Fixed assets and intangible assets become such after they are put into operation; until this point, the costs of their acquisition, installation, construction, etc. are accounted for as capital investments. What else do you need to know about capital investments?

Fixed assets and intangible assets for an enterprise are such only after commissioning. Until this point, the costs of their acquisition, installation, construction, etc. are taken into account as capital investments.

In other words, capital investments are investments in fixed assets, or the costs of creating and reproducing fixed assets. Capital investments are also called investments in fixed assets, on an account with this name they are reflected in accounting.

Capital investments are an integral part of capital-forming investments and a necessary condition for the existence of an enterprise. If it neglects capital investments, then, despite the increase in profits due to this in the short term, subsequently, in the long term, this will provoke the disappearance of profits and lead to a loss of competitiveness.

Capital investments are long-term investments in your own organization. They may generate current income or provide future profits, but in any case they do not participate in economic turnover enterprises, that is, are not consumed and are not depreciated.

Capital investments include the following areas: costs of construction, installation and design and survey work, costs of fixed assets (purchase of machines, machinery, equipment), technical re-equipment enterprises, R&D, etc.; investment in labor resources and other costs.

Capital investments subsequently, after the commissioning of buildings, equipment, etc. under construction, turn into operating fixed assets.

Capital investments are used in the following areas:

• new construction on newly developed areas;
• expansion of an existing enterprise by introducing additional production facilities and expanding existing ones;
• reconstruction, i.e. reorganization of the enterprise in the course of its activities without the construction of new and expansion of existing main workshops, the construction of new facilities to replace liquidated ones;
• technical re-equipment of an existing enterprise, introduction of new equipment and technology, mechanization, automation, modernization.

The organization chooses the direction capital investments depending on the investment goals, but experience shows that it will be more economically efficient to allocate funds for the reconstruction and technical re-equipment of existing production.

At the same time, a smaller amount of capital investment is required than for new construction or expansion of an enterprise, work is carried out in a shorter time, and costs are recouped faster. An organization can make capital investments not only in means of production, but also in human capital. In this case, capital investments will be any costs for improving the skills and productivity of workers, which will be compensated by an increase in the organization’s income in the future.

Capital investments can be classified into production - for the development of the enterprise, and non-production, aimed at developing the social sphere.

An important indicator of the financial activity of an enterprise is its structure investment funds. For self-financing purposes, the enterprise's own funds, such as undistributed profits and depreciation, are usually used. These funds can be supplemented by the issue of securities and loans.

The main indicator of the level of self-financing is the self-financing ratio, which is calculated as the ratio own funds enterprises to the amount of funds state budget, borrowed and attracted funds. At specific gravity own sources of investment 60% or more of the total costs, the level of self-financing is considered high.

Depreciation charges are of great importance as a source of capital investments. IN modern conditions Enterprises often have a need to constantly update fixed assets.

In order to create savings as quickly as possible, enterprises are often forced to accelerate the write-off of equipment. Depreciation ceases to be an expression of physical wear and tear of fixed assets, but acts as a tool for regulating investments.

Securities can serve as a powerful source of capital for an enterprise, but in our country this market is not yet fully used; more attention is paid to borrowed funds, especially bank loans. Its role in investment activity The state plays a role in the enterprise, regulating it through monetary and tax policies.

Capital investments go through several stages of efficiency analysis. Experts evaluate the project in technical and economically. To do this, first of all, the feasibility study of the project is studied, then, if the assessment is positive, a more in-depth study of the project is carried out. It is carried out in the following directions:

• technical and economic analysis, including research of production capacities and developments in the field of marketing;
• financial analysis, forecasting financial results as a result of the implementation of this project;
• general economic analysis of the project results.

The efficiency of capital investments can be considered in several ways:

• public, characterized by indicators reflecting the results of the project’s impact on the life of society as a whole;
• commercial, reflected in the system of indicators to establish the feasibility of the project from the investor’s position;
• budget. When using funds from budgets of various levels in a project, the feasibility of the project is assessed from the perspective of these budgets.

As a result of analyzing the impact of capital investments made on the efficiency of core, financial and investment activities organization, it is established how various indicators of this activity will change.

To assess the effectiveness of capital investments (investments), the following indicators exist:

• additional output per ruble of capital investments made:
  • E = (VP1 - VP0): K, where
  • E – efficiency of capital investments;
  • VP0, VP1 – gross volume of production with initial and additional investments;
  • K – the amount of additional investments made (capital investments);
• reduction in product costs per ruble of capital investment:
  • E = V1 (C0-C1): K, where
  • V1 – annual production volume in physical units after investments made;
  • C0, C1 – the value of the cost per unit of production for the initial and capital investments made;
• reduction of labor costs per ruble of capital investment:
  • E = V1 (Z0 - Z1): K, where
  • Z0 and Z1 are labor costs for the production of a unit of output, respectively, before and after the investments made.
• increase in profit per ruble of capital investment:
  • E = V1 (P1 - P0): K, where
  • P0 and P1 – profit per unit of production before and after capital investments;
• payback period for capital investments:
  • T = K / V1(Z0-Z1) or t = K / V1(C0-C1).

These indicators are used for comprehensive assessment efficiency of capital investments in general and for individual objects.

Completion, additional equipment, reconstruction or modernization of fixed assets, which increase their initial cost, must be separated from repairs, the costs of which are taken into account as part of current costs.

The initial cost of fixed assets may be changed*(1) as a result of their completion, additional equipment, reconstruction or modernization. Such costs are capital. If, as a result of the work carried out, the initial performance indicators of the fixed asset are improved or increased (useful life, power, quality of use, etc.), then the costs for them are written off to increase its initial cost * (2). This is done after all work is completed. Data on changes in the technical characteristics of a fixed asset and its cost are indicated in the primary documents that document the acceptance and transfer of an object (for example, in the acceptance and delivery certificate of repaired, reconstructed, modernized fixed assets).

