The analysis of the bank is carried out according to ifrs. Analysis of the financial condition of the enterprise according to ifrs. Calculated analysis of the organization's financial statements

Arsenal OJSC (example)

as of 01.01.2013

The purpose of the analysis of financial statements compiled in accordance with IFRS is to obtain key characteristics of the financial condition and financial results of the company in order to form an adequate assessment of the achieved level of business efficiency, identify and quantify the impact of external and internal factors, as well as justify current and strategic business plans ...

1. REPORTING. The general assessment of the financial position of the enterprise is carried out using the system special coefficients... Majority financial ratios calculated according to the data of two main forms of reporting - balance sheet and profit statement

Company balance

Article title	01.01.2013			01.01.2012
ASSETS - ASSETS
Current assets (current assets) - Current assets
Cash and cash equivalents - Cash assets		368828			104238
Short-term investments - Marketable Securities		8231			152612
Accounts receivable - Accounts Receivable	426937			340691
Amendment to doubtful debts – Provision / allowance for bad / doubtful debts	0			0
		426937			340691
Stocks - Inventories / Stocks Raw materials and materials - Raw Materials	152197			138649
Unfinished production - Work-in-process	355126			323513
Goods fit for sale - Goods available for sale	0			0
Finished products – Finished goods	507323			462162
Selling expenses - Selling expenses	0			0
		1014646			924324
Prepaid expenses - Prepaid Expenses		14580			7219
			1833222			1529084
Non-current (non-current) assets - Non-current assets
Long term investment – Long-term investments		355593			148001
Fixed assets - Property, plant & equipment	893354			880194
Accrued depreciation - Depreciation	607168			565603
		286186			314591
Intangible assets - Intangible Assets	63939			5877
Accrued depreciation - Depreciation	58863			0
		5076			5877
Deferred tax assets – Deferred tax assets		11323			29078
Other debtors - Other debtors		0			0
			658178			497547
			2491400			2026631
LIABILITIES - LIABILITIES
Current responsibility - Current Liabilities
Accrued liabilities - Accrued Liabilities
Accounts and bills payable - Accounts & notes payable		907014			349607
Wage arrears - Wages and salaries payable	0			321706
Tax debt - Taxes payable	0			138300
Debt on dividends - Dividend payable	6254			5371
Estimated reserves - Provisions		56550			28682
		62804			494059
Revenue of the future periods - Defended (unearned) revenues		2289			1692
Current portion of long-term debt - Current portion of Long-term debt		0			289370
			972107			1134728
Long term duties - Long-term liabilities
Long-term loans - Long-term debt		0			0
Deferred tax liabilities – Deferred tax liabilities		20933			20170
			20933			20170
			993040			1154898
OWN CAPITAL - OWNERS 'EQUITY
Invested capital - Contributed capital		48156			46754
Accumulated retained net income - Retained earnings		839853			242903
Other accumulated comprehensive income - Other accumulated comprehensive income		610351			582076
			1498360			871733
			2491400			2026631

Profit statement based on cost classification by function

Index	for 2012		for 2011
Revenues from sales - Net sales		8207745		6263775
Cost of sold products (works, services) - Cost of sales	3392146		2667088
Gross profit - Gross margin		4815599		3596687
Other operating income - Other operating income	157072		131161
Selling expenses - Selling expenses	3877503		3513105
Administrative expenses - Administrative expenses	150570		137796
Other operating expenses	181210		195239
Profit from operations -		763388		-118292
Financial expenses - Financial costs	28206		19022
Dividends & interest income	24510		16064
Profit before tax -		759692		-121250
Tax expenses - Tax expense	126578		29791
		633114		-151041
Extraordinary articles - Extraordinary items
Net profit for the period - Net income		633114		-151041

Profit statement based on cost classification by entity

Index	for 2012		for 2011
Revenues from sales - Net sales		8207745		6263775
Other operating income - Other operating income	157072		131161
Changes in inventories of finished goods and work in progress - Change in stocks of finished goods & in work in progress	76774		0
The cost of raw materials and materials - Costs of raw materisls & supplies	6789891		6317989
Personnel costs - Wages & salaries	589933
Depreciation expense - Depreciation	117169
Expenses for the purchase of finished goods - Purchases of goods for resale	0
Other operating expenses - Other operating expenses	181210		195239
Operating profit - Profit or loss from ordinary activities		763388		-118292
Financial expenses - Financial costs	28206		19022
Income from dividends and interest - Dividends & interest income	24510		16064
Profit before tax - Income before income taxes & extraordinary loss		759692		-121250
Tax and similar payments - Taxes & similar payments	126578		29791
Profit after tax - Income before extraordinary loss		633114		-151041
Extraordinary articles - Extraordinary items
Net profit for the period - Net income		633114		-151041

2. STRUCTURAL ANALYSIS. One of the important indicators of the degree of efficiency of the enterprise for a certain period is the economic structure of revenue that comes from buyers. Vertical analysis is also carried out according to the balance sheet data to assess the structural dynamics of the assets of the enterprise and the sources of their formation.

Vertical analysis of revenue

Indicators	Revenue structure as a percentage for the reporting year	Revenue structure as a percentage of the past
Revenues from sales	100	100
Cost of sold products (works, services)	41.33	42.58
Gross profit	58.67	57.42
Other operating income	1.91	2.09
Selling expenses	47.24	56.09
Administrative expenses	1.83	2.2
Other operating expenses	2.21	3.12
Profit from operations	9.3	-1.89
Financial expenses	0.34	0.3
Income from dividends and interest	0.3	0.26
Profit before tax	9.26	-1.94
Tax expenses	1.54	0.48
Profit after tax	7.71	-2.41
Extraordinary articles
Net profit for the period	7.71	-2.41

The increase in the share of net profit in the company's revenue was associated with:

cost reduction

lower selling costs

lower administrative costs

decrease in other operating expenses

growth in income from dividends and interest

Diagram of structural changes in the composition of the Profit Statement

01.01.2012	01.01.2013

Structured balance sheet

Balance indicators	01.01.2013	01.01.2012
ASSETS
Current assets
1. Cash and cash equivalents	14.8	5.14
2. Short-term investments	0.33	7.53
3. Accounts receivable	17.14	16.81
	40.73	45.61
4.1. Raw materials and supplies	6.11	6.84
4.2. Unfinished production	14.25	15.96
4.3. Goods fit for sale	0	0
4.4. Finished products	20.36	22.8
4.5. Selling expenses	0	0
5. Prepaid expenses	0.59	0.36
6. And about current assets	73.58	75.45
Non-current assets
7. Long-term investment	14.27	7.3
8. Fixed assets	11.49	15.52
9. Intangible assets	0.2	0.29
10. Deferred tax assets	0.45	1.43
11. Other debtors	0	0
12.Total assets of long-term use	26.42	24.55
13. Total assets	100	100
FINANCIAL OBLIGATIONS AND CAPITALS OF OWNERS
Current short-term financial liabilities
14. Invoices and bills payable	36.41	17.25
15. Accrued liabilities	2.52	24.38
15.1. Wage arrears	0	15.87
15.2. Tax arrears	0	6.82
15.3. Debt on dividends	0.25	0.27
15.4. Estimated reserves	2.27	1.42
16. Deferred income	0.09	0.08
17. Current portion of long-term debt	0	14.28
18.Tot about short-term financial liabilities	39.02	55.99
Long-term financial liabilities
19. Long-term loans	0	0
20. Deferred tax liabilities	0.84	1
21. And so about long-term financial liabilities	0.84	1
22. And so about financial liabilities	39.86	56.99
Owners' capital
23. Invested capital	1.93	2.31
24. Accumulated retained net income	33.71	11.99
25. Other accumulated comprehensive income	24.5	28.72
26. And about the capital of the owners	60.14	43.01
27. In general, financial liabilities and capital of owners	100	100

Vertical analysis of the balance sheet allows us to make a conclusion about the change in the sources of financing the assets of the enterprise and about the preservation of the structure of investments in various types of property.

