Accounting statements – adjustments after the reporting date. Should I clarify the annual balance sheet if it contains an error? Is it possible to submit an updated balance?

Monetary assets and monetary liabilities that, in accordance with the agreement between the enterprise and the other party, are subject to indexation (deposits, bonds, etc.) are reflected in the balance sheet in the amount stipulated by the agreement. Indicators of other monetary items are not adjusted.

Indicators of non-monetary items reflected at fair value determined as of the balance sheet date (end of the reporting year) are not adjusted. Indicators of non-monetary items reflected at fair value determined not at the balance sheet date (end of the reporting year) are adjusted using the inflation index at the date of revaluation.

Non-monetary items recorded at cost or residual value are adjusted using the inflation index at the date of recognition of the relevant asset, liability and equity.

The adjusted cost of non-monetary assets is reduced to the amount expected to be recovered from future use of the related assets (net realizable value of inventories, market value of investments, etc.) if it exceeds such amount.

If an enterprise acquired assets on a deferred payment basis without paying interest, as a result of which the amount of interest cannot be determined, the value of such assets is adjusted using the inflation index from the date of payment.

At the beginning of the first reporting year in which Regulation (standard) 22 is applied, the amounts of revaluation of assets included in equity capital are not included in the adjusted balance sheet, and the indicator of retained earnings (uncovered loss) is the difference between the amount of adjusted asset indicators and the amount of adjusted indicators balance sheet liabilities.

Balance sheet indicators at the beginning of the year are adjusted in the manner set out in paragraphs 5-10 of Regulation (standard) 22.

Adjustment of income statement indicators

All indicators of the financial results statement (except for the cost of products sold (work, services) and goods) are adjusted using an adjustment factor, which is defined as the ratio of the inflation index as of the balance sheet date and the inflation index as of the date of recognition of income and expenses included in the relevant items.

If income and expenses are recognized on a nearly even basis during an accounting year (or interim periods), an entity may apply the average inflation index during that period to the total amount of the income and expense item instead of the inflation index at the date of recognition of the individual income and expenses. The average inflation index does not apply to expenses and income related to non-monetary items, recognized assets or liabilities in previous reporting periods (depreciation of fixed assets and intangible assets, income and expenses of future periods, etc.).

13. The adjusted cost of sold products (work, services) and goods is determined after adjusting the inventories of finished products (work, services) and goods at the beginning and end of the reporting period and the cost of products (work, services) manufactured during the reporting period and the cost of purchased goods.

The adjusted cost of manufactured products (work, services) is determined by adding the adjusted value of the balance of work in progress at the beginning of the year to the adjusted amount of production expenses for the year and subtracting the adjusted value of the balance of work in progress at the end of the year.

Profit (loss) from the impact of inflation on monetary items is reflected in the adjusted statement of financial results in line 165 “Profit (loss) from the impact of inflation on monetary items.”

Deferred tax liability and/or deferred tax asset arising from an adjustment financial statements, are presented in the adjusted financial statements in accordance with Accounting Regulation (Standard) 17 “Income Tax”.

Net income and adjusted net income per common share for the adjusted income statement are calculated taking into account the net income data determined using Regulation (Standard) 22.

The indicators of the financial results statement for the previous year are adjusted in the manner set out in paragraphs 12-16 of Regulation (standard) 22.

In order for financial analysis ratios to reliably reflect the state of the company, adjustments to the financial statements may be necessary. This applies primarily to companies that record property received under a leasing agreement on an off-balance sheet account or have long-term receivables. We will look at the goals and nature of the required adjustments. The material will be useful to those interested in international financial reporting standards.

Ratio analysis makes it possible to obtain important characteristics of the company’s financial condition, including:

• operational efficiency - the result of activity in the form of net profit is compared with the assets used to obtain this result:

Return on assets ratio = Net profit / Total assets;

• the company's ability to meet short-term obligations. To do this, the amount of short-term liabilities is compared with the amount of resources that can be used to repay them:

Total liquidity ratio = ;

• equity coverage - the share of assets financed from equity capital:

Coefficient financial stability= Equity / Total assets.

In order for financial ratios to reflect the real state of affairs, it is necessary:

• know the value of all assets involved in the business;
• have correct information about their structure, in particular, understand what part of the assets is capable of bringing economic benefits in the short term, that is, they represent current assets.