Completion is the construction of new parts to a fixed asset (usually real estate). Moreover, the new parts must be inseparable from the main asset itself without causing damage to the latter.

Retrofitting is the addition of a fixed asset with new, previously missing parts. As a rule, it leads to the appearance of new qualities and properties in the property (for example, installing a DVD drive on a computer).
Reconstruction and modernization mean the re-equipment of the operating system, which leads to a change in their main technical and economic indicators (for example, installing a larger volume of hard or RAM memory on a computer).

Let us note that the legislation contains an insufficiently clear distinction between concepts such as completion (reconstruction, modernization) and repairs (current, medium, capital). Moreover, if the first type of expense increases the cost of the corresponding fixed assets, then the second is taken into account as part of the institution’s current costs. The final decision on the classification of these expenses (completion or repair) can only be made officials institutions based on their professional judgment based on documented information about a specific business transaction and the characteristics of the work being performed.

Costs for completion, additional equipment, reconstruction and modernization of fixed assets are preliminarily accumulated in the debit of account 0 106 00 000 “Investments in non-financial assets"(according to the corresponding analytical accounts). It reflects all the costs of these works (the cost of materials consumed, depreciation of machinery and equipment that were used to carry out these works, wages of workers involved in completion, reconstruction or modernization, and social contributions from it, costs of paying for the services of third-party organizations, etc.). d.). After completion of all work and delivery of the completed (retrofitted, reconstructed or modernized) fixed assets, they are written off to increase its value in the debit of account 0 101 00 000 “Fixed assets” (according to the corresponding analytical accounts).

Example
The institution is reconstructing the administrative building using a subsidy for capital investments.

The building is used in the main activities of the institution, which are not subject to VAT. The cost of materials spent on reconstruction amounted to 1,180,000 rubles. (including VAT - 180,000 rubles). Operating costs construction machines and equipment (providing them with electricity, maintenance, etc.), as well as for the services of third-party organizations involved in the reconstruction of the building, amounted to 29,500 rubles. (including VAT - 4500 rubles). The cost of paying wages to workers is 75,000 rubles. Mandatory contributions were calculated from her social insurance(including for “injury”) in the amount of RUB 22,875. The cost of services of the contractor hired to carry out the reconstruction amounted to 1,770,000 rubles. (including VAT - 270,000 rubles).

To simplify the wiring example off-balance sheet accounting Money institutions are not listed.
Operations for the reconstruction of the warehouse building will be reflected in the following records:
Debit 6,105 24,340 (6,105 26,340, 6,105 34,340, 6,105 36,340) Credit 6,302 34,730
— 1,180,000 rub. — particularly valuable and other materials intended for construction were capitalized (including “input” VAT on them);
Debit 6,302 34,830 Credit 6,201 11,610
— 1,180,000 rub. — especially valuable and other materials were paid from the institution’s personal account in the treasury;
Debit 6,106 11,310 Credit 6,105 24,440 (6,105 26,440, 6,105 34,440, 6,105 36,440)
— 1,180,000 rub. — the cost of materials allocated for reconstruction has been written off;
Debit 6,106 11,310 Credit 6,302 21,730 (6,302 22,730, 6,302 23,730, 6,302 26,730...)
— 29,500 rub. — expenses for services of third-party organizations related to reconstruction are taken into account (taking into account the “input” VAT on them);
Debit 6,302 21,830 (6,302 22,830, 6,302 23,830, 6,302 26,830 ...) Credit 6,201 11,610
— 29,500 rub. — services of third-party organizations related to reconstruction were paid from the institution’s personal account in the treasury;
Debit 6,106 11,310 Credit 6,302 11,730
— 75,000 rub. — wages were accrued to workers involved in reconstruction;
Debit 6,106 11,310 Credit 6,303 02,730 (6,303 06,730, 6,303 07,730, 6,303 10,730, 6,303 11,730)
— 22,875 rub. — contributions for compulsory social insurance are accrued from wages workers involved in reconstruction;
Debit 6,106 11,310 Credit 6,302 31,730
— 1,770,000 rub. — the costs of reconstruction work performed by the contractor are taken into account (taking into account the “input” VAT on them);
Debit 6,302 31,830 Credit 6,201 11,610
— 1,770,000 rub. — the reconstruction work of the contractor was paid from the institution’s personal account in the treasury.
The total cost of reconstruction of the building was:
1,180,000 + 29,500 + 75,000 + 22,875 + 1,770,000 = 3,077,375 rub.

Debit 6,304 06,830 Credit 6,106 11,410
— 3,077,375 rub. — the transfer of investments to the financial security type code 4 is reflected;
Debit 4,106 11,310 Credit 4,304 06,730
— 3,077,375 rub. — reconstruction costs with financial support type code 4 are taken into account;

— 3,077,375 rub. — the cost of the building was increased for reconstruction costs.

Often, an institution pays the costs of reconstruction or modernization of a fixed asset outside the scope of the activity for which it is accounted for. For example, when purchasing an OS, the maintenance of which is financed by a subsidy for the implementation of a government task (type code financial security- 4), reconstruction is paid for through income-generating activities (code of type of financial support - 2). At the same time, the provisions of the current legislation provide for the possibility of fulfilling obligations arising within the framework of budgetary activities, at the expense of funds from income-generating activities (fulfillment of obligations arising within the framework of income-generating activities, at the expense of budget funds not allowed). At the same time general rule assets must be taken into account within the framework of the type of activity through which their maintenance will be carried out.

