What applies to attracted sources of long-term investments. Babaev Yu.A
Nature and types of investments
Investments are an important economic category.
The theoretical foundations of investment were laid by representatives of the neoclassical school, and were further developed in monetarism, Keynesianism, and institutionalism.
In Russian science, the term “investment” became widespread during the formation and development of market relations and with the advent of Russian market translated works of foreign authors.
Today there are many approaches to defining this term. Let's look at the most popular of them.
In a broad sense, investment is usually understood as the investment of funds (monetary, material, intangible) on certain period and with a certain risk, aimed at extracting some effect, most often financial (making a profit).
In a narrower sense, investments are identified with the investment of capital (material and technical, organizational and managerial, human, intellectual, etc.) in any economic activity, in the creation, acquisition, improvement of objects of its or other activities for their subsequent long-term operation in order to obtain a material or social effect.
Today, investments can be classified on various grounds, depending on:
- implementation period,
- the nature of participation in the investment process,
- level of investment risk, etc.
IN general view their classification is presented in Figure 1.
Depending on the period of expected return on investments, they are usually divided into two main groups: short-term and long-term. The first are carried out for a period of up to 1 year, and the second are focused on long-term investment projects for a period of more than 1 year. Thus, long-term investments are an investment of funds in order to generate profit in any investment project for a period of more than one year. Implementation long term investment is an integral part of effective business planning.
Financing long-term investments
Implementation of any investment project, including long-term, requires ensuring its financing. This is precisely the essence of investment as such - to invest money today (invest it in a project) in order to receive income in the future that exceeds the costs incurred.
Thus, before launching any investment project, it is necessary to determine the methods and sources of its financing.
Conventionally, all forms of financing long-term investment projects can be divided into traditional and modern. One way or another, they are all implemented using two main groups of sources of income financial resources:
- own funds;
- external borrowings.
Let's look at them in more detail.
Own funds
Own funds belong to the organization itself or another economic entity implementing the investment project. They are at her (his) complete disposal.
Own funds for financing long-term investment projects include:
- own capital (authorized, additional, reserve);
- net retained earnings remaining at the disposal of the enterprise upon payment of all mandatory, including tax payments;
- internal reserves of the organization;
- depreciation deductions;
- cash receipts from insurance companies, paid in the event of a risk situation.
Note 1
In addition, with a certain degree of convention, the category of own sources includes budget funds received free of charge from various levels state power(for example, subsidies and grants).
Usage own funds as a source of financing long-term investments allows us to talk about self-financing.
Note 2
As practice shows, the cost of use equity, extracted from turnover and determined by its profitability, often exceeds the cost of raising funds from outside. As a result, it is the raised funds that most often act as the main source of financing for long-term investments.
Attracted resources
In addition to our own funds, third-party capital is actively used to finance long-term investments. Conventionally, it can be divided into three groups (Figure 2).
Figure 2. External sources financing long-term investments. Author24 - online exchange of student works
Let's look at each of the groups in more detail.
Borrowed funds are monetary resources received as a loan for a certain period and subject to repayment with payment of a certain percentage for their use.
Borrowed funds consist mainly of commercial loans issued banking organizations, and bond loans. Borrowed funds also include funds provided by third-party (external) investors, both private and corporate.
Raised funds are monetary resources received on a relatively constant basis, which may practically not be returned to the owners, but for which income can be paid to the owners of these funds (for example, in the form of interest or dividends).
The most common types of funds raised are funds received through the issue of shares and other securities. economic company. Involved sources also include deposits, shares and other contributions made by individuals and legal entities in authorized capital organizations.
Finally, centralized forms of financing include budget investments, that is, funds provided from budgets of various levels (federal, regional, local) and off-budget funds. This group of sources also includes government guarantees.
Sources of financing for long-term investments can be the organizations’ own funds and attracted funds - equity participation in construction, additional contributions participants, long-term bank loans, long-term loans, extra-budgetary funds, funds federal budget, presented on a non-refundable and refundable basis. Financing of long-term investments can be carried out either from one or from several sources.
Own funds that are sources of financing long-term investments include:
profit remaining at the disposal of organizations;
depreciation charges for fixed assets and intangible assets;
funds from savings funds, insurance compensation received to cover losses and damages from insured events, etc.
