PBU 15 08 does not apply to. Investment assets specified

03.02.2024

Order of the Ministry of Finance of the Russian Federation dated October 6, 2008 No. 107n approved a new The provision establishing the specifics of the formation in accounting and reporting of information on expenses associated with the fulfillment by organizations of obligations on received loans and credits is PBU 15/2008 “Accounting for expenses on loans and credits,” which organizations must follow starting from the 2009 reporting.

Please note that the new PBU has a slightly different name - “Accounting for costs of loans and credits,” while the current PBU 15/01 is called “Accounting for loans and credits and the costs of servicing them.” In this regard, it seems quite logical to exclude from the PBU the provision on its non-application to interest-free loan agreements and government loan agreements based on their “cost-free” essence.

Now about the main changes in the accounting procedure

Reflection of the principal amount of debt in accounting

Now: the principal amount of the debt is taken into account in the amount of funds received, and in the event of non-fulfillment or incomplete fulfillment by the lender of the agreement, the borrower must inform about the shortfalls in the explanatory note to the annual financial statements.

Since 2009: the principal amount of the obligation is reflected in accounting as accounts payable in the amount specified in the agreement, while the provision for disclosing information about uncollected loans is retained.

Most likely, this is an inaccuracy in the wording in the new Regulations; otherwise, it is not clear how to record the actually received loan amount in accounting. For example, if a loan agreement was concluded for the amount of 200,000 rubles, and 150,000 rubles were actually received at the moment, then the following is reflected in accounting: D 51 K 76 “settlements with the lender”, for example, 150,000 rubles and at the same time D 76 “settlements with the lender" K66 "settlements on short-term loans and borrowings" 200,000 rubles?

And at the same time, the explanatory note discloses information that 50,000 rubles is our receivables under such and such a loan agreement, since there is also a provision for disclosing information about uncollected loans in the explanatory note in the new PBU.

Short-term and long-term debt of the borrower for received loans and credits

The new PBU abolishes the division in accounting of debt on received loans and credits into short-term and long-term and its further division into urgent and (or) overdue. In this regard, there are no “problems” with the accounting policy regarding the transfer of debt from long-term to short-term and with the disclosure of this information in the explanatory note to the financial statements.

In this case, information on the repayment periods of loans (credits) is subject to disclosure in the financial statements.

Composition of borrowing costs

Excluded from borrowing expenses as a separate type are interest, discount on bills and bonds payable and exchange rate differences related to interest payable.

Regarding bonds and bills, there have been no fundamental changes; interest on securities is simply not allocated to a separate group of expenses. However, you should pay attention to the fact that discount is excluded from the expenses on the bill - the difference between the amount specified in the bill and the amount of funds actually received.

As for exchange rate differences on interest, the methodological mess has simply been eliminated: funds in settlements of borrowed obligations in foreign currency are recalculated into rubles in accordance with PBU 3/2006 “Accounting for assets and liabilities, the value of which is expressed in foreign currency.” Recalculation of liabilities and reflection of exchange rate differences are regulated by a special Regulation, therefore, stipulating a separate procedure for accounting for exchange rate differences on interest on borrowed obligations in foreign currency in PBU 15/2008 would violate the subject-oriented nature of the Accounting Regulations.

Thus, borrowing costs include interest and additional expenses - expenses that are directly related to obtaining a loan.

Reflection in accounting for interest on loans

1. The new PBU places emphasis on reflecting borrowing costs separately from the principal amounts of liabilities.
The current PBU establishes that the debt on loans and borrowings received is shown taking into account the interest due at the end of the reporting period. Accrued amounts of interest are taken into account separately, guided by the Instructions for using the chart of accounts: interest payable on received loans and borrowings is reflected separately in the credit of account 66 “Settlements on short-term loans and borrowings”.

2. In accordance with the new PBU, borrowing costs are reflected in accounting and reporting in the period to which they relate. They are included in other expenses evenly, regardless of the terms of the loan or credit.

In the above norm, we draw your attention to the emerging principle of uniform inclusion of interest in expenses. Compared to the current norm, the contradiction has been eliminated: clause 12 of PBU 15/01 states that interest is recognized as an expense for the period in which it was incurred, and clause 14 states that interest is accrued and included in expenses in accordance with concluded loan (credit) agreements, regardless of when the expenses are actually incurred.

Thus, the procedure for reflecting interest in accounting as expenses is normatively regulated - evenly in the period to which interest expenses relate, i.e. at the end of each reporting month.
For additional expenses, the borrowing organization retains the right to choose: either to be calculated at a time in the period in which the expenses were incurred, or to be included in other expenses evenly throughout the loan term.

Interest on loans and borrowings used to make advance payments

The provision on attributing expenses for servicing loans and credits to the increase in accounts receivable if the organization uses the borrowed funds to make advance payments for inventories, other valuables, works, services or issuing advances and deposits to pay for them.

Inclusion of interest in the value of an investment asset

Much of the new PBU is devoted to the inclusion of borrowing costs in the cost of an investment asset.
The definition of an investment asset has not undergone significant changes. PBU 15/2008 also formulates (in slightly different words) three conditions that must be met when including interest in the cost of an investment asset.

We draw your attention to the fact that if depreciation is not subsequently charged on an investment asset, interest on borrowed obligations, compared to the current procedure, will regardless be included in the cost of such an asset.

The “legacy of the Soviet planned economy” has been removed in the form of the following provision of PBU 15/01: the temporary use of borrowed funds received for the purchase of an investment asset as financial investments can only be carried out in the event of a direct reduction in the costs associated with financing the investment asset, for example, a decrease in prices for construction materials and equipment, delays in the implementation of certain types (stages) of work by subcontractors, and other similar reasons.

The main change in the procedure for including interest in the cost of an investment asset affected the situation when funds from loans (credits) received for other purposes are spent on the acquisition or construction of an asset.

Now the calculation is made from the weighted average rate, determined by the amount of all loans and credits remaining outstanding during the reporting period.

New orderok calculation is based on the assumptions that the rates on all loans (credits) are the same and do not change during the reporting period and that work on the acquisition and construction of an investment asset continues after the reporting period. At the same time, a reservation is made that the organization may use other calculations based on other assumptions.

What is the Ministry of Finance offering us now?

Example.

In the reporting period, we received 200,000 rubles of borrowed funds, of which 50,000 rubles were for general purposes (not related to the acquisition or construction of an investment asset). The balance of unused borrowed funds at the beginning of the period was 100,000 rubles, of which 30,000 rubles were for general purposes. In total, in the reporting period we spent 250,000 rubles on the acquisition of an investment asset (of which 30,000 rubles were from borrowed funds for general purposes: 250,000 - (200,000-50,000+100,000-30,000)).

Now we calculate the interest accruing on these 30,000 rubles spent “in the wrong place,” i.e. for the purchase of an investment asset:

Let’s say the total amount of interest to be accrued in the reporting period is 10,000 rubles, of which 3,000 rubles are for general purposes, then
% = (3,000x30,000)/80,000 (balance for general purposes 30,000 plus received for general purposes 50,000) = 1,125 rubles.

