IFRS to disclose certain information can not be performed if this information is insignificant.

Collecting

It is forbidden to submit on a net-based assets and liabilities, income and expenses, unless this is required or permitted by any IFRS.

note!

Reflection of assets in reporting minus estimated reserves (for example, reflection of stocks minus an estimated reserve for their obsolescence or less reserve for doubtful debts) It is not a closer.

The frequency of preparation of reporting

Financial statements are at least annually.

Comparative information

It is required to submit information for the current and previous reporting period in all amounts reflected in the financial statements. Thus, each reporting form seems to be at least two reporting periods. Comparative data should also be included in descriptive information if it is appropriate to understand the financial statements for the current period.

Sequence of representation

The company should not change the credentials and classification of articles in financial reports from one period to another. The exceptions are cases when it is required according to any IFRS or if an alternative presentation and classification will be more appropriate.

General requirements of IFRS (IAS) 1

According to IAS 1, the company must clearly allocate financial statements from other information contained in the same published document (for example, an annual report).

Each component of financial statements must contain:

1. Report name.
2. The name of the reporting company.
3. Information on whether the financial statements of individual or consolidated is.
4. The reporting date is either the reporting period (depending on the report).
5. Reporting currency.
6. Units of measurement (thousands, millions, etc.).

In IAS 1, a minimum list of articles should be included in each form of financial statements, with the exception of the cash flow report. Detailed instructions on this report contains IAS 7 "Cash Movement Report", so this report does not consider this report.

There are no strict requirements for reporting information in reports. Next, consider the general instructions of IAS 1 for each of the reports.

Financial Statement

The key requirement for the statement of financial position is separately submitting revolving and non-current assets and short-term and long-term obligations. If only liquidity-based representation provides more reliable information. For example, it may be appropriate for financial institutions. However, in any case, if one category of assets (obligations) combines the amounts that will be obtained (redeemed) after 12 months, with assets (obligations) that will be obtained (repaid) for 12 months, it is necessary to separately submit long-term sums from Amount for 12 months.

To turnover assets according to IAS (IAS) 1 include assets that:

• it is supposed to be implemented within the usual operational cycle (for example, stocks and receivables);
• designed mainly for trade (for example, some financial assets);
• will be implemented within 12 months after the reporting date;
• are cash and their equivalents.

Note!

Deferred tax assets You can not classify as current assets.

All other assets belong to non-current. It is allowed to use the terms "long-term", "non-dealed", etc., if the user is understood by their meaning.

• the obligation will be settled in the framework of the usual operational cycle;
• the obligation is held mainly for trading purposes;
• the obligation will be resolved within 12 months after the end of the reporting period;
• the company has no unconditional right to postpone the settlement of the obligation at least 12 months after the end of the reporting period (the settlement of the issuance and transfer of equity tools does not affect the classification of this obligation).

Note!

Deferred tax liabilities cannot be classified as short-term obligations.

All other obligations should be classified as long-term.

As for the report presentation, IAS 1 does not prescribe any compulsory format of the financial statement. The standard only contains a list of articles that should be submitted in the report. Namely:

• fixed assets;
• investment real estate;
• intangible assets;
• financial assets;
• investments taken into account by the method of equity participation;
• biological assets;
• stocks;
• trading and other receivables;
• cash and their equivalents;
• the total amount of assets classified as intended for sale, and assets included in the departure groups classified as intended for sale;
• trading and other payables;
• evaluation obligations;
• financial obligations;
• obligations and assets under the current tax;
• deferred tax assets and liabilities;
• obligations included in the departure groups classified as intended for sale;
• uncontrolling participation shares presented in the composition own capital;
• released capital and reserves attributed to the owners of the parent organization.

In addition, in the statement of financial position, or in notes to it, the company discloses the breakdown of the reporting articles on the subcategory in the manner corresponding to the operations of the company. The nature of the disclosed information will depend on the disclosed article. For example, in relation to fixed assets, it usually drives a breakdown by groups of fixed assets, reserves are divided into finished products, raw materials and materials, work in progress.

You can also submit additional articles, headlines and interim results in the financial statement, if it is useful for understanding the financial situation of the company.

An example of a financial statement report format is presented in Table 1.

Table 1. Financial Statement

Alpha Group

Consolidated statement of financial position as of December 31, 2017 (in million Russian rubles)

	Notes	2017	2016
ASSETS
Fixed assets
Fixed assets
Intangible assets
Financial assets
Deferred tax assets
Investments in associates
Other noncurrent assets
Total non-current assets
Current assets
Trading receivables
Financial assets
Cash and their equivalents
Other current assets
Total revolving assets
Total assets
Equity and obligations
Own capital coming
Share capital
Undestributed profits
Other equity components
Total equity capital
long term duties
Long-term loans and loans
Deferred tax liabilities
Other long-term commitments
Total long-term commitments
Short-term liabilities
Short-term loans and loans
Trade and other accounts debt
Short-term appraisal obligations
Profit tax debt
Total short-term commitments
Total commitment
Total equity and obligations

Profit or loss account and other aggregate income

Under the general cumulative income of IAS (IAS) 1 understands the change in its own capital, which emerged in the reporting period as a result of operations and other events, except for changes due to operations with owners. The total aggregate income consists of profits or loss and other aggregate income.

Profit or loss is a total amount of income less costs, without taking into account the components of other cumulative income. Other aggregate income includes articles of income and expenses (including reclassification adjustments), which are not recognized as part of profit or loss, as required or allowed by other IFRS.

note!

Companies can use other terms for final indicators. For example, the term "net income" instead of the term "profit or loss".

Examples of articles that are not recognized in profit or loss include:

• change in reassessment reserve relating to fixed assets or intangible assets;
• revaluation of pension plans with established payments according to IAS 19;
• currency differences from the translation of functional currencies in the reporting currency in accordance with IAS 21, etc.

With regard to the format of the report presentation, the company has a choice. So, you can form a single report on profit or loss and other aggregate income. Then profits or losses and other cumulative income are represented in two sections. Or the company may compile two separate reports:

1. Gains and losses report.
2. Report on cumulative income. He must follow immediately after the profit and loss statement and begin with profits or loss.

These reports should include the following indicators:

• profit or loss;
• total other cumulative income;
• aggregate income for the period (the amount of profit or loss and other aggregate income);
• distribution of profits or loss and aggregate income for the period between uncontrolling shareholders and owners of the parent company.

The report on profit or loss, at least include:

• revenue (with a separate indication of interest revenue);
• profit and losses arising from the cessation of the recognition of financial assets measured at amortized cost;
• financing costs;
• impairment losses;
• the company's share in profit or loss of associate organizations and joint ventures taken into account by the equity method;
• profits or losses as a result of the reclassification of financial assets;
• tax consumption;
• a single amount reflecting the final magnitude of the terminated activities.

At the same time, all expenses that are recognized in the income statement are classified either by articles (raw materials and materials, depreciation, transportation costs, expenses for employee remuneration, etc.), or by their functional purpose (cost, commercial expenses, administrative expenses, etc.).

Note!

If the company applies a functional cost classification, you also need to disclose information about expenses.

In the "Other Cumulative Income" section reflect the articles classified by the nature and grouped between those articles that will or will not be reclassified into profit and losses in subsequent periods. In this case, the components of other aggregate income can be submitted after taxes or before taxes (in this case, disclose the total amount of taxes).

An example of a compuction report format is presented in Table 2.

Table 2.Cumulative income report

Alpha Group

	Notes	2017	2016
Cost price
Gross profit
Commercial expenses
Administrative expenses
other expenses
Profit from operating activities
Interest income
Interest expenses
Share in the profits of associated companies
Profit before tax
Profit tax costs
Profit for the year
Other cumulative income:
Articles that will not be reclassified to profit or loss:
Profit from revaluation of fixed assets
Revaluation of pension plans with established payments
Share in profits (loss) from revaluation of fixed assets of associated companies
Income tax, belonging to articles that will not be reclassified
Articles that can be reclassified to profit or loss:
Couche differences arising when recalculating foreign units
Investments in equity tools
Hedging cash flows
Income tax relating to articles that can be reclassified
TOTAL other cumulative income per year, less tax
Total cumulative income per year
Profit coming:
on the owners of the maternal company
uncontrollable participants
Total cumulative income, coming:
on the owners of the maternal company
uncontrollable participants
Profit per share:
basic and divergent

Report about changes in own capital

The report on changes in capital represent the following information:

1) General cumulative income for the period. Separately reflect the total amounts attributable to the owners of the parent company and an uncontrolling share;

2) for each component of capital - the effects of retrospective application or retrospective recalculation according to IAS 8 "Accounting Policy, changes in accounting assessments and errors";

3) for each component of capital - reconciliation between the book value at the beginning and end of the period. At the same time, it is necessary to disclose the changes due to:

• profit or loss;
• other cumulative income;
• transactions with owners (separately presented contributions and distributions between owners and changes in participation of participation in subsidiaries that do not lead to loss of control).

In the report, or in the notes to it, it is also necessary to provide a drawing analysis of other comprehensive income for each component of equity, the amount of dividends recognized during the period, as well as the amount of dividends per share.

An example of a report of changes in capital is presented in Table 3.

Table 3. Capital Change Report

Alpha Group

Consolidated report on changes in capital over the year ended December 31, 2017 (in million Russian rubles)

	Share capital	Undestributed profits	Recalculation of the results of foreign divisions	Capital owned by the owners of the maternal company	Uncontrolling share of participation	Total Kapital
Dividends announced
Dividends announced
Acquisition of subsidiaries
Other cumulative income less deferred tax
Total cumulative income for the period

Notes to reporting

Notes are a mandatory part of financial statements under IFRS, no less important than the reporting form themselves. They include:

• information on the basics of preparation of financial statements (for example, the functioning of a company or liquidation) and the applied accounting policy;
• the information required by IFRS, or that is relevant to understand the reporting, if it is not presented in other sections;
• significant principles of accounting policies, including the assessment database and the relevant accounting policies necessary to understand the financial statements;
• judgments, with the exception of estimated judgments made by management in the process of applying accounting policies and which have a significant impact on the amounts reflected in the financial statements;
• the main assumptions about future and key sources of uncertainty associated with the calculated estimates that can lead to significant adjustments to the book value of assets and liabilities over the next 12 months;
• information that will allow users of financial statements to assess the goals, policies and capital management processes of the company.

As in cases with reporting forms, IAS 1, IAS does not establish strict requirements for the format of the notes. It is noted that notes should be submitted in a systematic order, as far as practically feasible. The articles presented in the reporting forms must have a reference to the corresponding note. Typically, notes are placed in the following order:

• statement on the conformity of IFRS;
• the main provisions of the applied accounting policy;
• additional information on accounting objects presented in the form of forms (in the same order in which each report and each article are presented);
• other information, including:

1) conditional obligations and not recognized contractual obligations;

2) non-financial information, such as the goals and policies of the Company on financial risks.

Introduction

In recent years, the content of financial statements, the procedure for its preparation and submission has undergone significant changes. The most obvious from these transformations is due to the transition of companies on IFRS ongoing worldwide. In many regions, IFRS has been used for several years, with the number of companies planning such a transition all the time increases. With the latest transition information different countries With national accounting standards, IFRS can be found on the website Pwc.com/USifrs using an "Interactive MSFO Card for Separate Countries" ("Interactive IFRS ADOPTION by Country Map").

Recently, the degree of influence on IFRS of political events has increased markedly. The situation with the state debt of Greece, problems in the banking sector and attempts to solve these issues led to increased pressure on standards developers, which are expected to make changes to standards, primarily in standards regulating financial instruments. It is unlikely that this pressure will disappear, at least in the near future. Board of the Committee on International Financial Reporting Standards (CMSFO, English) is actively working on solving these problems, so we can expect all new changes to standards, and this process will continue over the coming months and even years.

Accounting principles and the use of IFSO

The Board of the CMSFO has the authority to accept IFRS and approve the interpretations of these standards.

It is assumed that IFRS should be applied to profit-oriented enterprises.

Financial reports of such enterprises reflect information on the results of activities, financial position and cash flow, useful for a wide range of users in the process of their financial decisions. Such users include shareholders, lenders, employees and society as a whole. A complete set of financial statements includes the following:

• balance (financial statement);
• report on cumulative income;
• accounting policy description;
• notes to financial statements.

The concepts based on accounting practices in accordance with IFRS are set forth in the "conceptual foundations of financial statements" published by the Board of the SMFO in September 2010 (hereinafter - "Concept"). This document replaces the "Basics of Preparation and Financial Reporting" ("Basics", or "Framework"). The concept includes the following sections:

• Objectives for the preparation of general-purpose financial statements, including information about economic resources and obligations of the consistent enterprise.
• Reporting a company (currently changes are made to the section).
• Qualitative characteristics are useful financial information, namely, the relevance and truthful presentation of information, as well as extended qualitative characteristics, including comparability, verifiability, timeliness and understandableness.

The remaining sections of the "Fundamentals of the preparation and submission of financial statements" issued in 1989 (Currently, changes are made to the document) include the following:

• fundamental assumptions, the principle of continuity of the enterprise;
• elements of financial statements, including those related to the assessment of the financial position (assets, obligations and capital) and to assess the results of activities (income and expenses);
• recognition of financial reporting elements, including the likelihood of obtaining future benefits, reliability of assessment and recognition of assets, liabilities, income and expenses;
• evaluation of financial reporting elements, including assessment of historical cost and alternative options;
• capital concept and maintenance of capital.

Regarding the sections of the Concept in which the Changes are made, the Board of the CMFR issued a draft standard for the reporting enterprise and a discussion document on the other sections of the Concept, including elements of financial statements, recognition and termination of recognition, differences between capital and obligations, evaluation, presentation and disclosure of information, Fundamental concepts (such as a business model, a unit of accounting, continuity of enterprise activities and maintaining capital values).

First use of IFRS - IFRS 1

When moving from national accounting standards for IFRS Enterprise The requirements of IFRS (IFRS) should be guided by the requirements of IFRS 1. This standard applies to the first annual financial statements of the enterprise, compiled in accordance with the requirements of IFRS, and to the interim reporting provided in accordance with the requirements of IAS 34 "Interim Financial Reporting" for a part of the period, covered by the first financial statements under IFRS. Standard also applies to enterprises with "re-first use". The basic requirement is to complete the use of all IFRS acting as of the reporting date. However, there are several optional liberations and mandatory exceptions related to the retrospective use of IFRS.

Liberation affect standards relative to which the Board of the CMSFO believes that their retrospective use can be associated with too large practical difficulties or can lead to expenses that are superior to any benefit for users. Liberation are optional.

Any or all release can be applied, or none of them may not be applied.

Optional liberation concerns:

• business associations;
• fair value as a conditional initial value;
• accumulated differences when recalculating to another currency;
• combined financial instruments;
• assets and obligations of subsidiaries associated enterprises and joint ventures;
• classifications of previously recognized financial instruments;
• operations involving payments based on shares;
• estimates at the fair value of financial assets and financial obligations under initial recognition;
• insurance contracts;
• reserves for liquidation measures and restoration of the environment as part of the value of fixed assets;
• rental;
• concession agreements on the provision of services;
• loan costs;
• investments in subsidiaries, jointly controlled enterprises and associates;
• obtaining assets transferred to customers;
• repayment of financial obligations with equity tools;
• severe hyperinflation;
• joint activity;
• expenses for stripping work.

Exceptions affect the scope of accounting, in which the retrospective application of the requirements of IFRS is considered inappropriate.

The exceptions below are mandatory:

• accounting of hedge;
• estimated estimates;
• termination of the recognition of financial assets and liabilities;
• uncontrolled shares;
• classification and assessment of financial assets;
• built-in derivative financial instruments;
• state loans.

Comparative information is prepared and presented on the basis of IFRS. Almost all adjustments arising from the first application of IFRS are recognized in retained earnings to the beginning of the first period submitted as part of the reporting of the period.

Recommendation is also required by certain articles in connection with the transition from national standards to IFRS.

Representation of Financial Reporting - IAS 1

brief information

The purpose of the financial statements is to provide information that will be useful to users when they are making economic decisions. The purpose of IAS 1 is to ensure comparability of the submission of financial statements as with the financial statements of the enterprise for previous periods and with the financial statements of other enterprises.