During the analyzed period, the company increased the total book value of its assets by 464,769 thousand rubles. , or 22.93%.

This increase was due to increased investment in long-term types of property, which should have a positive effect on the production potential of the enterprise.

We can talk about an improvement in the financial condition of the enterprise for the reporting year, since the change in property by 134.83% was provided by its own sources.

Factors in the growth of enterprise assets

Indicators	The amount of growth in assets	Share of participation
1. General change book value assets	464769	100
including from sources
2. Short-term financial liabilities	-162621	-34.99
3. Long-term financial liabilities	763	0.16
4. Equity capital	626627	134.83

Priority financing of property from its own capital provides the company with greater independence from creditors. It should be borne in mind that in cases of cheap credit resources, with low interest rate loan capital and a high rate of turnover of funds for enterprises it is profitable to attract significant borrowed funds into their turnover and effectively use a large financial leverage.

Balance Structural Change Chart

01.01.2013	01.01.2012
asset structure

liability structure

3. ASSESSMENT OF LIQUIDITY. Liquidity refers to the availability of sufficient means of payment to pay creditors' bills on time and to pay contingencies when presented.

Liquidity ratio

Indicator name	01.01.2013	01.01.2012
Initial data for analysis
Current assets (CA)	1833222	1529084
Current liabilities (CL)	972107	1134728
Cash - CASH	368828	104238
Short-term investments in securities - Short-term marketable securities (STMS)	8231	152612
Receivables - Receivables (R)	426937	340691
Implementation - Sales (S)	8207745	0
Cost of sales (CS)	3392146	0
Accounts receivable (AR)	383814
Materials inventory (MI)	145423
Liquidity ratios
Quota working capital – Current ratio (CR = CA: CL)	1.89	1.35
Quick ratio - Quick ratio / acid-test ratio (QR = (CASH + STMS + R): CL	0.83	0.53
Cash liquidity ratio - Cash ratio (CASHR = CASH: CL)	0.38	0.09
Working capital - Working capital (WC = CA-CL)	861115	394356
Turnover ratio by calculations - Receivable turnover (RT = S: AR)	21.38	x
Inventory turnover ratio - Inventory turnover (IT = CS: MI)	23.33	x

One of the most important economic characteristics of the operational financial condition of the enterprise is the size of the "working capital". This indicator reflects the amount of funding current assets equity capital of the owners of the enterprise. The relative provision of the enterprise with "working capital" is measured using the indicator "working capital quota"

As of the end of the reporting year, "working capital" is equal to 861,115 thousand rubles. At the same time, the working capital quota was 1.89

The quick liquidity ratio is a more conservative (compared to the working capital quota) measure of liquidity, when the least liquid items (reserves and prepaid expenses) are excluded from current assets. As of the date of the analyzed balance sheet, the enterprise had 83 kopecks of mobile means of payment for 1 ruble of debts to pay them.

The cash liquidity ratio shows how the company's current liabilities are covered by the most liquid asset - cash. This is the most stringent criterion for the liquidity of an organization. At the enterprise, 38% of short-term debt obligations can be immediately repaid at the expense of funds.

The turnover ratio according to the calculations characterizes the size of accounts receivable and efficiency credit policy firms. For an enterprise, this coefficient shows that, on average, the funds in the calculations turned around about 21.38 times. This means that the company had to wait about 16.84 days for the commercial loan to be repaid.

The Inventory Turnover metric indicates the relative size of the inventory. The smaller the inventory and the faster they turn around, the less money the company has in them. An increase in inventory may mean that some factor is preventing the sale of products. The turnover ratio of inventories for the enterprise was 23.33.

4. PROFITABILITY (profitability) - the ability to obtain an acceptable level of profit. Profitability ratios are used to assess the efficiency of the economic activity of the enterprise.

Summary table of profitability ratios

Indicator name	for 2012	for 2011
Return on assets (return on assets)	0.28	x
Return on sales / rate of return (return on sale / net profit margin)	0.08	-0.02
Asset turnover ratio (Asset turnover)	3.63	x
Owner's return on equity (Return of equity)	0.53	x
Return on total enterprise investment (Return on investment)	0.55	x
Leverage	-0	x

Return on assets is the most commonly used measure of a company's profitability. The indicator is calculated as the ratio of net profit to average annual value assets (ROA = NP: TAavrg).

For every ruble invested in assets, an enterprise in reporting period received 28 kopecks. profit, which indicates the ability to generate profits and the effectiveness of the use of funds.

Return on sale / net profit margin shows how much net profit is contained in each dollar (or other currency) of sales (ROS = NP: S). Even a 1-2% difference can mean the difference between a normal and a very profitable year.

Net profit per ruble of sales increased by 10 kopecks, which indicates an increase in the efficiency of core activities.

Asset turnover ratio determines how effectively assets are used to increase sales (AT = S: TAavrg). In the reporting period, in order to receive revenue in the amount of 8,207,745 rubles, the assets had to turn around 3.63 times.

Return of equity characterizes the level of income derived from the capital invested by owners in a given enterprise (ROE = NP: Eavrg).

For an enterprise, the return on capital of the owner is 53%. The company's savings amounted to 53 kopecks. for one ruble of own investment. This is a fairly high profitability figure.

Return on investment is intended to reflect the return on investments made in the assets of the enterprise (ROI = NOPAT: (EQ + LTD)). According to the Balance Sheet and Profit Statement, this ratio is determined at 55%.

The value of the return on investment in assets indicates that 55 kopecks were received in the analyzed year. income from each ruble of all investments (both own and borrowed) made in this enterprise.

Leverage is the difference between the return on equity and total investment in the company's assets. At the analyzed enterprise, the leverage is -2%. Thus, the increase in the return on capital of the owners of the enterprise due to the attraction of borrowed resources from creditors into circulation is -2%.

5. PAYMENTABILITY (financial responsibility) - the ability of an enterprise to repay its financial obligations.

Summary table of indicators of long-term solvency

Indicator name	for 2012	for 2011
Debt to equity ratio (Debt to equity ratio)	0.66	1.32
Loan interest security ratio (Times interest earned / Interest coverage ratio)	23.45	-6.94
Debt ratio	0.4	0.57

Debt to equity ratio shows the ratio of borrowed resources and equity capital (DTER = L: E).

This ratio decreased from 1.32 to 0.66.

Interest coverage ratio is one of the indicators of the degree of protection of lenders from unscrupulous payers (TIE = EBIT: INT).

The security of interest on loans increased, which is explained by the increase in the amount of net profit earned by the enterprise.

Debt ratio shows the share of assets that are financed by borrowed funds, and reflects the degree of protection of creditors (DR = L: TA).

The share of borrowed capital in financing the firm's assets decreased from 57% at the beginning of the year to 40% at the end of the year.

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The benefits of preparing financial statements in accordance with IFRS for most of its users are obvious. International financial reporting standards are designed to reflect the real state of affairs of the company - both foreign and national investors are interested in this. In order for the data to be verified and bear fruit, upon completion of the collection of information, an audit of financial statements in accordance with IFRS and its analysis begins. How are these processes different? Who conducts them? Why are they so important to a company's financial success? More on this later.

IFRS financial analysis and audit: key issues

To understand the difference between audit and analysis, it is enough to ask four questions: what (implies a process), why (it is carried out), who (does it) and how (it happens). So:

Audit of financial statements IFRS
*What:*	checking the reporting for its compliance with the requirements of international standards
*Why:*	to confirm the accuracy and adequacy of the reflected data
*Who:*	auditor - an independent expert; does not work in the company
*How:*	conducted in accordance with International Standards on Auditing

Audit of the first financial statements in accordance with IFRS

Due to the fact that many companies are just beginning the transition to IFRS, quite often auditors have to audit financial statements that have been compiled in accordance with International Standards for the first time.