Please note that the denominator does not take into account the entire amount of loans, but only the amount of non-targeted loans!
Thus, the cost of the investment asset must be included in the reporting period in the amount of interest in the amount of 8,125 rubles ((10,000-3,000)+1,125).

In general, it should be noted that PBU 15/2008 did not introduce any “revolutionary” changes into the life of an accountant. The regulations have become more concise and well structured. The existing contradictions have been eliminated, the norms of the Regulations have become more defined.

(approved by order of the Ministry of Finance of Russia dated October 6, 2008 No. 107n)

I. General provisions

1. This Regulation establishes the specifics of the formation in accounting and financial statements of information on expenses associated with the fulfillment of obligations on loans received (including raising borrowed funds by issuing bills, issuing and selling bonds) and loans (including commodity and commercial), organizations that are legal entities under the legislation of the Russian Federation (with the exception of credit organizations and budgetary institutions).

2. The principal amount of the obligation for the loan (credit) received is reflected in the accounting records of the borrowing organization as accounts payable in accordance with the terms of the loan agreement (credit agreement) in the amount specified in the agreement.

3. Expenses associated with fulfilling obligations under received loans and credits (hereinafter referred to as loan expenses) are:

interest due to the lender (creditor);
additional borrowing costs.

Additional borrowing costs are:

amounts paid for information and consulting services;
amounts paid for the examination of a loan agreement (credit agreement);
other expenses directly related to obtaining loans (credits).

4. Loan expenses are reflected in accounting separately from the principal amount of the obligation for the loan (credit) received.

5. Repayment of the principal amount of the obligation for a loan (credit) received is reflected in the accounting records of the borrowing organization as a reduction (repayment) of accounts payable.

II. Procedure for accounting for borrowing costs

6. Loan expenses are reflected in accounting and reporting in the reporting period to which they relate.

7. Borrowing expenses are recognized as other expenses, with the exception of that part of them that is subject to inclusion in the cost of the investment asset.
The cost of an investment asset includes interest payable to the lender (creditor) directly related to the acquisition, construction and (or) production of the investment asset.
For the purposes of these Regulations, an investment asset is understood as an object of property, the preparation of which for its intended use requires a long time and significant expenses for acquisition, construction and (or) production. Investment assets include objects of work in progress and construction in progress, which will subsequently be accepted for accounting by the borrower and (or) customer (investor, buyer) as fixed assets (including land), intangible assets or other non-current assets.

8. Interest payable to the lender (creditor) is included in the cost of the investment asset or other expenses evenly, as a rule, regardless of the terms of the loan (credit). Interest payable to the lender (creditor) may be included in the cost of the investment asset or as part of other expenses based on the terms of the loan (credit) in the case where such inclusion does not differ significantly from equal inclusion. Additional borrowing costs may be included evenly as part of other expenses during the term of the loan (loan agreement).

9. Interest payable to the lender (creditor) is included in the cost of the investment asset if the following conditions are met:

a) expenses for the acquisition, construction and (or) production of an investment asset are subject to recognition in accounting;
b) borrowing costs associated with the acquisition, construction and (or) production of an investment asset are subject to recognition in accounting;
c) work has begun on the acquisition, construction and (or) production of an investment asset.

10. Interest payable to the lender (creditor) associated with the acquisition, construction and (or) production of an investment asset is reduced by the amount of income from the temporary use of funds received from loans (credits) as long-term and (or) short-term financial investments.

11. When the acquisition, construction and (or) production of an investment asset is suspended for a long period (more than three months), interest payable to the lender (creditor) ceases to be included in the cost of the investment asset from the first day of the month following the month of suspension of the acquisition, construction and/or manufacturing of such an asset.
During the specified period, interest payable to the lender (creditor) is included in other expenses of the organization.
When renewing the acquisition, construction and (or) production of an investment asset, interest payable to the lender (creditor) is included in the cost of the investment asset from the first day of the month following the month of resumption of acquisition, construction and (or) production of such an asset.
The period during which additional approval of technical and (or) organizational issues that arose in the process of acquisition, construction and (or) production of an investment asset is not considered a period of suspension of the acquisition, construction and (or) production of an investment asset.

12. Interest payable to the lender (creditor) ceases to be included in the cost of the investment asset from the first day of the month, following the month of termination of the acquisition, construction and (or) production of the investment asset.

13. If an organization begins to use an investment asset for the manufacture of products, performance of work, provision of services despite the incompleteness of work on the acquisition, construction and (or) production of the investment asset, then the interest due for payment to the lender (creditor) ceases to be included in the cost of such an asset from the first day of the month following the month in which the investment asset began to be used.

14. If funds from loans (credits) received for purposes not related to such acquisition, construction and (or) production are spent on the acquisition, construction and (or) production of an investment asset, then the interest payable to the lender (creditor) ), are included in the cost of the investment asset in proportion to the share of these funds in the total amount of loans (credits) payable to the lender (creditor), received for purposes not related to the acquisition, construction and (or) production of such an asset.

An example of calculating the share of interest payable to the lender (creditor) to be included in the cost of an investment asset

Indicator	Amount of loans (credits), rub.
	Total	including
	Total	for the acquisition, construction and (or) production of an investment asset	for common purposes
Balance of unused loans (credits) at the beginning of the reporting period	10000		4000
Loans (credits) received during the reporting period	40000		10000
Total loans (credits) in the reporting period	50000		14000
Interest to be accrued in the reporting period	10800		1700
Loans (credits) spent in the reporting period	48000		4000

Loans (credits) spent in the reporting period on the acquisition, construction and (or) production of an investment asset from loans (credits) received for general purposes: 8000 = (44000 – 36000).

The amount of interest payable to the lender (creditor) for loans (credits) received for general purposes, to be included in the value of the investment asset: 971 = (1700 × 8000)/14000.

Total amount of interest payable to the lender (creditor), subject to inclusion in the value of the investment asset:
10071 = (9100 + 971).

Note for example:

The amount of interest payable to the lender (creditor), subject to inclusion in the cost of the investment asset, must not exceed the total amount of interest payable to the lender (creditor), organization in the reporting period.
When calculating the share of interest payable to the lender (creditor) to be included in the cost of the investment asset, the amount of loans (credits) received for the acquisition, construction and (or) production of the investment asset is excluded from the total amount of loans (credits).
The amount of interest payable to the lender (creditor), subject to inclusion in the cost of several investment assets, is distributed among investment assets in proportion to the amount of loans (credits) included in the cost of each investment asset.
The calculation of the share of interest on loans to be included in the cost of the investment asset given in this example is based on the following assumptions:
- a) rates on all loans (credits) are the same and do not change during the reporting period;
- b) work on the acquisition, construction and (or) production of an investment asset continues after the end of the reporting period.
Calculations made by organizations may be based on different assumptions.

