An accounting balance sheet is a tabular version of the reflection of an organization’s financial indicators as of a certain date. In the most widespread form in the Russian Federation, the balance sheet consists of two equal parts, one of which shows what the organization has in monetary terms (balance sheet asset), and the other - from what sources it was acquired (balance sheet liability) . This equality is based on the reflection of property and liabilities using a double entry method in accounting accounts.

A balance sheet compiled as of a specific date allows one to assess the current financial condition of an organization, and a comparison of data from balance sheets compiled as of different dates allows one to track changes in its financial condition over time. The balance sheet is one of the main documents that serves as a source of data for conducting an economic analysis of an enterprise's activities.

Having trouble with your balance? On our forum you can consult on any issue. For example, you can see whether an explanatory note is needed for the financial statements of a small enterprise.

Classification of balance sheets

There are many types of balance sheets. Their diversity is determined by a variety of reasons: the nature of the data on the basis of which the balance is formed, the time of its compilation, purpose, method of reflecting the data and a number of other factors.

According to the way the data is reflected, the balance sheet can be:

• static (balance) - compiled for a specific date;
• dynamic (revolving) - compiled by turnover for a certain period.

In relation to the moment of compilation, balances are distinguished:

• introductory - at the beginning of activity;
• current - compiled as of the reporting date;
• liquidation - upon liquidation of an organization;
• sanitized - when rehabilitating an organization approaching bankruptcy;
• dividing - when dividing an organization into several companies;
• unifying - when organizations merge into one.

Based on the volume of data on organizations reflected in the balance sheet, balance sheets are distinguished:

• single - one organization at a time;
• consolidated - based on the sum of data from several organizations;
• consolidated - for several interrelated organizations, internal turnover between which is excluded when preparing reports.

According to its purpose, the balance sheet can be:

• trial (preliminary);
• final;
• predictive;
• reporting.

Depending on the nature of the source data, there is a balance:

• inventory (compiled based on the results of the inventory);
• book (compiled only according to registration data);
• general (compiled according to accounting data taking into account the results of the inventory).

According to the method of data reflection:

• gross - including data from regulatory items (depreciation, reserves, markup);
• net - with the exception of these regulatory articles.

Balance sheets may vary depending on the legal form of the company (balance sheets of state, public, joint, private organizations) and the type of its activity (main, auxiliary).

Based on frequency, balances are divided into monthly, quarterly, and annual. They can have either full or abbreviated form.

The balance sheet table can be of 2 types:

• horizontal - when the balance sheet currency is defined as the sum of its assets, and the sum of assets is equal to the sum of capital and liabilities;
• vertical - when the balance sheet currency is equal to the value of the organization's net assets (i.e., the amount of capital), and the net assets, in turn, are equal to the assets of the enterprise minus its liabilities.

For internal purposes, the organization itself has the right to choose the frequency, methods and methods of preparing the balance sheet. Reports submitted to the Federal Tax Service must have a certain form with comparable data as of the dates indicated in the balance sheet.

Structure of the enterprise's balance sheet

The balance sheet form used for official reporting in the Russian Federation is a table divided into two parts: the asset and liability of the balance sheet. The total amounts of assets and liabilities of the balance sheet must be equal.

A balance sheet asset is a reflection of the property and liabilities that are under the control of the enterprise, are used in its financial and economic activities and can bring it benefits in the future. The asset is divided into 2 sections:

• non-current assets (this section reflects property used by the organization for a long time, the cost of which, as a rule, is taken into account in the financial result in parts);
• current assets, data on the availability of which are in constant dynamics, accounting for their value in the financial result, as a rule, is carried out one-time.

Read more about them in the material “Current assets on the balance sheet are...” .

The balance sheet liability characterizes the sources of those funds from which the balance sheet asset is formed. It consists of three sections:

• capital and reserves, which reflect the organization’s own funds (its net assets);
• long-term liabilities, which characterize the debt of an enterprise that has existed for a long time;
• short-term liabilities showing an actively changing part of the organization's debt.