Russian accounting rules make it possible to reflect objects received under a financial lease (leasing) agreement off the balance sheet, to include in current assets some elements that are economic essence they are not - they do not provide economic benefits in the short term. This applies, first of all, to accounts receivable with a maturity period of more than 12 months, software for which the exclusive rights do not belong to the organization, and some other expenses reflected in the deferred expenses account. The coefficients calculated from such balance data are distorted.

Major adjustments

To estimate the value of total assets involved in the business, and objective assessment company profitability makes sense:

1. Include in non-current assets property received under financial lease agreements (financial leasing) and recorded on an off-balance sheet account. Adjustments to the obligations and financial results (profits) associated with these agreements will also be required.

The methodology for the necessary calculations is presented below (see also Tables 3 and 6).

This adjustment is consistent with economic logic and the requirements of international financial reporting standards. IAS 17 “Lease” requires recognition of property received under financial lease agreements (financial leasing) on ​​the balance sheet of the lessee (lessee) on an equal basis with its own fixed assets.

The lessor is obliged to recognize the disposal of property transferred under a finance lease agreement. The position of the standard on this issue is unambiguous and cannot be changed by agreement or otherwise; recognition of property on an off-balance sheet account is not allowed.

The fact that the lessee company does not have ownership of the asset during the period of the finance lease agreement cannot prevent it from being taken onto the balance sheet. The basic principles of IFRS stipulate that a company recognizes on its balance sheet assets that it controls and uses to obtain economic benefits, regardless of ownership.

It makes sense to classify assets as non-current or current, based on definitions accepted in international practice: an asset is short-term (current) if it is realized, sold, used within 12 months from the reporting date or the company’s normal operating cycle.

2. To determine the amount of assets that in the short term can bring economic benefits to the company, and to obtain the correct value of the liquidity ratio, - excluded from current assets and transferred to non-current assets:

• accounts receivable with a maturity period of more than 12 months. from the reporting date;
• the cost of software, the exclusive rights to which remained with the seller, costs under a construction contract associated with upcoming work, and similar costs recognized on account 97 “Deferred expenses”.

Detailed comments are presented in table. 1.

IFRS requires the recognition of receivables with a maturity period of more than 12 months. as part of non-current assets. We will see such a line in the reporting of large Russian issuers, compiled according to international standards and posted on the official websites of the companies (for example, OJSC Gazprom).

Software, the rights to which remain with the seller, includes accounting programs, electronic services, regulatory framework, antivirus protection programs and similar software. It is logical to recognize any software products, as well as rights and licenses for certain types of activities, as part of intangible assets - they ensure the operation of the company, but are not directly involved in the production process. This requirement is established in IFRS 38 (IAS) " Intangible assets", which introduces neither legal nor cost restrictions for the attribution software products, rights and licenses to the composition of intangible assets.

3. Exclude from the assets illiquid inventories (which in the foreseeable future will not be used in the company’s activities or will not be sold), bad or doubtful accounts receivable, that is, “clear” the balance sheet of illiquid assets. This will affect all financial indicators.

The amount by which the balance sheet assets decrease must be subtracted from the capital in liabilities.

Reducing capital (section “Capital and reserves”, equity capital) due to the exclusion of illiquid assets will balance the balance sheet - ensuring equality of assets and liabilities. Its economic meaning is lost income.

Table 1

Information for adjusting current assets of the balance sheet

Amendments to reporting or calculation formulas

You can prepare adjusted reports, but you can also make adjustments directly to the calculation formulas, for example:

Total liquidity ratio = (Current assets - DZ 12 - RBP external - Nel OA) / Current liabilities,

where DZ 12 is accounts receivable with a maturity period of more than 12 months. from the reporting date, den. units .;

RBP non-current - the amount of expenses of future periods that it is advisable to transfer to non-current assets, including the cost of software, the exclusive rights to which remained with the seller, etc., den. units;

Nel OA - the cost of illiquid current assets, den. units

For your information

The amendments make sense if the components under discussion (accounts receivable with a maturity of 12 months, illiquid assets) are significant in size. Each company sets its own criteria for materiality. For example, it can be equal to 10% (or higher) of the value of assets.

An example of the above adjustments is presented in Table 6.