In addition to the fact that the process of drawing up financial statements in accordance with IFRS is quite complicated in itself, its start has a number of additional features. In this case, the auditors first of all pay attention to the company's compliance with the requirements of IFRS 1 “First Use of International Financial Reporting Standards”. There, in addition to the usual criteria for auditing financial statements in accordance with IFRS, there are also additional ones.

The audit of the FIRST financial statements in accordance with IFRS includes:

checking the correctness of determining the date of transition to IFRS and the first reporting period;
the presence of a statement by the company about compliance with all international financial reporting standards
verification of the correctness of the assessment of the reporting elements at the date of transition

Audit of methods of transition to IFRS

In the initial periods before the full transition to IFRS, companies use one of two main methods to prepare financial statements in accordance with International Financial Reporting Standards: the method of transformation of financial statements prepared in accordance with national standards, or the method of parallel reporting in accordance with International Financial Reporting Standards.

Transformation method
It is used by many companies due to its economy and simplicity. Transformation is a procedure for preparing financial statements in accordance with IFRS with adjustments to statements prepared in accordance with national standards.
An audit of financial statements compiled by the transformation method is carried out by assessing the content and quality of building a transformation model and includes, among other things, checking the compliance of transformation procedures with the procedure established in IFRS, as well as selective arithmetic verification of the calculations.

Parallel accounting
This is a consistent reflection of each business transaction in the report separately according to national accounting rules and IFRS. Therefore, in companies that use the parallel accounting method, when auditing financial statements in accordance with IFRS, it is no longer necessary to check statements drawn up according to national rules, since all business transactions are consistently reflected based on international standards. The composition, content of financial statements in accordance with IFRS is studied, the compliance of reports with regulatory documents is considered, indicators are monitored, one and a half of filling out financial statements.

The principle of auditor independence

During the period of the company's transition to IFRS, among the services that auditors can provide to such organizations, there is both an audit of financial statements prepared in accordance with IFRS, and advice on the preparation of financial statements in accordance with IFRS. However, in this case, it is worth remembering that one company cannot help in the preparation of financial statements and audit them, since this is contrary to the requirements of the International Standards on Auditing. The principle of auditor independence is important to ensure confidence in audit quality.

The procedure for auditing financial statements prepared in accordance with IFRS includes:

checking the reporting for its compliance with the International Financial Reporting Standards;
collection of evidence that confirms the compliance of the financial statements with all the criteria for its preparation, the reliability and completeness of the disclosure of information contained in it;
assessment of the principles of accounting at the enterprise;
assessment of the provided financial statements as a whole, drawing up a conclusion regarding the subject of the audit, including the reflection of the factor for the identification of which it was carried out

Financial analysis of statements prepared in accordance with IFRS

There are a number of main areas of analysis of financial statements under IFRS:

Trend analysis - compares changes in financial statements for a certain period. The optimal period of time for research is considered to be a period of 5 years, although more is possible (however, in this case, the amount of data that needs to be compared also increases).
Percentage analysis - the indicators of another organization from the "native" industry are used as a comparative base. In this case, it is important to address the size mismatch. To ensure this, the values of the indicators of the profit and loss statement are prescribed as a percentage of sales, while the indicators of the balance sheet are a percentage of the total of all assets.
Analysis of information by segments - gives an idea of the corporate strategy, allows you to assess the importance of certain segments of the company.
Analysis based on financial ratios - the financial condition, the results of the previous financial activities as well as the potential for cooperation with investors.
Cash flow analysis - carried out to determine the company's ability to provide itself with excess cash receipts over payments. A cash flow statement is used as an information base.

It is necessary to conduct an analysis in accordance with IFRS, focusing on the final addressee of such information. So, the investor will probably want to know the level of profitability of your company, and the lender will want to know the indicator of its liquidity.

Modern market relations are characterized by increased competition, technological changes in production, as well as the continuous flow of new information. In such conditions, the preparation of financial statements in accordance with IFRS, together with the timely audit and analysis of such reports, is the best option to create a universal “facade” for your company that can provide it with new investments and business expansion.

A feature of the formation of civilized market relations is the aggravation of competition, technological changes in production, volumetric information flow, continuous innovations in tax and accounting legislation. In modern conditions, accompanied by the implementation of various approaches to the implementation of the modern policy of operational and strategic management, the use of International Financial Reporting Standards (hereinafter - IFRS) in accounting practice has a significant impact on the formation of financial information about the activities of an enterprise. The use of IFRS is due to the need to further expand the scale of business, attract investment in various areas National economy country.

The possibility of applying IFRS in Russia is provided for by the "Concept for the development of accounting and reporting in the Russian Federation for the medium term", adopted by the Ministry of Finance of the Russian Federation on July 01, 2004. After the entry into force of IFRS and their Clarifications in the Russian Federation, it became necessary to update the need to transform the content and sequence of analysis of accounting (financial) statements (hereinafter - financial statements).

However, based on the proven foreign approaches to the analysis of financial statements formed in accordance with IFRS, organizations (enterprise, firm, company, business entity) should also take into account the domestic experience accumulated in the field of financial statements analysis.

Thus, in accordance with the principles of IFRS, the main purpose of financial reporting is to provide information about the financial position, results of operations and changes in the financial position of the company.

IAS 1 Presentation of Financial Statements, as amended in 2003, establishes the basis for the presentation of financial statements. general purpose in order to ensure its comparability both with the financial statements of the enterprise for previous periods and with the financial statements of other enterprises. This HKSA provides general requirements for the presentation of financial statements, guidelines for their structure, and minimum requirements for their content. At the same time, the standard provides a definition of financial reporting, while paying attention to the fact that these are reports designed to meet the needs of those users who do not have the opportunity to receive reports prepared specifically to meet their specific information needs.

The procedure for reflecting the cash flows of an enterprise is reflected in a separate standard IFRS 7 “Cash flow statements” (1992).

According to IFRS, the financial statements of companies include the following list of forms:

Balance sheet;

Profits and Losses Report;

Statement of changes in equity;

Cash flow statement;

Notes to the financial statements;

Performance accounting policies.

In addition to the above financial reporting documents, the forms of which are presented in IFRS 1, the standard approves the provision of additional information in the form of financial and economic reviews of management, describing the characteristics of the financial and economic condition of the company for a certain period, an assessment of factors affecting the level of business efficiency as a whole and its financial stability.

A thorough study of the company's financial statements is the key to a successful financial management enterprise based on the application of analysis. In the new conditions, financial analysis carried out at enterprises, being an integral part of financial management and audit, is of paramount importance for a wide range of users-owners, managers, investors, analysts and lenders.

It should be recalled that the goal analysis of financial statements in accordance with IFRS is to obtain key characteristics of the financial condition and financial results of the company to form an adequate assessment of the achieved level of business efficiency, identify and quantify the impact of external and internal factors, as well as justify current and strategic business plans

The main tasks of the analysis of financial statements include the following:

Study of composition and dynamics financial sources activities of the organization, including equity and obligations;

An objective, comprehensive assessment of the optimal structure of the balance sheet liability;

Study of the composition, structure and dynamics of the organization's property with an assessment of the quality of the company's assets;

Analysis of the level of liquidity of assets and solvency of the company;

Assessment of the effectiveness of cash flow management;

Determination of the possible threat of bankruptcy;

Assessment of the level and dynamics of business activity indicators;

Analysis of the composition, structure, dynamics of income, expenses and profits of the company;

Analysis of the level and dynamics of profitability indicators;

Evaluation of the effectiveness of the dividend policy and the use of net profit;

Justification of the investment policy for attracting (placing) capital;

Revealing and quantifying the influence of factors on business performance indicators;

Development of alternative options for optimal management decisions aimed at improving business efficiency.