15. Interest on a bill of exchange payable by the organization by the drawer of the bill is reflected separately from the bill amount as accounts payable.
Accrued interest on the bill amount is reflected by the drawer organization as part of other expenses in those reporting periods to which these accruals relate, or evenly throughout the period for repayment of borrowed funds stipulated by the bill.

16. Interest and (or) discount on a bond due for payment by the issuing organization is reflected separately from the face value of the bond as accounts payable. Accrued interest and (or) discount on a bond are reflected by the issuing organization as part of other expenses in the reporting periods to which these accruals relate, or evenly throughout the term of the loan agreement.

III. Disclosure of information in financial statements

17. At a minimum, the following information is subject to disclosure in the organization’s financial statements:

on the presence and change in the amount of obligations under loans (credits);
on the amounts of interest due to the lender (creditor), subject to inclusion in the value of investment assets;
on the amounts of borrowing expenses included in other expenses;
on the amount, types, repayment terms of issued bills of exchange, issued and sold bonds;
on the repayment terms of loans (credits);
on the amounts of income from the temporary use of funds from a received loan (credit) as long-term and (or) short-term financial investments, including those taken into account when reducing loan costs associated with the acquisition, construction and (or) production of an investment asset;
on the amounts of interest included in the cost of the investment asset and payable to the lender (creditor) for loans taken for purposes not related to the acquisition, construction and (or) production of the investment asset.

18. In case of non-fulfillment or incomplete fulfillment by the lender of the loan agreement (credit agreement), the borrower organization discloses in the explanatory note to the annual financial statements information about the amounts of loans (credits) shortfall in comparison with the terms of the loan agreement (loan agreement).

Coming into force on January 1, 2002, PBU 15/01 “Accounting for loans and credits and the costs of servicing them,” approved by Order of the Ministry of Finance of Russia dated August 2, 2001 No. 60, changes the procedure for accounting for the organization’s obligations. The degree of significance of the introduced innovations makes it necessary to comment on this document in the light of the possible practice of its application. The article presented to the attention of readers, prepared by Mikhail Lvovich Pyatov, Candidate of Economic Sciences (St. Petersburg State University), is devoted to consideration of the practical content of the norms of PBU 15/01.

Getting a loan;

Issue of bonds.

Effect of PBU 15/01 "Accounting for loans and credits and the costs of servicing them"

Paragraph 1 of PBU 15/01 outlines the range of issues that fall within the scope of its rules. According to PBU 15/01, it establishes the rules for the formation in accounting of information on the costs associated with fulfilling obligations on loans and credits received (including commodity and commercial loans), including raising borrowed funds by issuing bills, issuing and selling bonds for organizations that are legal entities under the legislation of the Russian Federation (with the exception of credit organizations and budgetary institutions).

Thus, for accounting purposes, PBU, as it were, puts an equal sign between the following transactions of organizations:

Getting a loan;

Obtaining a trade loan;

Obtaining a commercial loan;

Issuance of a promissory note or bill of exchange;

Issue of bonds.

From the standpoint of civil legislation, all of the listed business transactions are completely independent transactions that differ in their legal content. Let us remind you that in accordance with Art. 819 of the Civil Code of the Russian Federation, under a loan agreement, a bank or other credit organization (lender) undertakes to provide funds (loan) to the borrower in the amount and on the terms stipulated by the agreement, and the borrower undertakes to return the amount of money received and pay interest on it.

According to Art. 807 of the Civil Code of the Russian Federation, under a loan agreement, one party (the lender) transfers into the ownership of the other party (borrower) money or other things determined by generic characteristics, and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal number of other things received by him same kind and quality.

Article 822 of the Civil Code of the Russian Federation regarding a trade credit transaction establishes that the parties may enter into an agreement providing for the obligation of one party to provide the other party with things defined by generic characteristics (commodity loan agreement). And, unless otherwise specifically provided for by such an agreement, the rules on the loan agreement apply to such an agreement.

In accordance with Article 823 of the Civil Code of the Russian Federation, contracts, the execution of which is associated with the transfer to the ownership of another party of sums of money or other things determined by generic characteristics, may provide for the provision of a loan, including in the form of an advance, advance payment for goods, work or services (commercial credit), unless otherwise provided by law. Accordingly, the rules of Chapter 42 “Loan and Credit” of the Civil Code of the Russian Federation also apply to a commercial loan, but under the conditions of a dispositive action, i.e. only in the case where “otherwise is not provided for by the rules of the contract from which the corresponding obligation arose and does not contradict the essence of such obligation.”

The Civil Code of the Russian Federation defines the issuance of a bill or bond as a type of loan agreement.

According to Art. 815 of the Civil Code of the Russian Federation, in cases where, in accordance with the agreement of the parties, the borrower issued a bill of exchange certifying the unconditional obligation of the drawer (promissory note) or another payer specified in the bill of exchange (bill of exchange) to pay upon the arrival of the period stipulated by the bill the amounts borrowed, the relationship of the parties on a bill of exchange are regulated by the law on bills of exchange and promissory notes. At the same time, a special rule determines that from the moment the bill of exchange is issued, the rules established by the Civil Code regarding the loan agreement “can be applied to these relations insofar as they do not contradict the law on bills of exchange and promissory notes.” Consequently, considering bill transactions as a borrowed transaction, the Civil Code includes the relations of participants in a bill of exchange in a special area of bill of exchange legislation, headed by the Law of the Russian Federation of March 11, 1997 No. 48-FZ “On Bills of Exchange and Promissory Notes”.

In accordance with Article 816 of the Civil Code of the Russian Federation, in cases provided for by law or other legal acts, a loan agreement can be concluded by issuing and selling bonds. According to the Civil Code, a bond is a security that certifies the right of its holder to receive from the person who issued the bond, within the period specified by it, the nominal value of the bond or other property equivalent. The bond also provides its holder with the right to receive a fixed percentage of the nominal value of the bond, or other property rights. At the same time, Article 816 of the Civil Code of the Russian Federation specifically states that the rules of the Civil Code on loans “apply to the relationship between the person who issued the bond and its holder insofar as otherwise is not provided by law, or in the manner established by it.”

Thus, we repeat that all of the listed transactions have a different civil law nature, however, for accounting purposes, PBU 15/01 applies uniform rules of interpretation to them. Here, the effect of the requirement laid down in PBU 1/98 “Accounting Policy of an Organization” for the priority of content over form is manifested most clearly, according to which the accounting policy of the organization must ensure “reflection in accounting of the facts of economic activity based not so much on their legal form, but on the economic content facts and business conditions."

Separately, paragraph 2 of PBU 15/01 emphasizes that the Regulations do not apply to interest-free loan agreements and government loan agreements.

Regarding the “procedure for accounting for debt on received loans, credits, issued borrowed obligations” defined by PBU 15/01, first of all, it must be taken into account that the Regulations separately establish the accounting rules for the so-called “principal amount of debt” and “costs for received loans and credits”, then There is interest on borrowed debt obligations, interest and discount on debt securities, additional costs associated with obtaining loans and credits and issuing and placing debt obligations.