Amendments related to off-balance sheet accounting of property received under financial lease agreements (financial leasing) also make sense if their value is significant in relation to the total assets of the company. Information on the value of leased property can be found in the contracts, as well as in appendix to the balance sheet 2.4 “Other use of fixed assets.” In the example (Table 2), the cost of leased and off-balance sheet assets is significant - comparable to the value of total assets on the balance sheet. Thus, the amount of assets involved in the company's operation is noticeably higher than shown in the balance sheet. The indicators calculated without adjusting the reporting would be significantly distorted.

table 2

Excerpt from the reporting of AK Transaero OJSC (reporting in the public domain)

Algorithm for adjusting the reporting of the tenant (lessee), taking into account fixed assets received under financial lease (financial leasing) agreements, off-balance sheet

Let's consider a methodology that meets the requirements of IFRS 17 “Lease”, as well as the economic essence of a financial lease (financial leasing) transaction - the acquisition of an asset at market value with full financing of the purchase through a loan from the lessor. In terms of economic content, leasing payments are the payment of a loan and interest on it.

For calculations, information is required on the schedule of lease payments (taking into account the value of the asset upon redemption), more precisely, on the amounts recognized as expenses in accounting, since in certain periods leasing payments differ from the amounts recognized as expenses in the income statement. The advance payment under the contract is included in expenses (offset) not at once upon payment, but throughout the entire duration of the contract.

For example, under a leasing agreement for a period of 36 months. the lessee pays an advance of 800 thousand rubles, while expenses are not recognized in his income statement. Next, regular payments are made under the contract, for example, 60 thousand rubles. per month, but the income statement recognizes expenses in the amount of 82 thousand rubles. (60 + 80 / 36). This amount will be indicated in the invoices issued by the lessor, which are the basis for recognizing expenses in the financial statements.

For your information

The advance offset amounts are not necessarily distributed evenly - it is necessary to study the schedule of lease payments under the agreement.

Let's look at the adjustment algorithm using an example, combining methodological explanations with specific calculations.

Example

In October 2013, the company entered into a financial leasing agreement (financial lease) for equipment for a period of 36 months.

The total amount of payments under the agreement is 240,720 thousand rubles. with VAT (RUB 204,000 thousand excluding VAT). At the end of the contract, ownership of the leased object is transferred to the company.

The cost of purchasing equipment by the lessor ( market price acquisition of assets) - 186,440 thousand rubles. with VAT (RUB 158,000 thousand excluding VAT).

The actual transfer of assets to the lessee occurred in January 2014.

Before the actual receipt of the assets, the lessor was paid an advance of 55,342 thousand rubles. with VAT (RUB 46,900 thousand excluding VAT).

The terms of the agreement are presented in table. 3.

The reporting of a lessee who recognizes property received under a financial leasing agreement (hereinafter referred to as leasing) on ​​an off-balance sheet account is adjusted as follows:

Step 1. We recognize the asset and liability under the leasing agreement.

At the time of actual receipt of the object, the lessee must recognize in its balance sheet an asset and a liability of the same amount, equal to the cost of acquisition of this asset by the lessor (excluding VAT). The cost of acquiring the asset by the lessor can be found in the leasing agreement or its annexes.

This creates the initial cost of the asset and the contract liability. The resulting liability represents the principal debt on the loan obtained from the lessor.

Calculation

The cost of acquiring assets by the lessor is 158,000 thousand rubles. excluding VAT - the initial cost of assets and liabilities under the leasing agreement (pages 4 and 8 of Table 3, date - 01/01/2014).

The total lease payments under the agreement (RUB 204,000 thousand) consist of:

1) principal debt on the loan - 158,000 thousand rubles;

2) interest expenses - 46,000 thousand rubles. (204,000 thousand rubles - 158,000 thousand rubles).

Note!

The value of the asset is recognized as equal not to the amount of leasing payments under the contract (as often happens in Russian practice when accounting for the leased object on the balance sheet of the lessee), but to the initial price of its acquisition (market price). This approach is economically justified: financial leasing, in essence, is the purchase of an asset on credit from the lessor, and when purchasing an asset on credit, its value is recognized in the balance sheet at the market purchase price without taking into account interest.

Step 2. We calculate depreciation.

From the moment of commissioning, the leased asset is subject to depreciation over its useful life. The useful life is established by the company, for example, using a fixed asset classifier.

In each reporting period, depreciation is included in the income statement expenses, and the residual value of the asset in the balance sheet is also reduced by its amount.

Calculation

Remaining asset life is 5 years. This corresponds to a depreciation rate of 20%.

Annual depreciation - 31,600 thousand rubles. (158,000 × 20%) - should be included in the income statement and reduce the residual value of assets in the balance sheet (pages 5, 123 and 4 of Table 3).