The allocation of sections in the structure of the balance sheet is mainly due to the temporary factor.

Thus, the balance sheet asset is divided into 2 sections depending on the time of use of the assets in the organization’s activities:

• non-current assets are used for more than 12 months;
• current assets contain data on indicators that will change significantly over the next 12 months.

When separating sections in the liabilities side of the balance sheet, in addition to the time factor, the ownership of the funds from which the balance sheet asset is formed (equity capital or borrowed funds) plays a role. Taking into account these 2 factors, the liability is formed from 3 sections:

• capital and reserves, where the organization’s own funds are divided into an almost constant part (authorized capital) and a variable part, depending both on the adopted accounting policy (revaluation, reserve capital) and on the monthly changing financial results of activities;
• long-term liabilities - accounts payable that will exist for more than 12 months after the reporting date;
• short-term liabilities - accounts payable, significant changes in which will occur within the next 12 months.

Sections of the balance sheet are detailed by breaking them down into items. The itemized details recommended for submission to the Federal Tax Service Inspectorate are contained in balance sheet forms approved by Order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n (as amended on April 6, 2015) in 2 versions:

• complete (Appendix 1);
• abbreviated (Appendix 5).

The abbreviated (simplified) form of the balance sheet allows for the combination of its articles in order to obtain aggregated indicators and simplify reporting. However, its use is available only to persons entitled to conduct simplified accounting (SMEs, NPOs, participants in the Skolkovo project).

The breakdown of sections into articles is due to the need to highlight the main types of property and liabilities that form the corresponding sections of the balance sheet.

• fixed assets:
• intangible assets;
• research and development results;
• Intangible search assets;
• tangible prospecting assets;
• fixed assets;
• profitable investments in material assets;
• financial investments;
• Deferred tax assets;
• Other noncurrent assets;
• current assets:
• stocks;
• VAT on purchased assets;
• accounts receivable;
• financial investments (except for cash equivalents);
• cash and cash equivalents;
• Other current assets;
• capital and reserves:
• authorized capital (share capital, authorized capital, contributions of partners);
• own shares purchased from shareholders;
• revaluation of non-current assets;
• additional capital (without revaluation);
• Reserve capital;
• retained earnings (uncovered loss);

Find out which line shows gross profit in the balance sheet Here .

• long term duties:
• borrowed funds;
• deferred tax liabilities;
• estimated liabilities;
• other obligations;
• Short-term liabilities:
• borrowed funds;
• accounts payable;
• revenue of the future periods;
• estimated liabilities;
• other obligations.

When drawing up a balance sheet, an organization can use the item-by-item detailing recommended by the Russian Ministry of Finance. However, it has the right to use its own development of this breakdown if it believes that this will lead to greater reliability of reporting. In addition, if there is no data to fill out the relevant items, the company has the right to exclude such items from the balance sheet it compiles.

Composition of balance sheet items

Balance sheet items are filled out based on data on balances in accounting accounts as of the reporting date. When filling out a report for submission to the Federal Tax Service, you must be guided by a number of rules established for the preparation of such reports (PBU 4/99, approved by order of the Ministry of Finance of Russia dated July 6, 1999 No. 43n):

• The initial accounting data must be reliable, complete, neutral and formed in accordance with the rules of the current accounting regulations. When reflecting them, it is necessary to comply with the principles of materiality and comparability with the results of previous periods.
• In the current report, data from previous periods must be consistent with the figures in the final accounts for those periods.
• For the annual balance sheet, the presence of property and liabilities must be confirmed by the results of their inventory.
• Debit and credit balances in the balance sheet are not collapsed.
• Fixed assets and intangible assets are shown at residual value.
• Assets are reflected at their book value (less created reserves and mark-ups).

The accounting balance is filled out, as a rule, in thousands of rubles without decimal places. Organizations with large turnover can amount to millions of rubles.