Financial statements should be drawn up on the basis of an assumption of continuity of activity, except in cases where the management intends to eliminate the enterprise, to terminate its orcade activities or is forced to act in a similar way due to the lack of real alternatives. The guide is financial statements based on the principle of accrual, with the exception of information on cash flow.

The established format for financial statements does not exist. However, in the basic forms of financial statements and notes to them, the minimum amount of information should be disclosed. MSFO Guide 1 contains examples of permissible formats.

Financial statements discloses relevant information for the previous period (comparative data), except in cases where IFRS or its explanation admit or require otherwise.

Financial Statement (Balance)

The financial statement report reflects the financial position of the enterprise as of a certain point in time. Following the requirements for the presentation and disclosure of a certain minimum of information, management may adhere to its own judgments regarding the form of its submission, including the possibility of using a vertical or horizontal format, as well as how the classification group should be presented and what information should be disclosed mainly Report and notes.

The balance sheet should be given at least the following articles:

• Assets: fixed assets; investment property; intangible assets; Financial assets; Investments taken into account by the method of equity participation; biological assets; Deferred tax assets; assets for the current income tax; stocks; Trading and other receivables, as well as cash and cash equivalents.
• Capital: Capital and reserves related to the owners of the parent enterprise, as well as uncontrolled ownership shareholders presented in capital.
• Obligations: deferred tax liabilities; obligations under the current income tax; financial obligations; reserves; Trade and other payables.
• Assets and obligations intended for sale: The total amount of assets classified as intended for sale, and assets included in the disposal group classified as intended for sale; Obligations included in the disposal group classified as intended for sale in accordance with IFRS (IFRS) 5 "Long-term assets intended for sale and discontinued activities."

Current and non-current assets, as well as short-term and long-term obligations, are recorded in the report as separate classification groups, except when the presentation of information based on liquidity degree provides reliable and more appropriate information.

Cumulative income report

Report on aggregate income reflects the results of the enterprise's activities for a certain period. Enterprises can reflect this information in one or two reports by their choice. When reflecting information in one report, the report on the total income must include all articles of income and expenses, as well as each component of other cumulative income, all components are classified in nature.

When preparing two reports, all components of profit or loss are reflected in the income statement, followed by a statement of aggregate income. It begins with the final amount of profit or loss for the reporting period and reflects all components of other cumulative income.

Articles that should be reflected in the income statement and other aggregate income

The section on profits and losses in the Comprehensive Income Report should at least include the following articles:

• revenue;
• financing costs;
• share of the enterprise in profit or loss of associates and joint activities taken into account by the equity method;
• tax costs;
• the amount of profit or loss after taxes from discontinued activities, including profit or loss after taxes, recognized as a result of an assessment of fair value less expenses for the sale (or as a result of disposal) of assets or a departing group (groups) constituting termination activities.

Additional articles and headlines are included in this report if such a submission is appropriate to understand the financial results of the enterprise.

Essential articles

The nature and sums of essential items of income and expenses are disclosed separately. Such information may be presented in the report or in notes to financial statements. Such income / costs may include the costs associated with restructuring; Reserves or value of fixed assets; Considering claims, as well as income and expenses related to the disposal of non-current assets.

Other cumulative income

In June 2011, the Board of KMSFO published "Representing articles of other aggregate income (amendments to IFRS (IAS) 1)". These amendments provide for the separation of articles of other aggregate income on those that will be reclassified into profit or loss, and those that will not be reclassified. The action of these amendments applies to annual reporting periods, starting with July 1, 2012 and after this date.

The company must submit information on adjustments when reclassified with respect to the components of other cumulative income.

The company may present the components of other comprehensive income in the report or (a) less tax effects, or (b) to relevant tax effects with a reflection of the total tax on these articles.

Capital Change Report

The articles below are reflected in the report on changes in capital:

• general aggregate income for the period showing separately the final sums related to the owners of the parent company and to uncontrolled shares;
• for each capital component, the effect of retrospective use or retrospective recalculation, recognized in accordance with IFRS (IAS) 8 "Accounting Policy, Changes in Accounting and Error";
• for each capital component, the reconciliation of the carrying value at the beginning and end of the period, with a separate disclosure of changes due to:
  • profits or loss;
  • articles of other cumulative income;
  • operations with owners operating in this capacity, with a separate reflection of contributions made by owners, and distribution in favor of owners, as well as changes in participation of subsidiaries that do not lead to loss of control.

The company should also submit the amount of dividends recognized as payments in favor of owners during the period, and the corresponding amount of dividends per share.

Cash Movement Report

The cash flow report is considered in a separate chapter on the requirements of IFRS (IAS) 7.

Financial Reporting Notes

Notes are an integral part of financial statements. Notes contain information that complements information about amounts, disclosed in separate reporting forms. They include a description of accounting policies, as well as substantial estimated values \u200b\u200band judgments, disclosure of capital information and financial instruments providing for the obligation to ransom classified as capital.

Accounting policies, changes in accounting assessments and errors - IFRS (IAS) 8

The company applies accounting policies in accordance with the requirements of IFRS, which are applicable to specific conditions for its activities. However, in some situations, standards provide the choice; There are also other situations in which IFRS does not indicate regarding the order of accounting. In such situations, the manual should choose the appropriate accounting policy independently.

The leadership, based on his professional judgment, develops and applies accounting policies in order to ensure the receipt of objective and reliable information. Reliable information has the following characteristics: truthful representation, priority of content over the shape, neutrality, prudency and completeness. In the absence of IFRS standards or interpretations, which can be applied in specific situations, management should consider the possibility of applying the requirements provided for in IFRS to solve similar or similar issues, and only after that consider the definitions, criteria for recognition, assessment methodologies, obligations, income and expenses established in the "Conceptual Fundamentals of Financial Reporting." In addition, management can take into account the latest definitions of other bodies developing accounting standards, other additional literatureDeed to accounting, as well as the practice adopted in the industry, if it does not contradict the provisions of IFRS.

Accounting should be applied consistently for similar operations and events (except in cases where any standard allows or specifically requires otherwise).

Changes in accounting policies

Changes in accounting policies related to the adoption of a new standard are taken into account in accordance with transitional provisions (if any) established under this standard. If the special transition procedure is not specified, the policy change (mandatory or voluntary) is reflected retrospectively (that is, by adjusting the introductory residues), with the exception of cases when it is not possible.

The release of new / revised standards that have not yet entered into force

Typically, standards are published before the occurrence of their application. Before this date, management discloses in the financial statements the fact that the new / revised standard relating to the enterprise activities has been released, but has not yet entered into force. It is also required to disclose information about the possible impact of the first application of the new / revised standard for the company's financial statements based on available data.

Changes in accounting estimates

The company periodically reviews accounting assessments and recognizes changes in them by promising reflection of the results of a change in estimates in profit or loss during the reporting period, which they influence (the period in which changes in estimates have occurred, and future reporting periods), with the exception of those cases When changes in estimates led to changes in assets, liabilities or capital. In this case, the recognition is carried out by adjusting the value of the corresponding assets, liabilities or capital in the reporting period, which occurred.

Errors

Errors in financial statements may arise as a result of incorrect actions or incorrect interpretation of information.

Errors identified in the subsequent period are errors of the previous reporting periods. Essential errors of previous years identified in the current period are adjusted retrospectively (that is, by adjusting the introductors, as if the reporting of previous periods initially did not contain errors), except when this is not possible.

Financial instruments

Introduction, purpose and scope of application

The following five standards applies to financial instruments:

• IFRS 7 "Financial Instruments: Information Disclosure", the subject of which is the disclosure of information on financial instruments;
• IFRS 9 "Financial Instruments";
• IFRS 13 "Evaluation of fair value", which provides information on an assessment of fair value and relevant information disclosure requirements for financial and non-financial articles;
• IAS 32 "Financial Instruments: Information Presentation", the subject of which is to distinguish between obligations and capital, as well as relatives;
• IAS 39 "Financial Instruments: Recognition and Evaluation", which contains requirements for recognition and evaluation.

The purpose of the above five standards is to establish requirements for all aspects of accounting of financial instruments, including relative to the delimitation of obligations and capital, relatives, recognition, discontinuation, evaluation, hedging accounting and disclosure.

Standards have a wide scope of application. Their action applies to all types of financial instruments, including accounts receivable, accounts payable, investments in bonds and stocks (with the exception of participation in subsidiaries associated and joint ventures), loans and derivative financial instruments. They also apply to certain contracts for the purchase or sale of non-financial assets (such as commodities), which can be produced net-calculation with the help of cash or other financial instruments.

Classification of financial assets and financial obligations

The method of classifying financial instruments established by IAS 39 determines the method of subsequent assessment and the method of accounting for subsequent changes in the assessment.

Prior to the entry into force of IFRS 9 in financial instruments accounting, financial assets are classified in the following four categories (according to IAS 39): financial assets, assessed at fair value, changes in which are reflected in profit or loss; investments held to repayment; loans and receivables; Financial assets available for sale. When classifying financial assets, the following factors must be taken into account:

• Are cash flows generated by a financial instrument, permanent or variables? Does the tool of the repayment date?
• Are there assets for sale? Does the manual keep held tools to repay?
• Is the financial instrument derivative or does it contain a built-in derivative financial instrument?
• Are the tool in the active market quoted?
• Did the instrument classify the instrument in a specific category since the recognition?

Financial liabilities are estimated at fair value, which is reflected in profit or loss, if they are defined as such (depending on the various conditions), are intended for trade or are derived financial instruments (except when the derivative financial instrument is a financial instrument. warranty or if it is defined as a hedging tool and efficiently works). Otherwise, they are classified as "other financial obligations".

Financial assets and liabilities are estimated at fair or amortized cost, depending on their classification.

Changes change are reflected either in the income statement, or as part of other comprehensive income.

Reclassification with the transfer of financial assets from one category to another is permitted in limited cases. Reclassification requires disclosure of information on a number of items. Derivatives financial instruments and assets that were classified as part of the fair value option as "fair value, which is reflected in profit or loss," is not subject to reclassification.

Types and main characteristics

Financial instruments include various assets and obligations, such as receivables, payables, loans, receivables associated with financial leasing, and derivative financial instruments. They are recognized and evaluated according to the requirements of IFRS (IAS) 39, information about them is disclosed in accordance with IFRS 7, and information on fair value is revealed in accordance with IFRS 13.

Financial instruments are a contractual law or obligation to obtain or pay cash or other financial assets. Nefinancial articles have a more mediated, not caused by the contract, attitude towards future cash flows.

Financial asset is cash; due to the contract the right to receive cash or other financial asset from another enterprise; The right to exchange financial assets or financial obligations with a different enterprise on the terms, potentially beneficial to the enterprise, or is the equity tool of another enterprise.

The financial commitment is the obligation due to the contract of the obligation to transfer funds or other financial asset to another enterprise or the obligation to exchange financial instruments with another enterprise on the conditions potentially disadvantageous to the enterprise.

The equity tool is a contract confirming the right to a residual share in the enterprise assets remaining after the deduction of all its obligations.

The derivative financial instrument is a financial instrument, the cost of which is determined on the basis of the relevant price or price index; It requires small initial investments or are not required at all; Calculations on it are carried out in the future.

Financial obligations and capital

The classification of the financial instrument by its issuer or as an obligation (debt instrument), or as capital (equity tool) can have a significant impact on solvency indicators (for example, the ratio of the relation of borrowed funds to equity) and the company's profitability. It may also affect the compliance with the special conditions of credit agreements.

The key characteristic of the obligation is that in accordance with the terms of the contract, the issuer must (or may require) to pay cash to the holder of such a tool or transfer other financial assets, that is, it cannot avoid this obligation. For example, the bonded loan, according to which the issuer is obliged to pay interest, and subsequently repay the bonds with money, is a financial obligation.

The financial instrument refers to the category of capital, if it establishes the right to the net assets of the issuer after the deduction of all its obligations or, in other words, if the issuer under the contractual terms is not obliged to pay funds or transfer other financial assets. Ordinary shares for which any payments remain at the discretion of the issuer are an example of equity financial instruments.

In addition, the following classes of financial instruments can be recognized as capital (subject to certain conditions for such recognition):

• financial instruments with the right to sell (for example, the share of participants in cooperatives or some shares in partnerships);
• tools (or their respective components), obliging to pay the tool to the amount, proportional to the company's net assets, only at the time of liquidation of the company (for example, some types of shares issued by companies with a deadline).

The separation of the issuer of financial instruments for debt and equity is based on the essence of the essence of the instrument, and not on its legal form. This means that, for example, preferred shares to be repurchased, which in their economic Sutty Like bonds are taken into account in similar bonds. Thus, the preferred shares to be matured are classified as an obligation, and not as capital, despite the fact that from a legal point of view, they are shares of the issuer.

Other financial instruments may not be simple as discussed above. In each case, a detailed analysis of the characteristics of the financial instrument on the appropriate classification features is necessary, especially given the fact that some financial instruments combine elements of both equity and debt tools. In the financial statements of the debt and the equity components of such tools (for example, bonds convertible to a fixed number of shares) are reflected separately (the equity component is presented with an option for conversion in case of satisfaction of all qualification characteristics).

The reflection of interest, dividends, income and losses in the income and loss statement is based on the classification of the relevant financial instrument. So, if privileged action It is a debt tool, the coupon is reflected as a percentage consumption. Conversely, a coupon, which is paid at the discretion of the issuer on the instrument considered as the equity, is reflected as capital distribution.

Recognition and cessation of recognition

Confession

Rules of recognition for financial assets and liabilities are usually not difficult. The company recognizes financial assets and obligations at the moment when it becomes a party to contractual relations.

Termination of recognition

The discontinuation of recognition is the term used to determine the moment of write-off from the balance of a financial asset or obligation. These rules are more complex in use.

Assets

The company is a financial asset holder can attract additional funds to finance its activities using the existing financial asset as security or by the quality of the main source of funds from which debt will be made. The requirements of IFRS (IAS) 39 to terminate recognition are determined whether the operation of the sale of financial assets is (as a result of which the enterprise ceases to recognize them) or receiving funding for assets (in this case, the enterprise recognizes the obligation in the amount of funds received).

Such an analysis can be quite simple. For example, it is obvious that the financial asset is written off from the balance after its unconditional transmission independent of the enterprise to the third party without any additional obligations to compensate for its asset risks and without the conservation of rights to participate in its profitability. Conversely, the cessation of recognition is unacceptable if the asset was transferred, but, in accordance with the terms of the contract, all risks and potential income from the asset remained for the enterprise. However, in many other cases, the interpretation of the transaction is more complex. Securitization and factoring operations are examples of more complex operations, in relation to which the issue of write-off from the balance requires a thorough study.

Obligations

The company may stop recognizing (write off from the balance) financial obligation only after its repayment, that is, when the obligation is paid, canceled or discontinued due to the expiration of its term, or when the borrower is released from the obligations by the creditor or by law.

Evaluation of financial assets and obligations

In accordance with IAS 39, all financial assets and financial liabilities at initial recognition are assessed at fair value (plus the cost of the transaction in the event of a financial asset or financial obligation not taken into account at fair value, changes in which are reflected in profit or loss). The fair value of the financial instrument is the price of the transaction, that is fair value Transferred or received remuneration. However, in some circumstances, the transaction price may not reflect the fair value. In such situations, the fair value is appropriate to determine on the basis of open data of current transactions with similar tools or on the basis of technical assessment models, using only data on the markets available to surveillance.

Evaluation of financial instruments after their initial recognition depends on their initial classification. All financial assets after initial recognition are estimated at fair value, with the exception of loans and receivables, as well as assets held before repayment. In exceptional cases, equity tools are also not overestimated, the fair value of which cannot be reliably appreciated, as well as derivatives associated with those non-monotlectable equity tools, calculations for which should be carried out by delivering these assets.

Loans and receivables and investments held to repayment are estimated at amortized cost.

The amortized cost of a financial asset or financial liability is determined using the effective interest method.

Financial assets available for sale are estimated at fair value, changes in which are reflected in other comprehensive income. At the same time for debt tools available for sale, interest income belongs to the accounts of profits and losses using the effective interest method. Dividends from equity tools available for sale are among the profit and loss account at the time of establishing the rights of the owner on their receipt. Derivatives (including built-in derivatives tools to be separated) are estimated at fair value. Profits and losses arising from changes in their fair value are recognized in the income statement, with the exception of changes in the fair value of hedging tools when hedging cash flows or the hedging of net investments.