Analysis of publications by Russian scientists devoted to this problem (M.I.Bakanova, S.B. Barngolts., L.A. Bernstein, A.D. Sheremet, M.V. Melnik, O.V. Efimova, V.V. Kovaleva and others) showed that the fulfillment of the tasks set for the Russian accounting should be based on the use of data from financial statements compiled both in accordance with Russian rules and in accordance with IFRS. However, it should be noted that there are excellent approaches to the reflection of information, which are primarily due to different fundamental differences in the formation of Russian and international regulatory framework, designed to regulate the procedure for the formation of financial reporting indicators in the accounting system.

Of course, one of the significant differences between IFRS and RAP is the historical difference in the ultimate uses of the financial information. Thus, financial statements prepared in accordance with IFRS pursue the goal of meeting the information requirements of the owners of the organization and external users (investors, creditors, financial institutions, etc.). Russian financial statements are, in fact, formed for the purposes of controlling authorities. It is this fact that can explain the principles of formation of accounting policies. Russian enterprises, the orientation of which is the fulfillment of the requirements normative documents accounting, not the professional judgment of an accountant.

In this regard, we will consider the main approaches to the analysis of financial statements prepared in accordance with IFRS. To this end, let us turn to the most famous foreign researchers in the field of analysis of the financial statements of an organization and determine the procedure for conducting financial analysis, highlighting two main stages in it:

1.Interpretation of financial statements;

2.Calculated analysis of financial statements.

It should be noted that in the international standards FASB (SFAC 5) the term "interpretation" is defined as "... clarify, explain or develop in detail the accounting and reporting standards, supporting their application in accounting policies." In the explanatory dictionary, the word "interpretation" is interpreted as "... interpretation, explanation, clarification of the meaning, meaning of something."

Indeed, when analyzing financial statements, its interpretation helps to assess the real economic situation organizations, and making the information contained in the reporting really valuable and necessary for making competent management decisions. The purpose of the financial statements is to disclose and analyze the main elements of accounting policies, which may lead to the reflection in the published statements of results that may differ from the actual economic situation at the enterprise.

In addition, in connection with the interpretation of the organization's financial statements, the impact on its activities of a number of significant factors can be assessed, including the industry-specific features of the organization's economic activities, business strategy and accounting policies, tools, methods and methods of financial reporting management, the quality of information disclosure in financial statements. , as well as the nature of the relationship between enterprises. Let's consider in more detail the essence of each type of analysis.

When analyzing the impact of industry-specific features of activities organization (industry analysis) compares the results of the company's activities with the established norm, in order to determine the liquidity of the enterprise. Also, industry analysis allows you to study the influence of a firm's strategy and business environment factors on the content of financial statements. Wherein given view analysis provides financial analysts and other users of financial statements with a fairly extensive comparative base, helps the enterprise to develop a kind of benchmark indicators of the organization's performance, with which they are compared current results activities, financial condition and investment potential of enterprises.

When analyzing a business strategy individual items of this section are evaluated, as well as research and development, product design, organization of services or processes, production, marketing, sales and organization of customer service). The combination of these components determines the ability of the organization to develop in the long term or to maintain production at the achieved level, based on the developed strategy of price leadership or differentiation of various kinds.

When analyzing the accounting policies of the organization, which in foreign literature is often called an accounting strategy, first of all, they find out the composition of its structure, content, methods, which largely allows external users of financial statements to receive information about the financial results of the enterprise.

The problem of managing the financial statements of an enterprise seems to be quite relevant. So, in accounting practice, there are two types of technologies for managing the financial reporting of an organization:

Management of the profit and loss statement, the so-called profit management;

Management of the structure of the balance sheet of the enterprise.

This is due to the fact that the financial results of an enterprise can be influenced in several ways. First, when it is possible to significantly affect the financial results of the enterprise for a certain period in the direction of decrease or increase. Secondly, profit can be influenced by income equalization, the purpose of which is to reduce the degree of variability in the indicators of the accounting profit itself. The use of these methods allows the company to indirectly influence certain items of the balance sheet.

For the purpose of managing financial reporting, there are three ways (methods) used to manage the financial reporting of an enterprise, among which the following can be distinguished:

Firstly, the choice of one of the accounting methods, in particular, the choice of the method of calculating depreciation charges, the method for assessing inventories, as well as the choice in relation to the attribution or not attribution of certain expenses to equity, etc.

Second, the choice accounting estimates, for example, a change in the amount of bad debt adjustments, the inclusion of part of the costs arising from the incomplete use of production capacity in the costs of production, instead of being charged to profit and loss, the use of reserves to adjust the financial result.

Thirdly, making a real decision regarding an operational, investment or financial decision, choosing an alternative option for operations from a set of operations.

Of great importance for analytical purposes is the formation of high-quality financial information, which should be characterized by the required level of disclosure of reliability, should be neutral, should be prudent, analytical in order to make optimal management decisions. An equally important characteristic of financial statements is the quality of their disclosure. It is this characteristic that makes it possible to compare various enterprises in such areas as the development of accounting methods and accounting estimates, explanations for major changes in accounting and the level of their full disclosure. In the process of conducting analytical procedures, the degree of information disclosure can be simultaneously assessed in accordance with the principles and requirements of accounting and IFRS.

When analyzing influence on the financial statements of the nature of the relationship between the enterprises that make up the corporate group, the actual reality of these relationships and the procedure for their reflection in the consolidated financial statements are examined corporate group... This is due to the fact that in a number of cases, accounting may contradict the nature of the relationship between the companies of the group. In addition, the analysis requires determining the presence of all related companies in the consolidated financial statements of the corporate group and the application of the appropriate accounting methods (consolidation, equity or cost accounting) at the enterprise, depending on the nature of the relationship.

Upon completion of the interpretation of the financial statements, the organization proceeds to the second stage of its analysis - the calculated analysis of the organization's financial statements. In this case, two main areas should be distinguished:

identification of potential factors that complicate the process of comparing financial statements;
calculations and evaluation of the results obtained.

Potential factors that complicate the comparison of financial statements include changes in the time boundaries of the financial year, different reporting dates, changes in the composition and structure of the company, changes in accounting methods, changes in accounting estimates, differences in the presentation of information. Let's look at an example.

1.In particular, enterprises may decide to change the time limits of a particular year for a number of reasons. For example, when the company incurs large losses and in this case, management may increase the financial year from 12 to 15 months, while changing the reporting date. As a result of this change, the large loss is offset by 15-month profit rather than 12 months. In addition, businesses may also set a very short fiscal year when particularly large restructuring losses and costs are taken into account.

2. Companies prepare financial statements for different reporting dates. Differences are observed even within the same industry. For example, various companies in the air transport industry close their accounts on one of the following dates: March 31 - British Airways, KLM, Ryanair; September 31 - EasyJet; December 31 - Australian Airlines, Lufthansa, SAS.

3. In the course of their activities, companies can merge with other companies, acquire their shares, carry out restructuring, as a result of which divisions can be separated into new, legally separate enterprises. At the same time, the growth of a company during its merger or expansion is usually not the result of its natural development, but is associated only with new acquisitions. These changes in the company's activities significantly complicate trend analysis. After the restructuring, the first impression may arise that the position of the company has even improved, although in reality this is not at all the case, it was just that certain types of activities were separated into separate firms.

4. Over time, a company may change not only accounting methods or accounting estimates, but also a company may move from one accounting system or standards to another accounting system. At the same time, such a change can seriously affect the financial results and indicators of the balance sheet, making it difficult not only to compare the data for a company over a longer period of time, but also making the results of comparing indicators across companies less obvious.