Step 3. We determine the cost of the loan implied in the lease agreement.

The cost of credit is calculated as the internal rate of return ( IRR), at which the discounted leasing costs under the contract are equal initial cost asset recognized in step 1. This task is easily solved using Excel; manual calculation is difficult.

For your information

You can download the file for calculation using our “Form Service” service.

Calculation

Cost of loan implied in the agreement = 15.998%. We check:

87 100 / (1 + 0,15998) 1 + 78 200 / (1+0,15998) 2 + 38 700 / (1 + 0,1599) 3 = 158 000,

where the values ​​in the numerator are the data from page 3 of the table. 3;

degrees 1, 2, 3 - number of the year from the beginning of the contract

Step 4. We divide the leasing payments of each period into economic components - interest expenses and the repayable principal debt on the loan.

Interest expense for each period is determined as the product of the obligation under the leasing agreement as of the previous reporting date and the cost of the loan determined in the previous step. The repayable principal of each period is calculated as the lease payment minus interest expenses.

At each reporting period, interest expense is included in the income statement and principal repayable is deducted from the liability balance on the balance sheet. If calculated correctly at the end of the contract, the balance of the obligation should become equal to zero.

Calculation(lines 6, 7, 8 of table 3)

1 year from the beginning of the contract

Leasing payments 87,100 thousand rubles. include:

• interest expenses: 158,000 × 15.998% = 25,277 thousand rubles;
• repayable principal debt: 87,100 - 25,277 = 61,823 thousand rubles.

Balance of liability at the end of 1 year: 158,000 - 61,823 = 96,177 thousand rubles.

2 years from the beginning of the contract

Leasing payments 78,200 thousand rubles. include:

• interest expenses: 96,177 × 15.998% = 15,386 thousand rubles;
• repayable principal debt: 78,200 - 15,386 = 62,814 thousand rubles.

Balance of liability at the end of 2 years: 96,177 - 62,814 = 33,363 thousand rubles.

3 years from the beginning of the contract

Leasing payments 38,700 thousand rubles. include:

• interest expenses: 33,363 × 15.998% = 5,337 thousand rubles;
• repayable principal debt: 38,700 - 5,337 = 33,363 thousand rubles.

Balance of liability at the end of 3 years: 33,363 - 33,363 = 0 thousand rubles.

Step 5. We divide the obligation into short-term and long-term components.

A leasing agreement is usually concluded for a period of more than a year. At the same time, in each reporting period, part of the obligation is repaid through leasing payments. The total liability to the lessor must be reflected in the balance sheet, divided into short-term and long-term components. The division is not difficult to carry out: the short-term component is equal to the amount of the repayable principal debt in lease payments for the next 12 months. from the reporting date.

Calculation

As of January 1, 2014, the total liability was 158,000 thousand rubles. We include it in the balance with two components:

• short-term liability (repayable principal debt as part of lease payments for the upcoming 2014) - 61,823 thousand rubles;
• long-term liability: 158,000 - 61,823 = 96,177 thousand rubles.

As of December 31, 2014, the balance of the total liability was 96,177 thousand rubles. We include it in the balance sheet:

• short-term liability (repayable principal debt as part of lease payments for the upcoming 2015) - 62,814 thousand rubles;
• long-term liability: 96,177 - 62,814 = 33,363 thousand rubles.

Step 6. We exclude leasing expenses recognized in accordance with RAS from the income statement.

Calculation

As a result of excluding leasing expenses from the report (page 14 of Table 3), a cumulative adjustment of net profit occurs (page 15 of Table 3).

Step 7. Adjusting your own capital.

Inclusion of an asset and a liability under a leasing agreement in the balance sheet will lead to a violation of the equality of assets and liabilities. To restore the balance at each reporting date, it is necessary to adjust equity capital by an amount equal to (the cost of the asset included in the balance sheet - the balance of the total liability).

Calculation

The result of the calculation is on page 11 of the table. 3.

If the calculation is correct, the values ​​adjusting equity will be the same as the cumulative adjustments to net income accumulated from the inception of the contract to the reporting date in question.

In our example at the end of 2014, the equity adjustment of 30,223 coincides with the cumulative adjustment to net income for the previous year. At the end of 2015, the capital adjustment was 61,437 thousand rubles. coincides with the amount of adjustments to net profit for the past two years (30,223 thousand rubles + 31,214 thousand rubles). At the end of 2016, the capital adjustment is equal to the sum of the adjustments to net profit for all three years, which confirms the correctness of the calculations performed.