According to the letter of the Ministry of Finance of Russia * (3), changing the type of financial security code can be carried out using account 0 304 06 000 “Settlements with other creditors”. Reconstruction costs are initially accounted for in the debit of account 0 106 00 000 “Investments in non-financial assets” (according to the corresponding analytical accounts) and code for the type of financial support 2. Upon completion of these works, their cost is written off from the credit of account 0 106 00 000 to 0 304 06 830 "Decrease accounts payable for settlements with other creditors" (code of type of financial security - 2).

After this, they are again reflected in the debit of account 0 106 00 000, but with a different code for the type of financial security (code 4) in correspondence with account 0 304 06 730 “Increase in accounts payable for settlements with other creditors” (code 4). Further, these costs are attributed to the increase in the cost of the reconstructed OS.

This procedure for reflecting these transactions in accounting must be agreed upon with the founder of the organization. This is necessary for their uniform accounting and reflection in reporting, the compilation of which will be carried out by the founder.

Example
The institution is reconstructing the administrative building at the expense of its own income (financial support type code - 2). The building is used in the main activities of the institution, which are not subject to VAT. The costs of maintaining the building are paid through a subsidy for the implementation of a government task (financial support type code - 4).

The reconstruction is carried out by a third party. The costs for it amounted to 2,360,000 rubles. (including VAT - 360,000 rubles).

For simplicity, off-balance sheet cash accounting is not provided.

Operations for the reconstruction of the warehouse building will be reflected in the following records:
Debit 2106 11,310 Credit 2,302 31,730
— 2,360,000 rub. — the costs of reconstruction work performed by the contractor are taken into account (taking into account the “input” VAT on them);
Debit 2,302 31,830 Credit 2,201 11,610
— 2,360,000 rub. — the reconstruction work of the contractor was paid from the institution’s personal account in the treasury;
Debit 2,304 06,830 Credit 2,106 21,410
— 2,360,000 rub. — expenses for the reconstruction of the building were written off due to their transfer to financial support type code 4;
Debit 4,106 21,310 Credit 4,304 06,730
— 2,360,000 rub. — expenses for the reconstruction of a building with a type of financial support code of 4 are taken into account;
Debit 4,101 12,310 Credit 4,106 11,310
— 2,360,000 rub. — the cost of the building was increased for reconstruction costs.

Capital costs also include the costs of providing buildings with the necessary communications, for example, mechanical, electrical, sanitary and other equipment that is located outside or inside the premises and is intended for their maintenance. Since the functioning of the building is impossible without them, such costs are included in the initial cost of the property. These values ​​are common property with the building *(4).

Therefore, not only electrical, water, gas and heating networks should be considered as an integral part of the building. It also includes cable or fiber optic networks installed in the building, which serve for its efficient operation. These systems should not be considered as separate properties. They are part of a complex thing (building) and cannot be independent objects. This position is confirmed by the All-Russian Classifier of Fixed Assets OK 013-94 (OKOF) * (5). It provides that the buildings include communications inside it necessary for operation, for example, a heating system, ventilation devices for general sanitary purposes, etc.

Example
The institution is carrying out work to retrofit the building with a fiber-optic network at the expense of a subsidy for the implementation of a state task. The building is used in the main activities of the institution, which are not subject to VAT. The cost of the necessary materials amounted to 708,000 rubles. (including VAT - 108,000 rubles). The cost of installing the network, its trial run and testing its functionality amounted to 118,000 rubles. (including VAT - 18,000 rubles). These works were carried out by a third party. To simplify the example, entries for off-balance sheet accounting of the institution's funds are not given.

When reflecting these expenses, the accountant will make the following entries:
Debit 4,105 26,340 (4,105 36,340) Credit 4,302 34,730
— 708,000 rub. — particularly valuable and other materials intended for creating a network were capitalized (including “input” VAT on them);
Debit 4,302 34,830 Credit 4,201 11,610
— 708,000 rub. — especially valuable and other materials were paid from the institution’s personal account in the treasury;
Debit 4,106 11,310 Credit 4,105 26,340 (4,105 36,340)
— 708,000 rub. — the cost of materials intended for creating the network has been written off;
Debit 4,106 11,310 Credit 4,302 31,730
— 118,000 rub. — the costs of work on retrofitting the building performed by the contractor are taken into account (taking into account the “input” VAT on them);
Debit 4,302 31,830 Credit 4,201 11,610
— 118,000 rub. — the contractor’s work on additional equipment was paid from the institution’s personal account in the treasury.
The total cost of retrofitting the building with a fiber optic network was:
708,000 + 1,18,000 = 826,000 rub.
When writing off reconstruction costs to increase the value of a building, the institution records the following:
Debit 4,101 12,310 Credit 4,106 11,310 — 826,000 rub.
— the cost of the building has been increased by the amount of costs for retrofitting it with a fiber-optic network.

Certain systems (their elements) installed at capital construction sites that do not require installation or the dismantling of which does not cause disproportionate damage to their purpose and the building itself where they are installed can be counted as separate inventory items. These, for example, may include elements of video surveillance or air conditioning systems. But for such accounting, the following standards must be observed:
- in relation to this or that object, there is a fundamental possibility of using it outside the building;
— when dismantling the object, no damage will be caused to the building;
— the object can be used for its intended purpose after its dismantling (i.e. it will not be damaged during such work);
— the functional purpose of the object is not an integral part of the functioning of the building as a single separate complex.

Costs for assembly, installation and commissioning of systems that will be accounted for as separate fixed assets are taken into account in the general manner.