The 1991 Chart of Accounts and the Instructions for its Application significantly changed the methodology for accounting for long-term investments. If previously a source of financing was created first capital investments(on the credit of the account “Financing of capital investments”) and the capital investments made were written off from the capital investments account to reduce their sources, now long-term investments are reflected only in account 08 “Capital investments” and in the accounts of materials, cash, and settlements.
Account 08 “Capital Investments” began to perform mainly the functions of a calculation account. The bulk of completed long-term investments are written off from account 08 to the debit of accounts 01 “Fixed assets” and 04 “Intangible assets”.
As fixed assets are put into operation and intangible assets sources of long-term investments recorded in the relevant accounts (88 “Retained earnings ( uncovered loss)", 92 "Long-term bank loans", 96 "Targeted financing and revenues", etc.) do not decrease.
With this methodology, it is impossible to determine sources of financing for long-term investments using the final balance of accounts 88, 96, 02 “Depreciation of fixed assets” and 05 “Depreciation of intangible assets”.
At the same time, credit turnover on accounts 02, 05, subaccount “Accumulation Funds” of account 88, account 96 for the corresponding period show newly created sources of financing long-term investments.
As noted earlier, attracted sources of financing long-term investments include long-term bank loans, long-term loans, equity participation in construction, extra-budgetary funds, federal budget funds and some others.
Long-term bank loans received are accounted for as the credit of account 92 “Long-term bank loans” and the debit of accounts 51 “Current account”, 52 “Currency account”, 55 “ Special accounts in banks”, 60 “Settlements with suppliers and contractors”, etc. For the amounts of repaid loans, account 92 is debited in correspondence with cash accounts. The procedure for lending, processing loans and repaying them is regulated by bank rules and loan agreements.
Receipts of funds from lenders (except banks) are reflected in the debit of cash accounts or other accounts and the credit of account 95 “Long-term loans”. When returning (repaying received loans), account 95 is debited and credited to cash accounting accounts.
The enterprise's expenses for paying interest on bank loans and other borrowed funds used for long-term investments are debited to account 08 “Capital investments”. Interest paid after the commissioning of fixed assets and intangible assets is subject to reduction in profit (in the debit of account 80). Interest on overdue loans is also included in this account.
When transferring funds to the main developer, it is in order equity participation in the construction of the facility transferred funds reflected in the accounts of settlements with the main developer (debit of account 76 or other accounts, credit of accounts 51, 52, etc.). After completion of construction, the inventory value of the objects is reflected in the debit of account 08 “Capital investments” (from the credit of settlement accounts), and after putting the objects into operation they are written off from account 08 to account 01 “Fixed assets”.
The parent developer's funds received in the form of equity participation are reflected in the debit of cash accounts and the credit of account 96 “Targeted financing and receipts.” Construction costs are taken into account as the debit of account 08 from the credit of the corresponding accounts (60, 76, etc.).
Upon completion of construction, the head developer receives the cost of his part of the fixed assets put into operation by debiting account 01 from the credit of account 08.
The cost of completed objects transferred to other participants is written off by the developer from the credit of account 08 to the debit of account 96.
The resulting savings according to the estimate, depending on the terms of the contract, are either returned to the participants (debit account 96, credit account 51), or are the developer’s profit (debit account 96, credit account 80 “Profits and losses”).
Financing of state centralized capital investments from federal budget funds provided on a non-refundable basis is carried out in accordance with the approved list of construction projects and facilities for federal state needs in the absence of other sources or in order state support construction of priority facilities industrial purposes with maximum attraction of own, borrowed and other funds.
Federal budget funds provided on a repayable basis to finance state centralized capital investments are allocated to the Ministry of Finance of the Russian Federation within the limits of loans issued Central Bank RF.
The Ministry of Finance of the Russian Federation sends these funds to borrowers (developers) through commercial banks in accordance with agreements concluded with these banks.