Table 3

Initial data and calculations under a financial leasing agreement necessary to adjust the lessee’s reporting

It makes sense to reflect assets, long-term and short-term liabilities under a leasing agreement on separate lines in the balance sheet. In accordance with IFRS, assets received under a finance lease agreement are recognized in the balance sheet in the line “Fixed assets” along with the company’s own assets, but can be separated into a separate line of non-current assets (at the request of the company). The same applies to liabilities: they can be shown together with other long-term and short-term liabilities, but it is more convenient to separate them into separate liability lines.

Adjustments to the income statement can be made in a simplified manner - adjust the value of net profit, since for management purposes the final value is more important than its distribution among individual lines of the report. If desired, the components of the cumulative adjustment can be entered on their corresponding lines in the income statement:

• depreciation of the asset is recognized as an expense for ordinary activities;
• add interest expenses to the line “Interest payable”;
• exclude leasing payments from other expenses.

Taking into account the above, the company’s reporting should be adjusted as follows (Table 4).

Table 4

The company's financial statements and financial ratios determined on their basis

For changes in reporting in connection with a financial leasing agreement, the data in table is used. 3 on 01/01/2014 and 12/31/2014.

Disclosure of notes to the balance sheet showed that current assets include long-term debt with a maturity of more than 12 months. The presence of illiquid assets was also revealed - customer debt assessed as bad. Data about it are presented in table. 5.

Table 5

Additional data on accounts receivable as part of current assets

The company's adjusted reporting and financial ratios determined on its basis are presented in table. 6.

Table 6

Adjusted company financial statementsand financial ratios determined on its basis

To adjust the reporting for 2015, you will need the data from Table. 3 as of 12/31/2014 and 12/31/2015, as well as data on the amount of long-term debts and illiquid assets.

The management balance presented in table. 6, formed on the basis of existing financial statements.

__________________________

Note!

In international accounting standards, leasing payments are directly divided into interest expenses and repayable principal debt. In this case it is considered that advance payment does not contain interest and represents the full repayment of the principal debt. There is no need to exclude anything from the income statement (there is no recognition of expenses based on invoices); any finance lease agreement is initially recognized according to the methodology discussed above.

Since the balance is adjusted for management purposes, calculations under a financial lease agreement can be carried out directly using information about the leasing payment schedule, sacrificing a little correctness for the sake of convenience.

In order to get an idea of ​​the real position of the company based on the financial statements, it is worth keeping in mind one more nuance: the statements of an individual group company that performs work primarily for the group companies may not be indicative

Quite a lot Russian companies at one time were separated into separate legal entities. For example, transport and sales services of companies turned into separate transport enterprises and sales houses, repair services of mining companies became independent enterprises.

It is not uncommon for enterprises created in this way to continue to work only (or primarily) for their parent company. A possible consequence of this is non-market pricing. As a result, the revenues of the company providing the services are understated, while the costs of the company receiving the services are overstated (or vice versa, depending on the purposes, including tax management). The financial analysis It makes sense to produce such companies on the basis of consolidated reporting, but not on the basis of data from individual enterprises, which are, in fact, part of a single technological process.

conclusions

Making amendments to the asset structure and eliminating illiquid assets is not difficult. The algorithm for accounting for assets received under a financial leasing agreement on the lessee’s balance sheet may seem difficult to understand and apply, but two arguments can be made in favor of studying it:

1) it allows you to fairly reflect the financial consequences of the decision to lease assets;

2) upon transition to IFRS, the use of the accounting approaches discussed above will become mandatory.

Errors in already submitted reports are far from uncommon. In this article we will tell you whether it is possible to submit an adjustment to the financial statements for the previous period, and we will determine the situations when this is necessary and when it is not necessary.

Accounting statements: adjustments after the reporting date

The procedure for making changes to an already submitted annual financial report is regulated at the legislative level, in principle, as are the rules for preparing accounting reports. Thus, Order of the Ministry of Finance dated June 28, 2010 No. 63n, or PBU 22/2010, establishes the key rules for making changes to the financial statements of an economic entity.

The action algorithm depends on the date the error was discovered, the degree of its materiality, significance, and also on whether the financial statements were approved by the owners of the company or not. Note that the adjustment of simplified financial statements is carried out by analogy.

Thus, for one situation, adjustments to financial statements are not provided, but for another, they are carried out mandatory. Let's figure out what actions an accountant should take in each case.