*(1) clause 27 of the Instructions, approved. by order of the Ministry of Finance of Russia dated December 1, 2010 N 157n (hereinafter referred to as the Instructions)
*(2) clause 27 of the Instructions, approved. by order of the Ministry of Finance of Russia dated December 1, 2010 N 157n (hereinafter referred to as the Instructions)
*(3) letter of the Ministry of Finance of Russia dated September 18, 2012 N 02-06-07/3798
*(4) clause 2 post. Plenum of the Supreme Arbitration Court of the Russian Federation dated July 23, 2009 N 64
*(5) approved fast. Gosstandart of Russia dated December 26, 1994 N 359

In addition to the term “capital investments”, “real investments” and “investments in non-current assets” are used.

Investment methods

Capital investments are used to purchase or create income-producing assets with long term service (more than 1 year) with gradual depreciation of cost.

Capital investments, depending on their purpose, are implemented in two ways:

1. Reproduction: new construction, including the construction of houses, buildings, installation (installation) of equipment; reconstruction, i.e. restructuring of production; expansion - introduction of additional production facilities; technical re-equipment of fixed assets (automation, modernization, introduction of new equipment).
2. Technological equipment: purchase of fixed assets (tools, machines, equipment, inventory), land, intangible assets(copyrights, patents, licenses) and other non-current assets.

Reconstruction and technical re-equipment are also common, for which, with a relatively short term commissioning requires less costs compared to construction or complete replacement of means of production.

Sources of financing

Organizations independently make decisions about the types, quantities and sources of financing capital investments. Renewing fixed assets often requires large expenses. If operating cash flows, as a financing option, turn out to be insufficient to cover the required costs, the enterprise uses external resources to compensate for the deficit of internal ones.

Sources of financing the organization's capital expenditures can be:

• Own. Founding funds retained earnings, available for capitalization, reserve, depreciation funds, income from the sale or rental of property.
• Centralized . Amounts (allocations) allocated from state and local budgets.
• Attracted and borrowed. Investments (including foreign), funds from the issue and sale of securities, bank loans.

The existence and growth of an enterprise depends on capital investments. If a company ignores investing in favor of making profits, it may result in the loss of further revenues and a loss of competitive position in the market.

"Russian Tax Courier", N 9, 2004

Accounting for capital investments always raises many questions. How to reflect these investments in tax accounting? At what point are VAT and property taxes calculated? You will find answers to these questions in the article.

The definition of the concept of “capital investments” is given in Article 1 Federal Law dated February 25, 1999 N 39-FZ "On investment activities in Russian Federation carried out in the form of capital investments." Capital investments are investments in fixed assets, including costs for new construction, expansion, reconstruction and technical re-equipment of existing organizations, the acquisition of machinery, equipment, tools, inventory, design and survey work, etc.

What is long-term investment

The concept of long-term investments is disclosed in the Regulations on accounting for long-term investments, approved by Letter of the Ministry of Finance of Russia dated December 30, 1993 N 160 (hereinafter referred to as the Regulations on accounting for long-term investments).

Long-term investments are the costs of creating, increasing the size, as well as acquiring non-current durable assets (over one year). However, such assets should not be intended for sale. Long-term investments do not include long-term financial investments to government securities, securities and authorized capitals other enterprises.

One of the main criteria by which an object can be classified as fixed assets is its use for more than 12 months. This is stated in paragraph 4 of the Accounting Regulations “Accounting for Fixed Assets” PBU 6/01. Therefore, capital investments in fixed assets are recognized as long-term investments of the organization. They are formed by organizations both during construction and during the acquisition of individual fixed assets and must be accounted for at actual costs.

If an organization is constructing a fixed asset item, it is recommended to record the actual costs of it according to the following structure:

• for construction work;
• for equipment installation work;
• for the purchase of equipment handed over for installation;
• for the purchase of equipment that does not require installation; tools and equipment; equipment that requires installation, but is intended for permanent supply;
• for other capital costs.

Until the end construction work the total amount of these costs is the cost of construction in progress.

If an organization acquires individual fixed assets, capital investments are equal to the amount of actual costs for their acquisition.

Thus, characteristic feature capital investments is their focus on the acquisition (creation) of an investment object with a useful life of more than 12 months. Therefore, capital investments are not taken into account as part of current expenses, but are included in the initial cost of fixed assets. This rule applies in both tax and accounting.

Tax accounting of capital investments

The tax legislation does not define the concept of “capital investments”, as well as the procedure for their accounting. For tax purposes, accounting for capital investments comes down to the correct formation of the initial cost of fixed assets.

The Tax Code establishes a special procedure for determining the initial cost of fixed assets, different from that adopted in accounting. In tax accounting, the initial cost of a fixed asset is defined as the sum of expenses for its acquisition, construction, production, delivery and bringing it to a state in which it is suitable for use. These expenses do not include the amount of taxes that are subject to deduction or taken into account as expenses (clause 1 of Article 257 of the Tax Code of the Russian Federation).

An organization that constructs, manufactures, delivers and brings an object to a condition in which it is suitable for use may use any material values or works (services) of own production. In this case, it must evaluate these values ​​(work, services) as finished products. That is, for direct expenses in accordance with the rules provided for in paragraph 2 of Article 319 of the Code. In the same order, the initial cost of a fixed asset of its own production is determined if the organization has manufactured it as its own product and uses it in the future for production activities.

If an organization manufactures (creates) an item of fixed assets on its own, but not as its own product (economic method), its initial cost is determined as the sum of all actual expenses associated with the creation and bringing it to a state in which it is suitable for operation.