Below is information on the basis of which account balances the above balance sheet items are filled in in relation to the current version of the chart of accounts, approved by Order of the Ministry of Finance of Russia dated October 31, 2000 No. 94n:

• Under the article “Intangible assets”, the residual value of intangible assets is indicated, corresponding to the difference in the balances of accounting accounts 04 and 05. At the same time, for account 04, data falling in the line “Results of research and development” is not taken into account, and for account 05 - figures related to intangible search assets.
• The article “Results of research and development” is filled in if there is data on R&D costs in account 04.
• Data on the items “Intangible exploration assets” and “Tangible exploration assets” are important only for those organizations that develop natural resources if they have information on account 08 to fill out lines for these items. Tangible exploration assets include tangible objects, and intangible assets include all others. Both types of assets are subject to depreciation, recorded in accounts 02 and 05, respectively.
• For the item “Fixed Assets”, data on the residual value of fixed assets (the difference in the balances of accounting accounts 01 and 02, while account 02 does not take into account data related to material exploration assets and profitable investments in assets) and capital investment costs (account 08, excluding the figures included in the lines of the articles “Intangible search assets” and “Tangible search assets”).
• Data for the article “Profitable investments in assets” is taken as the difference between the balances of accounts 03 and 02 in relation to the same objects.
• The item “Financial investments” in non-current assets is filled in if there are amounts with a repayment period of more than 12 months in accounts 55 (deposits), 58 (financial investments), 73 (loans to employees). The balance of account 58 is reduced by the amount of the created reserve (account 59) related to long-term investments.
• Under the article “Deferred tax assets”, organizations applying PBU 18/02 indicate the balance of account 09.
• When the line item “Other non-current assets” is used, the balance sheet reflects assets that are either not included in the above lines, or those that the organization considers necessary to highlight.
• The figure for the item “Inventories” is formed as the sum of the balances on accounts 10, 11 (minus the reserve recorded on account 14), 15, 16, 20, 21, 23, 28, 29, 41 (minus account 42, if accounting for goods carried out with a markup), 43, 44, 45, 46, 97.
• The item “VAT on purchased valuables” reflects the balance of account 19.
• To obtain the data indicated under the “Accounts receivable” item, debit balances on accounts 60, 62 (both accounts minus the reserves formed on account 63), 66, 67, 68, 69, 70, 71, 73 (minus data , recorded under the article “Financial investments”), 75, 76.
• The article “Financial investments (except for cash equivalents)” in current assets shows data on accounts 55 (deposits), 58 (financial investments), 73 (loans to employees) with repayment periods of less than 12 months. In this case, the figures in account 58 are reduced by the amount of the created reserve (account 59) for short-term investments.
• The data for the item “Cash and cash equivalents” is obtained by adding the balances of accounts 50, 51, 52, 55 (excluding deposits), 57.
• The line of the article “Other current assets” includes assets that are either for some reason not reflected in the above lines, or those that the organization considers necessary to highlight. For example, this could be a bad debt from a counterparty or the value of stolen property for which investigative actions have not yet been completed. Reflection of such data on this line with a corresponding reduction in figures for those items in which they could have been reflected if there had not been a decision by the organization to allocate them, will require notes both to the article “Other current assets” and to the second article, which will be affected such an operation.
• The data for the article “Authorized capital (share capital, authorized capital, contributions of partners)” is taken as the balance of account 80.
• The figures in the article “Own shares purchased from shareholders” correspond to the balances of account 81.
• For the article “Revaluation of non-current assets”, data on balances on account 83 related to fixed assets and intangible assets is used.
• Data for the item “Additional capital (without revaluation)” is formed as balances on account 83 minus data on the revaluation of fixed assets and intangible assets.
• The item “Reserve capital” shows the balance of account 82.
• The value reflected under the item “Retained earnings (uncovered loss)” in the annual balance sheet is the balance of account 84. For interim reporting (before the balance sheet reformation carried out at the end of the year), this figure is the sum of two balances: for account 84 (financial the result of previous years) and 99 (financial result of the current period of the reporting year). The item “Retained earnings (uncovered loss)” is the only balance sheet item that can have a negative value. At the same time, it is important that for an organization that has a loss, the total of the “Capital and Reserves” section (net assets) does not turn out to be less than the amount of the authorized capital. If this circumstance occurs for two financial years in a row, then the organization must either reduce its authorized capital to the appropriate figure (and this is not always possible, since the authorized capital cannot be less than the minimum value established by current legislation), or it is subject to liquidation.