5. Differences in the presentation of information can be explained by two points. First, with regard to the articles used in annual reporting... For example, in the reporting of many airlines there are such items as operating profit (British Airways, Ryanair), operating income (KLM, SAS) or the result from operating activities (Australian Airlines, Lufthansa). They seem to sound the same, but in their own way economic content quite significantly differ. Secondly, regarding the different ways of presenting and arranging information. In practice, different companies often use different formats, rather than standardized forms of financial statements (in particular, the balance sheet and profit and loss statement), which greatly complicates the process of their comparison.

Here is a list of the main procedures required for making calculations based on financial reporting data and evaluating the results obtained:

analysis of the development trend (trend);
percentage analysis;
segment analysis;
analysis based on financial ratios;
cash flow analysis.

1.When conducting trend analysis, changes in the indicators of financial statements are studied over a certain period of time. Most often, this type of analysis is carried out in five years, although it can be carried out for longer periods, and the number of elements under study will correspondingly increase.

2.When percentage analysis the comparative base is the indicators of other organizations, as a rule, of the same industry. To make comparisons with other companies, the size mismatch needs to be addressed. For this, the values of the indicators of the income statement are expressed as a percentage of sales, and the indicators of the balance sheet are expressed as a percentage of the total of all assets. Balances converted for the purposes of percentage analysis allow us, on the one hand, to compare the financing structure of various companies, and on the other, the directions of investment of these resources. Percentage analysis based on the profit and loss statement is advisable to carry out only if the individual items of this statement are comparable.

3. Analysis of information by segment allows you to increase the information content of the results of assessing operating costs in the course of percentage analysis. The information obtained in the course of segment analysis discloses information about the corporate strategy of a certain group of the company and allows to assess the significance of its segments.

4. When analyzed based on financial ratios a detailed study of the financial condition, financial results and investment potential of the organization is carried out. The analysis under consideration includes the following main elements:

assessment of the organization's ability to independently perform undertaken commitments and pay off your debts using the solvency, liquidity and financial stability ratios;
assessment of the possibility of doing business, in particular, it is determined whether it brings sufficient income through the application of the coefficients of return on assets, equity and working capital;
assessment of the effectiveness of the organization's economic activities (in our understanding - the intensity of resource use) using the turnover ratios of its assets as a whole and their different types in particular;
assessment of the attractiveness of this organization for potential investors using coefficients characterizing its position on the securities market.

When conducting analysis based on the coefficients, both one-factor analysis is used, which involves the calculation and comparative assessment of each coefficient separately with subsequent generalization, and multivariate analysis, which is used to predict the likelihood of company bankruptcy (Altman and Tuffler models).

5. Analysis of cash flows (cash flows) is carried out in order to determine the company's ability to ensure the excess of cash receipts over payments. The information base of the analysis is the statement of cash flows, which includes three sections: information on cash flows for operating (current), investment and financial activities.

Thus, the analysis of the main approaches to the analysis of reporting, formed in accordance with IFRS, methods and technologies used to manage the financial statements of an enterprise, allows us to formulate the following conclusions:

the process of transition of Russian accounting to IFRS makes it necessary to make appropriate changes to the content and procedures for analyzing the financial statements of Russian organizations;

when managing financial statements, it is advisable to use accounting methods, accounting estimates and the ability to choose an alternative option for transactions from their totality, defined by IFRS;

when making changes, it is necessary to take as a basis the foreign experience of analyzing IFRS reporting, which can be supplemented by Russian experience in the field of analysis, which makes it possible to increase the efficiency of using analytical procedures for purposes.

In conclusion, it should be noted that differences in the disclosure of financial reporting indicators under Russian rules and in accordance with IFRS significantly affect the results of the analysis of financial statements, their management and assessment of the efficiency of enterprises. At the same time, the ongoing processes of improving the domestic system of accounting and financial reporting and its convergence with the International Financial Reporting Standards are aimed, first of all, at the formation of better information on the financial position and financial results of the activities of economic entities in modern conditions of a competitive environment.

International Financial Reporting Standards (IFRS) are a set of documents (standards) that regulate the rules for the preparation of financial statements required by external and internal users for their adoption. economic solutions in relation to the enterprise. The list of organizations that present and publish financial statements in accordance with IFRS is annually expanding. According to paragraph 1 of Art. 2 Federal law dated July 27, 2010 No. 208-FZ "On Consolidated Financial Statements", financial statements in accordance with IFRS are prepared by:

1) credit organizations;
2) insurance organizations (excluding insurance medical organizations operating exclusively in the field of compulsory health insurance);
3) non-state pension funds;
4) management companies investment funds, mutual investment funds and non-state pension funds;
5) clearing organizations;
6) federal state unitary enterprises the list of which is approved by the Government of the Russian Federation;
7) open joint stock companies whose shares are in federal ownership and the list of which is approved by the Government of the Russian Federation;
8) other organizations whose securities are admitted to organized trading by including them in the quotation list.

RAS (Russian Accounting Standards) is a set of norms of the federal legislation of Russia and the Accounting Regulations (PBU) that regulate accounting rules.

An increasing number of Russian enterprises need to prepare financial statements not only in accordance with Russian accounting rules, but also in accordance with international standards. Understanding the fundamental differences between RAS and IFRS will allow the company to switch to accounting in accordance with international standards at minimal cost, as well as to conduct the most efficient analysis of financial statements. The main differences between IFRS and RAS that affect the analysis of an organization's financial statements are presented in Table 1.

Table 1 Main differences between IFRS and RAS

Comparative feature			Assessment of the impact on the analysis of financial statements
Purpose of using financial information	Reflection of property status	Reflection of the real financial situation	IFRS has a higher degree of compliance with the real state of affairs of information in the reporting
Basic principle of asset recognition	Availability of supporting documents	The possibility of obtaining economic benefits from the object	In RAS, an unlikely receivable may be recognized as an asset, which will distort the subsequent financial analysis.
Initial cost of fixed assets	The amount of actual costs is recognized. Discounting is not applied in determining the initial cost of fixed assets.	Recognized in the reporting at cost. If payment for fixed assets is deferred for a significant period of time, then the initial cost of fixed assets is equal to the present value of future payments.	The lack of discounting distorts the objectivity of RAS reporting, but increases the reporting indicators: accounts receivable, profit, and so on.
Recognition of expenses	The expense is recognized in the accounting, if a contract is concluded, documentary evidence is required	Expenses are recognized on a matching basis. No documentary evidence is required.	IFRS reporting is based on information of a higher quality than RAS. However, the data on expenses in RAS are reliable, as there is documentary evidence.
Revenue recognition condition	Income from ordinary activities recognized in the reporting on the basis of legal confirmation (agreement or other document)	Revenue recognition is associated with the transfer of significant risks and rewards arising from the ownership of the goods.	The moment of transfer of significant risks and rewards arising from the ownership of the goods, in general, may differ from the date of transfer of ownership, indicated in the agreement (or other document)
Balance Sheet Equation	Assets = Liabilities	Assets - Liabilities = Equity	The effectiveness of the organization under IFRS is assessed by making a profit. RAS allows for both profit and loss.
Inflation adjustment	RAS statements are compiled without inflation adjustment	Non-monetary balance sheet items should be inflation re-calculated in case of hyperinflation	Analysis of data in accordance with IFRS gives a more realistic picture of the state of affairs in the organization

The differences between IFRS and RAS are due to the historical purpose of the use of financial information. IFRS aims to reflect the real financial position of the enterprise, RAS - the property status. The main users of financial statements prepared in accordance with IFRS are investors and financial institutions. The preparation of Russian financial statements primarily pursues fiscal goals, this information is necessary tax authorities, statistics authorities.

Russian reporting of organizations is aimed primarily at minimizing taxes. IFRS - aimed primarily at satisfying the interests of investors and other users who are not associated and do not have access to reporting. It is the interests of investors in to a greater extent reflect the needs of other users. Since they are the providers of capital and, to a greater extent, do not influence the decisions taken on the preparation of reports. Therefore, meeting their needs will also help meet the needs of other users.

