And I'll borrow. And since interest was allowed to be recognized in tax expenses without a limit, the attention of inspectors to them has doubled.

The inspectors analyze where the company spent the money (see the table below. - Note ed.). If the income from the use of borrowed funds does not cover the costs of attracting them, interest will be deducted from tax expenses. At the same time, controllers are not at all embarrassed that in Article 269 of the Tax Code of the Russian Federation, the company's right to recognize interest on borrowed money as expenses is not linked to the purpose for which they were received.

How does the purpose for which it was taken affect the accounting for interest on a loan

The loan was used to issue an interest-free loan

Suppose a company borrows money at interest. And at the same time, she lends money to counterparties at a lower rate or without it at all. Here the position of the tax authorities will be unequivocal: the interest that the organization paid to its creditor cannot be taken into account in expenses - letter of the Federal Tax Service of Russia for the city of February 28, 2005 No. 20-12 / 12463. Tax officials will insist that interest costs are unreasonable, as they are not aimed at generating income.

It is possible to argue with such position of controllers. The tax code does not equate economic feasibility and the fact of income. And the company evaluates the effectiveness of its activities itself. In addition, the relationship between received and issued borrowed funds is not always obvious. In practice, it can be difficult to determine whether the counterparty's company is using its own or borrowed money.

There is no consensus among the judges. Some of them agree with the inspectors and believe that interest expenses are unjustified (decree of the Federal Antimonopoly Service of the Urals District dated June 10, 2009 No. Ф09-3751 / 09-С2).

But some judges still support the companies. Organizations make two arguments in their defense.

First, the inspectors cannot unequivocally state at what expense the company issued an interest-free loan - its own or attracted. Thus, in the resolution of the Federal Antimonopoly Service of the North-Western District dated February 19, 2013 No. A42-1546 / 2012, the company managed to defend the right to recognize interest on borrowed funds, although it itself issued money on credit free of charge. In court, the company presented papers that proved that it had sufficient amounts of its own funds at the time of issuing the loan. And the money was spent on production needs: on and replenishment of working capital. The inspectors failed to prove that the company entered into a loan agreement with the bank specifically for the purpose of issuing a loan.

The second argument is the following. By providing a counterparty with a loan at a minimum percentage or free of charge, the company pursues economic interests. Suppose an organization issues a loan to its daughter at the expense of interest-bearing debt obligations. There is a chance that the judges will allow interest to be taken into account in expenses. To do this, the parent company needs to prove that it plans to make a profit from its investments in the subsidiary in the future (Resolution of the Federal Antimonopoly Service of the Urals District dated April 1, 2013 No. Ф09-1638/203).

Companies sometimes manage to defend their interest costs on loans if they make free loans to their customers or suppliers. Let's take the decision of the Federal Antimonopoly Service of the West Siberian District of June 4, 2008 No. F04-3446 / 2008 (6070-A46-37). In this dispute, the entity proved that it was acting in its own economic interests by providing an interest-free loan to the principal buyer. So the company tried to prevent adverse consequences for its own business. Otherwise, the financial problems of the buyer would have turned into supply disruptions and losses from a decrease in sales volumes.

Received money to pay off another loan

The organization takes out a bank loan to pay off its debts. Is it possible to take into account the interest on borrowed funds that the organization will use to refinance the previous loan when calculating income tax?

As soon as the company begins to actually use the facility or puts it into operation, you will no longer take into account interest in the initial cost of the asset and begin to include it in other expenses (clauses 11-13 of PBU 15/2008).

I must say right away that small enterprises PBU 15/2008 have the right not to apply. They can write off interest on the loan in a general manner - straight into other expenses.

Lecturer:
Irina Paruleva,
financial consultant of ACG "Gradient Alpha"

Often, an entrepreneur does not have enough own capital to carry out his main activity, so he resorts to various kinds of external loans. What it is and how to manage it, we will consider in this article.