Read more about the reformation of the balance sheet in the article “How and when to reform the balance sheet?” .

• The article “Borrowed funds” in the “Long-term liabilities” section is filled in if there is debt on loans and borrowings, the repayment period of which exceeds 12 months (account balance 67). In this case, interest on long-term borrowed funds must be taken into account as part of short-term accounts payable.
• Under the article “Deferred tax liabilities”, organizations applying PBU 18/02 indicate the balance of account 77.
• The value under the item “Estimated liabilities” in the section “Long-term liabilities” corresponds to the balance in account 96 (reserves for future expenses) in relation to those reserves whose useful life exceeds 12 months.
• The item “Other liabilities” in the section “Long-term liabilities” shows liabilities with a maturity of more than 12 months that are not included in other lines of long-term liabilities.
• The article “Borrowed funds” in the “Short-term liabilities” section is filled in if there is debt on loans and borrowings, the repayment period of which is less than 12 months (account balance 66). At the same time, this includes interest on long-term borrowed funds, recorded in account 67, and debt on long-term loans and borrowings, recorded in account 67, if there are less than 12 months left until its repayment.
• The data for the “Accounts payable” item is formed as the sum of credit balances for accounts 60, 62, 68, 69, 70, 71, 73, 75, 76.
• For the item “Deferred income” the value is taken as the sum of balances on accounts 86 (target financing) and 98 (deferred income).
• The value under the item “Estimated liabilities” in the section “Short-term liabilities” corresponds to the balance in account 96 (reserves for future expenses) in terms of those reserves whose useful life is less than 12 months.
• Under the item “Other liabilities” in the section “Short-term liabilities”, liabilities with a maturity of less than 12 months are shown that are not included in other lines of short-term liabilities.

Other non-current assets - what are they on the balance sheet?

“Other non-current assets” - in the balance sheet, these are, as already mentioned, non-current assets that are not reflected in other lines of Section 1 “Non-current assets”.

Other non-current assets of the organization may include, for example:

• investments in non-current assets of the organization, accounted for in the corresponding subaccounts of account 08 “Investments in non-current assets”, in particular, the organization’s costs for objects that will subsequently be taken into account as intangible assets or fixed assets, as well as costs associated with the implementation of incomplete R&D, if the organization does not reflect these indicators;
• equipment for installation (equipment requiring installation), as well as related transportation and procurement costs, reflected in accounts 15 and 16;
• a one-time lump sum payment, provided that the period for writing off these expenses exceeds 12 months after the reporting date or the duration of the operating cycle, if it exceeds 12 months;
• the amount of transferred advances and advance payment for work and services related to the construction of fixed assets.

Current liabilities in the balance sheet are line 1500 of the balance sheet

Often, accountants, when filling out tables characterizing the financial condition of an organization, encounter difficulties when it is necessary to indicate current liabilities, because this concept is absent in regulatory documents on accounting and taxation.

To determine where current liabilities are reflected on the balance sheet, let us turn to the meaning of this term. The Financial Dictionary defines current liabilities as accounts payable due within the next 12 months. In other words, current liabilities are synonymous with current liabilities. Short-term liabilities are reflected in section V of the liability side of the balance sheet. Thus, current liabilities in the balance sheet are line 1500 “Total for section V”, which is defined as the sum of lines 1510, 1520, 1540, 1550, 1530 of the balance sheet liabilities.