RAS is quite tightly connected with the legislative and regulatory framework in the Russian Federation, and IFRS are supranational standards, independent of the laws. In practice, financial statements focused on the requirements of tax legislation often contain distorted financial information, on the basis of which it is difficult to determine the real capitalization of the organization and establish its actual financial position. And this, in turn, does not at all contribute to the inflow of investments into the Russian economy, increases the price of incoming capital and, consequently, negatively affects the expansion of the tax base.

However, this does not mean that IFRS is fully capable of reflecting the real financial condition of an enterprise that meets all the requirements of users, while RAS is not capable. This is evidenced by the practice of their application. Distortion and falsification are present in both IFRS and RAS. Consequently, without control and responsibility for compliance with certain rules, it is impossible to implement both IFRS and RAS.

As can be seen from Table 1, the main principle for recognizing assets in accordance with IFRS is "the possibility of obtaining economic benefits from an object", in RAS - "availability of supporting documents". If a company acquires a fixed asset with a deferred payment, then in accordance with IAS 16 "Fixed Assets", the initial cost of such fixed asset is formed at a discount, since the organization actually made the purchase cheaper. The choice of the discount rate is subject to professional judgment. RAS does not use the principle of discounting and determine initial cost object at the nominal value of payments. The absence of such a method distorts the objectivity of RAS reporting, but increases such reporting indicators as accounts receivable, profit, and so on. Unlike IFRS, RAS does not establish that "assets" are acquired for the purpose of obtaining economic benefits (profits) and that economic transactions recorded in financial accounting as income and expenses must meet the definition of the elements "income", "expenses", and each of them is also at the same time also defining the element "assets", since expenses are carried out with the aim of making a profit in the future (economic benefit due to the excess of income over expenses).

Another fundamental difference is the recognition of costs. The conformity requirement that expenses are recognized in the period of expected income is central to IFRS. Expenses are recorded as they become due, not when money is paid or received. Consequently, there may be accumulations in the financial statements (when expenses have already been incurred, and the corresponding amounts are not yet payable and prepaid, when the amounts have already been paid or liabilities have been recorded, even if the costs associated with them relate to a subsequent reporting period).

In PBU 10/99 "Organization's expenses" an additional condition is included that the expense is recognized in the accounting, if an agreement is concluded. That is, unlike IFRS, the expense cannot be recognized only on the basis of the professional judgment of the accountant about the decrease in economic benefits and must be documented. For example, the cost of bonuses to employees. As a rule, year-end bonuses are approved in May-June of the next year. In Russian accounting, costs are reflected after the accrual of premiums, that is, in the cost of the next reporting period. Consequently, financial statements under IFRS reflect financial results more realistically than under RAS.

The condition for revenue recognition in accordance with RAS 9/99 is the approach in which income from ordinary activities is recognized in the financial statements based on specific legal confirmation (agreement or other document). IAS 18 links the recognition of revenue to the moment of transfer of significant risks and rewards of ownership. The specified moment may differ from the date of transfer of ownership, indicated in the contract (or other document). The main differences in revenue recognition in accordance with RAS and IFRS are presented in table 2, compiled on the basis of RAS 9/99 "Income of the organization" and IFRS 18 "Revenue".

Table 2 Differences in revenue recognition in IFRS and RAS

Comparative feature
Revenue recognition	There is confidence that there will be an increase in economic benefits. The amount of revenue can be determined.	The perceived economic benefit is likely to be realized. The total contract revenue can be measured reliably.
Moment of revenue recognition	Revenue is recognized when there is a transfer of ownership based on specific legal evidence (agreement or other document).	Revenue is recognized when there is a transfer of significant risks and rewards of ownership.
Revenue estimation	The amount of revenue is determined based on the price specified in the contract	Revenue is valued at fair value the refund received, taking into account the presented trade discounts and rebates
Legal regulation	Different types of operations are regulated by one regulation(PBU 9/99)	Various types of operations are regulated based on general principles
Recognition of shareholder contribution as revenue	Contributions of LLC participants, not formalized as contributions to authorized capital or contributions to property are recognized as the income of the organization	Contributions received from existing shareholders are not recognized as income or revenue

ACCOUNTING REFORM

BANK ACCOUNTING

IFRS AND BANKING ANALYSIS

A.B. SUVOROV, candidate economic sciences, Chairman of the Phoenix Association of Accountants and Auditors

The main approaches to the analysis of banking

The most in a simple way analysis of the bank's activities is the analysis of its financial statements. If such financial statements are prepared in accordance with international standards, then, as already mentioned, they contain a large amount of various information about banking activities. Having carefully analyzed the reporting data, you can get a clear idea of the general directions of activity, financial position, asset structure and development prospects of the credit institution. However, those who first encounter this kind of reporting are usually struck by the abundance of data and the complexity of the presentation of the material.

Each group of users of financial statements (shareholders, investors and potential investors, legislators, etc.) seeks to obtain different information about the credit institution. Until recently (and only in those cases when it became necessary to present financial statements to a foreign partner), Russian banks were forced to prepare these statements in accordance with the requirements of international financial reporting standards (IFRS). This condition had to be met by all banks seeking to obtain foreign loans. Since the beginning of 2004, all Russian banks must be able to prepare their statements in accordance with the requirements of IFRS, that is, the situation is changing dramatically.

When analyzing the activities of a credit institution, as a rule, first of all, its financial position is analyzed, which is characterized by a system of indicators reflecting the actual availability, placement and use of financial resources. Information for such an analysis is contained both in the internal (unpublished) and in

external (published) statements of the bank, as well as in analytical accounting data and other documentation.

The balance sheet of a credit institution, on the one hand, reflects the state of its own and borrowed funds, and on the other, their placement and use. So, in the asset of the balance sheet, the funds are grouped by type, composition, placement and use, and in the liability - by the sources of education. At the same time, the bank's balance sheet is compiled both for balance sheet and off-balance sheet (off-balance sheet claims and liabilities) accounts in accordance with the plan approved by the Central Bank of the Russian Federation (CBR). Accounts in balance sheet banks are grouped into sections according to their economic content.

It should be noted that the analysis of the bank's assets and liabilities is the main one in determining its financial stability. This is due to the fact that both the bank's capital adequacy and the level of accepted credit risks depend on the quality of bank assets.

Analysis of assets and liabilities should also be carried out to determine the level of diversification of banking operations and determine the degree of dependence of the bank on other factors of a general economic nature.

Analysis of the internal accounting and control system

One of the conditions for the recognition of Russian banks by the international banking community is the preparation, as close as possible to international standards, not only of general accounting and financial reporting, but also of internal reporting. In all credit institutions there must be a system of internal control, without which it is impossible to effectively manage banking risks. Internal control should be based on

a solid information base in which accounting is the main, although not the only source of information.

The analysis of internal accounting and control in the bank in the context of the transition to IFRS is extremely important. The financial statements, which are prepared in accordance with international standards, reflect the impact of past and present management decisions. These statements are prepared on the basis of principles that consistently and truthfully try to account for every transaction of the bank.

In addition to drawing up financial statements, internal accounting and control in the bank also includes a set of plans, methods and procedures used to protect assets and liabilities, minimize banking risks and increase profits, and ensure strict compliance with the instructions of the bank's management.

Internal accounting of a bank is an integral part of internal control and is carried out to analyze its activities. The effectiveness of internal accounting and control depends on the following factors:

delineation of responsibility between individual employees for maintaining accounting records and for the direct management of funds and other inventory; intrabank planning; correspondence of the qualifications of employees to their positions; application unified system numbering of all documents used in the accounting process.

In this regard, for many banks today there is a question of automating the process of internal accounting and control. However, it sometimes takes years to develop effective programs focused on the analysis and support of management decisions, while in modern world the capabilities of information technology are changing rapidly. The quality of these developments depends not so much on the programs themselves as on the quality design solutions, the level of qualifications and professionalism of the developers, as well as the technical means used.