Financial liabilities are estimated at amortized value by the method of effective interest rate, unless they are attributed to the category of obligations assessed at fair value, changes in which are reflected in profit or loss. There are some exceptions in the form of commitments to issue a loan and contracts of the financial guarantee.

Financial assets and financial obligations defined as hedged articles may require additional adjustment of the book value in accordance with the provisions of hedging accounting (see the section on hedging accounting).

All financial assets, with the exception of the fair value estimated, changes in which are reflected in profit and loss are subject to inspection for impairment. If there are objective signs that the financial asset depreciated the impairment loss is recognized in the income statement.

Derivative financial instruments built into the main contract

Some financial instruments and other contracts unite derivatives and non-derivative financial instruments in one contract. Part of the contract, which is a derivative financial instrument, is called a built-in derivative financial instrument.

The specifics of such a tool lies in the fact that some of the cash flows of the contract are changed similar to the independent derivative financial instruments. For example, the nominal bonds may vary simultaneously with the oscillations of the stock index. In this case, the embedded derivative financial instrument is a debt derivative of a financial instrument, which is based on the appropriate stock index.

Built-in derivatives financial instruments that are not "closely related" with the main contract, are allocated and taken into account as independent derivatives of financial instruments (that is, as evaluated at fair value, changes in which are reflected in profit or loss). Built-in derivative financial instruments are not "closely related" if their economic characteristics and risks do not coincide with the characteristics and risks of the main contract. In IAS 39, there are many examples to help determine if this condition is performed or not.

Analysis of contracts for the presence of potential embedded derivatives of financial instruments is one of the most difficult aspects of IAS 39.

Hedge accounting

Heading is an economic operation on the use of a financial instrument (usually derived), aimed at reducing (partial or complete) risks of the hedged article. The so-called hedging account allows you to change the time for recognizing income and losses for a hedged article or a hedging tool in such a way that they are recognized in the income statement in the same accounting period in order to reflect the economic essence of the use of hedging.

To apply hedging accounting, the enterprise must ensure compliance with the following conditions: (a) At the beginning of hedging, the hedging relationship between the hedging instrument and the qualifiable hedging article and (b) at the beginning of hedging and during the entire hedge period, it is necessary to demonstrate that hedging is highly efficient. .

There are three types of hedging relationships:

• hedging fair value - hedging of exposure to risk of changes in the fair value of a recognized asset or commitment or a solid solid obligation;
• hedging of cash flows - hedging exposure to the risk of changes in future cash flows related to a recognized asset or obligation, a firm commitment or projected operation, the probability of which is more than high;
• hedging net investment - currency risk hedging in terms of net investment in foreign activities.

For the hedge of fair value, the hedged article is adjusted to the amount of income or expenses related to hedging risk. The adjustment is recognized in the income statement where it will compensate for the appropriate income or consumption from the hedging tool.

Revenues and losses from the money hedging tool, the effectiveness of which was established, are initially recognized as part of other aggregate income. The amount included in other cumulative income is the lowest indicator of the fair value of the hedging and hedging instrument. Where the hedging tool has a higher fair value than the hedged article, the difference is reflected in profit or loss as an indicator of hedging inefficiency. Deferred income or expenses reflected in other comprehensive income are reconceded in profit or loss when the hedged article has an impact on the income statement. If the hedging article is the projected acquisition of a non-financial asset or obligation, the enterprise has the opportunity to choose as an accounting policy to adjust the current value of the non-financial asset or obligations on hedging income or a loss at the time of purchase or leave the reflection of deferred hedging income or capital costs and reclassify them into profits and Loss when the hedged article will have an impact on profit or loss.

Accounting for the hedging of net investment in foreign activities is carried out similarly to accounting for hedging cash flows.

Information disclosure

Recently, significant changes have occurred in the concept and practice of risk management. To assess the risks associated with financial instruments, new methods have been developed and implemented to manage such risks. These factors, along with substantial volatility in financial markets, led to the need to obtain more relevant information, ensuring greater transparency of information about the company's exposure to risks associated with financial instruments, and obtaining information on how the company manages these risks. Users of financial statements and other investors need such information to form the risk judgments, which are subject to an enterprise as a result of the use of financial instruments and appropriate income.

IFRS 7 and IFRS (IFRS) 13 establish requirements for disclosing information necessary to users to assess the importance of financial instruments from the point of view of the financial situation and financial results of the company, as well as to understand the nature and degree of risks associated with these tools. Such risks include credit risk, liquidity risk and market risk. IFRS 13 also requires disclosure on a three-level hierarchy of fair value assessment and some specific quantitative information on financial instruments at the lowest level of the hierarchy.

Requirements related to the disclosure of information are applied not only to banks and financial institutions. They apply to all enterprises who have financial instruments, even such as simple as borrowing, receivables and payables, cash and investment.

IFRS 9

November 2009, the Board of the CMSFO published the results of the first part of the three-stage project to replace IAS 39 with the new IFRS standard (IFRS) 9 "Financial Instruments". This first part is devoted to the classification and evaluation of financial assets and financial liabilities.

In December 2011, the Board made changes to IFRS 9 and changed the date of the obligatory application of the standard for annual reporting periods beginning on January 1, 2013, as of January 1, 2015 or after this date. However, in July 2013, the Board adopted a preliminary decision on the subsequent deferment of the mandatory application of IFRS 9 and that the date of the mandatory application of the standard should remain open to the completion of work on impairment, classification and evaluation. The early application of IFRS 9 is still permitted. The use of IFRS 9 in the EU has not yet been approved. The Board also made changes to the provisions of the transition period, providing exemption from recalculating comparative information and introducing new information disclosure requirements, which will help users of financial statements to understand the consequences of the transition to the classification model and evaluation in accordance with IFRS 9.

Below is a summary of the basic requirements of IFRS 9 (in the current edition).

IFRS 9 replaces multiple classification models and assessment of financial assets provided for in IAS 39, a single model that has only two classification categories: amortized cost and fair value. Classification according to IFRS 9 is defined by the business model adopted by the enterprise to manage financial assets, and contractual characteristics of financial assets.

The financial asset is estimated at amortized cost under the observance of two conditions:

• the purpose of the business model is to hold a financial asset to obtain funds provided for by the contract;
• the funds provided for by the treaty are exclusively payments to the principal amount of debt and interest.

The new standard cancels the requirement to allocate embedded derivatives from financial assets. The standard requires classifying a hybrid (complex) treaty as a single integer or at amortized cost, or at fair value, if funds provided by the contract flows are not exclusively payments to the principal amount of debt and interest. Two of the three existing evaluation criteria at fair value cease to be applied in accordance with IFRS 9, since the business model based at fair value involves accounting at fair value, and hybrid contracts that do not meet the criteria provided by the cash flow agreements, Completed them are classified as reflected at fair value. The remaining condition for the choice of accounting at the fair value provided for in IAS 39 is postponed to the new standard - this means that the management can still classify the financial asset at initial recognition as reflected at fair value, which is reflected in profit or loss. If this significantly reduces the number of inconsistencies in accounting. The attribution of assets to the category of financial assets, assessed at fair value, changes in which are reflected in profit or loss, will retain irrevocable character.

IFRS 9 prohibits reclassification from one category to another, with the exception of rare cases of changes in the business model of the enterprise.

There is a special guide for contractual relations related tools that balance credit risks, which is often found in the case of investment trenches during securitization.

The principles of the classification of IFRS (IFRS) 9 suggest that all equity investments should be assessed at fair value. However, management has the right to decide on the reflection of realized and unrealized profits and losses obtained as a result of changes in the fair value of equity tools, except for trading, as part of other aggregate income. IFRS 9 cancels the possibility of accounting for the cost of non-optical stocks and financial instruments derived from them, but provides guidance on cases when the cost can be considered as an acceptable assessment of fair value.

The classification and assessment of financial liabilities in accordance with IFRS 9 did not change compared with IFRS (IAS), with the exception of cases when an enterprise decides to assess the obligations at fair value, changes in which are reflected in profit or loss. For such obligations, a change in fair value associated with a change in the level of their own credit risk is separately reflected in other comprehensive income.

Amounts as part of other aggregate income relating to their own credit risk are not transferred to the income statement even in case of termination of the recognition of the obligation and the implementation of the relevant amounts. However, this standard permits the transfers inside the capital.

As before, in cases where derivatives of financial instruments embedded in financial liabilities are not closely connected with the main contract, the enterprises will have to allocate them and take into account separately from the main contract.

Foreign currencies - IFRS (IAS) 21, IFRS 29

Many enterprises have relations with foreign suppliers or buyers or lead activities in foreign markets. This leads to two main features of accounting:

• Operations (transactions) of the enterprise itself are expressed in foreign currency (for example, those of them that are carried out in conjunction with foreign providers or clients). For the purposes of submission in the financial statements, these operations are expressed in the currency of that economic environmentin which the company operates its activities ("Functional currency").
• The parent company can lead activities abroad, for example, through subsidiaries, branches or associated enterprises. Functional currency of foreign divisions may differ from the functional currency of the maternal enterprise, and therefore accounts may be in different currencies. Since it would be impossible to summarize indicators expressed in different currencies, the results of foreign activities and financial position indicators are translated into one currency - in the currency in which the consolidated financial statements of the Group ("reporting currency").

Recalculation procedures used in each of these situations are summarized below.

Recalculation of operations in foreign currency in the functional currency of the enterprise

Operation in foreign currency is translated into the functional currency at the rate at the date of the operation. Assets and liabilities that are expressed in foreign currencies, which are cash or foreign currency amounts to be obtained or to pay (so-called monetary or monetary balance sheets), are recalculated at the end of the reporting period at the rate on this date. The term difference arising in this way on the monetary articles is recognized as a profit or loss of the corresponding period. Unmonetary balance sheet articles on which the revaluation is not applied at fair value and which are expressed in foreign currency, are measured in functional currency at the rate at the date of the appropriate operation. If there was a revaluation of the non-monetary balance sheet to its fair value, the exchange rate is used for the date of definition of fair value.

Recalculation of financial reporting indicators in functional currency in reporting currency

The cost of assets and liabilities is translated from the functional currency in the currency of reporting on the exchange rate at the date of reporting at the end of the reporting period. The indicators of the profit and loss report are recalculated at the exchange rate as of the date of transactions or in the average exchange rate, if it is close to actually exchange rates. All course differences arising from this case are recognized as part of other cumulative income.

The financial statements of the foreign company, the functional currency of which is the currency of the country with the hyperinflation economy, first recalculates, taking into account the change in purchasing power in accordance with IAS 29. All indicators of financial statements are then transferred to the reporting reporting currency at the end of the reporting period.

Insurance Contracts - IFRS 4

Insurance contracts are contracts in which the Insurer Company assumes a significant insurance risk from the other side (insurer), agreeing to pay the latest compensation if the offensive insurance case Negative affect the insured. The risk transmitted under the contract must be insurance risk, that is, any risk except financial.

Accounting Insurance Contracts is considered in IFRS 4, which applies to all companies entering insurance agreements, regardless of whether legal status Insurance company or not. This standard does not apply to the accounting of insurance contracts by the insured.

IFRS 4 is an intermediate standard that is valid until the end of the second phase of the CMFO project for accounting of insurance contracts. It allows companies to continue to apply their accounting policies regarding insurance contracts, if this policy meets certain minimum criteria. One of these criteria is that the amount of obligation recognized in terms of insurance liability is subject to testing for the adequacy of the amount of the obligation. This test considers the current estimates of all the contracts defined by the cash flows associated with it. If the adequacy test of the amount of the obligation indicates that the recognized obligation is inadequately, then the missing amount is recognized in the income statement.

The choice of accounting policies developed on the basis of IAS 37 "reserves, conditional obligations and conditional assets" is appropriate for an insurer company who is not an insurance company, and in cases where generally accepted accounting principles (OPAP) countries do not contain specific Requirements for the accounting of insurance contracts (or the relevant requirements of the country's Office are only among insurance companies).

Since insurers have the right to continue to use accounting policies in accordance with the Office of their country, disclosure of information acquires particular importance to submit activities related to the conclusion of insurance contracts. IFRS 4 provides two basic principles for presenting information.

Insurers must disclose insurers:

• information that determines and explains the amounts reflected in their financial statements and arising from insurance contracts;
• information that allows users of their financial information to understand the nature and the degree of risks arising from insurance contracts.

Revenue and contracting contracts - IAS 18, IFRS (IAS) 11 and IFRS (IAS) 20

Revenue is estimated at the fair value of the obtained or expected remuneration. If from the essence of the operation implies that it includes separately identifiable items, then the revenue is determined by each element of the transaction, as a whole, based on fair value. The moment of recognition of revenues for each element is determined independently subject to the criteria for recognition considered further.

For example, when selling a product with the subsequent condition of its service maintenance, the amount of revenue due to the contract must first be distributed between the element of selling goods and the provision of service services. After that, revenue from the sale of goods is recognized at the time of compliance with the criteria for recognizing revenue for the sale of goods, and the revenue from the provision of services is recognized separately subject to the criteria for recognizing revenue for this item.

Revenue - IFRS 18

Revenue in the sale of goods is recognized when the company handed down the buyer with significant risks and benefits associated with this product, and does not participate in the management of the asset (product) to the extent that this is usually associated with possession and control, and when there is a high probability Additions to the company of economic benefits expected from the transaction and the ability to reliably measure revenue and costs.

When providing services, revenues are recognized if the results of the transaction can be reliably appreciated. This establishes the stage of completion of the contract for the reporting date with the help of principles similar to those used for construction contracts. It is believed that the results of the transaction can be reliably estimated if: revenue amount can be securely measured; There is a high probability of admission to the company of economic benefits; It is possible to reliably define the completion stage on which the contract is performed; The costs incurred and expected to complete the transaction can be securely measured.

• the company is responsible for the unsatisfactory performance characteristics of the sold goods, and such responsibility goes beyond the standard warranty;
• the buyer has the right under certain conditions specified in the contract of sale, refuse to purchase (return the goods), and the company has no opportunity to assess the likelihood of such a refusal;
• shipped goods are subject to installation, while installing services are a significant part of the contract.

Interest income is recognized in accordance with the effective interest rate. Income from royalties (paid for the use of intangible assets) is reflected according to the accrual method according to the terms of the contract during its time. Dividends are recognized in the period in which the shareholder's right to receive them is established.

Clarification of the CRMFO (IFRIC) 13 "Customer loyalty programs" makes clarity in the question of accounting for encouragements provided to customers when purchasing goods or services, for example, as part of programs for promoting air passengers, often carrying air travel, or customer loyalty programs implemented in supermarkets. The fair value of the received payments or debt from the sale is distributed between encouragement points and other components of sales.

Clarification of the CRMFO (IFRIC) 18 "Accounting for assets received from buyers" makes clarity into the question of reflecting the facilities of fixed assets transferred to the company by the Buyer in exchange for the buyer's connection to its network or providing a customer continuous access to goods and services. Clarification of IFRIC 18 is most apprehensible to enterprises of the provision of communal servicesBut it can also be applied to other operations, for example, when the client transfers the ownership of fixed assets as part of the implementation of the agreement on the involvement of external contractors.

Building contracts - IFRS (IAS) 11

Construction Agreement is a contract concluded with the aim of building an object or complex of facilities, including contracts for the provision of services directly related to the construction of an object (for example, an oversight of the engineering organization or design work architectural bureau). Typically, these are contracts with a fixed price or contracts "costs plus". When determining the amount of revenue and expenses under construction contracts, the method of percentage of completion of work is used. This means that revenue, expenses, and therefore, the profit is reflected as work under the contract.

If it is impossible to reliably assess the results of the fulfillment of the contract, the revenue is recognized only to the extent to which the reimbursement of incurred costs is expected; The costs under the contract refer to expenses as they occur. If there is a high probability that the total amount of costs under the contract exceeds the total amount of income on it, the expected loss is expected to be expected immediately.

Clarification of KRMFO (IFRIC) 15 "Agreements for the construction of real estate objects" makes clarity to the question of which standard - IAS 18 "revenue" or IAS 11 "Construction contracts" - should be applied to specific operations.

State subsidies - IFRS (IAS) 20

Government subsidies are recorded in the financial statements when there is a reasonable confidence that the company will be able to ensure complete compliance with all the conditions for subsidies and subsidies will be obtained. State subsidies for losses are recognized as income and are reflected in profit or loss of the period as the relevant expenses that they must compensate, depending on the implementation of the conditions for the provision of a state subsidy. They are either mutually decreasing the amount of appropriate costs, or reflected in a separate line. The period of recognition in profit or loss will depend on the fulfillment of all conditions and obligations provided for by the subsidy.