Find out when the balance sheet is submitted (deadlines, nuances) .

Results

The balance sheet is the main component of financial statements, a summary of the financial performance of an organization as of a certain date. It is drawn up in a certain form and according to certain rules. It is submitted to the tax office, Rosstat, and is also presented to other interested users.

Due to the dual reflection of the organization’s property, the balance sheet has a unique feature, which consists in comparing assets and liabilities. The term balance comes from the Latin words bis and lanx, which together can be translated as two cups or double cup, i.e. symbol of balance of equality. Because of this, in modern accounting the word “balance sheet” has two meanings. Equality of cost and quantitative characteristics, i.e. balance. The presentation of property in Form No. 1, both in real embodiment and in the form of the source of its formation, determines the appearance of the balance sheet, which, in accordance with this, is divided into two parts. In the first, called asset (from the Latin activus - active), the economic assets of the enterprise are classified according to their composition. In the second - passive, according to the sources of their formation. Of course, the results of both parts are equal, because both reflect the same means, classified and grouped differently.

The assets of the balance sheet include two sections:

• 1. Non-current assets.
• 2. Current assets.

The first presents products used for a long period of time (more than 1 year). In the second, the property is more dynamic, quickly changing its physical embodiment. The economic nature of an organization's property can be understood in different ways. Firstly, the resources of an enterprise have a legal or material form; their availability and condition can be checked. Secondly, property is expenses once made by someone and received by an enterprise in the form of legal and material embodiment. Thirdly, these are costs incurred by the enterprise itself, or when creating an enterprise by its owners for the sake of income in the future. The interpretation of a balance sheet asset as a list of the enterprise's property is closely related to the control function of accounting. The second and third interpretations are based on the relationship between assets and liabilities, the circulation of capital, and also reveals the dependence of property on the purpose of creation and operation of the organization. (For a commercial enterprise, this is making a profit). Thus, a balance sheet asset is a reflection of economic assets in material-cost form, which is closely related to the rights and obligations of the enterprise, for the purpose of its activities, implying the result of this activity. It should be noted that the property of the enterprise presented in Form No. 1 in the valuation and the real value of the property of the enterprise may not coincide.

In the liability side of the balance sheet, property is presented according to the sources of its formation, according to the form of its creation by the enterprise. The amount of liabilities on the balance sheet is the amount of the organization's obligations, but these obligations are heterogeneous in their economic essence. Some act as obligations to the owners, others as obligations to third-party organizations and individuals. In modern accounting, the source of property formation is considered as a type of liability of a certain amount, therefore the information presented in this part of the balance sheet is more likely to be ways of raising funds necessary for carrying out business activities than the place from which the resources came. In the balance sheet, the organization’s own and attracted assets are grouped into three sections:

• - capital and reserves;
• - long term duties;
• - Short-term liabilities.

The first section presents the organization’s own funds, the other two attracted, or obligations to third-party organizations and individuals. An approach to the balance sheet that treats its liabilities as a set of obligations allows us to explain the paradoxes in the placement of economic assets on the balance sheet. For example, the section “short-term liabilities” includes the value of consumption funds, which are formed from profits, i.e. from the organization’s own funds, however, the latter has undertaken to spend these funds in a way that does not lead to the formation of new property of the organization, and to transfer them to third parties. Therefore, despite the fact that these funds are the property of the organization, they belong to the composition of borrowed or attracted funds.

The structure of assets and liabilities is created in order of increasing degree of mobility. It is easy to notice that a balance sheet asset begins with property that can retain its form until the end of its existence and ends with the most mobile property, which can almost instantly take on a different form (funds in current accounts and in cash, funds in a foreign currency account, etc. .). We can say that asset items are arranged in the balance sheet according to the degree of liquidity, i.e. depending on what time this type of property can be taken into monetary form. Of course, the losses of an enterprise cannot in any way be converted into money, however, since they are subject to mandatory compensation, therefore, they can be considered the most unstable property.