The tasks of developing software products related to the automation of internal accounting and control in banks are even more complicated in connection with the transition to IFRS. This is primarily due to a significant increase in the number of accounting elements, which in its volume is inadequate for an increase in

the number of characters used. Such a number of accounting elements will require a revision of the entire accounting technology.

Changes in accounting elements, in turn, will require changes in the analysis and improvement of approaches to decision-making in the management of banking processes, that is, to the development of a new accounting policy strategy.

Method of comparative analysis of indicators

V international practice comparative analysis of indicators is used quite often. It consists in assessing the position of your own bank relative to competitors. The analysis of financial indicators in international practice is a necessary tool for determining the position of a bank in accordance with the indicators of its activities relative to competitors. For example, for correct use comparative analysis, the results may indicate a decrease in the competitiveness of this bank in comparison with previous periods or to increase the level credit risk compared to other banks in the region. Properly used, the information obtained can be critical to the success of a bank under all conditions (especially in an unstable economy).

Comparative analysis of indicators should not be limited only to the current period of activity, but have both retrospective and (if possible) perspectival character. Comparing the results obtained by comparative analysis of indicators for different periods The consultant can help the bank's management get a clearer idea of the direction in which their bank and the Russian banking system are developing, as well as in which area competitors have strategically improved or expanded their activities. This is necessary for the bank in order to take a stable position in the domestic market in the current period and not create precedents for mergers with international or local banks and prevent absorption by them. The use of the method of benchmarking indicators is intended to help the bank to navigate well in current trends development of the market for banking operations and services that

can reduce or increase the degree of diversification of the bank's activities in comparison with competitors and affect its strategic position in the financial market.

For a comparative analysis of indicators, one can use information on Western markets for banking products and services obtained from public and private sources. Information about the Russian banking system is becoming more and more accessible, the main analyst of which has been and remains the Bank of Russia. This is due to the fact that foreign rating agencies are paying more and more attention to Russian banks. The consultant (or group of consultants) conducting (or conducting) the benchmarking analysis should (should) be constantly aware of the trends, performance results, condition and position of Russian banks. The use of benchmarking obliges consulting or rating firms to regularly conduct their own benchmarking performance of Russian credit institutions.

Such a review of the results of a comparative analysis of indicators should be based, first of all, on international requirements for the financial statements of credit institutions. Therefore, information on the structural analysis of financial statements is classified in accordance with IFRS and entered into a comparative database programmed to assess performance indicators. Based on the results obtained, a report is drawn up for the current period. In different regions, the results of banks' activities may differ significantly among themselves, therefore, the information received is subdivided according to the regional basis. The data is carefully checked. Any cut-off values that graphically represent a significant deviation in one direction or another and do not characterize any consistent trend are excluded from the analysis. The current performance is then compared with previous years to identify trends and significant differences. Based on this report, a list of banks is drawn up, which will be the rating of their reliability.

It is important to note that benchmarking is a generalized version of the standard benchmarking methodology.

indicators and tools that are used in international practice. Such an analysis is easiest to carry out by organizations that carry out financial audit of banks' statements in accordance with IFRS.

To conduct a comparative analysis, the following main indicators are used: net interest income, which serves as the basis for assessing the bank's ability to maintain profit received from interest on banking operations after the main expenses have been made - payment of interest on deposits; general reserve for covering losses on loans, which allows you to assess the quality of the bank's loan portfolio; provision for losses on commercial loans, determined based on the total amount of commercial loans, which are often the most significant component of the bank's loan portfolio; the total amount of own funds, which makes it possible to assess the proportion of equity capital in the balance sheet of the bank and characterizes its ability to keep profit at its disposal and increase its own funds; operating income, which shows the effectiveness of the bank. It is defined as interest income minus the cost of funds; cash and credit investments, with the help of which it is possible to determine the proportion of liquid assets in the balance sheet of a credit institution; the balance of cash, loans and investments as a percentage of total assets, which reflects the bank's strategy in the field of placing capital in earning assets. Benchmarking indicators can be taken out of scope economic analysis and applied in such areas of assessment of the internal and external environment of the bank as employee satisfaction and the availability of banking services. It is much more difficult for a bank to obtain information on these types of comparative analysis on its own, therefore, the help of a consultant (or a group of consultants) is used for this purpose. To maintain its competitiveness, diversification and awareness of new trends in the development and implementation of banking products and services, the bank must be able to apply the methodology for comparative analysis of indicators

both in daily activities and in strategic planning.

Bank reliability assessment

An important aspect of banking (especially in connection with the transition to IFRS) is to determine the reliability of a bank. To determine the reliability of a bank in international practice, the standard method of comparative analysis of indicators and instruments is also used, since in accordance with this methodology recommended by IFRS, comparative analysis of indicators is one of the most reliable ways to determine the reliability of a bank. The fact is that the risk inherent in all banking operations carries with it the potential opportunity to receive additional financial income for a bank that is functioning more successfully than its competitors. A successful bank can be called not only a bank whose activities are characterized by a positive profitability ratio, but also a bank whose profitability ratio is higher or at the same level as compared to banks actively competing in the same sector of the financial market.

In international banking practice, there are a number of classical canons for analyzing the reliability of banks, but their application in Russian conditions turns out to be extremely problematic for the following main reasons:

almost all Russian banks are quite small (by world standards) and critical indicators reliability are various quantitative characteristics (assets, equity capital, size of the authorized capital, profit, overdue loans, etc.);

some of the relative characteristics, which are given great attention in Western methods, are less significant in Russian conditions. The analysis of the largest ten Russian banks, carried out in accordance with the recommended IFRS methods, showed that they have a stable financial position regardless of the state of the mentioned relative indicators... Improvements and deterioration in the work of medium and small banks, in turn, also practically do not correlate with the state of

relative indicators. The lack of influence of relative indicators was especially convincing in the case of small banks. Statistics showed that the smaller the bank, the higher the capital adequacy ratios and, therefore, the more reliable the bank; in foreign practice, unlike in Russia, great importance is attached to information about the dynamism of the bank (growth rates, strategic objectives of the founders, the qualifications of the management team and their reputation in the business community, the volume of investments in technical equipment, the level of personnel competence, etc.); in Russia, as a rule, there is no practice of confirming formal information with information gleaned from informal sources. V developed countries the system for assessing the reliability of banks has evolved for more than one decade. Its use in practice requires a certain level of qualification of supervisors. When using any technique, the results of the analysis will always be subjective to one degree or another. Therefore, the higher the qualifications of the consultants, the richer and more versatile their experience in banking, the more accurate the conclusions they draw when analyzing the bank's activities will be.

It is customary to calculate the reliability of banks in Western countries using a point system. For some banks, a high degree of reliability, as a rule, excludes the intervention of supervisors, since it is believed that the bank itself is able to overcome any (both internal and external) negative trends. But there are other banks for which the intervention of the supervisory authorities in terms of control over certain aspects of their activities has been recognized as necessary. Still others require such intervention across a range of activities, and supervisors are obliging these banks to develop action plans to address identified deficiencies. To help the fourth banks, supervisors include financial rehabilitation of the founders in the system of measures. For the fifth, the only way out of this situation may be the reorganization of the bank in order to prevent its bankruptcy and liquidation. This differentiation of the relationship between supervisors and banks allows them, without attracting the attention of the public and clients, to make all mechanisms work,

contributing to ensuring their reliability, and hence the stability of the entire banking system as a whole.

Analysis of assets and liabilities

An important element banking analysis methodology is the analysis of assets and liabilities.