Regarding the principal amount of the debt, paragraph 3 of PBU 15/01 establishes a rule according to which it (the debt on a loan and/or credit received from the lender) is taken into account by the borrowing organization in accordance with the terms of the loan agreement or credit agreement in the amount of funds actually received or in valuation of other things provided for in the contract.

Accordingly, when receiving funds from the lender for their amount in the organization’s accounting, a posting is made to the debit of the cash accounts and the credit of the accounts of loans and borrowings:

Debit 50 “Cash”, 51 “Cash accounts”, 52 “Currency accounts” Credit 66 “Settlements for short-term loans and borrowings” or 67 “Settlements for long-term loans and borrowings”.

In the case of receiving from the lender or under an agreement a trade credit or a loan provided by material assets, tangible assets in the amount of their valuation stipulated by the agreement, an entry is made in the debit of the accounts of the relevant property and the credit of the accounts of credits and loans:

Debit 10 “Materials”, 41 “Goods” Credit 66 “Settlements for short-term loans and borrowings” or 67 “Settlements for long-term loans and borrowings”.

Trade credit or loan (PBU 15/01)

In the case of a trade credit or a loan provided by material assets, paragraph 3 of PBU 15/01 calls the “valuation of things provided for in the contract” as the amount of assessment of these facts of economic activity. Thus, it is the contract that is considered in this case as the primary document, serving, along with the documents documenting the actual transfer of assets, as the basis for an accounting entry. And here the following question of a purely practical nature arises: the valuation amounts of material assets transferred to the borrower, specified in the agreement and the invoice for their transfer, may not coincide. Which of these amounts, in light of the requirements of clause 3 of PBU 15/01, should be considered as the basis for an accounting entry? This issue must be resolved based on the provisions of the Federal Law of November 21, 1996 No. 129-FZ “On Accounting”. According to paragraph 2 of Art. 1 of this law, the objects of accounting are the property of organizations, their obligations and business transactions. In accordance with paragraph 1 of Art. 9 of the law, all business transactions carried out by an organization must be documented with supporting documents, which serve as primary accounting documents on the basis of which accounting is carried out.

The fact that an organization concludes a trade credit agreement or a loan provided by material assets is not a business transaction reflected in accounting. The very fact of economic activity - the transfer of property - is documented by the invoice, and, therefore, it is the amount indicated in the invoice, if it diverges from the valuation of things specified in the loan (commodity credit) agreement, that should serve as the basis for accounting entries.

According to clause 4 of PBU 15/01, the borrower organization takes into account the debt on the principal amount of the debt at the time of the actual transfer of money or other things and reflects it as accounts payable.

In case of non-fulfillment or incomplete fulfillment by the lender of the loan agreement and (or) credit agreement, the borrowing organization provides information about the shortfalls in the explanatory note to the annual financial statements.

Long-term and short-term debt on loans and credits (PBU 15/01)

Paragraph 5 of PBU 15/01 introduces two grounds for classifying debt for received loans and credits that are significant for accounting purposes:

1) by maturity and

2) according to the degree of timeliness of repayment.

Based on the repayment period, PBU 15/01 divides “the debt of the borrower to the lender for loans and credits received” into short-term And long-term; according to the degree of timeliness of repayment - by urgent And overdue. According to PBU, for the purposes of applying its norms:

Short-term debt is considered to be debt on received loans and credits, the repayment period of which, according to the terms of the agreement, does not exceed 12 months;

Long-term debt is considered to be debt on received loans and credits, the repayment period of which, according to the terms of the agreement, exceeds 12 months;

Urgent debt is considered to be debt on received loans and credits, the repayment period of which, according to the terms of the agreement, has not come or has been extended (prolonged) in the prescribed manner;

Overdue debt is considered to be debt on received loans and credits whose repayment period has expired according to the terms of the agreement.

If the very division of an organization’s obligations into long-term and short-term is not at all new for accounting practice, then the scheme for its methodological implementation when reflecting credit and borrowing transactions in the accounting accounts is absolutely revolutionary.

Paragraph 6 of PBU 15/01 reads as follows: “In accordance with the accounting policy established in the borrower’s organization, the borrower may transfer long-term debt into short-term debt or take into account borrowed funds at his disposal, the repayment period of which under the loan or credit agreement exceeds 12 months, before expiration specified period, as part of long-term debt.

When choosing the first option, the transfer of long-term debt on received loans and credits to short-term debt is carried out by the borrowing organization at the moment when, according to the terms of the loan and (or) credit agreement, 365 days remain until the repayment of the principal amount of the debt."

According to the Instructions for the application of the Chart of Accounts for accounting financial and economic activities by an organization, approved. By order of the Ministry of Finance of Russia dated October 31, 2000 No. 94n, account 66 “Settlements on short-term loans and borrowings” is intended to summarize information on the status of short-term (for a period of no more than 12 months) loans and borrowings received by the organization. To summarize information on the status of long-term (for a period of more than 12 months) loans and borrowings received by the organization, account 67 “Settlements for long-term loans and borrowings” is intended.

Consequently, when receiving a credit or loan for a period of more than 12 months, an entry must be made in the accounting of the borrower organization by debiting the account for accounting for cash or other valuables received and crediting account 67 “Settlements for long-term loans and borrowings.” Accordingly, when receiving a loan for a period of 12 months or less, the borrower makes a similar entry in the loan correspondence from accounts 66 “Settlements for short-term loans and borrowings.”

At the same time, in accordance with clause 4 of PBU 4/99 "Accounting statements of an organization", approved. By order of the Ministry of Finance of Russia dated July 6, 1999 No. 43n, the balance sheet must characterize the financial position of the enterprise precisely as of the reporting date. Paragraph 19 of PBU 4/99 specifically establishes that in the balance sheet, assets and liabilities must be presented with a division depending on the maturity period into short-term and long-term. At the same time, according to PBU "Accounting statements of an organization", assets and liabilities are presented as short-term if the circulation (repayment) period for them is no more than 12 months after the reporting date (emphasis added by us - M.P.), or the duration of the operating cycle if it exceeds 12 months. All other assets and liabilities are presented as non-current.

Hence, as a general rule, an obligation that originally arose with a maturity of more than 12 months, the maturity of which remains less than 12 months at the reporting date, must be demonstrated in the balance sheet, and, therefore, reflected in the accounting accounts as short-term.

At the same time, with regard to the obligations of organizations for received loans and borrowings, PBU 15/01 makes this immutable rule dispositive, treating it as the subject of the accounting policy of organizations. Thus, starting with reporting for 2002, organizations have the opportunity, by setting in their accounting policies the option of accounting for liabilities for loans and borrowings received for a period of more than a year in account 67 “Settlements for long-term loans and borrowings” before their maturity, to actually veil the balance sheet, unjustifiably understating the volume of short-term liabilities. Thus, the solvency ratios of the organization determined based on such balance sheet data will be unjustifiably inflated.