State subsidies related to assets are recorded in the balance sheet or by reducing the carrying value of a subsidized asset, or as deferred income of future periods. On the profit and loss account, the state subsidy will be reflected either in the form of reduced depreciation deductions, or as a systematic basis (during the period useful use subsidized asset) income.

Operating segments - IFRS 8

In accordance with the guidelines for segments, enterprises must disclose information that will allow users of financial statements to assess the nature and financial results. economic activity, as well as economic conditions from the point of view of management.

Although many enterprises manage their financial and economic activities using a certain level of "segmented" data, the requirements for disclosing information are applicable (a) to enterprises with registered or marketed equity or debt instruments, and (b) to enterprises in stage Registration or receipt of admission to the quotation of debt or equity tools in the public market. If an enterprise that does not meet any of these criteria decides to disclose segmented data in financial statements, information can be defined as "segment" only if it meets the requirements for the segments presented in the manual. These requirements are set out below.

The determination of the operating segments of the enterprise is a key factor for assessing the level of disclosed information on segments. Operating segments are components of the enterprise defined on the basis of an analysis of information information, which is regularly used by the head of the enterprise hosting operational solutions for the distribution of resources and evaluating the results of activities.

Reporting segments are separate operating segments or a group of operating segments for which it is necessary to submit to separately (disclose) segment information. The combination of one or more operating segments into a single reporting segment is permitted (but is not mandatory) when performing certain conditions. The main condition is the presence of similar economic characteristics in the operating segments under consideration (for example, profitability, price variation, sales growth rates, etc.). To establish the ability to combine several operating segments in one reporting segment, it is necessary to apply a significant professional judgment.

For all revealed segments from the enterprise, it is required to provide information on the assessment of profit or loss in the format analyzed by the highest body of operational management, as well as disclose information on assessing assets and liabilities, if these indicators are also regularly analyzed by management. Other disclosed information about segments includes income received from clients for each group of identical products and services, incomes in geographic regions and according to the degree of dependence on major customers. Enterprises must also disclose other, more detailed performance indicators and use of resources in the reporting segments if these indicators are analyzed by the head of the enterprise hosting operational solutions. The reconciliation of the final values \u200b\u200bof the indicators disclosed in all segments, with the data in the basic forms of financial statements is required for data on the revenue, profit and loss and other significant articles, which is carried out by the highest operational management body.

Employee Rewards - IFRS (IAS) 19

Reflection in accounting for employees, in particular pension obligations, is a difficult issue. Often the amount of obligations of pension plans with established payments is essential. Obligations are long-term, and they are difficult to assess, therefore the definition of consumption for the year is also difficult.

Remuneration to employees includes all the forms of payments carried out or promised by the employee's company for his work. The following types of remuneration to employees are distinguished: wages (includes salary, participation in profits, premiums, as well as paid lack of work, such as annual paid leave or additional leave for long service); Weekend benefits, which are compensatory payments when dismissing or reducing the state, and payments at the end of employment (for example, pensions). Remuneration to employees in the form of stocks based on shares are considered in IFRS 2 (Chapter 12).

Payments at the end of employment include pensions, life insurance and medical care at the end of the employment period. Pension deductions are divided into pension plans with established contributions and pension plans with established payments.

Recognition and measurement of summary forms of remuneration do not cause difficulties, since the use of actuarial assumptions is not required and the discounting of obligations is not carried out. However, for long-term forms of remuneration, especially the obligations on the completion of employment, the measurement is a more challenging task.

Pension plans with established contributions

The approach to accounting for pension plans with established contributions is quite simple: the cost of contributions to be paid by the employer for the corresponding reporting period is considered.

Pension plans with established payments

The reflection in the accounting of pension plans with established payments is a complex process, since, to determine the current value of the obligation and accrual of consumption, actuarial assumptions and settlement methods of evaluation are applied. The amount of consumption reflected during the period is not necessarily equal to the amount of contributions to the pension funds made during this period.

The obligation recognized in the balance sheet regarding the pension plan with established payments is the present value of pension liabilities minus the fair value of the plan's assets adjusted to the magnitude of unrecognized actuarial profits and losses (see further a description of the "corridor" recognition principle).

To calculate the value of the obligation regarding the planned payments, the estimates of the payments are given estimates (actuarial assumptions) of demographic variables (for example, personnel turnover and the mortality rate) and financial variables (such as the future increase in salaries and medical expenses). The calculated amount of payments is then discounted until its present value using the method of the projected conditional unit. These calculations usually carry out professional actuaries.

In companies that carry out the funding of pension plans with established payments, the assets of the plan are estimated at fair value, which in the absence of market prices is calculated by the method of discounted cash flows. The assets of the plan are rigidly limited, and only those assets that meet the definition of the plan's asset can be credited against the obligations of the pension plan with the established payments, that is, the balance sheet reflects the net deficit (obligation) or a surplus of the pension plan.

Assets of the plan and obligation on the pension plan with established payments are revalued for each reporting date. The income statement reflects the change in the amount of surplus or deficiency, with the exception of information about contributions to the plan and payments made under the plan, as well as business associations and reassessment of profit and loss. The reassessment of profit and losses includes actuarial profits and losses, revenues on the assets of the plan (minus the amounts of pure interest in a clean liability or asset within the plan with established payments) and any change in the impact of the limit value of assets (except for the amounts in Composition of pure interest on pure liability or asset as part of a plan with established payments). The results of the revaluation are recognized as part of other comprehensive income.

The magnitude of the pension flow rate (income) to be recognized as part of profit or loss consists of the following components (except in cases where they are required or allowed to include assets):

• the cost of services (the cost of remuneration earned by the current employees for the current period);
• pure interests percentage (restoration of discount on the obligations of established payments and expected income from the assets of the plan).

The cost of services includes the "Cost of Current Services", which is an increase in the present value of the obligation to plan with established payments as a result of employees in the current period, the "Cost of past services" (in accordance with the definition below and including any profit or any loss as a result of the sequestration ), as well as any profit or any loss for calculations.

Clean interest on the net liability (asset) under the plan with established payments is defined as "a change in net liability (asset) according to plan with established payments for the period arising over time" (IFRS 19, paragraph 8). Net interest expense can be considered as the amount of expected interest income on assets of the plan, interest expenses on the obligations under the plan with established payments (which is the restoration of the discount on the obligations under the plan) and interest associated with the impact of the limit value of assets (IFRS 19, P. 124).

Clean interest on pure liability (asset) under the plan with established payments is calculated by multiplying the amount of net liability (asset) within the framework of the plan with established payments at the discount rate. At the same time, those values \u200b\u200bthat were established at the beginning of the annual reporting period will be used, taking into account any changes in the net liability (asset) within the framework of the plan with established payments that occurred during the period as a result of contributions and payments (IFRS 19, p. 123 ).

The discount rate applied to any fiscal year is an appropriate rate of profitability on high-quality corporate bonds (or the rate of profitability on government bonds in appropriate cases). It can be considered that pure interest on the net liability (asset) under the plan with established payments include the expected interest income on the assets of the plan.

The cost of past services is a change in the present value of the obligation under the plan with established payments due to the services of workers rendered in previous periods resulting from changes in the plan (Introduction, Cancellation or Change of Plan with established payments) or a sequestration (a significant reduction in the number of employees included in the plan). As a rule, the cost of past services should be reflected in expenses in the event of amending the plan or as a result of the sequestration. Profit or loss on calculations is recognized in the statement of profit and loss during calculations.

Clarification of KMFO (IFRIC) 14 "IAS 19" The limit value of the asset of the pension plan with established payments, minimum financing requirements and their relationship "contains an assessment guide that can be reflected as an asset when the plan's assets exceed the obligation in The plan with established payments, resulting in pure surplus. The explanation is also explained what influence may have a legislative or contractual requirement for the minimum financing.

Promotion-based payments - IFRS 2

IFRS 2 applies to all fees based on stocks. Agreement based on promotions has the following definition: "Agreement between the company (or another group of a group, or any shareholder of any company company) and the other party (including employee), which provides the other party to receive:

• cash or other assets of the company in the amount of which is established on the basis of the price (or value) of equity tools (including shares or options per shares) of the company or another group of group, as well as
• share instruments (including promotions or options for shares) of a company or another company company. "

Payments based on shares are most widely used in program promotion programs, such as stock options. In addition, companies can thus pay other expenses (for example, professional consultants) and the acquisition of assets.

The principle of IFRS 2 assessment (IFRS) is based on the fair value of the tools used in operation. As an assessment and accounting of remuneration may be difficult because of the need to apply complex settlement models for calculating the fair value of options, as well as due to the diversity and complexity of payments. In addition, the standard requires disclosing a large amount of information. Sum net profit Companies usually decrease as a result of the application of the standard, especially in companies that are widely used payments based on promotions, as part of their employee remuneration strategies.

Promotion-based payments are recognized as expenses (assets) during the period in which all specified conditions for the transition to an agreement on shares based on shares should be performed (the so-called transition period). Shares based on shares are measured at fair value at the date of granting the right to pay for employee remuneration, and in case the parties participating in the transaction are not employees of the company, at fair value at the date of recognition of the assets received and Services. If the fair value of the received goods received or services cannot be reliably estimated (for example, if we are talking about the payment of workers' services or in case of circumstances that prevent the accurate identification of goods and services), the company reflects assets and services at the fair value of the equity tools provided. Advanced guide should take into account whether there were or expected to receive any unidentifiable goods and services, since they should also be measured in accordance with IFRS 2. Payments based on shares with equity tools are not subject to revaluation after As the fair value is defined at the date of entitling the right.

Accounting for payments based on shares with cash is carried out in other things: the company should measure this kind of remuneration at the fair value of the obligations taken.

The obligation is overestimated at its current fair value at each reporting date and on the execution date, while the fair value changes are reflected in the income statement.

Profit Taxes - IFRS 12

IAS 12 considers only issues related to income tax, including current tax accruals and deferred tax. Consumption for the period on the current income tax is determined by taxable income and declared a taxable expenditure that will be reflected in the tax declaration for the current year. The company recognizes debt in the balance sheet for current income tax expenses for the current and preceding periods within the unpaid amount. The overpayment of current tax is reflected by the company as part of assets.

Current tax assets and liabilities are determined by the amount that, according to the assessment of the leadership, is to be paid to the tax authorities or compensate from the budget according to the current tax rates and legislative standards. Taxes to pay, calculated from the taxable base, rarely coincide with income tax costs calculated on the basis of accounting profits before tax. Non-compliances arise, for example, due to the fact that the criteria for recognizing the income and expenses set forth in IFRS differ from the approach tax legislation To these articles.

Accounting for deferred taxes is designed to eliminate inconsistencies. Deferred taxes are determined by the temporary differences between the tax base of the asset or obligations and its book value in the financial statements. For example, if a positive reassessment of property was conducted and this asset was not sold, a temporary difference arises (the carrying amount of the asset in the financial statements exceeds the cost of the acquisition that is a tax base for this asset), which is a basis for accrualing a deferred tax liability.

Deferred tax is recognized in full at all temporary differences arising between the tax base of assets and obligations and their book value reflected in the financial statements, except when temporary differences arise as a result:

• initial recognition of goodwill (only for deferred tax liabilities);
• not affecting any accounting or taxable profit of the initial recognition of the asset (or obligations) on an operation that is not associated business;
• investing in subsidiaries, branches associated and joint ventures (subject to certain conditions).

Deferred tax assets and liabilities are calculated according to tax rates, the use of which is expected during the implementation of the relevant asset or repayment of the obligation, on the basis of tax rates (and tax legislation), which operated at the reporting date or taken in essentially by the point. Discounting deferred tax assets and liabilities are not allowed.

The assessment of deferred tax liabilities and deferred tax assets should usually reflect the tax consequences that would arise depending on the method by which the company involves compensate or repay the balance value of these assets and liabilities at the end of the reporting period. The estimated method of reimbursement of land plots with an unlimited useful life is a sale operation. According to other assets, the method by which the company involves compensate for the balance sheet value of the asset (by using, selling or combinations thereof), is considered to each reporting date. If a deferred tax liability or a deferred tax asset arises as a result of investment property, which is estimated using a fair value model in accordance with IAS 40, then there is a refute the assumption that the carrying value of the investment property will be reimbursed through the sale.

The management recognizes deferred tax assets on subtracted temporary differences only to the extent to which there is a high probability of obtaining taxable income in the future, which can be reduced to the amount of these temporary differences. The same rule applies to deferred tax assets regarding the future of tax losses.

Current and deferred income tax is recognized as part of profit and loss for the period, except when the tax arises due to the acquisition of a business or an operation taken into account outside of profit or loss, as part of other comprehensive income or directly as part of capital in the current or other reporting period. . The accrual of tax associated, for example, with a change in tax rates or tax legislation, the revision of the probability of reimbursement of deferred tax assets or changes in the expected method of assets compensation, refers to the account of profits and losses, except when the specified accrual is associated with the operations of previous periods, Reflected on capital accounts.

Profit per share - IFRS (IAS) 33

Profit per share - an indicator that is often used by financial analysts, investors and other persons to assess the profitability of the company and the cost of its shares. Profit per share is usually calculated in relation to ordinary shares of the company. Thus, the profit coming on the holders of ordinary shares is determined by subtracting its part from the net profit perception of a higher (privileged) level tools.

The company, ordinary shares of which freely turn on the market, should disclose both basic and diluted earnings per share in individual financial statements or in consolidated financial statements if it is the parent company. In addition, legal entities that submit or are in the process of filing financial statements for consideration by the Commission on Securities or another regulatory body for the purpose of emissions of ordinary shares (that is, not for the purpose of closed placement), should also adhere to the requirements of IFRS (IAS) 33.

Basic earnings per share is calculated by dividing profits (loss) for the period accounting for shareholders of a higher parent company, on the weighted average number of ordinary shares in circulation (taking into account the amendments to the premium distribution additional shares between shareholders and a bonus component in the issuance of shares on preferential terms).

Diluted earnings per share is calculated by adjusting the profits (loss) and the weighted average number of ordinary shares on the separating effect of converting potential ordinary shares. Potential ordinary shares are financial instruments and other contractual obligations that can lead to issuance of ordinary shares, such as convertible bonds and options (including options to employees).

Indicators of basic and divergent profits per share as a whole on the company and separately on continuing activities are uniformly disclosed in the statement of comprehensive income (or in the income statement, if the company provides such a report separately) for each category of ordinary shares. Profit per share of terminated activity is disclosed by a separate line directly in the same form of reports or in notes.

Balance with notes

Intangible assets - IFRS (IAS) 38

The intangible asset is an identifiable non-monetary asset that has no physical form. The requirement of identifiable is observed when an intangible asset is separable (i.e., when it can be sold, transferring or protecting the license) or when it is the result of contractual or other legal rights.

Separately acquired intangible assets

Separately acquired intangible assets are initially recognized at cost. The cost is the price of the purchase of an asset, including import duties and non-payment taxes, as well as any direct costs of preparing an asset to use. It is believed that the purchase price of a single acquired intangible asset reflects the market expectations regarding future economic benefits that can be obtained from the asset.

Independently created intangible assets

The process of creating an intangible asset includes research stages and development stage. Study of research does not lead to the recognition of intangible assets in financial statements. Intangible assets arising at the development stage are recognized when the company can simultaneously demonstrate the following:

• Technical feasibility of development
• its intention to complete the development;
• the ability to use or sell an intangible asset;
• how intangible asset will create probable future economic benefits (for example, the availability of a market for products produced by an intangible asset, or for the most intangible asset);
• availability of resources to complete the development;
• your ability to reliably estimate development costs.

All costs written by expenses at the study stage or development stage cannot be restored to include an intangible asset late when the project will meet the criteria for recognizing an intangible asset. In many cases, costs cannot be attributed to the value of any asset and are subject to debiting on costs as it occurs. Do not meet the criteria for recognizing an asset costs associated with the launch of activity and marketing costs. The cost of creating brands, customer databases, printed publications and headings in them and actually goodwill are also not subject to taking into account as an intangible asset.

Intangible assets acquired as a result of business combination

If the intangible asset is acquired during the business association, it is believed that compliance with the recognition criteria, as a result of which the intangible asset will be recognized at the initial accounting of business association, regardless of whether it was previously recognized in the financial statements of the acquired company or not.