When concluding agreements to receive these funds, borrowers submit to banks extracts from the list of construction projects and facilities for federal government needs, government contracts (contractor agreements), calculations justifying the timing of commissioned production facilities reaching their design capacity, calculations of the terms for the return of issued funds and interest on him, the conclusions of the state non-departmental examination and the state environmental examination on project documentation and documents confirming the solvency of the borrower (developer) and repayment of funds.
Received commercial banks federal funds. budgets provided on a repayable basis must be used strictly for their intended purpose and cannot be credited to deposit accounts, used to provide interbank loans and purchases of freely convertible currency, or diverted into other short-term transactions.
Federal budget funds on a repayable basis are provided to borrowers secured by buildings, structures, equipment, unfinished construction projects, material assets and other property with the execution of the relevant documents provided for by the collateral legislation of the Russian Federation.
The interest rate for the use of federal budget funds provided on a repayable basis cannot exceed the rate established in the agreement between the Central Bank of the Russian Federation and the Ministry of Finance of the Russian Federation.
Financing and lending for the construction of mixed investment objects at the expense of the federal budget, the own funds of organizations, enterprises and other legal entities and individuals are carried out in the manner established by the Temporary Regulations on Financing and Lending capital construction in compliance with the proportions of spending budgetary allocations and own funds during the entire period of construction of facilities.
Financing of capital investments from the investors' own funds, as well as from the bank's own funds, is carried out by agreement of the parties.
The contracting parties independently determine the procedure for investors (customers) to deposit their own funds into bank accounts to finance capital investments, lending and mutual settlements between participants in the investment process for completed contract work and the supply of equipment, material and energy resources, and the provision of services.
Forms of payment are determined by agreements (contracts).
Funds from extra-budgetary funds and the federal budget allocated to an enterprise on a repayable or non-refundable basis are recorded as a credit to account 96 “Targeted financing and receipts” and a debit to cash accounting accounts or account 76 “Settlements with various debtors and creditors”, depending on which funds were allocated under conditions.
Targeted financing funds and targeted revenues spent in strict accordance with established budgets. When using these funds, they are written off to the debit of account 96 from the credit of accounts for accounting for materials, calculations and other accounts.
Capital investment is a widely used term in the USSR in planned economy, has been preserved mainly in modern accounting. They are interpreted by accounting as an increase outside current assets durable use for domestic consumption. Accounting for long-term investments is carried out under the item “Unfinished capital investments” and on account 08 “Investments in fixed assets».
The classification of long-term investments divides them into real and financial investment. The first group includes investments in construction projects, reconstruction and modernization of production, in the acquisition real estate, equipment, technological lines, social facilities of the enterprise, intangible assets. The period of investment in such objects must be at least one year and no more than five years.
Long-term financial investments are called acquisitions stock market, shares of authorized capital of third-party enterprises and organizations that are capable of generating long-term income for a period of more than one year. These include providing loans to third party businesses and organizations to generate income. Of such kind financial instruments have high reliability and moderate profitability.
Modern classification investment activities, divides investments according to the terms of their investment:
- Short-term investments, with an investment period of up to one year;
- Medium-term investments, with an investment period of three to five years;
- Long-term investments, with an investment period of over five years.
As we see, modern classification conflicts with classification based on conservative accounting. And although such a discrepancy does not cause serious difficulties in understanding long-term investments, it nevertheless creates confusion in terms. A similar remark applies to the term “capital investments”, instead of which the term “investments in real capital” or ““ is used.
Therefore, further interpretation of long-term investments is considered to a greater extent from the standpoint of accounting, rather than planning and managing investment processes at the enterprise.
Long-term investments of the enterprise are formed from the following sources:
- Own sources;
- Loans and credits;
- Sponsorship from legal entities and individuals.
Own sources include authorized capital, additional capital, funds formed by the enterprise, retained earnings of the enterprise from previous years, depreciation charges to the corresponding fund.
Of these, we single out profit and depreciation charges as real sources of long-term investment. Authorized and additional capital are not used for these purposes, both for economic and legal reasons. All trust funds also cannot be used for long-term investment purposes as this would be a violation financial discipline at the enterprise.