Balance sheet liabilities, like assets, are grouped according to the principle of increasing urgency of repayment of obligations. It begins with the basis of the enterprise's own funds - the authorized capital. This liability item, also called the financial resources of the enterprise, is the most stable. The authorized capital of an enterprise is formed from contributions from participants and shareholders and is the property of the organization; dividends cannot be paid from it; its value must be maintained. The amount of the authorized capital of an enterprise is the basis of its market stability, and in order to protect the interests of third parties doing business with this enterprise, this basis should not be undermined.

The authorized capital is followed by less stable items of equity, then liabilities that are due to be repaid in more than a year and the liability of the balance sheet with short-term loans and accounts payable. Items that can change their values ​​and share in the total balance sheet currency in a very short time.

It should be noted that the relative position of the sections and items of the balance sheet is not fundamental. In many countries with developed market economies (USA, UK, etc.), the structure of assets and liabilities of the balance sheet is built in the reverse order, i.e. both parts of the balance sheet begin with the most moving items. From the point of view of the balance sheet structure, the greatest interest is in justifying the priority of the economic essence of an article under its legal content. This priority can be easily explained by revealing the methods by which users of accounting information extract useful information from Form No. 1. In other words, the structure of this form of accounting reporting is determined by its purpose and the technical methods of processing it to implement the function of analysis and make management decisions on its basis. The users of financial statements in general and the balance sheet in particular are investors, credit institutions and creditors, suppliers and customers, legislative and executive authorities. Each of these users, regardless of whether his interest is direct or indirect, is interested in information about the property of the enterprise, the composition and structure of this property. It should be noted that most often the user is not interested in the structure of assets and liabilities, but in the information obtained by analyzing this structure in various ways to find answers to a very wide range of questions.

Liabilities and assets of the balance sheet

The balance sheet is the main form of financial reporting. It characterizes the property and financial condition of the organization as of the reporting date. The balance sheet reflects the balances of all accounting accounts as of the reporting date. These indicators are presented in the balance sheet in a certain grouping. The balance sheet is divided into two parts: assets and liabilities. The amount of assets on the balance sheet is always equal to the amount of liabilities on the balance sheet.

Balance sheet asset

Any property of an enterprise - machinery and equipment, real estate, financial investments, accounts receivable, etc. - are its assets. These are all things that can be converted into cash.

Assets are divided into:

• Non-negotiable
• Intangible assets
• Fixed assets
• Construction in progress
• Profitable investments in material assets
• Long-term financial investments
• Deferred tax assets
• Other noncurrent assets
• Negotiable
• Reserves
• Value added tax on purchased assets
• Accounts receivable (payments for which are expected more than 12 months after the reporting date)
• Accounts receivable (payments for which are expected within 12 months after the reporting date)
• Short-term financial investments
• Cash
• Other current assets

Liability balance

An organization's liabilities are the sources of formation of its assets. These include capital, reserves, as well as accounts payable obligations that the organization has incurred in the process of conducting business activities.

Liabilities are divided into:

• Capital and reserves
• Authorized capital
• Own shares purchased from shareholders
• Extra capital
• Reserve capital
• Retained earnings (uncovered loss)
• long term duties
• Loans and credits
• Deferred tax liabilities
• Other long-term liabilities
• Short-term liabilities
• Loans and credits
• Accounts payable
• Debt to participants (founders) for payment of income
• revenue of the future periods
• Reserves for future expenses
• Other current liabilities

Balance sheet asset

Non-negotiable

Intangible assets- a non-monetary asset that has no physical form.

Fixed Assets (Fixed Assets)(or Main production assets(OPF)) - fixed assets of an organization reflected in accounting or tax accounting in monetary terms.

"Construction in progress" is the amount of unfinished capital investments.