The initial cost of an item of fixed assets does not include expenses for which a special procedure has been established for the purpose of calculating profit. This explanation is given in section 5.3 Methodological recommendations on the application of Chapter 25 "Corporate Profit Tax" part two Tax Code of the Russian Federation, approved by Order of the Ministry of Taxes of Russia dated December 20, 2002 N BG-3-02/729. Organizations that use the accrual method to account for income and expenses recognize such expenses taking into account the provisions of Article 272 of the Tax Code of the Russian Federation. For organizations using the cash method, there is one more condition. They recognize all expenses after they are actual payment(Clause 3 of Article 273 of the Tax Code of the Russian Federation).

For what expenses is there a special procedure? tax accounting? These are, for example, property insurance costs and interest on borrowed funds.

Expenses for mandatory and voluntary insurance are included in other expenses associated with production and sales, in accordance with the procedure established by Article 263 of the Tax Code of the Russian Federation. These expenses are recognized in the period when the organization actually transferred (issued from the cash desk) money to pay for insurance premiums. But only if the insurance contract provides for several payments. If, in accordance with the agreement, the organization makes a one-time payment insurance premium, then expenses are recognized evenly over the term of a contract concluded for more than one reporting period(Clause 6 of Article 272 of the Tax Code of the Russian Federation).

Expenses in the form of interest on debt obligations of any type are included in non-operating expenses (clause 2, clause 1, article 265 of the Tax Code of the Russian Federation). The specifics of classifying interest on debt obligations as expenses are established by Article 269 of the Code. They are included in non-operating expenses at the end of the corresponding reporting period. However, provided that the term of the loan agreement covers more than one reporting period. What if the debt obligation is repaid before the end of the reporting period? In this case, the expense in the form of interest is recognized as incurred and is included in non-operating expenses on the date of repayment of the debt obligation. This is stated in paragraph 8 of Article 272 of the Tax Code of the Russian Federation.

A special procedure is also provided for taking into account positive and negative exchange rate differences. According to Articles 250 and 265 of the Tax Code of the Russian Federation, they are recognized as non-operating income and expenses, respectively.

Exchange differences appear in tax accounting if the cost of fixed assets is expressed in foreign currency and their payment is also made in foreign currency. They arise at the moment when requirements (obligations) are revalued.

Example 1. The organization purchased a fixed asset worth $10,000, but did not make payment. Therefore, the organization has a liability denominated in foreign currency. The cost of a fixed asset is taken into account at the Bank of Russia exchange rate on the date of receipt - 30 rubles. for 1 US dollar - and amounts to 30,000 rubles.

At the time of payment, the liability was revalued due to changes in the foreign currency exchange rate.

The organization paid the seller of the fixed asset 10,000 US dollars (the exchange rate is 29 rubles per 1 US dollar). Consequently, a positive exchange rate difference of 10,000 rubles arose in tax accounting. ($10,000 x (30 RUR/USD - 29 RUR/USD)). It is included in non-operating income.

Do exchange rate differences arise if the fixed asset is fully paid for and the foreign currency exchange rate on the date of putting the facility into operation has changed compared to the rate in effect on the day the fixed asset was acquired?

Clause 11 of Article 250 and clause 5 of Article 265 of the Tax Code of the Russian Federation states that exchange rate differences arise only when claims and (or) obligations are revalued. A fixed asset is an asset, not a claim or a liability. Its initial cost is fixed in rubles on the date of acquisition and does not change in the future, regardless of fluctuations in foreign currency exchange rates. Therefore, answering the question posed, let’s say: exchange rate differences do not arise.

IN special order the amount differences arising during the creation and acquisition of fixed assets are taken into account. They are included in non-operating income or expenses (clause 11.1 of Article 250 and clause 5.1 of clause 1 of Article 265 of the Tax Code of the Russian Federation).

Please note: fees for registration of rights to real estate and land, transactions with such objects for tax accounting purposes are included in the initial cost of fixed assets. In the same way (in the cost of fixed assets) the amounts of commission fees and other expenses in the form of payment to third parties for work performed (services provided) are taken into account.

These expenses can be included in the cost of fixed assets only if they are incurred before the fixed asset is put into operation. Costs incurred after this point are taken into account in accordance with paragraphs 3 and 40 of paragraph 1 of Article 264 of the Tax Code of the Russian Federation. They are included in other costs associated with production and sales. For tax purposes, these expenses are recognized either on the date of settlement, or on the date of presentation of settlement documents to the organization, or on the last day of the reporting (tax) period (clause 3, clause 7, article 272 of the Tax Code of the Russian Federation).

Accounting for transactions related to capital investments can be kept in a separate analytical tax accounting register. Such a register must have all the necessary details provided for in Article 313 of the Tax Code of the Russian Federation. Namely: name, period (date) of compilation, measures of the operation in kind (if possible) and in monetary terms, name business transactions, signature (deciphering the signature) of the person responsible for compiling the register.

In such a tax register, for each object, in chronological order, all expenses should be reflected, which will subsequently amount to the initial cost of the fixed asset object for tax accounting purposes. This is important for the correct formation of the tax base in subsequent periods, when depreciation charges for this fixed asset will be included in the organization’s expenses.

Please note: if an organization acquires or creates an item of fixed assets, the rights to which are subject to state registration according to current legislation, such an object must be included in the appropriate depreciation group from the moment documentary evidence the fact of filing documents for registration of these rights. This is the requirement of clause 8 of Article 258 of the Tax Code of the Russian Federation.

Value added tax

As already noted, an organization can build a fixed asset item itself or purchase it from another organization.

According to paragraph 3 of paragraph 1 of Article 146 of the Tax Code of the Russian Federation, construction and installation work for own consumption is subject to taxation. The date of completion of construction and installation work is considered to be the day of registration of the corresponding object completed by capital construction (Clause 10 of Article 167 of the Tax Code of the Russian Federation).