Consumption funds and accumulation funds are created from the enterprise's profits. Any long-term investment can be financed from savings funds. These funds are accumulated in account 84 “Retained earnings (uncovered loss)”. Basically, these funds finance the acquisition and construction of fixed assets, the acquisition of environmental management facilities, or simply land plots, as well as acquisitions of intangible assets. The depreciation fund at enterprises should be spent on restoring the lost value of fixed assets, but in the practice of modern enterprises it is often used for other purposes than its intended purpose.
Borrowed funds for long-term investments include loans financial institutions, loans to other legal entities and individuals on a repayable basis. In addition to them, enterprises can receive government subsidies for long-term investment projects. Targeted financing in the form of sponsorship or budgetary allocations directed to long-term investment objects is also considered as a source of long-term investment.
Financial long-term investments are financed from the same sources as real investments, but have special accounting in a synthetic account 58 " Financial investments" This account takes into account investments in shares and shares of other enterprises and organizations, debentures and debt securities(bills, receipts, etc.). Financial long-term investments are made with the free money of the enterprise in the absence of real investment projects or in crisis situations, when the demand for the products produced by the enterprise decreases.
The organization of accounting for long-term investments in an enterprise is carried out by its accounting department, and the assessment of long-term investments is carried out by the financial service of the enterprise.
The main criterion for the advisability of long-term investments is their profitability. Financial Services enterprises analyze long-term investments based on their profitability indicators given net worth and indicators internal norm profitability. Of particular importance is the internal rate of return IRR. Long-term real investments must provide long-term profitability no less than the internal rate of return of the enterprise's operating fixed assets, otherwise there would be no point in purchasing them.
The present net value indicator gives the enterprise the opportunity to estimate the size net income enterprises from long-term investments, reduced to the time of their investments or to the time of completion of the investment project.
Another indicator used to evaluate such investments is relevance cash flows from long-term investments. If cash flows from investments are constant and there are no unprofitable periods in this process, such a process is called relevant. It characterizes the sustainability of the results of long-term investments and the quality of their management. In practice, this situation does not arise so often, since only enterprises that occupy a stable position in the market and produce products with constant demand do not experience disruptions in the sale of their products from long-term investments.
In an economic sense, the concept and evaluation of long-term investment in securities differs from real investment. The line between investment and speculation is very blurry here. Many economists consider financial investments, regardless of the timing of their investments, to be speculation.
Financial long-term investments do not increase the fixed assets of the enterprise, but serve only to obtain additional income, but more attractive because they have high liquidity and a lower degree of risk than real ones. If the yield of securities decreases, the company can sell them at short time, if he considers their further preservation in his investment portfolio, which is impossible to do with real investments. The effectiveness of long-term financial investments is assessed by one indicator - profit from investments in securities.
Managing financial long-term investments is immeasurably easier than real investments. They can be managed by one specialist, or hired brokerage company. And dozens of specialists from various fields, including senior management of the enterprise, participate in the management of real investments.
It would seem, why invest in real production projects when you can earn money without leaving your chair. It's all about motivating investors. An investor who invests money in securities is motivated to make quick money, and speculative operations meet this motivation. However, the income from such investments is inconsistent, and the securities market is subject to high volatility, which does not provide confidence in the long-term stable income from investments.
The motivation of a real investor in long-term investments is the motivation of the owner of an enterprise who has the goal not only to earn money now, but to increase his capital by increasing fixed assets, create products to meet the needs of society, gain recognition from society and improve his image as a creator. This kind of motivation is recognized by society, which strengthens it even more.
Long-term investments are understood as the costs of an organization for the creation, increase in size, as well as the acquisition of non-current assets that are not intended for sale. Investments are investments by an organization of monetary resources in construction, acquisition of fixed assets and intangible assets that can be used for a long time, as well as in securities, receiving income from them in the form of dividends or interest.
If we consider investments according to the terms of their investment, then they can be long-term and short-term. Short-term investments are made for a period of up to one year (12 months), and long-term - for a period of more than a year.
Sources of long-term investments can be the organization's own funds, borrowed funds, budgetary allocations and sponsorship income from other organizations.
The organization's own funds are authorized, additional and reserve capital, funds, profits and accumulated depreciation amounts.