If the organization, in its accounting policy order, establishes a method for accounting for obligations on long-term loans and borrowings, which involves “transferring long-term debt into short-term debt,” from the date from which 12 months will remain until the maturity date of the corresponding debt of the organization, in its amount, including accrued interest must be recorded:

Debit 67 “Settlements for long-term loans and borrowings” Credit 66 “Settlements for short-term loans and borrowings.”

Accounting for overdue debt on loans and credits according to PBU 15/01

Paragraph 6 of PBU 15/01 also establishes that the borrower organization, upon expiration of the payment period, is obliged to ensure the transfer of urgent debt to overdue.

The transfer of urgent short-term and (or) long-term debt on received loans and credits to overdue is carried out by the borrower organization on the day following the day when, under the terms of the loan and (or) credit agreement, the borrower was supposed to repay the debt amount.

And here the question also arises about the methodological implementation of such a “transfer” of the organization’s debts.

If in the Chart of Accounts approved by Order of the USSR Ministry of Finance dated November 1, 1991 No. 56, a special account 63 “Calculations on claims” was allocated, intended to summarize information about the organization’s overdue obligations, then the Chart of Accounts for the accounting of the financial and economic activities of the organization approved by the order The Ministry of Finance of Russia dated October 31, 2000 No. 94n does not provide for a separate account for these purposes. In accordance with the new chart of accounts, settlements on the organization’s claims are recorded on a separate subaccount 2 “Settlements on claims” to account 76 “Settlements with various debtors and creditors”.

Thus, after the expiration of the repayment period established by the terms of the agreement for the obligations received on loans and credits in cases of non-payment of the debt, an entry must be made for its amount, taking into account the interest due for payment:

Debit 66 “Settlements for short-term loans and borrowings” or 67 “Settlements for long-term loans and borrowings” Credit 76 “Settlements with various debtors and creditors”, subaccount 2 “Settlements for claims”.

However, this entry, formally meaning the transfer of the organization’s obligations for loans and credits to the category of “overdue,” actually makes information about the object of these debts not determined on the basis of the balance sheet itself.

Accounting for foreign currency loans and borrowings according to PBU 15/01

The following requirement of PBU “Accounting for loans and credits and the costs of servicing them” also requires special interpretation. According to paragraph 9 of the Regulations, the debt on a loan provided to a borrower and (or) a credit received or denominated in foreign currency or conventional monetary units is taken into account by the borrower in ruble valuation at the rate of the Central Bank of the Russian Federation in effect on the date of the actual transaction (provision of a credit, loan, including placement of loan obligations), and in the absence of the exchange rate of the Central Bank of the Russian Federation, at the rate determined by agreement of the parties.

Firstly, in this norm, PBU combines, for the purpose of determining accounting rules, loans and credits received in foreign currency (1) and loans and credits, the debt for which is expressed in foreign currency or in conventional monetary units (2).

In the first case (when an organization receives a loan or credit in foreign currency), a currency transaction takes place, that is, a transaction with the assets and liabilities of the organization, the value of which is expressed in foreign currency (clause 1 of PBU 3/2000 “Accounting for assets and liabilities, the value of which expressed in foreign currency", approved by order of the Ministry of Finance of Russia dated January 10, 2000 No. 2n).

In the second case, when the loan or credit is actually received in rubles, and the obligation (ruble obligation) of the borrower is “tied” to a certain amount in currency or in conventional monetary units, a business transaction takes place, subject to Art. 317 of the Civil Code of the Russian Federation. Let us remind you that according to clause 2 of Art. 317 of the Civil Code of the Russian Federation, a monetary obligation expressed in rubles, including an obligation under a loan or credit agreement, may stipulate that it is payable in rubles in an amount equivalent to a certain amount in foreign currency or in conventional monetary units. In this case, the amount payable in rubles is determined at the official exchange rate of the relevant currency or conventional monetary units on the day of payment, unless a different rate or another date for its determination is established by law or by agreement of the parties.

With regard to both the first and second of these situations, paragraph 9 of PBU 15/01 establishes the same rules for accounting for obligations as indicated above.

This rule contradicts the norms of the current legislation on the operations in question in both the first and second cases.

In situation 1 (that is, when receiving a foreign currency loan or loan), the general rule of paragraph 2 of Article 11 of the Federal Law of November 21, 1996 No. 129-FZ “On Accounting” applies, according to which accounting for the organization’s foreign currency accounts and transactions in foreign currency is carried out in rubles based on foreign currency conversion at the exchange rate of the Central Bank of the Russian Federation on the date of the transaction. This rule excludes the possibility of accounting for the organization’s foreign currency obligations “at the rate determined by agreement of the parties” (clause 9 of PBU 15/01) and, therefore, as contrary to the law, this rule of PBU 15/01, which establishes, as it were, a second option for assessing foreign currency obligations on loans and loans should not be applied in practice.

In the second case - when receiving a ruble loan or credit, the obligation for which is “tied” to an amount in foreign currency or monetary units, the assessment at the rate of the Central Bank of the Russian Federation will coincide with the amount of the obligation, that is, with the actual amount of debt to the creditor, only in if the parties to the loan or credit agreement also established the conversion rate for the amount in foreign currency as the corresponding rate of the Central Bank of the Russian Federation. Otherwise, the amount of debt calculated according to the rules established by paragraph 9 of PBU 15/01 will not correspond to the real amount of the obligation. According to the general rule established by paragraph 2 of Article 1 of the Law “On Accounting”, the objects of accounting are liabilities, and, therefore, the organization’s calculations must be recorded on the accounting accounts in the amounts due for receipt or payment at a specific point in time.

Therefore, if, for example, an organization receives a loan in the amount of 300,000 rubles under an agreement in which the obligation in the principal amount of the debt is defined as an amount in rubles equivalent to 10,000 US dollars, based on the exchange rate of 30 rubles for 1 US dollar, and at the same time the moment the money is received, the ruble exchange rate against the dollar, established by the Central Bank of the Russian Federation, is 28.9 rubles per dollar record

Debit 51 “Current accounts” Credit 66 “Settlements for short-term loans and borrowings” or 67 “Settlements for long-term loans and borrowings”

in the accounting records of the borrower organization should be made not for 28,900, but for 300,000 rubles.

Accounting for loan repayment according to PBU 15/01

Clause 10 of PBU 15/01 establishes that the return by the borrower organization of the loan received from the lender, including placed loan obligations (principal amount of the debt), is reflected in the borrower's accounting records as a reduction (repayment) of the specified accounts payable.

In this case, the following entry is made in the accounting records of the borrower organization:

Debit 66 “Settlements for short-term loans and borrowings” or 67 “Settlements for long-term loans and borrowings” Credit 51 “Cash accounts”, 52 “Currency accounts” or 50 “Cash” - the amount of funds actually transferred to the lender.