Rules and terms for approval of financial statements

In accordance with Law No. 402-FZ, accounting reports must be signed by the chief accountant and the head of the company. The head of the economic service must also sign if the reports contain similar information. In addition to the mandatory signing procedure, reports must be approved by the owners (proprietors, founders, shareholders) of the company.

Let us remind you that the deadline for submitting financial reports to the Federal Tax Service is March 31 of the year following the reporting year. A similar deadline is set for other regulatory government agencies, for example, Rosstat and the Ministry of Justice. At the same time, other dates have been set for the approval of financial statements. For example, the founders of an LLC must carry out approval in March or April of the year following the reporting year. But the owners joint stock companies have the right to carry out this procedure even later - from March to June inclusive.

Consequently, in most cases, information is provided to the Federal Tax Service that has not yet undergone the approval procedure regulated by Law No. 402-FZ. Thus, the question becomes logical: are adjustments to financial statements submitted after approval? The answer is categorical - no. Once the accounting records are approved by the company's owners, there is no need to make corrections.

The accountant makes corrective entries in the current period without changing the data for the reporting year. The posting is made using account 84 “Retained earnings or uncovered loss” in correspondence with the account for which a significant inaccuracy was discovered.

Date of error detection and accounting adjustments

So, we have decided that there is no need to send the amended report to the Federal Tax Service after its approval. Now let’s look at situations “before approval”; is it possible to submit an adjustment to the financial statements?

If the reporting form has not yet been approved, then adjustments must be made. However, changes should be made based on the date the error was discovered. Thus, legislators in PBU 22/2010 provided for several situations. Let's look at each of them.

Situation No. 1. An error was found before or during the preparation of financial statements.

In this case, the accountant makes adjusting entries in the reporting period. In other words, if an error is found at the time of preparation of financial statements, then the incorrect entry (operation, posting) is corrected. Consequently, the report will already be compiled correctly, and there is no need to provide a corrected version anywhere.

Situation No. 2. An inaccuracy was identified before the financial statements were submitted to the Federal Tax Service.

The annual report has been compiled, but has not yet been sent for verification to government agencies, and has not yet been submitted to the owners for approval. If an error is identified during this period, then an adjustment is necessary to normalize the financial statements. The accountant must correct the inaccuracy and reform the balance sheet. Moreover, corrective entries are made in the last month of the reporting period (December). An incorrect version of the report must be replaced with a reliable copy.

Situation No. 3. Adjustment of financial statements after submission to the tax office.

For example, a financial report is generated and sent to the Federal Tax Service. At a meeting of the company's founders, a significant inaccuracy was identified, and the report was returned to the accounting department for revision. Then the accountant corrects the error found, and also registers the corrections in accounting in December. Then it generates the financial report again, but with changes, and submits it to the founders for consideration.

At the same time, a new, corrected report is submitted to the Federal Tax Service. The reporting document forms are the same, only the corresponding adjustment number is entered in the financial statements. For example, to submit the first corrective report, enter “001” or “--1”.

Significance of errors

Note that all situations discussed above relate only to significant errors. If the accountant finds a minor blemish or inaccuracy, then, regardless of the period of discovery, corrective entries are made for the current period. That is, the previous reporting period is not affected, and new corrective financial reports are not compiled.

Therefore, is it possible to submit an adjustment to the annual financial statements if there is a minor blot? No you can not. Corrections are made only for significant errors.

An error is considered significant if, individually or in combination with other accounting indicators, it can lead to a distortion of the general idea of ​​the financial and economic position of the enterprise, as well as lead to the adoption of incorrect information. management decisions users of financial statements.

How is the significance of errors determined? The company establishes the procedure for determining materiality independently. This decision must be confirmed in accounting policy. For example, write: “an error is considered significant if its value distorts the indicator of any line of the report by more than 10%.”

How to fix it? To correct significant inaccuracies in accounting, a retrospective recalculation method is used. In other words, all financial statements indicators are subject to recalculation under the condition that the identified error would never have been committed. Note that entities maintaining simplified accounting have the right not to use the retrospective recalculation method.

How to submit adjustments to financial statements for 2019

The procedure for providing corrective financial statements depends on the final recipient, that is, on the person to whom the corrected copy of the report is addressed.

If we report to the Federal Tax Service, then act in accordance with the established algorithms for filling out reporting forms. In other words, when preparing the corrective financial report, use the same form and the same filling rules as when you initially sent information to the Federal Tax Service. Don't forget to enter the adjustment number in the (simplified) financial statements.