To calculate VAT when performing construction and installation work for your own consumption, you need to determine tax base. The tax base is the cost of construction and installation works, calculated on the basis of all actual expenses for their implementation (clause 2 of Article 159 of the Tax Code of the Russian Federation).

What expenses, which are capital investments, are included in the cost of construction and installation work performed for own consumption?

An exhaustive list of expenses included in the cost of construction and installation works, which are included in the technological structure of capital investments, is given in clauses 4.2 and 4.3 of the Instructions for filling out the forms of federal state statistical observation on capital construction, approved by Resolution of the State Statistics Committee of Russia dated 03.10.1996 N 123. Namely These expenses are included in the VAT tax base when carrying out construction and installation works for own consumption.

The organization can deduct VAT calculated on the cost of construction and installation works. But only if the cost of this work is included in expenses (including through depreciation deductions) when calculating income tax. This is stated in paragraph 6 of Article 171 of the Tax Code of the Russian Federation. An organization can deduct VAT as it pays tax to the budget (clause 5 of Article 172 of the Tax Code of the Russian Federation).

The construction customer organization has the right to deduct tax amounts presented by contractors when they carry out capital construction, during the assembly (installation) of fixed assets, as well as for goods (work, services) purchased to perform construction and installation work. The same applies to VAT amounts claimed for the acquisition of unfinished capital construction projects. The deduction is made either from the month following the month the object was put into operation, or when selling an unfinished construction project (clause 6 of Article 171 and clause 5 of Article 172 of the Tax Code of the Russian Federation).

When purchasing an item of fixed assets, an organization has the right to deduct VAT paid to the seller after accepting this item for accounting. Provided that the object was acquired to carry out operations subject to VAT. This is the requirement of Articles 171 and 172 of the Tax Code of the Russian Federation.

Accounting for capital investments

In accounting, capital investments are taken into account separately from current production costs. This is stated in paragraph 6 of Article 8 of the Federal Law of November 21, 1996 N 129-FZ “On Accounting”.

Chart of accounts accounting financial and economic activities of organizations and the Instructions for its application provide the following. To reflect information about the costs of objects that will subsequently be accepted for accounting as fixed assets and intangible assets, account 08 “Investments in non-current assets” is used. It reflects the actual expenses of the buyer, which will subsequently amount to the initial cost of the fixed asset (intangible asset).

Sub-accounts are opened to account 08 to account for the corresponding costs: “Purchase land plots", "Acquisition of natural resources", "Construction of fixed assets", "Acquisition of fixed assets", "Acquisition of intangible assets".

The result of investment is the creation of a fixed asset, which is subject to accounting at historical cost. Therefore, when classifying costs as long-term investments, you should be guided by the Accounting Regulations “Accounting for Fixed Assets” PBU 6/01.

According to clause 8 of PBU 6/01, the initial cost of fixed assets acquired for a fee is recognized as the amount of the organization's actual costs for their acquisition, construction and production, excluding VAT and other refundable taxes (except for cases provided for by the legislation of the Russian Federation).

Actual costs, which will subsequently amount to the initial cost of the fixed asset, are taken into account separately for each object under construction or acquired. In accounting, this is reflected by the entry:

Debit 08 Credit 60

• the actual costs of acquiring (creating) an item of fixed assets are reflected.

The procedure for determining the initial cost of fixed assets manufactured by the organization itself is established by the Methodological Guidelines for Accounting of Fixed Assets, approved by the Order Ministry of Finance of Russia dated October 13, 2003 N 91n (hereinafter referred to as the Guidelines).

According to paragraph 26 of the Guidelines, the initial cost of fixed assets is determined based on the actual costs of producing these assets. The procedure for accounting and generating costs for the production of fixed assets is the same as for accounting for the costs of the corresponding types of products manufactured by the organization.

An organization that creates a fixed asset independently reflects actual costs in accounting as follows:

Debit 08 Credit 10 (02, 69, 70...)

• the actual costs of creating a fixed asset item are reflected.

An organization can attract loans and borrowings to create or acquire fixed assets. In this case, it should be guided by the Accounting Regulations “Accounting for loans and credits and the costs of servicing them” (PBU 15/01).

According to clause 13 of PBU 15/01, investment assets include fixed assets, property complexes and other similar assets, the acquisition and (or) construction of which requires a large number of time and costs. The exception is for objects purchased for resale.

Interest accrued on credits (loans) received for the acquisition and (or) construction of an investment asset is recognized as costs associated with obtaining and using credits and borrowings (clause 11 of PBU 15/01). Their amount is included in the cost of this asset and is repaid through depreciation. The exception is cases when depreciation is not provided for a fixed asset item (clause 23 of PBU 15/01).

Please note: clause 8 of PBU 6/01 also provides for the inclusion of interest on credits (borrowings) in the initial cost of the fixed asset. But only those accrued before the object was accepted for accounting. Interest on a loan (loan) accrued after the object is accepted for accounting refers to the operating expenses of the organization (clause 11 of PBU 10/99 “Expenses of the organization”).

If credits (loans) in foreign currency are attracted to acquire or create an investment asset, exchange rate differences arise on the interest due for payment. If interest is paid in rubles in an amount equivalent to the amount in foreign currency (in conventional monetary units), amount differences arise. Exchange rate and amount differences in interest are recognized as costs associated with obtaining and using loans and borrowings (clause 11 of PBU 15/01) and are included in the cost of the investment asset (clause 23 of PBU 15/01). They are formed from the beginning of interest accrual until the moment of their actual repayment (transfer).

The initial cost of investment assets after their inclusion in fixed assets and commissioning does not change. Therefore, exchange rate and amount differences arising after this point are taken into account as other income (expenses) of the organization.