Evaluation of intangible assets after initial recognition

Intangible assets are damped, with the exception of assets with an indefinite useful life. Depreciation deductions are accrued on a systematic basis during the useful use of the asset. The useful life of an intangible asset is uncertain if the analysis of all relevant factors indicates the absence of foreseeable restrictions on the period during which this asset is expected to create a clean influx of funds for the enterprise.

Intangible assets with a limited useful use are tested for impairment only if there are signs of possible impairment. Intangible assets with an indefinite useful life and intangible assets that are not yet available for use are tested for impairment at least every year, as well as in the presence of signs of possible impairment.

Fixed assets - IFRS 16

The main funds object is recognized as an asset when it is possible to reliably measure its cost and the likelihood of obtaining the company of future economic benefits associated with it is high. At initial recognition, fixed assets are measured at cost. The cost consists of the fair value of the remuneration paid for the acquired remuneration object (minus any trading discounts and refunds) and any direct costs of bringing the object to a state suitable for operation (including import duties and non-payment taxes).

Direct costs belonging to the acquisition of the facility of fixed assets include the cost of training the site, delivery, installation and assembly, the cost of technical supervision and legal support of the transaction, as well as the estimated amount of the costs of mandatory dismantling and disposal of the facility of fixed assets and the recultivation of the industrial site (in that The degree in which valuation reserve is created under such costs). Fixed assets (consistently within each class) can be taken into account either at the initial cost less accumulated depreciation and accumulated impairment losses (model of accounting for actual costs), or at the revalued cost less accumulated in the subsequent depreciation and impairment losses (accounting model revaluation). Depreciable value of fixed assets representing initial value The object net of the estimated estimate of its liquidation value is written off systematically during the useful life.

Subsequent costs associated with the facility of fixed assets are included in the balance sheet value of the asset if they satisfy the general recognition criteria.

The object of fixed assets may include components with different useful life. Depreciation deductions are calculated based on the useful life of each component. In the case of replacing one of the components, the replacement component is included in the carrying amount of the asset to the extent that it satisfies the criteria for the recognition of an asset, and at the same time within the balance sheet value of the replaceable components, partial disposal is reflected.

Costs on maintenance and overhaul The objects of fixed assets, which is carried out regularly during the entire usefulness of the object, are included in the balance sheet value of the object of fixed assets (to the extent that they satisfy the criteria for recognition) and are depreciated in the intervals between them.

KMFO published an explanation (IFRIC) of 18 "Transfer of assets from customers", which makes clarity in order of accounting for agreements with clients on the transfer of fixed assets to the Contractor as its terms of perpetual services.

Costs of loans

According to IAS 23, "loan costs" enterprises must capitalize loans costs that directly relate to the acquisition, construction or production of a qualified asset to be capitalized.

Investment Property - IFRS (IAS) 40

For the purposes of financial statements, certain real estate objects are classified as investment property in accordance with IAS 40 "Investment Property", since the characteristics of such property are significantly different from the characteristics of the property used by the owner. For users of financial statements, the current value of such property and its change for the period are important.

Investment property is a real estate (land or building, or part of the building, or both), which is in possession in order to obtain rental payments and / or the increase in capital value. All other property is taken into account in accordance with:

• IAS 16 "fixed assets" as fixed assets if these assets are used in the production of goods and services, or
• IAS 2 "stocks" as stocks if the assets are intended for sale in order common activity Companies.

At initial recognition, the object of investment property is estimated at actual costs. After the initial recognition of the investment property, management can choose in accounting policies a model of accounting at fair value or model of accounting for actual costs. The selected accounting policy applies sequentially to all objects of the investment property of the enterprise.

If an enterprise chooses accounting at fair value, then in the construction or development process, investment property is estimated at fair value, if such a cost can be reliably defined; Otherwise, investment property is taken into account by actual costs.

Fair value - "This is the price that would be obtained when selling an asset or paid in the transfer of an obligation as a result of a transaction carried out on the organized market between market participants on the evaluation date." Guide to the fair value is provided in IFRS 13 "Evaluation of fair value".

Changes in fair value are reflected in the profit and loss account of the period in which they originated. The accounting model for actual costs involves the accounting of investment property at the cost of its acquisition less accumulated depreciation and accumulated impairment losses (if any), which complies with the rules for taking fixed assets. Information about the fair value of such property is disclosed in notes.

Asset Impairment - IFRS (IAS) 36

Almost all assets are revolving and non-current - to be tested for possible impairment. The purpose of testing is to make sure their book value is not overestimated. The basic principle of recognition of impairment is that the carrying amount of the asset cannot exceed its recoverable value.

The recoverable cost is defined as the largest of two quantities: the fair value of the asset less the cost of selling and the value of use. The fair value less costs for sale is the price that would be obtained when selling asset as a result of a transaction between market participants, on the date of evaluation less than the cost of disposal. Guidance on fair value estimation is represented in IFRS 13 "Evaluation of fair value". To determine the value of using management, it is necessary to estimate future cash flows before tax, expected from the use of an asset, and discount them using a discount rate to tax, which should reflect the current market estimates of the time value of money and the risks characteristic of the asset.

All assets are subject to testing for possible impairment in the presence of signs of the latter. Some assets (goodwill, intangible assets with an indefinite useful life and intangible assets that are not yet available for use) are subject to mandatory annual impairment testing even in the absence of its signs.

When considering the possibility of impairment of assets, they are analyzed as external signs of possible impairment (for example, significant technologies for the company in the field of technology, economic conditions or legislation or increase interest rates in the financial market) and internal (for example, signs of moral obsolescence or physical damage of the asset or management accounting data on the existed or expected deterioration economic indicators asset).

Renewable value should be calculated for individual assets. However, assets extremely rarely generate cash flows regardless of other assets, therefore, in most cases, impairment testing is carried out in relation to groups of assets called units generating money. The unit generating money is defined as the smallest identifiable group of assets, which generates a flow of funds, largely independent of cash flows generated by other assets.

The carrying amount of the asset is compared with the recoverable cost. Active or generating funds The unit is considered depreciated when the balance sheet value exceeds the recoverable cost. The amount of such exceeding (impairment amount) reduces the value of the asset or is distributed between the assets of the generating funds of the unit; Impairment loss is recognized on the profit and loss account.

Goodwill, recognized as the initial accounting of business association, is distributed between generating funds by units or their groups that are expected to benefit from the association. However, the highest group generating funds of units in respect of which the testing of goodwill is allowed for impairment, is the operating segment before combining into the reporting segments.

Rental - IFRS (IAS) 17

The lease agreement provides one side (tenant) the right to use the asset during the agreed period in exchange for rent in favor of the Lessor. Rent is an important source of medium-term and long-term financing. Accounting for lease agreements may have a significant impact on the financial statements of both the tenant and the landlord.

There are financial and operating leases depending on which risks and benefits are moving to the tenant. For financial lease All significant risks and benefits associated with the ownership of the lease are transmitted to the tenant. Rent, not falling under the criteria of financial, is an operating lease. The classification of lease is determined at the time of its initial recognition in accounting. In the case of renting buildings, rental of land and rental of the building itself is discussed in IFRS separately.

With the financial lease, the tenant recognizes the leased property as its asset and recognizes the relevant obligation to pay rental payments. Depreciation is charged on the leased property.

The tenant recognizes property leased to the financial lease as receivables. Receivables are recognized in the amount equal value net investments for rent, i.e., in the amount of the expected minimum rental payments, discounted at the internal rate of rental yields, and the non-maritown residual value of the lease object due to the landlord.

When operating lease, the tenant does not recognize asset (and obligations) on its balance sheet, and rental payments, as a rule, reflects on the account of profits and losses, distributing them evenly during the rental period. The landlord continues to recognize the asset leased and amortizing it. Rental receipts are the income of the landlord and in the general case reflected on its account of profits and losses evenly during the lease term. Related operationsHaving a legal shape of the lease, are taken into account on the basis of their economic content.

For example, sales operations with reverse leases, when the seller continues to use the asset, will not be lease in its essence, if the "seller" retains significant risks and benefits associated with the ownership of the asset, i.e. essentially the same right as Before the operation.

The essence of such transactions is to provide funding to the belt-tenant under guarantee of ownership of the asset.

Conversely, some operations that do not have a legal framework are essentially if (as stated in clarification of the CRMFO (IFRIC) 4), the implementation of contractual obligations of one of the parties is related to the use of this party to a specific asset that the counterparty can control physically or economically .

Stocks - IFRS 2

Stocks are initially recognized on the smallest of two magnitudes: the cost and net sales price. The cost of stocks includes import duties, non-reportable taxes, transportation costs, loading and unloading and other costs directly related to the acquisition of reserves, minus any trading discounts and refunds. The net price of sale is the estimated sale price during normal activities less the estimated costs of completing production and the calculated sales costs.

In accordance with IAS 2 "reserves", the cost of reserves that are not interchangeable, as well as those reserves that were allocated for a specific order should be determined for each unit of such reserves. The cost of all other stocks is determined by FIFO FIFO FIFO (first-in, first-out, fifo) or by the formula of the weighted average. The use of the Lifelo Formula "Last arrival is the first vacation" (Last-in, First-Out, Lifo) is not allowed. The company should use the same formula for calculating the cost for all the same type in the nature and sector of stocks. The use of a different formula for calculating cost can be justified in cases where reserves have different nature or apply to the company in different fields of activity. The selected value calculation formula is used sequentially from the period to the period.

Reserves, conditional obligations and conditional assets - IFRS (IAS) 37

The obligation (for the purposes of recognition in financial statements) is the "company's existing obligation arising from past events, the settlement of which is expected to lead to the disposal of resources containing economic benefits." Reserves are included in the concept of obligations and are defined as "obligations with an indefinite period of execution or obligations of an indefinite value."

Recognition and initial measurement

The reserve should be recognized when the company has an existing obligation to transfer economic benefits that arose as a result of any past event, and the likelihood of disposal of resources containing economic benefits (rather there is no place), to resolve such an obligation; In this case, its value can be reliably appreciated.

The amount recognized as an estimate reserve should be the best estimated cost estimate necessary to resolve an existing obligation at the reporting date, in the amount of expected amounts of money required to repay the obligation and presented (discounted), taking into account the impact of the time value of money.

The existing obligation arises as a result of the onset of the so-called binding event and may have a form of a legal or voluntary commitment. A binding event puts the company to the Regulation when it does not have a different choice, except for the fulfillment of the obligation caused by this event. If a company can avoid future costs as a result of its future actions, such a company has no existing obligations and the accrual of the reserve is not required. Also, the company cannot recognize the evaluation reserve only on the basis of its intention to incur cost ever in the future. Estimated reserves are not recognized in relation to expected future operating losses, unless these losses are associated with the burdensome contract.

To recognize an estimated reserve, it is not necessary to wait for the company's obligations to accept the form of a "legal entity" obligation. The company may have the practice in previous years, which indicates to other parties to the fact that the company assumes certain responsibilities, and which has already formed from these parties to the reasonable expectation that the company performs the obligations accepted (this means that the company has a voluntarily accepted on obligation).

If the company is responsible under the contract, which is burdensome for it (the inevitable costs of fulfilling the obligations under the contract exceed the economic benefits expected from the fulfillment of the contract), the existing obligation to such a contract is recognized as an estimated reserve. Prior to the creation of a separate estimated reserve, the Company recognizes impairment losses of any associated assets related to the burdensome contract.

Reserves for restructuring

Special requirements are provided for the creation of estimated reserves on restructuring costs. The estimated reserve is created only if: a) there is a detailed officially adopted restructuring plan, which determines the basic parameters of the restructuring, and b) an enterprise, starting the implementation of the plan for restructuring or bringing its main provisions to all the parties affected by it, created they have established substantive Expectations that the company will conduct restructuring. The restructuring plan does not create an existing obligation at the reporting date, if it is declared after this date, even if the announcement occurred before approving the financial statements. The company does not have any obligations to sell a part of the business until the company is obliged to make such a sale, that is, before the conclusion of the binding agreement on sale.

In the amount of the estimated reserve, only direct costs are included, inevitably associated with restructuring. The costs associated with the ongoing activities of the Company are not subject to reservation. Revenues from the expected disposal of assets in measuring the estimated reserve for restructuring are not taken into account.

Reimbursement

The estimated reserve and the expected amount are reflected separately as an obligation and an asset, respectively. However, the asset is recognized only if it is considered almost indisputable that the reimbursement will be obtained in the case of its duty company, while the amount of recognized reimbursement should not exceed the amount of the evaluation reserve. The amount of expected compensation must be disclosed. The presentation of this article in reducing the recoverable obligation is allowed only in the income statement.

Subsequent assessment

At each reporting date, management should review the value of the evaluation reserve, based on the best assessment of the costs required to resolve the existing obligation at the reporting date. An increase in the carrying amount of the estimated reserve, reflecting the flow of time (as a result of the application of the discount rate), is recognized as percentage consumption.

Subject obligations

The conventional obligations are possible responsibilities, the presence of which will be confirmed only by the onset or the untezzlement of uncertain future events that are not under the control of the company, or existing responsibilities, evaluation reserves for which are not recognized as: a) it is not likely that it will be necessary to fulfill these duties. The disposal of resources containing economic benefits, or b) the value of the obligation cannot be reliably measured.

The conditional obligations are not recognized in the financial statements. Information on the conditional obligations is disclosed in notes to financial statements (including the estimated assessment of their potential impact on financial indicators and signs of uncertainty regarding the value or time of possible disposal of resources), except for the possibility of disposing of resources very small.

Conditional assets

Conditional assets are possible assets, the presence of which will be confirmed only by the onset or the untezzlement of uncertain future events that are not under the control of the company. Conditional assets are not recognized in financial statements.

In the case when the income is practically indisputable, the corresponding asset does not apply to conditional assets and its recognition is appropriate.

Information on conditional assets is disclosed in the notes to the financial statements (including the estimated assessment of their potential impact on financial indicators), if the likelihood of the inflow of economic benefits is large.

Events after the end of the reporting period - IFRS (IAS) 10

To compile financial reporting to companies, as a rule, it takes a time that is the gap between the reporting date and the date of approval of the financial statements to issue. In this regard, the question arises to how to reflect the events in the financial statements that occurred between the reporting date and the date of approval of the financial statements (i.e. events after the end of the reporting period).

Events after the end of the reporting period are either corrective events or events that do not require adjustments. The so-called corrective events provide additional evidence with regard to the conditions that existed at the reporting date, for example, the definition after the end of the reporting year of remuneration for the assets sold by the end of this year. Events that do not require adjustments belong to the conditions resulting from the reporting date, for example, an announcement of the terms of termination of activities after the end of the reporting year.

The balance sheet value of assets and liabilities at the reporting date is formed taking into account corrective events. In addition, the amendment must be made in the case when events after the reporting date indicate the inapplicability of the perpetual activity. In notes to financial statements, information on significant events after the reporting date, which do not require adjustments, such as the issue of shares or a large purchase of business should be disclosed.

Dividends recommended or declared after the reporting date, but before the date of approval of financial statements for release are not recognized as a compliance at the reporting date. Information on such dividends should be disclosed. The company discloses the date of approval of financial statements to the issue and persons claiming its release. If, after the issue of reporting, the owners of the company or other persons are authorized to make changes to financial statements, this fact should be disclosed in the reporting.

Share capital and reserves

Capital, along with assets and obligations, is one of the three elements of the Company's financial situation. IN Conceptual basis The preparation and submission of financial statements adopted by the CMSFO, capital is defined as the residual share in the company's assets after the test of all of its obligations. The term "Capital" (Equity) is often used as a general category for company equity tools and all its reserves. In financial statements, capital can be designated differently: as its own capital investing capital shareholders, authorized capital and reserves, own funds Shareholders, Funds, etc. Category Category combines components with very different characteristics. The definition of equity tools for the purposes of IFRS and the procedure for their accounting is within the scope of the standard of financial instruments of IAS 32 "Financial Instruments: Presentation in Financial Reporting".

The equity tools (for example, ordinary shares not payable) are usually reflected in the amount of resources received, which are the fair value of the remuneration received less the cost of the transaction. After initial recognition, equity tools are not subject to revaluation.

The reserves include retained profit, as well as reserves related to the assets at fair value, hedging reserves, reserves for the revaluation of fixed assets and reserves of coupling differences, as well as other reserves caused by regulatory requirements.