We discussed in detail what forms of accounting reports must be prepared, as well as the key rules for their preparation, in a separate article “Forms of accounting statements.”

How to submit accounting adjustments to the founders?

In addition to the corrected version of the reporting forms, prepare an explanatory note. In the document, disclose the following information:

• the nature of the identified error;
• the amount of deviations in monetary terms, and, if necessary, in quantitative terms;
• way to fix it.

Disclose information for each accounting item in which significant inaccuracies were identified. Such an explanatory note can be sent to the Federal Tax Service along with the adjustments.

The bone of contention: PBU 22/2010 obliges you to correct accounting statements in the event of an error, but the forms do not have fields for correction and it is not clear whether to submit “clarifications”.

Why is this important: for distortions in reporting, inspectors have the right to fine the company 10 thousand rubles (Clause 1 of Article 120 of the Tax Code of the Russian Federation).

PBU 22/2010* provides for a new procedure for correcting errors in financial statements. It is not clear from it whether it is necessary to clarify the annual reporting if an error in it was discovered after submission to the tax office. Colleagues argued about this on the forum www.forum.glavbukh.ru, but did not come to a consensus.

VERSION No. 1

THE ERROR IS CORRECTED IN THE CURRENT REPORTING

Some colleagues felt that it was not necessary to correct the balance already presented and other forms. When inaccuracies are discovered after reporting to the inspectorate and statistics service, they must be corrected during the discovery period. And if the inaccuracy relates to the previous year, then the opening balance must be changed in the balance sheet for the current period.

Only if, due to an error, the tax reporting, for example, for income tax, you need to submit updated returns for the previous year.

VERSION No. 2

AN ERROR IS REPORTED BY A HELP WITH EXPLANATION

Other participants in the discussion also came to the conclusion that there is no need to submit updated financial statements to the inspectorate. But if errors are identified, you will need to submit a special certificate to the Federal Tax Service.

You can compose it in free form. It should explain in which lines of the balance sheet and other forms of reporting errors were made and by what amount each incorrect indicator changes. This will free the company from a fine for violating accounting rules under Article 120 of the Tax Code of the Russian Federation, and the director - from administrative fine under Article 15.11 of the Code of Administrative Offenses of the Russian Federation.

VERSION No. 3

IT IS ENOUGH TO REPLACE REPORTING

Still others in the dispute believed that the balance sheet, profit and loss account and other forms could be replaced. True, this can be done only if the deadline for submitting reports has not expired, that is, 90 calendar days after the end of the year (clause 2 of article 15 Federal Law dated November 21, 1996 No. 129-FZ). After this period, errors must be corrected this year.

OPINION "UNP"

CLARIFY THE REPORTING IN THE EVENT OF A SIGNIFICANT ERROR

In its accounting policy, each company establishes which errors are significant for it and which are not. Minor errors do not require correction. And no liability is provided for this. But reports submitted with significant errors must be replaced. Provided that it has not yet been approved by the participants or shareholders. “Updates” must be submitted to both the statistics service and the tax office.

The essence of the errors must be disclosed in the revised statements. PBU 22/2010 and order of the Ministry of Finance of Russia dated 07/02/10 No. 66n do not determine how to do this. After all, the forms do not have a field for the correction number. In our opinion, the reporting must be compiled correctly, and on paper. Otherwise, those who report electronically will not be able to submit a second report. This was confirmed to us by local tax officials. The fact of errors must be recorded in an explanatory note. And attach a covering letter to the corrected statements. This will explain the reason for retaking the exam.

After approval, there is no need to clarify the reports, but significant errors must be corrected in the current reporting by recalculating the indicators of previous years (clauses 7-9 of PBU 22/2010).

Does the legislation currently provide for the provision of updated or correcting BALANCE BALANCES to the tax authorities, if suddenly the taxpayer reveals any errors in the previously provided tax authority balance sheet for previous years? Thank you. I ask for a link to Legislative Acts. Example: the State Tax Inspectorate presents the Balance Sheet for 2014 by date. In 2015, property tax returns were submitted and, as a result, data on some balance sheet lines changed (in particular residual value property at the beginning of the year.) Should I submit an updated balance sheet to the tax office, if so, where should I put the adjustment number and how often should this be done, for example, every time I provide an updated return for any tax??

An organization is required to submit updated financial statements only before their approval.