But in the process economic activity organizations may undergo ongoing changes financial condition, which do not require re-registration of the authorized capital. In such cases, the concept of additional capital is introduced. Additional capital includes the amount of increase in the value of the organization’s non-current assets, share premium, etc.
An important source of own funds for long-term investments of an organization can be considered the authorized capital ( authorized capital, share capital), which represents a registered constituent documents(charter of the organization) the amount of equity capital contributed by the founders in the form of cash or other property when creating the organization. Another integral part The organization's own funds serve as reserve capital. Reserve capital is the insurance capital of an organization, intended to compensate for losses and to pay income to investors or creditors if there is not enough net profit for these purposes. In organizations of different forms of ownership and types of activities, education reserve capital may be mandatory or voluntary.
Another source of financing long-term investments is profit, which is defined as the difference between the income and expenses of the organization. Organizations can create special purpose funds through deductions from net profits, i.e. from the profits remaining at their disposal, or to use the profits remaining at their disposal without the formation of various trust funds. According to their purpose, all created special funds can be divided into consumption funds and accumulation funds. Consumption funds are formed to finance social protection workers, for their material incentives, incentives, subsidies, additional payments, etc. Accumulation funds are intended for technical re-equipment, reconstruction, expansion and development of new types of products, construction and renovation of fixed production assets.
The next source of financing for long-term investments may be depreciation charges. Depreciation deductions are included in the cost of products (works, services) and are therefore part of the proceeds from sales. The proceeds, in turn, in the form of cash go to the organization's cash desk or to its accounts at bank institutions. And this money can be used to finance capital investments in fixed assets and intangible assets.
In addition to our own sources of financing long-term investments, there are also borrowed ones. Borrowed sources include bank loans and loans provided by other legal or individuals on terms of repayment.
Another source of financing for long-term investments is raised funds - targeted financing, budget allocations, sponsorship income and other funds on a non-repayable basis. In this case, funds are transferred to the organization’s accounts from the budget or another source, reflected in account 86 “Targeted financing” and show the source of financing for long-term investments according to the targeted nature of the funds received. Thus, we can distinguish three main sources of financing long-term investments - depreciation charges, bank loans, loans and targeted financing and revenues.
№ 85. Profit and profitability of the enterprise
Profit is formed as a result of the following components:
- - profit from sales of products;
- - profit from other sales;
- - profit received from non-operating operations.
Making a profit plays a big role in stimulating the development of production. Profit appears as economic category, estimated performance indicator, target, tool for calculating net income of society, source of formation of various funds. Profit reflects the totality of relations between economic entities involved in the formation and distribution of national income.
As the economic theory The definition of the concept of “profit” was constantly refined from the simplest definition - as income received from the production and sale of any product, to the concept of net profit. Currently, it is characterized from a two-sided perspective: microeconomic and macroeconomic. Profit calculation according to the existing methodology at the macro and micro levels is different. At the enterprise level, calculus is associated with the educational process, and at state level with determining the place of profit in the country's income. But in all cases it means benefit. If the enterprise operates profitably, this indicates that the buyer, purchasing goods from this particular manufacturer, receives satisfaction from the purchase, and the state can, through income taxes, support unprofitable objects and solve priority social problems. The presence of profit allows you to satisfy the economic interests of the enterprise. They consist in increasing the share of profits remaining at its disposal. Using this profit, the enterprise solves the production and social problems of its development. The interests of workers in increasing profits are associated with creating opportunities to improve material incentives and increase the level of their social development.
Profit, taking into account the differences between its expected and received level, performs the following functions:
- 1. Profit characterizes economic effect, obtained as a result of the activities of the enterprise;
- 2. Profit has a stimulating function, i.e. is an element of financial resources;
- 3. Profit is the most important source formation of budgets at different levels.
The purpose of the activities of any commercial structure in conditions market economy, ultimately, is to make a profit that can ensure its further development. Profitability is considered not only as the main goal, but also as the main condition for the business activity of an enterprise, as a result of its activities, the effective implementation of its functions to provide consumers with necessary goods in accordance with the existing demand for them.