Own shares, redeemed from shareholders, their own shares are deducted from the total amount of capital. Operations of the purchase, sales, release or repayment of their own equity instruments of the Company are not reflected in the account of profits and losses.

Uncontrolling share

Uncontrolled share (previously determined as "minority share") is submitted in the consolidated financial statements as a separate component of capital, different from joint Stock Capital and reserves occurring at the share of shareholders of the parent company.

Information disclosure

The new edition of IAS 1 "Representation of Financial Reporting" requires disclosure of various information regarding capital. This includes information about the total magnitude of issued share capital and reserves, submission of a report on capital changes, information on capital management policies and dividend information.

Consolidated and separate financial statements

Consolidated and Separate Financial Statements - IFRS 27

Applicable to companies in EU countries. For companies operating outside the EU, see "Consolidated and Separate Financial Statements - IFRS 10".

IAS 27 "Consolidated and Separate Financial Reporting" requires compiling consolidated financial statements regarding an economically separate group of companies (with rare exceptions). All subsidiaries are consolidated. Under the subsidiary means any company controlled by another, maternal in relation to it, the company. Control is the authority to determine the company's financial and operating policy in order to benefit from its activities. The presence of control is assumed when an investor directly or indirectly owns more than half of the voting of shares (shares) of the investment object, and this assumption is oblivious if there is clear evidence of the opposite. Control may exist at the hold of less than half of the voting of shares (shares) of the Investment Object, if the parent company has the authority to monitor control, for example, through the dominant position on the Board of Directors.

A subsidiary is included in the consolidated reporting from the date of its acquisition, i.e., from the date that control over the net assets and the activities of the acquired company actually moves to the buyer. Consolidated statements are drawn up in such a way as if the parent company and all its subsidiaries were a single enterprise. Operations between the companies of the Group (for example, sales of goods of one subsidiary of another) are excluded at consolidation.

The parent company, having one or more subsidiaries, presents consolidated financial statements, except for cases and fulfills all the following conditions:

• she herself is a subsidiary (in the absence of objections from any shareholder);
• its debt or equity securities do not appeal on the open market;
• the company is not in the process of release valuable papers in open circulation;
• the parent company itself is a subsidiary, and its ultimate or intermediate maternal company publishes consolidated financial statements under IFRS.

There are no exceptions for groups, the proportion of subsidiaries in which is small, or in cases where some subsidiaries have a different activity group of activities other than other companies.

Starting from the date of purchase, the parent company includes the financial results of the subsidiary and reflects its assets and liabilities in the consolidated accounting balance sheet, including goodwill, recognized as the initial accounting of business association (see section 25 "Business Combine - IFRS ( IFRS) 3 ").

In a separate financial statements of the maternal company, investments in subsidiaries, jointly controlled enterprises and affiliates should be recorded at the cost of acquisition or as financial assets in accordance with IAS 39 "Financial Instruments: Recognition and Evaluation".

The parent company recognizes dividends received from his subsidiary company as income in separate financial statements if it has the right to receive dividends. There is no need to establish whether dividends were paid from the profits of a subsidiary received before or after the acquisition. Getting dividends from a subsidiary can be an indicator that the relevant investment may be impaired if the amount of dividends exceeds the total aggregate income of the subsidiary for the period in which dividends are declared.

Special purpose companies

Special Purpose Entity, SPE is a company created for a narrow, well-defined task. Such a company can carry out activities in a given order in such a way that after its formation, no other party will have specific authority to make decisions regarding its activities.

The parent company consolidates special purpose companies if the creature of the relationship between the parent company and the special purpose company indicates that the parent company controls the special purpose company. The control can be predetermined by the procedure for the activities of the special purpose company specified when creating it, or ensured otherwise. It is believed that the parent company controls a special purpose company if it is most of the risks and gets more of the benefits related to the activities or assets of a special purpose company.

Consolidated Financial Statements - IFRS 10

The principles of consolidated financial statements are set out in IFRS 10 "Consolidated Financial Reporting". IFRS 10 defines a single approach to the concept of control and replaces the principles of control and consolidation, prescribed in the initial edition of IAS 27 "Consolidated and individual financial statements" and clarifying the PCR (SIC) 12 "Consolidation of a special purpose enterprise".

In IFRS 10, the requirements are registered with regard to when an enterprise must compile consolidated financial statements, the principles of control are determined, it is explained how to apply them, and also explain the requirements for accounting and to compile consolidated financial statements [IFRS 10, . 2]. The basic principle underlying a new standard is that control exists and consolidation is necessary only if the investor has powers with regard to the investment object, at risk of changes in income from its participation in the object and can use its powers to influence on your income.

In accordance with IAS 27, the control was determined as the authority to manage the company, in accordance with the explanation of the PCR (SiC) 12 - as a risk exposure and the ability to receive income. IFRS 10 reduces these two concepts together in a new definition of control and in the concept of exposure to the risk of income fluctuations. The main principle of consolidation remains unchanged and is that the consolidated enterprise represents reporting in such a way as if the parent company and its subsidiaries form a single company.

IFRS 10 contains guidance on the following issues arising from the definition of one who monitors the object of investment:

• assessment of the purpose and structure of the enterprise - the object of investments;
• the nature of rights - whether they are real rights or rights of protection
• the effect of risk changes in income;
• assessment of the rights of voting and potential votes;
• whether the investor is in the role of the guarantor (principal) or agent when it realizes its right to control;
• the relationship between investors and what the influence of these relationships are on control; and
• the presence of rights and powers only for certain assets.

On some companies, the new standard will have a more significant impact than others. For enterprises with a simple structure of the group, the consolidation process should not change. However, changes can affect companies with a complex group structure or structured enterprises. With the greatest degree of probability, the new standard will affect the following companies:

• enterprises with a dominant investor who does not own a majority voting shares, and the rest of the votes are distributed among a large number of other shareholders (actual control);
• structured enterprises, also known as special purpose companies;
• enterprises that make emissions or have a significant number of potential votes.

In difficult situations, the impact on IFRS-based analysis (IFRS) will have concrete facts and circumstances. IFRS 10 does not contain unambiguous criteria and in assessing control involves consideration of many factors, such as the existence of contractual agreements and rights belonging to other parties. The new standard could be applied early, the requirement of its mandatory application entered into force on January 1, 2013 (from January 1, 2014 in EU countries).

IFRS 10 does not contain any requirements for disclosing information in reporting; Such requirements are contained in IFRS 12: This standard has significantly increased the amount of disclosure required. Enterprises that make up consolidated reporting should plan and implement processes and means of control required in the future to collect information. This may entail the need to preliminary consideration of issues affected by IFRS (IFRS) 12, such as the degree of necessary disaggregation.

In October 2012, the Board of the IFRS 10 (IFRS) 10 amendments (IFRS) (come into force on January 1, 2014; not approved at the date of issue of this publication) related to the approach investment companies By accounting by enterprises controlled by them. Companies related to investment in accordance with the applicable definition are exempt from the obligation to consolidate the enterprises controlled by them. In turn, they should reflect these subsidiaries in accounting at fair value through the account of profits and losses in accordance with IFRS 9 (IFRS)

Business Combines - IFRS 3

A business is a deal - this is a deal or event, during which an enterprise ("buyer") receives control over one or more business. IAS 27 defines control as "powers to identify the financial and operating policy of the enterprise in order to extract benefits from its activities." (In accordance with IFRS 10, the investor controls the investment object if the investor is at risk of income changes or has the right to receive such changing income from its participation in the investment facility and can use its powers to influence its income).

Determining which of the enterprises was controlled, a number of factors should be taken into account, such as ownership, control over the Board of Directors and direct agreements between owners on the distribution of controlling functions. It is assumed that control takes place if the enterprise owns more than 50% in the capital of another enterprise.

Business associations can be structured differently. For IFR accounting purposes, the essence of the operation is focused on the basis of the operation, and not its legal form. If there are a number of transactions between the parties involved in the operation, the overall result of a series of interrelated transactions is considered. So, any transaction, the conditions of which are made dependent on the completion of another transaction, can be considered connected. To determine whether the operations should be treated as related, professional judgment is required.

Business associations, with the exception of transactions under general control, are taken into account as acquisitions. In general, the acquisition accounting assumes the following steps:

• establishing a buyer (buying company);
• determining the date of purchase;
• recognition and measurement of acquired identifiable assets and liabilities, as well as the share of participation that does not ensure control;
• recognition and measurement of remuneration paid for the acquired business;
• recognition and measurement of goodwill or profits from purchase

Identifiable assets (including intangible assets that were not previously recognized), the obligations and conditional obligations of the acquired business are generally reflected in their fair value. Fair value is determined on the basis of transactions between independent parties, while the buyer's intentions regarding the further use of acquired assets are not taken into account. In the event of the acquisition of less than 100% of the company's capital, the share of possession, not providing controls. The share of ownership that does not provide control represents a share in the capital of a subsidiary, which does not belong, directly or indirectly, the parent company of the consolidated group. The buyer is given a choice, whether the share of participation does not provide control, at its fair value, or in proportion to the cost of pure identifiable assets.

The total remuneration of the transaction includes funds, their equivalents and the fair value of any other reimbursement. Any equity financial instruments issued as a remuneration are estimated at fair value. If any payment was postponed in time, it is discounted to reflect its current value as of the acquisition date, if the discount result is essential. Remuneration includes only those amounts that were paid to the seller in exchange for control over the enterprise. Payment does not include amounts paid in order to resolve existing relationships, payments that depend on future employee services, and the cost of acquisition.

The payment of compensation can partially depend on the outcome of any future events or from future results of the acquired business ("conditional remuneration"). Conditional remuneration is also reflected at fair value at the date of purchase of the business. The procedure for taking into account the conditional remuneration after the initial reflection on the date of acquisition of the business depends on its classification according to IAS 32 "Financial Instruments: Presentation of Information" - as part of obligations (in most cases will be measured at fair value at the reporting date with the attribution of changes in fair value At the expense of profits and losses) or as part of capital (after initial recognition is not subject to subsequent revaluation).

Goodwill reflects the future economic benefits from those assets that cannot be individually identified and, therefore, are separately recognized on the balance sheet. If the share of possession that does not provide control is taken into account at fair value, the carrying amount of goodwill includes the part of its part that refers to the proportion of non-monitoring. If the share of possession that does not provide control is taken into account in proportion to the value of identifiable net assets, the carrying value of Goodwil will reflect only the share of the parent company.

Goodwill is reflected as an asset that is tested for impairment at least annually or more often if there are signs of possible impairment. In rare cases, for example, when buying a pledge property for a profitable price for the buyer, Goodwill may not arise, but profit will be reflected.

Disposal of subsidiaries, businesses and individual non-current assets - IFRS 5

IFRS 5 "Long-term assets intended for sale, and discontinued activities" apply if any sale is carried out or planned, including the distribution of non-current assets between shareholders. The criterion "intended for sale" in IFRS 5 is applied to non-current assets (or dropdown groups), the cost of which will be reimbursed mainly through the sale, and not to continue using current activities. It does not apply to assets that are derived from operation are in the process of liquidation or disposal. IFRS 5 defines the departing group as a group of assets intended for simultaneous during a single operation, disposal by selling or other actions, and commitments directly related to these assets that will be transferred as a result of this operation.

The long-term asset (or the departing group) is classified as intended for sale if it is available for immediate sales in its current state and such a sale is highly likely. The high degree of probability of sale is determined by the implementation of the following conditions: there is evidence of the management of the obligation to sell an asset, there is an active program for finding the buyer and the sale of a sales plan, an active exposure to the asset is carried out for sale at a reasonable price, the completion of the sale operation is expected for 12 months From the date of classification and the actions necessary to fulfill the plan, indicate a low probability that there will be significant changes in the plan or that it will be postponed.

Long-term assets (or drop-down groups) are classified as intended for sale:

• measured by the smallest of two values \u200b\u200b- their book value and fair value less costs for sale;
• do not amortize;
• the assets and obligations of the departure group are reflected separately in the balance sheet (no credit is allowed between the articles of assets and obligations).

Terminated activity is a component of an enterprise, which, with a financial and operating point of view, can be separated in the financial statements from the rest of the enterprise's activities and:

• represents a separate significant type of activity or geographical area of \u200b\u200boperations,
• is part of a unified coordinated plan for the disposal of a separate significant type of activity or a large geographical area of \u200b\u200boperations or
• he is a subsidiary acquired solely for the purpose of subsequent resale.

The activity is classified as discontinued from the moment when its assets are reached as a classification criteria as intended for sale or when the disposal of this activity has occurred from the enterprise. Although the information presented in the balance sheet is not recalculated and is not overestimated into part of the termination, the report on the total income must be recalculated for the comparative period.

Terminated activities are submitted separately in the statement of profit and loss and in the cash flow report. Additional requirements regarding disclosure of disclosure activities are provided for notes to financial statements.

The date of disposal of the subsidiary or the departure group is the date of the control. The consolidated profit and loss statement includes the results of the subsidiary or the departure group over the entire period before the date of disposal; Revenues or losses from disposal are calculated as the difference between (a) the sum of the book value of net assets and relating to the departing subsidiary or a goodwill group, as well as the amounts accumulated in other comprehensive income (for example, exchange differences and a reserve for changing the fair value of financial assets, available for sale); and (b) revenue from the implementation of the asset.

Investments in associates - IFRS 28

According to IAS requirements, 28 "Investments in associate and joint ventures" shares of participation in such enterprises should be recorded according to the equity method. Associated enterprise is an enterprise whose activities have a significant impact and which is neither a subsidiary of the investor, nor his joint venture. Significant influence is the right to participate in decision-making on financial and operating policy of investment facility without monitoring the indicated policies.

It is assumed that the investor has a significant impact if he owns 20 or more percent of the voting rights in relation to the investment object. Conversely, if the investor owns less than 20 percent of the rights of the voting in relation to the investment object, it is assumed that the investor does not have a significant impact. These assumptions may be refuted if there are convincing evidence of the opposite. The revised IAS 28 was released after the publication of IFRS 10 "Consolidated Financial Reporting", IFRS 11 "Joint Activities" and IFRS 12 "Disclosure of Participation Information in other Enterprises" and contains a requirement for accounting Shares in joint ventures according to the method of equity participation. A joint venture is a joint activity within which parties carrying out joint control are of the rights to net assets within this activity. These amendments are applied from January 1, 2013 (for companies in EU countries - from January 1, 2014).

Associated and joint ventures are taken into account by the equity method, except in cases where they meet the criteria for recognition as assets intended for sale, in accordance with IFRS 5 "long-term assets intended for sale and discontinued activities." According to the method of equity participation, investments in the associated enterprise are initially recorded at the cost of their acquisition. In the future, their book value increases or decreases to the share of the investor in profit or loss and other changes in the net assets of the associated enterprise over the following periods.

Investments in associate or joint ventures relate to non-current assets and are represented by one line of the balance sheet (including goodwill arising from their acquisition).

Investments in each individual associated or joint venture are tested as a single asset for possible impairment in accordance with IFRS (IAS) 36 "Impairment of Assets" in the presence of signs of impairment provided in IAS 39 "Financial Instruments: Recognition and Assessment".

If the investor's share in losses of an associate or joint venture exceeds the balance sheet value of its investment, the balance sheet value of the investment in the associated enterprise decreases to zero. Additional losses are not recognized by the investor, except in cases where the investor has an obligation to finance an associate or joint venture or a guarantee of ensuring an associate or joint venture.

In a separate (unconvillant) financial statements of the investor, investments in associate or joint ventures may be reflected in the cost of their acquisition or as financial assets in accordance with IAS 39.

Joint companies - IFRS (IAS) 31

For companies outside the EU, IFRS 11 "Joint Activities" is applied. Joint Entrepreneurship is a contractual agreement between two or more parties, in which the adoption of strategic financial and operational solutions requires unanimous approval of the parties to jointly control.

The company may conclude an agreement on the other side of the joint venture (with or without a legal entity) for many reasons. In the simplest form, the joint venture does not lead to the creation of a separate enterprise. For example, "strategic unions", within which companies agree to interact to promote their products or services, can also be considered joint venture. To determine the presence of strategic entrepreneurship, it is necessary, first of all, to determine the presence of contractual relations aimed at establishing controls between two or more parties. Joint entrepreneurship is divided into three categories:

• jointly controlled operations
• jointly controlled assets,
• jointly controlled enterprises.