Accounting for borrowing costs according to PBU 15/01

The third section of PBU 15/01 determines the composition and procedure for recognizing borrowing and credit costs in accounting. Paragraph 11 of PBU 15/01 defines this concept, providing a list of specified costs that may arise for the borrower organization.

According to the Regulations, costs associated with obtaining and using loans and credits include:

Interest payable to lenders and creditors on loans and credits received from them;

Interest, discount on bills and bonds due for payment;

Additional costs incurred in connection with obtaining loans and credits, issuing and placing debt obligations;

Exchange rate and amount differences related to interest payable on loans and credits received and denominated in foreign currency or conventional monetary units, arising from the moment interest is accrued under the terms of the agreement until their actual repayment (transfer).

Paragraph 12 of PBU 15/01 introduces a general rule according to which the costs of loans and credits received must be recognized as expenses for the period in which they were incurred, with the exception of that part of them that is subject to inclusion in the cost of the investment asset. At the same time, it is established that for the purposes of the Regulation, an investment asset is understood as an object of property, the preparation of which for its intended use requires significant time.

This rule requires special explanation, since PBU 15/01 does not establish a criterion for the degree of “significance” of time to prepare for the intended use of a property, on the basis of which this object could be classified as an investment asset.

According to paragraph 13 of PBU 15/01, investment assets include fixed assets, property complexes and other similar assets that require a lot of time and costs for acquisition and (or) construction. The specified objects purchased directly for resale are accounted for as goods and are not classified as investment assets.

Thus, the only tangible asset that is not directly classified as an investment asset by PBU 15/01 is the organization’s goods, reflected in account 41 “Goods”. Consequently, if the condition of the duration of the production cycle is met (the significance of the time it takes), having stipulated this in the order on accounting policies, the organization, guided by the definitions of paragraphs 12 and 13 of PBU 15/01, can classify as investment assets the manufactured products reflected in account 43 “Finished products".

Let us remind you that, according to the instructions for using the new chart of accounts, expenses recorded on account 26 “General business expenses” are written off, in particular, to the debit of accounts 20 “Main production”, 23 “Auxiliary production”, 29 “Service production and farms”. And only when the appropriate procedure is established in the order on the accounting policy of the organization, “the specified expenses as semi-fixed ones can be written off as a debit to account 90 “Sales.” Accordingly, if the organization in its accounting policy defines finished products as an investment asset, attributing at In this case, the amount of accrued interest on received loans and borrowings is not to account 91 “Other income and expenses”, but to the debit of account 26 “General business expenses”, with the subsequent write-off of their amounts to account 20 “Main production”, the corresponding share of these interests will be capitalized in the amounts of assessment of balances of work in progress and finished products in the warehouse. Thus, by increasing the assessment of working capital and the amount of profit, the organization can methodologically achieve an improvement in solvency and profitability indicators. It is important to note that in this case the amount of taxable profit of the organization will not change at all, since in accordance with. Clause 1 of Article 318 of the Tax Code of the Russian Federation, the amount of interest on loans and borrowings for the purposes of calculating and paying corporate income tax refers to indirect expenses, that is, expenses that in full reduce the amount of taxable profit.

As for interest on loans and borrowings attributed to the operating expenses of the organization, their accrual in accordance with the new chart of accounts should be reflected in the accounting records of the borrower organization by entries in the debit of account 91 “Other income and expenses”, subaccount 2 “Other expenses” and credit accounts 66 “Settlements for short-term loans and borrowings” or 67 “Settlements for long-term loans and borrowings”.

Paragraph 14 of PBU 15/01 determines that the inclusion of borrowing and credit costs in current expenses is carried out in the amount of payments due in accordance with the loan and credit agreements concluded by the organization, regardless of the form in which and when these payments are actually made. The costs of loans and credits received, included in the current expenses of the organization, are its operating expenses and are subject to inclusion in the financial result of the organization.

An exception to this rule contains clause 15 of PBU 15/01, according to which if an organization uses funds from received loans and credits to make advance payments for inventories, other valuables, works, services or to issue advances and deposits towards their payment , then the costs of servicing these loans and credits are attributed by the borrowing organization to the increase in receivables generated in connection with prepayment and (or) issuance of advances and deposits for the above purposes. When the borrowing organization receives inventories and other valuables, performs work and provides services, further accrual of interest and other expenses associated with servicing received loans and credits are reflected in accounting in the general manner - with these costs being allocated to operating expenses borrower organization.

This requirement of the regulatory document we are considering also contradicts the norms of paragraph 2 of Article 1 of the Federal Law “On Accounting”, according to which the object of accounting of an organization is its obligations. As noted above, in accordance with this provision of the law, the organization’s obligations are reflected in the settlement accounts in the amounts due for receipt and payment. If an organization, having received a loan or credit, directs it to pay advances, the accrual of interest on the loan by virtue of civil law will in no way change the amount of the supplier’s obligation, which is determined by the will of the parties to the agreement between the borrower and the supplier, and not the agreement between the borrower and the lender. Therefore, the norm of paragraph 15 of PBU 15/01 should not be applied in practice as it does not comply with the requirements of paragraph 2 of Article 1 of the Law “On Accounting”.

PBU 15/2008, “Accounting for expenses on loans and credits” (approved by order of the Ministry of Finance of Russia dated October 6, 2008 No. 107n) has been in effect since accounting in 2009 and replaced the similar PBU 15/01. The adopted changes bring the national accounting standard even closer to the international one. The document applies to interest-bearing and interest-free loans and borrowings, as well as government loans. The division of borrowed funds into long-term and short-term has been abolished. Overdue debt no longer needs to be taken into account separately. In addition, the composition of additional expenses for loans and borrowings has been changed.

MINISTRY OF FINANCE OF THE RUSSIAN FEDERATION

ORDER

ON APPROVAL OF THE REGULATIONS

In order to improve legal regulation in the field of accounting and financial reporting and in accordance with the Regulations on the Ministry of Finance of the Russian Federation, approved by Decree of the Government of the Russian Federation of June 30, 2004 N 329 (Collected Legislation of the Russian Federation, 2004, N 31, Art. 3258; 2005, N 2270; 2006, N 3569; ; N 45, Art. 5491; 2008, N 5, Art. 411), I order:

1. Approve the attached Accounting Regulations “Accounting for expenses on loans and credits” (PBU 15/2008).

2. Establish that this Order comes into force from the financial statements of 2009.

Deputy

Chairman of the Government

Russian Federation –

Minister of Finance

Russian Federation

A.L.KUDRIN

Approved by Order

Ministry of Finance

Russian Federation

dated 06.10.2008 N 107n

POSITION

ACCOUNTING “COST ACCOUNTING”

ON LOANS AND CREDITS” (PBU 15/2008)

I. General provisions

3. Expenses associated with fulfilling obligations under received loans and credits (hereinafter referred to as loan expenses) are:

interest due to the lender (creditor);

additional borrowing costs.

Additional borrowing costs are:

amounts paid for information and consulting services;

amounts paid for the examination of a loan agreement (credit agreement);

other expenses directly related to obtaining loans (credits).