Depending on the position of the enterprise in the market, the availability of resources, and the duration of the period, the main goal can be specified. In the long term, this will be achieving maximum profit, in the short term, the required profit for certain volumes of activity, and in all periods, ensuring the competitiveness of the enterprise. To assess the efficiency of an enterprise, it is not enough to use the profit indicator, since the presence of profit does not mean that the enterprise is working well. The absolute amount of profit does not allow us to judge the degree of profitability of a particular enterprise. Many enterprises that have received the same amount of profit have different sales volumes and different costs. Therefore, to determine the effectiveness of the costs incurred, it is necessary to use relative indicator - profitability level. Profit and profitability are closely interrelated concepts, but not identical in their analytical capabilities. It is advisable to consider profitability from two positions - as an objective economic category and as a quantitative and qualitative indicator.
As an objective economic category, profitability characterizes profitability, profitability, financial results activities of the enterprise. Profitability is a synthetic indicator that reflects many aspects of an enterprise’s activities for a certain period. In economic theory, several definitions of profitability categories are used:
- 1. Profitability;
- 2. Benefit ratio trading activities in the form of profit to the cost of the total costs of obtaining it;
- 3. Comparison of business results with costs or resources;
- 4. An integral indicator that summarizes other performance indicators.
By any definition, profitability will mean the percentage ratio of the amount of received (expected) profit to one of the indicators: volume of trade turnover, sales costs, average cost of basic and working capital, wage fund. The significance of the profitability ratio in conditions of focus on market relations is determined by the interest in it not only of the employees of one enterprise, but also by the interest of the state, counterparties, owners, creditors and borrowers. Increasing the level of profitability for the enterprise team means strengthening financial situation, and therefore, an increase in funds allocated for material stimulation of their work, for managers is information about the results of the tactics and strategy used and the feasibility of its adjustment. Owners (shareholders and founders) are interested in the profitability indicator from the point of view of the profitability of their share and founders' contributions as part of total investments. If the level of profitability increases, then the interest in the enterprise of other potential shareholders increases, and the price of shares in this case also increases. Lenders and borrowers of funds are interested in the level of profitability and its changes from the point of view of the reality of receiving interest on obligations, reducing the risk of non-repayment of borrowed funds, the client’s solvency and opportunities for its further development.
The dynamics of profitability of organizations is also studied tax services, stock exchanges, professional associations.
Financing of capital investments is carried out by investors using their own, borrowed and raised funds:
· the investor's own financial resources and on-farm reserves -
Arrived,
depreciation charges,
Cash accumulations and savings of citizens and legal entities,
Funds paid by insurance authorities in the form of compensation for losses from accidents, natural disasters, and other funds;
· borrowed financial funds of the investor or funds transferred to them -
Bonds and other funds;
· attracted financial resources from investors -
Funds received from the sale of shares
Shares and other contributions of members of labor collectives, citizens, legal entities;
Financial resources, centralized by associations (unions) of enterprises in the prescribed manner,
Funds from the federal budget and budgets of constituent entities of the Russian Federation provided on a non-refundable and repayable basis,
Funds foreign investors.
The main source of financing the organization's capital investments is its own funds in the form of authorized, reserve and additional capital, as well as profits used to expand production. TO own funds
· profit (including special purpose funds if they are formed from profits);
· depreciation charges for the complete restoration of fixed assets;
· funds paid by insurance authorities in the form of compensation for losses from accidents, natural disasters and other funds.
The organization's own sources of investment include, first of all, net profit remaining at its disposal after taxes. IN balance sheet own sources funds that can be used to make investments are reflected in section 3 “Capital and reserves” - on account 83 “Additional capital”, on account 84 “Retained earnings (uncovered loss)”.
Analytical accounting for account 83 “Additional capital” is organized in such a way as to ensure the formation of information on sources of education and areas of use of funds.
Analytical accounting for account 84 “Retained earnings (uncovered loss)” is organized in such a way as to ensure the formation of information on the areas of use of funds. At the same time, in analytical accounting the means retained earnings, used as financial security production development of the organization and other similar activities for the acquisition (creation) of new property and not yet used, may be divided.
Composed of " Additional capital» the main source of investment is share premium - the amount of the difference between the sale and par value of shares, proceeds from the sale additional shares at a price exceeding their nominal value.