The accounting approach to the joint venture depends on the category to which it relates.

Shared controlled operations

The jointly controlled operation provides for the use of assets and other resources of participants instead of creating a corporation, partnership or other enterprise. [IAS 31, p. 13].

The participant of the jointly controlled operation should recognize in its financial statements:

• the assets he controls and the obligations assumed;
• the costs he carries and the share of income that he receives from the sale of goods or services produced in the framework of joint venture.

Shared controlled assets

Some types of joint entrepreneurship suggest joint control of its participants over one or more assets made or acquired for the purposes of this joint activity. As in the case of jointly controlled operations, these types of joint ventures do not imply institutions of the Corporation, a partnership or other enterprise. Each participant in joint venture receives control over its part of future economic benefits through its share in a jointly controlled assets. [IAS 31, PP. 18 and 19].

In relation to its share in jointly controlled assets, a participant in activities jointly regulating assets should recognize in its financial statements:

• its share of jointly controlled assets classified in accordance with the nature of these assets;
• any obligations committed themselves;
• its share of obligations adopted jointly with other participants in joint venture regarding this joint venture;
• any income from the sale or use of its share in the products of the joint venture, as well as its share of expenses incurred by a joint venture;
• any expenses incurred by him in connection with his share of participation in this joint venture.

Jointly controlled enterprises

The jointly controlled enterprise is the type of joint entrepreneurship, which involves the creation of a separate enterprise, such as a corporation or partnership. Participants transfer assets or capital to a jointly controlled enterprise in exchange for a share of participation in it and, as a rule, assign members of the Board or Managing Committee to oversee operating activities. The level of applicable assets or capital or the received participation share does not always reflect the presence of control over the enterprise. For example, if two participants contribute 40% and 60% initial Capital For the purposes of creating a jointly controlled enterprise and agree to share profits in proportion to their contributions, the joint venture will exist, provided that the participants entered into an agreement on joint control over the economic activity of the enterprise.

Co-controlled enterprises can be recorded or by the method of proportional consolidation, or by the equity method. In cases where the participant sends a non-monetary asset to a jointly controlled enterprise in exchange for a share of participation in it, appropriate instructions and instructions apply.

Other joint ventures

Some participants of the contractual agreement may not be among the participants carrying out joint control. Such participants are investors who reflect their shares in accounting in accordance with the leadership applicable to their investments.

Joint Activities - IFRS 11

Joint activities are activities on the basis of an agreement that provides two or more parties to jointly control over activities. Joint control is only when making decisions regarding significant activities requires unanimous approval of the parties to jointly control.

Joint activities can be classified as joint operations or joint ventures. The classification is based on the principles and depends on the degree of influence of the parties to activities. If the parties have only rights to net assets, then activities are a joint venture.

Participants in joint operations are endowed with the rights to assets and liability for obligations. Joint operations are often carried out not within the framework of the individual organization. If joint activities are allocated to a separate enterprise, it may be a joint operation or joint venture. In such cases, a further analysis of the organizational and legal form of the enterprise, the terms and conditions included in the contractual agreements, and sometimes other factors and circumstances are necessary. This is because in practice, other facts and circumstances may prevail over the principles determined by the organizational and legal form of a separate enterprise.

Participants in joint operations recognize their assets and liability for obligations. Participants of joint ventures recognize their share of participation in a joint venture on equity method.

Other questions

Disclosure of related Parties - IAS 24

In accordance with IAS 24, 24 companies must disclose information about the operations with related parties. The company's associated parties include:

• maternal enterprises;
• subsidiaries;
• subsidiaries of subsidiaries;
• associated enterprises and other members of the group;
• joint ventures and other members of the group;
• persons who are part of the key management personnel of an enterprise or maternal enterprise (as well as their relatives);
• control persecution, joint control or a significant impact on the enterprise (as well as their close relatives);
• companies governing employee remuneration plans at the end of employment.

The company's main lender, which has an impact on the company only by virtue of its activities, is not its associated party. The management reveals the name of the maternal company and the final controlling side (which can be an individual), if it is not a parent company. Information on the relationship between the parent company and its subsidiaries is disclosed regardless of whether the operation was carried out between them or not.

If operations with related parties were conducted in the reporting period, management discloses the nature of the relationships that make parties related, and information on operations and amounts of transactions for transactions on operations, including contractual obligations necessary to understand their impact on financial statements. Information is revealed in total by homogeneous categories of related parties and for homogeneous types of operations, except when, to understand the impact of operations with related parties, the Company requires a separate disclosure of any operation. The manual discloses information that the operations with a related party were carried out on the conditions identical to the conditions on which operations are carried out between unrelated parties, only if such conditions can be justified.

The company is exempt from the fulfillment of information disclosure requirements regarding operations with related parties and balances on such operations, if relations between related enterprises are due to the fact that the state monitors or has a significant impact on the enterprise; Or there is another enterprise that is a related party, because the same state bodies monitor or have a significant impact on the enterprise. If an enterprise applies liberation from performing such requirements, it should disclose the name state Body and the nature of its relationship with the enterprise. It also discloses information on the nature and amount of each individual significant operation, as well as high-quality or quantitative indicators of the scale of other operations that are not significant separately, but in the aggregate.

Report on cash flow - IFRS (IAS) 7

A report on cash flow is one of the main forms of financial statements (along with the report on the total income, accounting balance sheet and the report on changes in capital). It reflects information on the receipt and use of funds and their equivalents by type of activity (operating, investment, financial) for a certain period of time. The report allows users to evaluate the company's ability to generate cash flows and use them.

Operating activities are the activities of the company, bringing it the main income, revenue. Investment activities are the acquisition and sale of non-current assets (including business associations) and financial investments that are not monetary equivalents. Under financial activities are the operations leading to a change in the structure of own and borrowed funds.

Management can form data on cash flow from operating activities by direct method (reflecting gross cash flows on homogeneous groups of revenues) or indirect (presenting the adjustment of net profit or loss by eliminating the effects of operations that are not related to operating activities, non-monetary operations and changes in working capital).

For investment I. financial activities Cash flows are reflected expanded (i.e., separately by groups of the same type of operations: gross cash receipts and gross cash payments) with the exception of several specially agreed conditions. Cash flows associated with obtaining and paying dividends and interest are disclosed separately and are classified sequentially from the period as an operating, investment or financial activity, depending on the nature of the payment. Profit tax flows are shown separately as part of operating activities, unless the appropriate cash flow can be attributed to a specific operation within financial or investment activities.

The total outcome of the cash flow from the operating, investment and financial activities is a change in the balance of cash accounts and their equivalents during the reporting period.

Separately, information should be presented on significant non-monetary operations, such as, for example, the issuance of their own shares to acquire a subsidiary, the acquisition of assets in the barter, the debt conversion in stock or the acquisition of assets through the financial lease. Non-monetary operations include recognition or reversing impairment losses; depreciation and depreciation; Profit / losses from a change in fair value; Accrual of reserves by profits or loss.

Intermediate Financial Statements - IAS 34

In IFRS, there is no requirement to publish interim financial statements. However, in a number of countries, the publication of interim financial statements is either obligatory or recommended, especially public companies. The AIR rules do not require the application of IAS 34 in the preparation of reporting for six months. Companies registered with AIR can either prepare financial statements for six months in accordance with IAS 34, or disclose information in the minimum amount in accordance with the 18 AIR Rule.

In the case when the company decides to publish interim financial statements in accordance with IFRS, IAS 34 "Interim Financial Reporting" is applied, which presents the minimum requirements for the content of the interim financial statements and the principles of recognition and measurement included in the interim financial statements of economic operations and balances on balance accounts.

Companies can prepare a complete set of financial statements under IFRS (in accordance with the requirements of IAS 1 "Presentation of Financial Reporting") or abbreviated financial statements. Preparation of abbreviated financial statements is a more common approach. Abbreviated financial statements include a reduced financial statement (accounting balance), a reduced report or income reports and other aggregate income (income statement and report on other cumulative income, if they are presented separately), a reduced traffic report Cash, a reduced report on changes in share capital and selective notes.

As a rule, the company applies the same accounting policy to recognize and evaluate assets, obligations, revenues, expenses, profits and losses both to prepare reporting for intermediate dates and for financial reporting for the current year.

There are special requirements for evaluating certain costs that can only be calculated on an annual basis (for example, taxes that are determined on the basis of the estimated effective rate for the full year), as well as the use of estimated indicators in the interim financial statements. Impairment loss recognized in the previous intermediate period against goodwill or investment in equity tools or financial assets reflected in the actual cost is not reversed.

As a mandatory minimum, information in the interim financial statements is disclosed for the following periods (abbreviated or full):

• a statement of financial position (accounting balance) - as of the end of the current intermediate period and comparative data at the end of the previous fiscal year;
• profit and loss statement and other aggregate income (or if they are presented separately, income statement and report on other aggregate income) - data for the current intermediate period and for the current fiscal year before the reporting date with the presentation of comparative data for similar periods (intermediate and a year before the reporting date);
• report on cash flow and report on capital changes - for the current financial period before the reporting date with the presentation of comparative data for the same period of the previous fiscal year;
• notes.

IAS 34 establishes some criteria to determine which information is subject to disclosure in interim financial statements. They include:

• materiality in relation to the interim financial statements as a whole;
• non-standard and irregularity;
• variability compared with previous reporting periods, which have a significant impact on intermediate financial statements;
• relevance to understand the estimated indicators used in the interim financial statements.

The main goal is to provide users of interim financial statements of full information, which is important for understanding the financial situation and financial results of the company during the interim period.

Concession agreements on the provision of services - Explanation of the PCR (SIC) 29 and clarification of the KMFO (IFRIC) 12

Currently, there is no separate IFRS standard for concession agreements in the field of public services concluded by government agencies with the private sector. In clarification of the CRMFO (IFRIC) 12 "Concession agreements for the provision of services", various standards are interpreted that establish requirements for accounting for concession agreements on the provision of services; Clarification of the PCR (SIC) 29 "Disclosure of information: concession agreements for the provision of services" contains requirements for disclosing information.

Clarification of KMFO (IFRIC) 12 applies to concession agreements in the field of public services, according to which a state body (copyright holder) controls and / or regulates the services provided by a private company (operator) using an infrastructure controlled by the copyright holder.

Usually in concession treaties, it is indicated who must provide the operator's services and at what price. In addition, the copyright holder must control the residual value of all substantial infrastructure facilities.

Since infrastructure objects are controlled by the copyright holder, the operator does not reflect the infrastructure as part of fixed assets. The operator also does not recognize the financial lease receivables in connection with the transfer of infrastructure facilities constructed by him under the control of the state body. The operator reflects the financial asset if he has an unconditional right to receive funds regardless of the infrastructure intensity. The operator reflects an intangible in the event that (license) for charging fees from users of public services.

As in the case of the recognition of financial assets, and in the case of the recognition of an intangible asset, the operator takes into account the income and expenses associated with the right holder of services for the construction or modernization of infrastructure facilities, in accordance with IAS 11. The operator recognizes income and expenses related to The provision of services for the use of infrastructure, in accordance with IFRS (IAS), 18. Contractual obligations to maintain the working state of the infrastructure (with the exception of modernization services) are recognized in accordance with IAS 37.

Accounting and reporting on pension plans - IFRS 26

FINANCE reporting on the pension plan, compiled in accordance with IFRS, must meet the requirements of IFRS (IAS) 26 "Accounting and Reporting on Pension Plans". All other standards apply to the financial statements on pension plans in the part where they do not replace IFRS (IAS) 26.

In accordance with IAS 26, the financial statements of the pension plan with established contributions should include:

• report on net pension plan assets that can be used for payments;
• report on changes in net assets of the pension plan, which can be used for payments;
• description of the pension plan and any changes in terms during this period (including their impact on the reporting indicators of the plan);
• description of the financing policy of the pension plan.

In accordance with IAS 26, the financial statements of the Pension Plan with established payments should include:

• the report representing the net assets of the pension plan, which can be used for payments, and the actuarial (discounted) cost of pensions due, as well as the final surplus / deficit of the pension plan or a reference to this information in the actuar report attached to the financial statements;
• report on changes in net assets that can be used for payments;
• report on cash flow;
• the main states of accounting policies;
• description of the Plan and any changes in terms of period (including their impact on the reporting indicators of the plan).

In addition, financial statements should include an explanation of the relationship between the actuarial present value of pensions due and net assets of the pension plan, which can be used for payments, as well as a description of the financing policy of pension obligations. Investments that constitute the assets of any pension plan (both established payments and established contributions), are recorded at fair value.

Estimation at fair value - IFRS 13

IFRS 13 determines the fair value as "the price that would be obtained when selling an asset or paid when transferring obligations in the conclusion of a transaction carried out in the organized market, between market participants on the date of the assessment" (IFRS (IFRS) 13, p. 9 ). The main thing here is that fair value is a closed price from the point of view of market participants who hold an asset or have a commitment to the evaluation date. Such an approach is based, rather, on the point of view of the market participants than at the point of view of the enterprise itself, therefore, the fair value does not have any influence of the enterprise's intention regarding the asset or capital estimated at the fair value.

To estimate fair value, management should determine the four points: a specific asset or commitment that is an assessment object (corresponding to its metering unit); The most efficient use of a non-financial asset; main (or most attractive) market; Evaluation method.

From our point of view, many of the requirements set forth in IFRS 13 mainly correspond to the practice of assessment, which is already applied today. Thus, IFRS 13 is unlikely to lead to numerous significant changes.

However, some IFRS changes (IFRS) 13 still introduces, namely:

• fair value hierarchy for non-financial assets and liabilities similar to the one that currently prescribes IFRS 7 for financial instruments;
• requirements for determining the fair value of all obligations, including derivatives, on the basis of the assumption that the obligation will be rather transmitted to the other party than is settled or repaid in another way;
• cancellation requirements for the use of the price of offering and demand for financial assets and financial obligations, respectively, which are actively listed on the stock exchange; Instead, the most representative price should be used in the range of price pricing and supply;
• requirements for the disclosure of additional information related to the fair value.

In IFRS, 13 considers the question of how to evaluate the fair value, but does not specify when fair value may or should be applied.

When the global financial system has reached intercontinental sizes, and the financial interaction of business from different countries has become ubiquitous, at the level of perception of financial information, there was a need to form certain international standards.

Standards needed to ensure that interested persons within business from different countries, financial regulators and regulatory authorities could talk in one language, discussing financial information about a specific commercial company. Financial standards, like any other standards, should guarantee the similarity of the forms and types of content of the public financial information of one company compared to others.

The fact that an international standard of submission of financial statements of IFRS (IAS) 1, which is included in its composition and how they enjoy modern business structures - we will talk in this article.

General Information on the IFSO Standard (IAS) 1

The IAS 1 standard (IAS) was designed with the orientation that the information from the wide range of interested users can take advantage of this type of information from the financial statements of this type. It can be said that this standard was initially planned as the most widely used standard in the International Financial Reporting: a peculiar starting base point in the immersion of the interested person into the financial statements of a commercial company. At the same time, the IAS 1 English standard or any other country is the most common non-specific type of financial statement report for users who do not have authority or opportunities to claim financial data in a special form.

In a word, by working out this standard and taking it to execute at the level of financial systems within countries, the task of creating a certain agreed system of compiling a general report on the company's financial results was set. Since the specifics of the business on its activities or, let's say, the geographical basis can impose significant adjustments to the financial data, was adopted a certain, included in the standard, a set of indicators that will be able to fully and reliably state the financial side of the company's business to those who need to know .

For example, investors and lenders can control business operating indicators in order to assess the likelihood of defaults on liabilities or non-fulfillment of obligations assumed to implement investment programs and dividend payments. Company managers, using data on the current financial position and results from financial transactions, can more carefully plan their work and focus on choosing solutions that will ensure maximum economic productivity.

Auditors and external consultants based on the International Financial Reporting Standard IAS 1 can plan and offer the company's owners of the most weighted development options for the company's financial system, demonstrating other companies as an example in a similar market opportunity or even direct competitors. The scope of application of the IFRS standard 1 is very wide. It is enough to note that the analytical potential of this reporting standard is huge, both for domestic users and external, for example, financial regulators or authorities who want to explore the company's business.