According to clause 7 of PBU 3/2000 “Accounting for assets and liabilities, the value of which is expressed in foreign currency,” the recalculation of liabilities and claims into rubles is carried out on the date of the transaction, as well as on the last reporting date. The resulting exchange rate differences relate to non-operating income or expenses (clause 13 of PBU 3/2000).

Please note: according to paragraph 33 of the Methodological Recommendations, the difference arising between the valuation of fixed assets reflected in the fixed assets account and the valuation reflected in the account for investments in non-current assets is written off to the profit and loss account as operating income (expenses). This difference is not included in exchange rate differences.

All actual costs for the acquisition (creation) of fixed assets, which are recorded on account 08 “Investments in non-current assets”, are transferred to account 01 “Fixed assets”. Such an accounting entry is made at the time the object is put into operation and included in the organization’s fixed assets.

Example 2. According to the purchase and sale agreement, the organization in March 2004 acquired a warehouse worth 1,180,000 rubles. (including VAT 18% - 180,000 rubles). For these purposes, in March she took out a loan from the bank in the amount of 500,000 rubles. at 15% per annum period for one month. After this period, the organization returned the loan to the bank and paid interest in the amount of 6,250 rubles.

In April 2004, the organization paid 8,000 rubles for registering ownership of the property. and submitted documents for registration. In the same month, the warehouse was put into operation.

For tax accounting purposes, an organization recognizes income and expenses on an accrual basis.

The following entries were made in accounting:

in March 2004

Debit 08 Credit 60

• 1,000,000 rub. - the cost of warehouse space is reflected as part of capital investments;

Debit 19 Credit 60

• 180,000 rub. - VAT presented by the seller is taken into account;

Debit 51 Credit 66 subaccount "Loan debt"

• 500,000 rub. - received a loan from a bank;

Debit 60 Credit 51

• RUB 1,180,000 - the cost of the warehouse space has been paid;

in April 2004

Debit 76 Credit 51

• 8000 rub. - state registration of ownership of the building has been paid for;

Debit 08 Credit 76

• 8000 rub. - the registration fee is included in the actual costs of acquiring a fixed asset;

Debit 08 Credit 66 subaccount "Interest payable"

• 6250 rub. - interest was accrued on the loan in accordance with the terms of the agreement;

Debit 66 subaccount "Loan debt" Credit 51

• 500,000 rub. - the loan was returned to the bank;

Debit 66 subaccount "Interest debt" Credit 51

• 6250 rub. - interest on the loan was transferred to the bank;

Debit 01 subaccount "Fixed assets under state registration" Credit 08

• RUB 1,014,250 (RUB 1,000,000 + RUB 8,000 + RUB 6,250) - the warehouse was put into operation<*>;

<*>According to paragraph 52 of the Methodological Instructions, real estate objects that are actually in use, for which capital investments have been completed, primary accounting documents on acceptance and transfer and all Required documents transferred for state registration, can be accepted for accounting as fixed assets. At the same time, they are accounted for in a separate subaccount of account 01 “Fixed Assets”.

Debit 68 subaccount "VAT calculations" Credit 19

• 180,000 rub. - VAT is accepted for deduction.

The tax register for the formation of the initial cost of a fixed asset reflects the costs associated with paying the cost of the premises under the contract - 1,000,000 rubles. (RUB 1,180,000 - RUB 180,000). In addition, the initial cost of the warehouse includes a fee for registering ownership rights - 8,000 rubles.

Thus, the initial cost of the warehouse premises in tax accounting is 1,008,000 rubles. Depreciation for the facility will begin the next month after its commissioning and submission of documents for state registration, that is, in May.

Interest on the loan in the amount of 6250 rubles. are taken into account as part of non-operating expenses in April.

Property tax

With the entry into force of Chapter 30 “Property Tax of Organizations” of the Tax Code of the Russian Federation on January 1, 2004, expenses recorded in account 08 “Investments in non-current assets” are no longer included in the calculation of the taxable base.

According to Article 374 of the Tax Code of the Russian Federation, the object of taxation is movable and immovable property recorded on the balance sheet as fixed assets in accordance with the established accounting procedure. According to the procedure established by PBU 6/01 and the Methodological Instructions, property is accounted for as a fixed asset at the time its value is reflected in account 01 “Fixed Assets”.

Please note: in Guidelines Some controversial situations related to determining the moment of registration of fixed assets are clarified. Thus, if capital investments have been completed for an actually operated real estate property, primary accounting documents for acceptance and transfer have been drawn up and all necessary documents have been submitted for state registration, depreciation on it is calculated in the generally established manner (clause 52 of the Methodological Instructions).

According to tax authorities, real estate objects for which depreciation has begun must be included in fixed assets and, therefore, in the taxable base for property tax.

According to the author, paragraph 52 of the Methodological Recommendations gives the organization the right to choose how such a property will be reflected before the completion of the state registration process - on a separate sub-account to account 01 “Fixed assets” or on account 08 “Investments in non-current assets”. If the organization chooses the second option, the property will not be subject to property tax. Of course, such a position will have to be defended in court.

This nuance should be noted. If an organization does not reflect a property that is on state registration as part of fixed assets, it will not be able to deduct “input” VAT. Therefore, an organization must decide what is more important for it: a VAT deduction or a temporary deferment in the payment of property tax.

O.Ya.Kilichenkova

consulting group "What to do Consult"

Any entrepreneur invests in his business financial resources for its organization, management, and material support. It is important that these costs pay off, that is, bring the expected effect. One form of such investment is capital expenditure.

Let's consider what types of capital investments are used in business, how to take them into account and calculate their effectiveness.

What costs are called capital?

