When submitting financial statements, sometimes questions arise that even representatives of the tax inspection cannot answer. With the introduction of new reporting forms in 2011, the balance sheet forms have changed significantly.
Instructions
Step 1
So, for example, the line “Construction in progress” was excluded from the list of non-current assets, which previously included the costs of construction and the cost of objects that have not yet been put into operation.
In contrast, the R&D item has now appeared in the balance sheet assets. Another of the innovations is that accounts receivable are now placed on one line, without dividing into long-term and short-term, as well as without separating buyers and customers. Thus, the disclosure of the composition of the debt is now subject to the principle of materiality, according to which companies must independently decipher the significant components of any reporting indicator.
Step 2
New items were added to the “Capital and reserves” section of the balance sheet: “Treasury shares repurchased from shareholders” and “Revaluation of non-current assets”. Provisions for liabilities (previously referred to as “Provisions for contingent liabilities”) have been moved from short-term to long-term liabilities.
Step 3
The statement of off-balance sheet assets and liabilities has also been removed from the new balance sheet. However, this innovation obliges the entity to additionally disclose information about off-balance sheet transactions in an explanatory note.
Step 4
So, for any of these innovations, the question may arise: is it possible to write everything in an explanatory note, or can you add the necessary line to the balance yourself? For example, the section "Non-current assets" of the new form of the balance sheet, where now there is no line "Construction in progress". Some experts are inclined to believe that it is necessary to add the item "Construction in progress" to this line, since according to paragraph 20 of PBU 4/99, the amount of expenses for construction in progress should be included in the indicator "Fixed assets".
Step 5
Thus, adding new lines may be legal. But does it make sense to distort the form of the balance, if now it is possible to decipher individual indicators in an explanatory note? And since the explanations to the balance sheet do not have a mandatory form, all additional information can be presented in text format in an arbitrary style.