Profitable investments in material assets- investments of an organization in part of the property, buildings, premises, equipment and other valuables that have a tangible form, provided by the organization for a fee for temporary use (temporary possession and use) in order to generate income

Long-term financial investments- investment of the enterprise’s free funds, the maturity of which exceeds one year:
- funds allocated to the authorized capital of other enterprises;
- funds used to purchase securities of other enterprises;
- long-term loans issued to other enterprises; and so on.

Deferred tax assets represent a part of deferred income tax, the purpose of which is to reduce the amount of tax that must be paid to the budget in the reporting period.

Fixed assets- assets with a useful life of more than one year: long-term financial investments, intangible assets, fixed assets, other long-term assets.

Negotiable

Material and production inventories - assets used as raw materials, supplies, etc. in the production of products intended for sale (performance of work, provision of services), purchased directly for resale, and also used for the management needs of the organization.

Value added tax on purchased assets

An account designed to summarize information about the amounts of value added tax paid (due) by an enterprise on purchased assets.

Short-term financial investments- short-term (for a period of no more than one year) financial investments of an enterprise in income-generating assets (stocks, bonds and other securities) of other enterprises, associations and organizations, funds in time deposit accounts of banks, interest-bearing bonds of state and local loans, etc. - are the most easily realizable assets.

Liability balance

Capital and reserves

Authorized capital- this is the amount of funds initially invested by the owners to ensure the statutory activities of the organization; The authorized capital determines the minimum amount of property of a legal entity that guarantees the interests of its creditors

Extra capital- a liability item on the balance sheet, consisting of the following elements:

• share premium - the difference between the selling and par value of the company's shares;
• exchange differences - differences when paying for a share of the authorized capital in foreign currency;
• difference in revaluation of fixed assets - the difference when the value of fixed assets changes.

Reserve capital- the size of the enterprise’s property, which is intended to place undistributed profits in it, to cover losses, repay bonds and repurchase shares of the enterprise, as well as for other purposes.

Short-term liabilities

Accounts payable- debt of a subject (enterprise, organization, individual) to other persons, which this subject is obliged to repay.

Reserves for future expenses

In order to evenly include upcoming expenses in production or distribution costs, the organization can create reserves for: upcoming payment of vacations to employees; payment of annual remuneration for long service; payment of remuneration based on the results of work for the year; repair of fixed assets; production costs for preparatory work due to the seasonal nature of production; upcoming costs for land reclamation and other environmental measures; upcoming costs of repairing items intended for rental under a rental agreement; warranty repairs and warranty service; covering other anticipated costs and other purposes provided for by the legislation of the Russian Federation, regulations of the Ministry of Finance of the Russian Federation.

The balance sheet of any organization includes information about property, its value, amount of debt, available capital, financing and everything that relates to the economic position of the company.

Classification of balance sheets

Classification of balance sheets is carried out according to various criteria:

• temporary: introductory, initial, testing, final or liquidation;
• information contained: general and specific.

An opening balance is required at the very first stage of a company’s formation, an initial balance is an annual balance for a report on the past year and information about the state with which the organization enters the new year.

An interim balance is drawn up every quarter and adjusted at the end of the year. In case of closure of the company, it is necessary liquidation accounting report.

As for the differences in balance sheet information, the general one contains information about the property, rights and obligations of the entire enterprise, and the private one contains the same data about individual parts.

The essence of a good balance sheet is to the equation of two important parts: assets and liabilities. They contain information about the economic situation and commercial activities of the company.

Asset details

If we explain it in the most accessible words, then “asset” means your sources of income, and under “liability” are those articles for which expenses are being spent. Assets are divided into current and non-current.

Current assets are those assets that generate the majority of income and ensure a constant flow of funds. Working capital includes raw materials, finance, finished products, securities - all participants in the production cycle. Income from working capital can come repeatedly within one year.

Non-current assets, otherwise called fixed capital, are the available means and instruments of production.

Despite the fact that non-current assets are not the main source of financing, their small quantity will lead to an unstable amount of profit and fluctuations in the value of the company's shares, since in this case income will depend on the demand for products, the amount of rent, and the cost of the equipment used.