If the reporting has already been approved (based on the information provided, it has been approved), then there is no need to submit an updated balance sheet. Identified errors are corrected in the current period, and information is also disclosed in the explanations to the current statements. This procedure is established by PBU 22/2010.

Based on this, in the reporting for the period when the error was identified (2015) for the corresponding lines (residual value of fixed assets), in the column as of December 31, 2014, the organization will reflect the correct data as if the error had never occurred.

How to correct errors in accounting and financial reporting

Correction of significant errors from last year, identified after the approval of the accounting reports, also affects the balance sheet and other forms of the current year. Only when it is impossible to establish a connection between an error and a specific period, as well as to determine its impact on all previous periods, corrections will not have to be made.

Thus, in current reporting it is necessary to recalculate comparable indicators of previous periods. Do it as if the mistake had never been made. This is called a retrospective restatement. This follows from subparagraph 2 of paragraph 9 of PBU 22/2010.

An example of correcting a significant error in accounting and reporting (excessively reflected expense) by an enterprise that is not a small one. A mistake was made last year, the reporting for which was signed and approved

In March 2015, after the statements for 2014 were approved, the accountant of Alpha LLC identified an error made in the first quarter of 2014.

The accounting reflected the cost of work performed according to the act received from the contractor in March 2014, in the amount of 50,000 rubles. (without VAT). In fact, the act indicates the amount of 40,000 rubles. (without VAT). The work performed was paid to the contractor in full (RUB 40,000) in March 2014. Thus, as of December 31, 2014, Alpha had formed accounts payable in the amount of excessively written off expenses - 10,000 rubles.

The accountant recorded excessively written off expenses in the following way.

March 2015:

Debit 60 Credit 84
– 10,000 rub. – reflects the cost of the contractor’s work, erroneously attributed to expenses in the first quarter of 2014;

Debit 99 Credit 68 subaccount “Income Tax”
– 2000 rub. (RUB 10,000 * 20%) - additional income tax is charged.

Since the reporting for 2014 has already been approved, no corrections are made to it.

Therefore, the Alpha accountant reflected the result of the corrections in the reporting for 2015 in the sections where the indicators for 2014 are recorded. At the same time, he corrected the data as if the error had never occurred (if expenses in the amount of 40,000 rubles had initially been reflected). In the column for comparative indicators for 2014 along the lines of cost and profit (Report on financial results, approved by order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n), the accountant reflected the amount of 10,000 rubles. different from what appears on the same lines in the 2014 reporting for the corresponding period. In the balance sheet for 2015, the accountant recalculated the opening balances as of January 1, 2015 based on the cost of work performed specified in the act, equal to 40,000 rubles, and not 50,000 rubles. Income tax increased by 2,000 rubles.

In addition, Alpha’s accountant filed an updated income tax return for 2014.

A significant mistake may have been made more than two years ago. In this case, you need to adjust the opening balances for the relevant reporting items at the beginning of the earliest year presented. This is stated in paragraph 11 of PBU 22/2010.

If it is not possible to determine the effect of a material error on one (or more) of the preceding reporting periods presented in the financial statements, the opening balance is adjusted to the beginning of the earliest period for which restatement is possible. This situation may arise if, in order to determine the effect of an error on a previous reporting period:
– complex and (or) numerous calculations are required, during which it is impossible to identify information about the circumstances that existed at the date of the error;
– it is necessary to use information received after the date of approval of the financial statements for the previous reporting period.

This procedure is prescribed in paragraphs PBU 22/2010.

From an article in the magazine “Accounting. Taxes. Law", No. 1-2, January 2016
Should I update the balance sheet for last year?

“...We are a Limited Liability Company. We discovered an error in the balance sheet for 2014. According to our accounting policies, the error is significant. Do I need to update my reporting? If necessary, then in what form should the clarification be made?..”

There is no need to clarify the balance.

Inaccuracies in the company's reporting are corrected in the manner established by PBU 22/2010. Significant errors are corrected in the reporting for the current year or the previous one. If the organization discovered an inaccuracy before approving the balance sheet, it is necessary to correct the reporting for the previous year and submit clarifications to the inspectorate and statistics. Reporting is prepared in accordance with the form from the order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n. You must enter 1 in the adjustment field.

Reporting is approved on general meeting which is carried out no later than four months after the end of the year (Article 34 of the Federal Law of 02/08/98 No. 14-FZ). In your case, the reporting has already been approved, so the error must be corrected in the balance sheet for 2015.