THE ESSENCE OF THE CHANGES IN THE FORMATION OF BALANCE SHEETS

Abstract

This article concerns the peculiarities of the composition, structure and order of formation of the accounting of financial statements in connection with adoption of new regulations on accounting.

Detail the changes that were made in the reporting form number 1 “Balance” in accordance with the Order of the Ministry of Finance of the Russian Federation of 02.07.2010 № 66n “On the forms of accounting organization”. Thus, the inclusion of the indicators of the “Fixed assets” new article “The results of research and development” and remove the line “Uncompleted construction”, there are changes that affect the content of individual balance sheet items, the structure of the assets and, accordingly – the ability of users of information to assess its validity, transparency and credibility.

The second section of the balance of the asset, “Current assets fifth liabilities” – “Current Liabilities” comprehensive articles that were previously presented in the balance sheet with explanations for the components: “Inventories”, “Accounts receivable”, “Accounts Payable”, now on the recommendation of Ministry of Finance provides without going into detail. This form of presentation of information may cause a reduction of capacity assessment and analysis reporting. The variants of detail figures in the balance with the requirement of materiality, or in the notes thereto.

In the third section of the balance sheet liability “Capital and reserves” in the article “Additional Capital” has a separate row “Revaluation of fixed assets”, which allows to distinguish between extensive and intensive changes in equity. In the fourth and fifth sections of the liability, “Long-term liabilities” and “Short-term obligations” marked the article “Provisions”, for which figures are prepared in accordance with the statutes on accounting, “Provisions, Contingent Liabilities and Contingent Assets” (PBU 8/2010).

The practice of the Order of the Ministry of Finance of the Russian Federation № 66n has identified the need to coordinate and harmonize the various provisions of the regulations and make further clarifications.