Reducing the share of non-current assets is most often practiced by small retail companies.

Liability Details

Liability refers to both the company's own established capital and all external sources of financing the company's activities, as well as obligations to these sources.

Accounting and company management ensure that everything happens steady growth of the capital item company, which consists of the main received and reserve funds. If growth does not occur, then such an enterprise becomes unattractive to investors.

A firm's liabilities can be either short-term or long-term. By short-term we mean loans and credits that can be repaid within a year. Often, it is short-term loans that help an enterprise create non-current assets.

Long-term commitments are attractive because they offer lower rate for credit, therefore, they are used to obtain funds for the implementation of long-term projects.

Thus, it is liabilities that serve as the source of the formation of company assets. However, one should also take into account how much the profit received covers all the debts of the enterprise.

State of the company according to the balance sheet

From the balance sheet You can find out information about the company's ownership, its profitability, sources of financing, profitability, growing (or declining) profitability.

Since the attractiveness and profitability of a business directly depends on its payback, the balance sheet is essentially a table of the ratio of assets and liabilities.

In essence, the income in the “assets” column must cover the company’s liabilities in the “liabilities” column. This confirms that in the event of an unexpected liquidation of the company, the funds received will be able to pay off debts.

However, not only the equation of both columns is possible. In the event that a company’s income exceeds its expenses (assets are greater than liabilities), the accounting department keeps a separate line “profit” in excess of the amount. Since this amount is transferred to the owner, it is also recorded in the “liabilities” column.

If the company’s income does not allow it to pay off all its obligations to sources of financing, then the business owner must make up the difference and the “loss” is also included in “liabilities.”

According to the balance sheet, it is possible 3 company states:

• balanced (neutral);
• unprofitable;
• profitable.

All further actions for business development should be based on these data and be aimed at achieving the third state.

The balance sheet is the main form of accounting reporting, which informs users about the financial position of the organization as of the reporting date (clause 18 of PBU 4/99). Information in this reporting form is presented in two parts: assets and liabilities of the balance sheet.

We talked about assets on the balance sheet in. Accordingly, liabilities are the sources of formation of these assets. Let's present the grouping of assets and liabilities of the balance sheet in the table.

Balance sheet: assets and liabilities of the balance sheet (table)

Enlarged, the structure of the balance sheet can be presented as follows (Order of the Ministry of Finance dated July 2, 2010 No. 66n):

What is included in the assets and liabilities of the balance sheet

Let us recall that the assets of the balance sheet group the types of property, funds and rights of the organization.

A balance sheet liability is a grouping of the organization’s capital, its reserves and liabilities in order of increasing urgency of their repayment.

Let's present the composition of the assets and liabilities of the balance sheet in the form of a table.

Table of assets and liabilities

Section I “Non-current assets”
1110	Intangible assets
1120	Research and development results
1130	Intangible search assets
1140	Material prospecting assets
1150	Fixed assets
1160	Profitable investments in material assets
1170	Financial investments
1180	Deferred tax assets
1190	Other noncurrent assets
Section II "Current assets"
1210	Reserves
1220	Value added tax on purchased assets
1230	Accounts receivable
1240	Financial investments (excluding cash equivalents)
1250	Cash and cash equivalents
1260	Other current assets
Section III "Capital and reserves"
1310	Authorized capital (share capital, authorized capital, contributions of partners)
1320	Own shares purchased from shareholders
1340	Revaluation of non-current assets
1350	Additional capital (without revaluation)
1360	Reserve capital
1370	Retained earnings (uncovered loss)
Section IV “Long-term liabilities”
1410	Borrowed funds
1420	Deferred tax liabilities
1430	Estimated liabilities
1450	Other obligations
Section V “Short-term liabilities”
1510	Borrowed funds
1520	Accounts payable
1530	revenue of the future periods
1540	Estimated liabilities
1550	Other obligations