Since in a broad sense, the scope of application according to IFRS 1 is limited only by the talent of a specialist who works with this information, it becomes clear that the standard includes a wide list of interrelated and interdependent indicators, with each of which you can work within the problem. The main idea of \u200b\u200bany standard in the field of finance is not only a response (in the sense of understanding the information with a wide range of specialists), but also the maximum truthfulness and transparency of business information, which in the context of finance cannot be reflected without the use of the following indicators:

• Assets, obligations and capital as a grouping of the company's financial status indicators and its dynamic changes under the influence of any external business factors or solutions that were adopted on the internal corporate level.
• Revenues and expenses of the company, including data on changes in the ratio of profit and loss values, depending on the market position of the Company and other external and internal factors.
• Contributions and payments to the owners of the company as an indicator of dividend policies and financial efficiency of business in the matter of the main task of profit extraction.
• These cash flows show the dynamics of financial displacements within the company, expenses, sources of money and the effectiveness of the work of financial responsibility centers. This information group, among other things, allows us to make forecasts for future cash flows and make important management decisions in advance on these issues.

Figure 1. Indicators used in financial statements.

In addition to the fact that the annual standardized statement of financial information makes it possible to evaluate the business "in the language of numbers", bringing off from operating problems, such reporting shows how efficient management distributes and uses the resources that he are entrusted, which is extremely important if we mean International business nonlocal type.

Globally, the standard is developed that the reporting of various companies possessed the same characteristics, and any person to whom it is necessary to fulfill official duties could familiarize himself with such information and analyze it. Therefore, the IAS 1 IAS 1 standard representation implies the most complete, structured (in accordance with the standard) and a reliable representation of the company in the context of its financial results current economic Regulations and cash flows that are secured in the form of a set of documentation of financial statements.

Reliability requires financial management of consistent and thorough analysts committed in the company actions that caused or influenced real results, as well as a comprehensive consideration of the company's financial issues in order to maximize the necessary list of information.

Subject aspects of IAS IAS 1 reporting

"Unshakable" accuracy

The idea of \u200b\u200bthe financial statements itself assumes that the introduction and application of IFRS standards (IFRS), as is customary - "without reservations" will provide a transparent financial management system in the company, therefore, and the financial statements system corresponding to the criterion of reliable representation, even without registering the possibilities According to additional disclosure of information. Standards are initially sharpened to maximize transparency and unambiguous data, therefore, the organization, reporting under IFRS, "no matter how" is no longer possible to lavish in financial data, although in fact the situation is in a different way.

In general, the problem of intentional distortion of information is due primarily to the needs of the business. Usually external faces, whether investors or auditors, new shareholders or other users look at reports in the context of three indicators - revenue, net profit and assets.

If the owner of the reporting must be submitted to a company in a more advantageous light, for example, to satisfy someone's expectations or get some glasses - a task may be set to a certain way to change the reporting. Typically, changes relate to the profit and loss statement, the balance sheet and the data of the reporting notes are adjusted. In fact, for a talented financier will not be difficult (if it is originally planned) to implement financial management in such a way that the reporting is as needed. Consider as an example simple opportunities for "decoration" of financial statements:

• Distorting information about the revenue and profit of the company using the scheme of counter operations on the purchase and sale of goods or services. With this method of improving the data, the product is sold twice: the first time - fictitious, with the return of money to the buyer with the alleged return of the goods to the seller, and the second time already really - the buyer from the market. So the company can reflect the revenue at the time when it is profitable.
• Recognition of revenues and expenses separately in order to overestimate profit indicators. For example, revenue is recognized by the last month at the junction of the quarters, and the costs for its receipt - in the first month of the new quarter. Then the profit of the first quarter significantly improves reporting indicators, although not quite consistent with reality.
• Holding expenses without going beyond the accounting standard, is carried out by transferring part of the costs of controlled companies, allowing you to embellish profitability indicators.
• Fictive receivables arises in the company on transactions that were either never implemented or carried out with a defective or non-existent goods. Such contractual relations with semi-imperial controlled companies allow you to increase the amount of stated revenue and thereby show interested persons other than real business achievements.

As can be seen from these examples - the reflection of real data in the reporting remains at the discretion of the leadership and financial management, since, if we calculate that the conversation is about the multi-billion dollar business, the organization of the process of "decoration" reporting on IFRS is much cheaper than those purchased from such actions privilege.

Continuity

Preparing financial statements according to the IFRS standard, the company's management guarantees persons for whom reporting is of interest that the company plans its activities in the future. If the leadership knows some facts that are able to have a significant impact on the business and question its continuity, then these data should be set forth in reporting notes.

Returning to the previous item, I would like to note that deliberate reservations in the notes - an extremely convenient tool for improving reporting data on the "less you know - sleep is stronger". Therefore, although the presentation of financial statements in accordance with IFRS, "as it were," this eliminates, but in fact, there are many examples of stories, when the omission of important data on guarantees, liabilities, reputational risks or leaks greatly improved the mood when perceiving reporting, but subsequently resulted in large internal corporate scandals.

Compare principle

Preparing current financial statements, the company must disclose comparative data for the same period in the past so that the reporting users can most fully imagine the company's business in the dynamics. It is usually taken to provide comparative data for the current, expired and first (earliest) comparative period.

The principle of data materiality

The financial statements of the company's business is a huge array of information that has been processed and combined. You can aggregate data when it does not cause damage to the essence of the value and disclosure of this data, and it is impossible if the data compression gives a limited or trimmed representation.

• The prevention of arrangement implies that the company must most fully reflect all the necessary articles on the fair formula, whether assets, commitments, income or expenses of the company.
• Periodicity, as one of the basic foundations, is, in fact, also with the criterion ensuring reliability, comparability and identity of reporting. If you call things about your own names, then the reporting on the rails of periodicity causes financial management to "live" on a certain calendar, that is, to demonstrate to achieve its business always in about the same form. Of course, the flexibility of the standard provides for the possibility of changing the reporting period of reporting, but a reservation is made regarding how financial managers will have to complement such reporting and explaining how to compare data for shorter or long reporting periods. The usual reporting frequency is one year.

Figure 2. Basic reporting principles under IFRS 1.

The listed basic principles of IFRS 1, in fact, are the basis on which the specified standard is worth it, but in order to better understand how the standard demonstrates the business of the company "As on the palm", it is necessary to consider its components in more detail.

Composite parts of financial statements in accordance with the standard "IAS 1 presentation of financial statements"

Indicators that are analyzed and interpreted in the preparation of financial statements, ultimately form a certain set of documents, which in accordance with the standard is an exhaustive set of financial statements:

1. A statement of financial position ("SFP" or Statement of Financial Position) is a report reflecting the date of assets, the size of the obligations of various nature and its own capital of the company. "OFP" is one of the main accounting reports under IFRS, which is similar to the Russian standards, so we immediately note that the accounting balance is at the RAS. IAS 1 standardizes the minimum composition of assets, liabilities and capital, which the company must reflect in the reporting and, if necessary, decipher in order to fully demonstrate its financial position.

The data of the financial statement should be compiled from the actual indicators of the company's business and include at least the amount of fixed assets, investment property, intangible and financial assets, equity investments, stocks, trade and receivables, the amount of assets that are intended for sale, reserves deferred tax and financial obligations and shares. All this information must be fully disclosed and classified in this way, which will give the opportunity to most transparently submit the financial position of the enterprise.

2. The loss and profits report demonstrates and classifies the financial performance of the organization in the format of ways to occur and dynamic changes in income and expenses. Comparing income and expenses, analyzing the composition and dynamics of profits, the organization receives an integrated idea of \u200b\u200bits own financial productivity. Using this knowledge, firstly, you can control the effectiveness of the work " financial authorities»Organizations, and secondly, on the basis of the analysis, find the missed opportunities to increase the profitability of the company and increase the profitability of its capital. A report on losses and profit is very important from the point of view of an investment assessment of the enterprise, because it may show future creditors to the level of efficiency of the company's financial model and support or, on the contrary, to slow down their investment investment in the assets of this company.

Some companies separately allocate the profit and loss statement and make the second report (say, advanced), including more and information about total income. Others immediately constitute a large detailed report on total income. And the first and second approach is allowed by the standard, but in any case, it requires the financial management of the presentation in the reporting of a certain data set (regarding this grouping of indicators), including:

• Revenue;
• Expenses;
• Tax burden;
• Details of profits before and after taxation;
• Actual profit or operating loss;
• The cumulative and possible revenue of the company from the share in the profits of subsidiaries.

3. Report on changes in the own capital of "SCE" or "Statement of Changes in Equity" demonstrates to interested parties, as the company's capital structure has changed, which belongs to business owners. The capital of the owners may vary depending on the various circumstances, so the IFRS standard of the Capital Change Report responds to a number of issues regarding the indicators, values \u200b\u200band causes of capital changes in the shareholders of the business:

• Grow or falling net profit of the company's incoming shareholders?
• Grease or outflow of share capital for the reporting period?
• The size and characteristics of the past payments of dividends shareholders?
• Efficiency of accounting policies and its changes?
• The effectiveness of managerial decisions taken on the basis of errors of past periods?

This report helps analysts to establish the causes of changes in equity for the reporting period. This species The report is a wider tool for analyzing equity equity, since, in contrast to the financial statement report, it contains an extended list of indicators and decrypted information, which allows the most complete picture of the situation. The classified data of the following character fall into capital changes: cumulative income and the income of the owners of the enterprise, the carrying value and its change, the amount of dividends, which comes to the owners and the amount of dividends per share.

4. Money traffic report - a basic tool of any financial analysis, as well as one of the main standard reports that can demonstrate the actual values \u200b\u200band the causes of certain production results of the company in financial terms. This type of report is widely applied by all organizations, regardless of the size of the business, since it is in a sense, an intuitive report that shows incoming cash receipts and outgoing cash spending of the company with classification by type, types and directions during the period. Based on the data of the cash flow report, it is possible to draw conclusions and make forecasts regarding the short-term liquidity of the company, as well as its current creditworthiness with the forecast for the future period. In general, this report is the simplest tool for holding financial analysis of the company.

Information from the cash flow report is essentially aggregated information that characterize economic efficiency Companies, that is, its possibilities in the field of cash flow generation.

5. Notes to compiled reports that may explain the main specific points of accounting policies or the features of the interpretation of financial data, as well as the causes of such changes compared with generally accepted practice. Notes may include a wide range of possible add-ons, which, in essence, disclose external stakeholders part of the company's management information on the most effective solutions that have made certain figures reflected in the financial statements:

• On forecasts and assumptions, on the basis of which management makes financial decisions in the company;
• On management constraints that cannot be reflected in the reporting, but which can have a significant impact on the company's business.

6. A report on the financial position of the earliest available period in the event that the company keeps accounting policies in retrospectively and applies the recalculation of articles in its financial statements.

Together with the financial statements, a good team of financial managers supplies its IFRS reporting with comprehensive additions, which are necessary to explain the key characteristics of the enterprise's business, and explain the facts of uncertainty that the numbers cannot disclose from the report. Such visual additions contain information on factors and causes of factors that affect the financial statements or business enterprise as a whole. For enterprises that are relevant, various managerial and official data from the sections of man-made and environmental impact that can help interested users of financial statements to draw conclusions and carry out parallels between the data of financial results and this grouping.

The principle of the set of documents prepared according to the standard assumes that when considering the kit, external and internal users use all the information aggregated in reporting. According to this, the IFRS 1 scheme implies preparation and subsequent consideration of reporting as a whole, that is, such an information kit of the documentation that is capable of most fully transparently, and that the main thing is to reliably state the situation of the financial condition of the company under consideration.

Figure 3. Composite parts of financial statements under IFRS 1.

Today, the IFRS standard 1 presentation of financial statements is the necessary part of the financial system of enterprises that lead a serious business. The largest market players for which external sources of financing and investment, prestige of business and its transparency are important, are transferred to international financial statements, since today it becomes something like a mandatory element for companies from a large segment.

At the same time, it should be noted that the introduction of IFRS 1 IFRS 1 does not guarantee the company managed financial system and reliable reporting, but rather demanding compliance with these principles from the company. When entering into a peculiar "highest league", the Company on IFRS assumes not only the obligations to comply with these standards not only in the financial system, but also obligations to the rational expansion of this approach to the organization of the business as a whole. It can be said that today has come a new era when large companies must be aware of the productivity and importance of the transition to IFRS, which will significantly increase the speed of the ubiquitous implementation of this standard in all sectors.

amounts of reassessment of programs with established payments (see IFRS (IAS) 19);

profit and losses arising from the recalculation of the financial statements of a foreign division into another currency (see IAS 21);

profit and losses in the revaluation of financial assets available for sale (see IAS 39 "Financial Instruments: Recognition and Evaluation");

efficient part of profits and losses on hedging tools when hedging cash flows (see IAS 39).

Owners - Tool holders classified as equity.

Profit or loss - The total amount of income less expenses, excluding the components of other comprehensive income.

Reclassification adjustments - Amounts reclassified by profits or loss in the current period, which were recognized as part of other aggregate income in the current or previous periods.

The total aggregate income is a change in its own capital, which emerged in the reporting period as a result of operations and other events other than those changes that arose as a result of operations with owners acting in this capacity.

The total aggregate income includes all the components of "profit or loss" and "other aggregate income."

Significance and aggregation

29 The organization must submit every significant class of similar articles separately. The organization must separately submit articles that differ in nature or appointment, except when they are insignificant.

30 Financial statements is the result of processing a large number of operations or other events that are combined into classes taking into account their nature or destination. The final stage of the process of aggregation and classification is to present compressed and classified data, which form financial statements. If any reporting article is not essential, it combines with other articles or directly in financial reports or in notes. With regard to the article, which is not essential enough for a separate presentation directly in these reports, it can be justified its separate representation in the notes to them.

31 There is no need to disclose the organization of certain information required by any IFRS if this information is not significant.

Collecting

32 The organization should not be submitted on a net-based assets and liabilities or income and expenses, except when it is required or permitted by any IFRS.

33 The organization presents separate assets and liabilities, as well as income and expenses. The implementation of the reconnaissance in the report (reports) on profit or loss and other aggregate income or financial position, except when the situation reflects the essence of the operation or another event, it makes it difficult for users as an understanding of perfect operations, other events that have arisen and conditions and the forecasting of future cash The flow of organization. Assets assessment in net value less estimated reserves - for example, estimation of stocks minus an estimated reserve for their obsolescence or assessment of receivables minus an estimated reserve for doubtful debts - is not a closer.

34 IAS 18 "Revenue" gives the definition of revenue and requires it to be estimated at the fair value of the compensation received or to be obtained, taking into account the sum of any trade discounts provided by the organization and concessions for the purchased volume. In the course of its usual activity, the organization performs other operations that do not lead to the emergence of revenue, but are associated with respect to the basic generating revenue of the organization's activities. The organization presents the results of such operations in the net magnitude of income and related costs arising from the same operation when such a representation reflects the essence of the corresponding operation or another event. For example:

the organization represents profit and losses from the disposal of non-current assets, including investments and operational assets, through the deduction of the carrying amount of the accommodated asset and related to its sale expenses from the amount of revenues from its disposal; and

the organization may submit on a net-based costs that relate to the evaluation obligation recognized in accordance with IAS 37 "Estimated obligations, conditional obligations and conditional assets", and the amount of compensation obtained in relation to this appraisal obligation under the relevant agreement with The third person (for example, the provider's warranty commitments).

35 In addition, the organization presents on a net-based profit and losses arising over a group of similar operations, such as positive and negative coursework or profits and losses arising from financial instruments intended for trade. However, the organization presents such profits and losses separately if they are essential.

Periodicity of reporting

36 The organization must submit a complete set of financial statements (including comparative information) at a minimum annually. In the event that the organization changes the date of the end of its reporting period and presents financial statements for the period, longer than one or less than one year, the organization should be disclosed in addition to the period for which financial statements are compiled:

base for the use of a period of greater or less duration, and

the fact that the amounts submitted in the financial statements are not fully comparable.

37 Typically, the organization consistently constitutes financial statements for the annual period. However, based on practical considerations, some organizations prefer to report, for example, for the period of 52 weeks. This standard does not interfere with this practice.

Comparative information

The minimum required comparative information

38 Except when other IFRS permit or require another, the organization must provide comparative information for the previous period in all amounts reflected in the financial statements for the current period. The organization should include comparative information regarding the information of the descriptive and explanatory nature, if it is appropriate to understand the financial statements for the current period.

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Introduction

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Report about changes in own capital

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• report on cash flow;
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