The main objectives of the analysis of bank assets are:

determination of the share of working (income-generating) assets in the balance sheet and their ratio;

determination of the structure of the loan portfolio, including loan investments and other assets for all branches of the bank. When establishing the main objectives of the analysis of the assets of a credit institution, one should proceed from the fact that the assets of the balance sheet, in terms of their economic content, are subdivided into bringing (working) and non-generating (non-working) income. Non-income assets may include cash on hand, on correspondent accounts, on the account of required reserves of the Bank of Russia, as well as fixed assets, materials and diverted funds from the bank's profit. The rest of the assets are classified as employees, namely:

all transactions with the bank's clientele credit system(issuing loans to banks and other financial institutions, lending real sector economy, private lending, etc.); transactions with non-residents; operations with securities (with the exception of those acquired for the purpose of participating in the activities of other enterprises);

leasing operations, documentary operations, etc.

To account for working assets, credit accounts are used, as well as accounts on which provided interbank loans, purchased securities and correspondent accounts with other banks (NOSTRO accounts) are recorded.

The division of assets into working and non-working is necessary to determine the profitability of the bank. According to experts, the optimal level of non-performing assets should be no more than 20% of the total of all assets.

It should be noted that in accordance with IFRS, when assessing bank assets, it is used

capital adequacy criterion, which is assessed as the ratio of fixed capital to risk-weighted assets.

Let's give the following example. In accordance with the presented balance sheet, the amount of commercial loans issued by the bank is 80% of total amount assets, and the total amount of assets exceeds the amount of the share capital by 12 times. In this situation, an excess of the total amount of assets in relation to the amount of shareholders' funds by 12 times indicates that the bank may be experiencing a lack of capital. If this bank intends to expand its activities and continue issuing loans, its capital must be increased. Based on the international standards established by the Basle Agreement, this bank can be recommended to maintain a capital to risk-weighted asset ratio of 8%.

This example illustrates the use of the capital adequacy criterion. The value of this criterion should be within 4 - 8%. As a rule, this standard is met by Russian banks "with a margin". A very large stock indicates the ability of the credit institution to increase the volume of active operations with different levels of risk. The approach of the capital adequacy level to the standard indicates, as has already been illustrated by the example, the need for either increasing capital or restructuring the portfolio towards less risky assets.

In the practice of off-site supervision of the activities of credit institutions, the N1 standard of Instruction No. 1 is used, the analogue of which in the World Bank methodology is the Cook coefficient. With their help, the quality of assets is taken into account, depending on the type of operation.

Another criterion used in the analysis of the assets of a credit institution in accordance with the requirements of IFRS is liquidity risk.

To illustrate liquidity risk, let us give one more example. Suppose that, in accordance with the presented balance sheet, the ratio of the amount of loans and deposits of the bank is 90%, which makes us think about some riskiness of the operations carried out by the bank in question. Let us also assume that 20% of all bank deposits are "demand" deposits, then-

the remaining 20% are three-month deposits, and the remaining 50% are deposits with a maturity of three to six months.

In accordance with the structure of the loan portfolio, 10% of the bank's loans must be repaid within three months, while the remaining 70% of loans have a maturity of three to six months.

As a rule, in our country, after the maturity date, a large percentage of time deposits are rolled over. However, this trend can be assessed as positive only after analyzing the data of the previous period, which will make it possible to make sure that such a trend has actually existed in this bank for a long time.

In addition, it is necessary to analyze the structure of the bank's liquid assets (cash, precious metals, government securities, etc.), which will require Additional Information... However, if the amount of loans is 90% of the amount of deposits, and the loan provision increases, ™ it is highly unlikely that the bank has significant liquid assets. This means that in the event of a liquidity crisis, the bank will have to deal with its own financial difficulties due to interbank loans, which is often not only unprofitable, but also risky. The conclusion suggests itself: this bank is subject to significant liquidity risk.

The value of assets maintained at the proper level allows the credit institution to simultaneously ensure the safety of clients' funds, which is an undoubted source of its economic growth. With a more in-depth analysis of the bank's assets, their market value(for example, for the purpose of selling or purchasing them).

The main sections of the balance sheet liability are:

statutory and reserve funds; economic incentive fund; funds for social and industrial development, which reflect the bank's own funds.

To account for the bank's own funds, such passive accounts are intended, which reflect the bank's operating income, deferred income, reserve funds for possible loan losses and for the depreciation of securities. The rest of the passive balance accounts are intended for accounting

that attracted resources, which should include:

settlement and current accounts of clients; time deposits; deposits of citizens;

marketable debt received from other banks; interbank loans; funds on correspondent accounts of other banks.

The main tasks of the analysis of the bank's liabilities is to determine the following parameters:

the ratio of the bank's own and borrowed funds, as well as the degree of dependence on the interbank loan market; share of stable balances on demand accounts;

resource structure in terms of existing branches.

Analysis of reserves

From the point of view of the requirements of IFRS, an important criterion for assessing the financial stability of a credit institution is the size of the reserve. The fact is that an increase in the size of the provision for the amount of possible losses on loans raises a number of questions that need to be answered in the analysis process. First of all, you should find out whether the quality of the analysis carried out prior to the issuance of a loan has not decreased. To answer this question, it is often enough to find out whether there have been any changes in the composition of the board of directors or leading specialists in the lending department.

Then you need to determine the share of overdue loans (principal) and interest. After that, you should collect information about the financial difficulties of the bank's borrowers and find out whether the financial position of the shareholders affects the activities of the bank. Finally, it is necessary to get an answer to the question of whether the increase in the provision is the result of the concentration of loans.

To determine the profitability of lending operations, it is necessary to compare the increase in the amount of the provision with the net margin of the credit institution. If the amount received exceeds the amount of the net interest margin, then the loss on the bank's lending operations (in accordance with the requirements of IFRS) is reflected in the financial statements.

However, such an analysis of the profitability of a bank's lending operations can only be made after determining the corresponding administrative costs.

If the bank's assets are ranked according to the degree of their liquidity decreasing, and liabilities - according to the degree of their stability increase, then as a result it is possible to build a model that will allow assessing the assets and liabilities of a credit institution from the standpoint of ensuring liquidity and limiting risks.

Financial stability analysis

Analysis of the financial stability of a credit institution is a very effective technique used in restructuring. A bank, whose employees are able to understand the intricacies of financial statements prepared in accordance with IFRS requirements, and are proficient in the analysis methodology, has significant advantages over its competitors.

The analysis of the financial stability of a credit institution can be carried out in other cases (for example, for insurance or tax purposes).

Commercial activities are constantly

encourages the bank's management to assess the final results in order to timely identify the most important problems and ensure the achievement of the goals of investors and clients while maintaining an acceptable level of risk. The new accounting methodology, which is widely implemented in credit institutions, is as close as possible to international standards, to a much greater extent, compared to the previous one, is focused on assessing the profitability of a bank as the basis for its reliability and stability in the future.

In conclusion, it should be noted that when using financial statements prepared in accordance with IFRS for the purpose of managing a bank, first of all, it is necessary to carefully analyze all the information contained in it in order to link all the components into one whole and get a complete picture of the financial position. jar. The bank's management needs to think carefully about what information should be disclosed so that the prepared statements not only meet the requirements of international standards, but also give a clear and true view of the bank's activities.

"HL,< *Аосс**

Exhibition for Knowledge-Intensive Business ■ New Ideas - New Technologies - New Solutions

Against terrorism: information solutions * - Information security for banks and financial institutions

Information security solutions for industry ■ - Passport, visa, identification: biometric technologies of the new era * - Network security, system protection electronic document management* - Antiviruses, firewalls * - Data storage and management technologies

* - Innovation, intellectual property protection and training

Exhibition "INFOFORUM-2005" - observation deck for new solutions within the GPC "Electronic Moscow"

Scheduled visits to the exhibition by the leadership of 28 ministries and departments will take place.

At the same time, the conference “Modern metropolis: Information Security region, organizations, citizens ”and 10 thematic sessions and round tables. 1250 specialists are participating.

INF0F0 M-2005

Moscow International Exhibition