4. Loan expenses are reflected in accounting separately from the principal amount of the obligation for the loan (credit) received.

II. Procedure for accounting for borrowing costs

6. Loan expenses are reflected in accounting and reporting in the reporting period to which they relate.

7. Borrowing expenses are recognized as other expenses, with the exception of that part of them that is subject to inclusion in the cost of the investment asset.

The cost of an investment asset includes interest payable to the lender (creditor) directly related to the acquisition, construction and (or) production of the investment asset.

For the purposes of these Regulations, an investment asset is understood as an object of property, the preparation of which for its intended use requires a long time and significant expenses for acquisition, construction and (or) production. Investment assets include objects of work in progress and construction in progress, which will subsequently be accepted for accounting by the borrower and (or) customer (investor, buyer) as fixed assets (including land), intangible assets or other non-current assets.

Additional borrowing costs may be included evenly as part of other expenses during the term of the loan (loan agreement).

9. Interest payable to the lender (creditor) is included in the cost of the investment asset if the following conditions are met:

a) expenses for the acquisition, construction and (or) production of an investment asset are subject to recognition in accounting;

b) borrowing costs associated with the acquisition, construction and (or) production of an investment asset are subject to recognition in accounting;

c) work has begun on the acquisition, construction and (or) production of an investment asset.

During the specified period, interest payable to the lender (creditor) is included in other expenses of the organization.

When renewing the acquisition, construction and (or) production of an investment asset, interest payable to the lender (creditor) is included in the cost of the investment asset from the first day of the month following the month of resumption of acquisition, construction and (or) production of such an asset.

The period during which additional approval of technical and (or) organizational issues that arose in the process of acquisition, construction and (or) production of an investment asset is not considered a period of suspension of the acquisition, construction and (or) production of an investment asset.

12. Interest payable to the lender (creditor) ceases to be included in the cost of the investment asset from the first day of the month following the month of termination of the acquisition, construction and (or) production of the investment asset.

An example of calculating the percentage of interest due for payment

to the lender (creditor), to be included in the price

investment asset

┌───────────────────────────────┬─────────────────────────────────────────┐

│ Indicator │ Amount of loans (credits), rub. │

│ ├──────┬──────────────────────────────────┤

│ │total │ including │

│ │ ├──────────────────┬───────────────┤

│ │ │ for acquisition, │ for general purposes │

│ │ │construction and (or)│ │

│ │ │ manufacturing │ │

│ │ │ investment │ │

│ │ │ asset │ │

│Balance of unused loans│10000 │ 6000 │ 4000 │

│(credits) at the beginning of the reporting period │ │ │ │

│period │ │ │ │

├───────────────────────────────┼──────┼──────────────────┼───────────────┤

│Loans (credits) received in │40000 │ 30000 │ 10000 │

│during the reporting period │ │ │ │

│Total loans (credits) in │50000 │ 36000 │ 14000 │

│reporting period │ │ │ │

│Interest to be calculated│10800 │ 9100 │ 1700 │

│in the reporting period │ │ │ │

│Loans (credits) spent in │48000 │ 44000 │ 4000 │

│reporting period │ │ │ │

└───────────────────────────────┴──────┴──────────────────┴───────────────┘

Loans (credits) spent in the reporting period on the acquisition, construction and (or) production of an investment asset from loans (credits) received for general purposes: 8000 = (44000 – 36000).

The amount of interest payable to the lender (creditor) for loans (credits) received for general purposes, to be included in the value of the investment asset: 971 = (1700 x 8000) / 14000.

Total amount of interest due to the lender (creditor), subject to inclusion in the value of the investment asset: 10071 = (9100 + 971).

Note for example:

1. The amount of interest payable to the lender (creditor), subject to inclusion in the cost of the investment asset, must not exceed the total amount of interest payable to the lender (creditor), organization in the reporting period.

2. When calculating the share of interest payable to the lender (creditor) to be included in the cost of the investment asset, the amount of loans (credits) received for the acquisition, construction and (or) production of the investment asset is excluded from the total amount of loans (credits).

3. The amount of interest payable to the lender (creditor), subject to inclusion in the cost of several investment assets, is distributed among investment assets in proportion to the amount of loans (credits) included in the cost of each investment asset.

4. The calculation of the share of interest on loans to be included in the cost of the investment asset given in this example is based on the following assumptions:

a) rates on all loans (credits) are the same and do not change during the reporting period;

b) work on the acquisition, construction and (or) production of an investment asset continues after the end of the reporting period.

Calculations made by organizations may be based on different assumptions.

15. Interest on a bill of exchange due for payment by the organization-drawer of the bill is reflected separately from the bill amount as accounts payable.

Accrued interest on the bill amount is reflected by the organization-drawer of the bill as part of other expenses in those reporting periods to which these accruals relate, or evenly throughout the period for repayment of borrowed funds stipulated by the bill.

16. Interest and (or) discount on a bond due for payment by the issuing organization is reflected separately from the face value of the bond as accounts payable.

Accrued interest and (or) discount on a bond are reflected by the issuing organization as part of other expenses in the reporting periods to which these accruals relate, or evenly throughout the term of the loan agreement.

III. Disclosure of information in financial statements

17. At a minimum, the following information is subject to disclosure in the organization’s financial statements:

on the presence and change in the amount of obligations under loans (credits);

on the amounts of interest due to the lender (creditor), subject to inclusion in the value of investment assets;

on the amounts of borrowing expenses included in other expenses;

on the amount, types, repayment terms of issued bills of exchange, issued and sold bonds;

on the repayment terms of loans (credits);

on the amounts of income from the temporary use of funds from a received loan (credit) as long-term and (or) short-term financial investments, including those taken into account when reducing loan costs associated with the acquisition, construction and (or) production of an investment asset;

on the amounts of interest included in the cost of the investment asset and payable to the lender (creditor) for loans taken for purposes not related to the acquisition, construction and (or) production of the investment asset.