The source of own funds is also depreciation charges equal to the amount of depreciation accrued for the period from the beginning current year. Depreciation charges as a source of investment are of great importance. IN modern conditions there is a need to constantly update fixed assets, which forces enterprises to accelerate the write-off of equipment in order to create savings for their subsequent investment in innovation. As a result, depreciation acquires its own forms of existence and movement and ceases to be an expression of physical depreciation of fixed capital, in this case it turns into a tool for regulating investment activity.
Depreciation charges are reflected in account 02 “Depreciation of fixed assets” and, according to the Chart of Accounts, are written off upon disposal of fixed assets.
Depreciation charges, being included in the cost of manufactured products (works, services), are included in the proceeds from the sale of these products (works, services) and are listed either in calculations or in cash accounts after receipt of money from buyers and customers. They cannot be used to purchase current assets, and therefore are used to renew fixed assets.
TO borrowed funds organizations financing capital investments include:
· bank loans, investment funds and companies, insurance companies, pension funds and other organizations;
· loans from foreign investors;
· bonded loans;
· bills of exchange.
The main legal forms of lending are regulated in three paragraphs of Chapter 42. “Loan and Credit”, Part I Civil Code RF. Rules of the loan agreement (§ 1), loan agreement(§ 2), commodity and commercial credit (§ 3).
In accordance with the Chart of Accounts, to summarize information on the state of funds received from outside to finance the activities of the enterprise through loans from the bank, other lenders (creditors), as well as other means of financing targeted activities, the following accounts are intended:
66 “Settlements for short-term loans and borrowings” and
67 “Calculations according to long-term loans and loans."
The rules for the formation in accounting of information on costs associated with the fulfillment of obligations under received loans and credits are established by PBU 15/01 approved by Order of the Ministry of Finance of the Russian Federation dated August 2, 2001 No. 60n.
In accordance with subparagraphs 12, 13, 23 of PBU 15/01, loan interest directly related to the construction of an investment asset must be included in the cost of this investment asset and repaid through depreciation, except in cases where the accounting rules do not provide for depreciation of the asset.
In accounting, it is necessary to distinguish between commercial and bank loans.
Commercial loans - loans provided by one enterprise to another. This usually involves transfer of ownership to another party sums of money or other things determined by generic characteristics, including in the form of an advance, advance payment, deferment and installment payment for goods, work, or services, unless otherwise provided by law. An advance can also be considered a form of commercial lending.
Unlike banks commercial enterprises cannot provide a loan from other people's funds temporarily at their disposal. Without a banking license, enterprises cannot engage in activities related to lending.
Accounting commercial loan is maintained on accounts 60 “Settlements with suppliers and contractors”, 62 “Settlements with buyers and customers” in the corresponding subaccounts.
Bank loan - These are funds provided by an enterprise that has a banking license (bank). Cash are issued for a certain period and for certain purposes, on a repayable basis and with the payment of interest for using the loan.
Other borrowed funds - These are funds received from the sale of shares, shares and other contributions of members of labor collectives, citizens, and legal entities. An enterprise can obtain loans in the following ways:
· obtaining short-term and long-term loans from lenders (except banks) within the country and abroad in rubles and foreign currency;
· issuance of financial bills;
· sale (issue) of short-term and long-term securities (bonds).
TO raised funds relate:
· funds of organizations from the sale of shares, housing certificates;
· charitable and other contributions;
· funds allocated by higher holding and joint-stock companies, industrial and financial groups and other organizations free of charge;
· funds transferred by way of equity participation, funds from housing cooperatives, etc.
Funds received by the head developers for the construction of production and non-production facilities from construction participants in the form of equity participation are accounted for as targeted financing and revenues.
In cases where construction is carried out by attracting cash savings and savings of individuals and legal entities, it is advisable to accumulate incoming funds.
For these purposes, account 86 “Targeted financing” is used. Account 86 is intended to summarize information on the movement of funds intended for the implementation of activities intended purpose, funds received from other organizations and individuals, budget funds and etc.
In addition, sources of financing capital investments include foreign investment provided in the form of financial or other participation in the authorized capital joint ventures, as well as in the form of direct investments international organizations, states, companies, etc.