By managing his enterprise, the owner invests in the reproduction of fixed assets. By purchasing or updating funds, an entrepreneur makes capital expenditures (expenses, investments).

In other words, capital costs are expressed in financial form increase in fixed assets.

Their main purpose is to directly contribute to increasing the financial result of the organization by obtaining maximum benefit from each specific asset.

When reporting according to IFRS, capital expenditures are called CAPEX (an abbreviation for the English words “capital expenditure” - capital expenditures). They relate to investments in non-current assets:

• their purchase;
• obtaining a loan for them;
• renting, leasing, etc.;
• repair;
• modernization;
• replacement;
• increase in funds.

All capital expenditures ultimately work towards financial results enterprise - balance sheet at the end of the accounting period, which allows you to determine net profit.

To account for capital expenditures in balance sheet There is a separate column for each asset, where the corresponding data is displayed at the end of the accounting period.

IMPORTANT! Funds for these costs can be taken either from external sources or from net profit remaining after paying all taxes. Capital investments are always the attraction of real funds that are not in circulation.

Legislatively capital investments are regulated:

• Federal Law No. 39 “On investment activities in the Russian Federation, carried out in the form of capital investments” dated February 25, 1999;
• International Standard (IFRS, IAS) 16 “Fixed Assets”;
• IAS 23 Borrowing Costs.

Types of capital costs

Despite the fact that the purpose of capital expenditures is to ensure the operation of the enterprise, they can be divided into two groups:

• for the purchase of fixed assets;
• for the maintenance of fixed assets.

Capital investment in purchasing OS

If initially the entrepreneur did not have one or another fixed asset in his arsenal, he spent money and acquired it legally (created, built, bought, leased, on credit, etc.), which means that a capital investment of funds was made - an investment. Such investments of money may include the following transactions with assets:

• construction and equipment of new structures, buildings, enterprises, real estate;
• creation of assets, both material and intellectual property;
• expansion of the organization’s material and non-material base;
• acquisition of complete assets “from scratch”, for example, a company, patent, trademark, etc.

Capital investment in operating system maintenance

The asset must operate to produce a profit and be depreciated through use. In order to maintain its performance, you need to invest certain funds in it before the expiration of its useful life:

• for maintenance;
• for repairs;
• for modernization;
• for testing and verification;
• for technical re-equipment;
• for design and survey work.

What is included in the KZ

Capital costs are considered not only funds spent directly on the creation and maintenance of an asset, but also those associated with them, such as:

• costs of preparing the site for construction;
• price of delivery, loading and unloading of materials, equipment, inventory, etc.;
• funds for installation of equipment and structures;
• cost of professional consultations;
• labor remuneration for all these types of work.

Capital Investment Accounting

Funds spent on the preservation or reconstruction of planned financial benefits must be taken into account in the period to which they relate, that is, in the current one. It is necessary to constantly monitor the volume of capital investments, their sources and efficiency (payback). For this purpose, the following indicators are recorded and calculated:

• the primary cost of fixed assets that the entrepreneur already owned;
• the amount of their depreciation (according to plan);
• volumes of unspent depreciation charges for previous periods (the indicator is displayed at the beginning of the current period);
• the amount of costs for the planned replacement or write-off (disposal, sale) of fixed assets in the current year;
• approximate amount of depreciation on newly acquired assets;
• residual value of fixed assets;
• depreciation as of the final date of the reporting period.

ATTENTION! Capital investments are calculated using calendar planning, which provides an investment strategy for maximum profitability. Based on this planning, a budget request for future capital expenditures can be drawn up.

Calculation of the efficiency of capital investments

Capital Cost Efficiency– this is their payback, that is, the feasibility of these costs in the next period, compliance with accepted standards. In what units can the efficiency of capital investments be measured?

1. Monetary value– the amount of additional profit, funds received for goods, services, work.
2. Assessment based on current parameters– depends on the scope of investment (this could be increased capacity, increased throughput, the number of products produced, etc.).
3. Relative rating, that is, factors established by the organization itself (for example, increasing the overall welfare of employees, improving motivation, etc.)
4. In specific asset parameters(for example, the area of ​​the constructed building, the number of machines in the modernized workshop, etc.).

The indicators are compared with the corresponding parameters of past years and/or planned figures.

Methods for calculating capital investments

The decision to make an investment depends on the correctness of this calculation - after all, no one will give or spend money on something that subsequently clearly will not pay off and will not bring profit to both the enterprise and the investor himself.

The efficiency of capital investments is determined by two types of coefficients:

• general – the dependence of the planned results on the costs of achieving them;
• comparative – dependence on the coefficients of previous periods or standard parameters (the effective indicator must exceed or at least be equal to the previous ones).

Formulas for calculating the investment efficiency ratio

The efficiency ratio shows how much profit each invested ruble brought at the end of the period (specifically for each asset). It can be calculated using the formula:

K E = P / K ow. , Where:

• K E – investment efficiency ratio;
• P – annual profit;
• To ow. – the amount of capital investments for a given period.

For manufacturing industries This formula is slightly modified:

K E = (C – C) / K ow. , Where:

• P is the price of goods produced during the year;
• C is its cost.

In trade the investment efficiency ratio is determined by taking into account premiums and costs:

K E = (N – I) / K ow. , Where:

• N – volumes of trade markups;
• And – turnover costs.

In foreign studies These calculations additionally take into account depreciation:

K E = P / (K vl. + A).

In addition to the efficiency coefficient, it is imperative to take into account investment payback period. It is calculated by a derivative formula (in each sphere from its original formula):

T payback = To ow. / P.

NOTE! For credit organizations(banks) capital expenditures have a different economic sense, because for them non-current assets are disproportionately less important than for enterprises.