"Calculation", 2009, N 1
PBU 15/2008: NEW RULES OF THE GAME
Starting this year, the new PBU 15/2008 “Accounting for expenses on loans and credits” came into force. The adjustments approved by Order of the Ministry of Finance of Russia dated October 6, 2008 N 107n, not only significantly reduced the volume of the document, but also introduced a number of important comments into it.
Ordered to abolish
First of all, we note that in the new edition of the document there is no concept of “debt classification” for loans and credits received. As a result, there is no need to divide them into short-term and long-term. At the same time, no changes were made to the Chart of Accounts.
This situation looks strange, to say the least. After all, separate accounts - 66 and 67 - are intended to summarize information about credits and borrowings. In this case, in our opinion, before making amendments to the Chart of Accounts, taxpayers should take into account their financial obligations separately, as was the case before.
Investment assets specified
PBU 15/2008 states that investment assets can be considered objects of unfinished production and construction, which will subsequently be accepted for accounting by the borrower or customer as fixed assets, intangible or other non-current assets (clause 7 of PBU 15/2008). Interest payable to the creditor and associated with the acquisition, construction and production of investment assets is necessarily included in the cost of the asset. As for additional borrowing costs, it is now prohibited to include them in the cost of investment assets.
At the same time, in accordance with clause 11 of PBU 15/2008, in the event of a suspension for a period of more than three months of the acquisition, construction, or production of an investment asset, the cost of the latter ceases to include interest. This occurs from the first day of the month following the month of such suspension. If this procedure is resumed, interest begins to be added from the first day of the month following the month of such change.
Interest ceases to be fully added to the cost of the investment asset after the termination of its acquisition, construction or production.
Attention! The new edition of PBU 15/2008 allows land plots to be included in the value of investment assets.
Discount and exchange rate differences - away
The new Regulations have reduced the list of costs associated with fulfilling obligations under received loans and credits. We are talking about a discount. True, the latter concerns only bonds. Moreover, the discount and interest on the security due for payment are reflected separately from its nominal value and are accounted for as accounts payable as part of other expenses. This is done in the reporting periods to which these percentages relate.
However, accounting has the right to reflect them evenly throughout the term of the loan agreement. Note that previously it was required in this case to take them into account in advance as deferred expenses.
Along with this, special mention of exchange rate differences, which previously should have been attributed to interest payable on loans and credits received and denominated in foreign currency, has been excluded from the list of expenses.
In addition, additional borrowing costs may be taken into account. This applies to amounts paid for information and consulting services, as well as for the examination of a loan agreement (credit agreement).
At the same time, the costs associated with copying and duplicating work, payment of taxes and fees, as well as the consumption of communication services are excluded from additional expenses. This adjustment becomes especially important when a loan or credit is raised for investment purposes. Indeed, in such a situation, a misunderstanding may arise between the taxpayer and the fiscal authorities regarding the inclusion of certain groups of expenses in the inventory (depreciation) cost of a constructed or acquired fixed asset.
How to manage expenses?
Borrowing costs are recognized as other and reflected in the accounting documentation in the reporting period to which they relate (clauses 6 and 7 of PBU 15/2008). As for interest, it is included in costs evenly. But circumstances may develop in such a way that, in accordance with the terms of the contract, a different frequency of interest accrual will be provided. In this case, you should pay attention to the conditions specified in the contract.
At the same time, additional expenses on loans (credits), regardless of the purpose for which they were received, are included in the category of other. Moreover, they can be taken into account either simultaneously in the period to which they relate (clause 6 of PBU 15/2008), or evenly throughout the term of the contract (paragraph 2 of clause 8 of PBU 15/2008).
Attention! Additional borrowing costs may be included on a straight-line basis as other expenses over the term of the loan agreement.
One of the most significant changes in PBU 15/2008 is the establishment of a unified procedure for writing off expenses associated with borrowing funds for the acquisition of inventories and other current assets. These costs must be written off as other expenses (account 91 “Other income and expenses”, subaccount 1 “Other expenses”), regardless of the time of payment for their acquisition.
Currently, if an enterprise uses borrowed funds to make advance payments for inventories, then the costs of servicing these loans and credits are attributed by the borrowing company to the increase in accounts receivable.
In other words, from the moment of transfer of the prepayment until the receipt of the purchased property, accrued interest increases the receivables in the amount of the advance. It must be said that in analytical accounting these amounts should be reflected separately, since the debtors are different, but when the received assets are capitalized, they are summed up.
Attention! The provisions on the need to include the costs of credits and borrowings in the cost of inventories are excluded from the new document.
Inappropriate use
Much attention in the new PBU 15/2008 is given to the regulatory settlement of situations in which borrowed funds are raised for one purpose, but are used for other purposes. We are talking about cases when loans and credits are taken to finance current expenses, but are used for investment purposes, and vice versa. Currently, expenses (primarily based on accrued interest amounts) are distributed on the basis of a weighted average cost rate. The new document proposes to use a different term - “the share of borrowing costs to be included in the value of the investment asset.”
Thus, PBU 15/2008 again provides for a situation where funds from loans (credits) received for other purposes are spent on the acquisition, construction, or production of an investment asset. For this case, a methodology is proposed that allows us to highlight that part of the interest that will be included in the cost of the investment asset. PBU 15/2008 proposes to determine them in proportion to the share of these funds in the total amount of loans (credits) that are payable to the lender (creditor), but were received for purposes not related to the acquisition, construction or manufacture of such an asset.
Example. The balance of unused loans as of January 1, 2009 amounted to 45,000 rubles, including 15,000 rubles spent on the acquisition, construction, and production of investment assets. In addition, during January 2009, loans were received for 90,000 rubles, including 30,000 rubles for the acquisition, construction, and production of investment assets.
Of the above amounts, in January 2009, 65,000 rubles were spent on the acquisition, construction, and production of investment assets.
Interest in the amount of 25,000 rubles is subject to accrual in January, including on loans received for the acquisition, construction, production of investment assets - 20,000 rubles, for general purposes - 5,000 rubles.
Thus, out of the total amount of loans received in January for general purposes, 20,000 rubles were actually spent on purposes related to investment assets. (65,000 - 15,000 - 30,000).
Let's calculate what amount of interest due to the lender (creditor) for loans received for general purposes should be included in the value of investment assets. This is (5000 x 20,000) / ((45,000 + 90,000) - (15,000 + 30,000)) = 1,111 rubles.
In total, the cost of investment assets in January will include interest in the amount of 21,111 rubles. (20,000 + 1111).
This calculation is made for the reporting period. This is usually a quarter. According to clause 4 of PBU 4/99, the reporting period is the period for which the enterprise must prepare financial statements. In this case, the company must prepare interim reports for the month and quarter on an accrual basis from the beginning of the reporting year (clause 48 of PBU 4/99, clause 3 of Article 14 of the Federal Accounting Law). Thus, the calculation must be done not for each month separately, but each time for the period from January 1 of the reporting year to the last day of the last month of the reporting period.
Let us note that the amount of interest due (which is due) to be paid to the lender (creditor) and subject to inclusion in the cost of several investment assets is distributed among them in proportion to the amount of loans (credits) included in the cost of each investment asset.
Behind the veil of numbers
The changes also affected the procedure for disclosing information in financial statements. First of all, this was influenced by the fact that the accounting for major obligations under loans (credits) was simplified. After all, the new edition of the document assumes that there is now no need to select and indicate in the accounting policy the procedure for transferring long-term debt to short-term debt, the method of accrual and distribution of income due on borrowed obligations, the composition and procedure for writing off additional costs for loans, the procedure for accounting for income from the temporary investment of available funds (Clause 32 PBU 15/01).
However, information about loans and credits now requires more detailed disclosure (clause 17 of PBU 15/2008). The amount of borrowing costs included in other expenses is still required to be reported. With regard to investment assets, information should be disclosed on the amounts of interest due to the lender (creditor) and to be included in the value of the asset.
D. Karapetyan
Signed for seal
26.12.2008