The essence of borrowed funds

Borrowed funds are a certain part of the working capital of a legal entity, which is not its property and is replenished by attracting commercial bank loans, issue loans or through other methods convenient for the entrepreneur. It is important to understand that such infusions of a business entity are subject to return.

However, borrowed funds are not provided to everyone, and even more so unreasonably. Therefore, in order to attract this kind of financial investment, an entrepreneur needs to make some settlement manipulations that prove the need to attract third-party capital in favor of their own current assets.

It can be said that this is both good and bad. The positive aspects of the loan lie in the fact that in this way the business entity will be able to bring its offspring out of the crisis state as quickly as possible, and at the same time, it will establish contact and increase the degree of trust in relations with external creditors. Well, on the other hand, there are some kind of obligations to third-party organizations, which is also not good.

Borrowed funds and principles of their formation

Every company of a commercial nature exists in order to bring profit to its owners. Therefore, the activities of a business entity should be built in such a way that the proceeds are sufficient not only to pay off obligations to external creditors, but also to increase their own production or other working capacities.

The turnover must be profitable, otherwise it makes no sense, so it is extremely important to understand that the key to a successful loan is when the amount of net profit exceeds the monthly amount payable to your benefactors.

Borrowed funds in their formation are quite diverse, since there are many alternatives that differ in the degree of obligations, the nature of the issue and the timing of the provision of finance. Therefore, special attention should be paid to the choice of a lender based on the proposed conditions.

Ways of external financing

As mentioned above, the attraction of borrowed funds is carried out in any way convenient for a business entity. In modern practice, there are a number of the most common sources for the implementation of this operation:

1. Domestic commercial banking institutions (may provide short-term loans, enter into factoring agreements or assignment of rights of claim, carry out bill transactions).
2. Specialized leasing corporations (carry out property lease operations).
3. Various commercial business entities (mutual settlements and factoring operations, tolling, commodity loans).
4. Investment funds (as well as commercial banks, they are engaged in the assignment of claims and bill transactions).
5. State bodies (may give the right to tax deferrals).
6. Shareholders and owners (specialize in dividend operations).

Debt management

For successful management of accounts payable, it is extremely necessary to build a competent accounting policy: draw up a planning budget, calculate the borrowing ratio, which, in turn, can show a qualitative and quantitative characteristic of the state of current affairs based on relations with external investors.

When the share of funds raised in a company is large enough, a strategic plan should be developed to maintain a financially stable position in a competitive market, so as not to violate agreements with borrowers and not remain at a loss.

For this, the planned characteristics of existing borrowed funds will also be useful, an important role is played by the liquidity ratio, which indicates the maturity and turnover of the existing capital of a business entity.

Essence of own funds

We must understand that it is not only impossible to build a huge financial empire on solid borrowed capital, it is extremely difficult to stay afloat in today's, sometimes tough, competitive market conditions. If your capital is not enough to conduct business, it is important that own and borrowed funds are in the right ratio.

The first, in turn, are already formed current assets that are allocated from the authorized capital of the enterprise, while additional capital may also participate, which is formed due to the following factors:

• with surplus after revaluation of the main fund;
• if the enterprise is a joint-stock company, then it may have share premium;
• funds can also be received free of charge for the purpose of acquiring production-related goods and services;
• various state appropriations provided by the Federal Treasury of the Russian Federation.

The ratio of own and borrowed funds

When attracting third-party capital and actively using it for turnover purposes, it is recommended to monitor the qualitative and quantitative characteristics of the behavior of the financial stability of the enterprise as a whole. Often, in order to characterize the ratio of own and borrowed funds as accurately as possible, Gearing ratios are calculated using the following formula:

(Amount of long-term liabilities + Amount of short-term liabilities)/Amount of equity capital.

The resulting figure indicates the dependence of the enterprise on third-party sponsors, and the more the coefficient exceeds 1, the higher the degree of this dependence.

An entrepreneur must understand that for the successful functioning of a business entity, borrowed capital should not “rule the show” and dictate the conditions for the purchase of goods and services. Therefore, the less the dependence of own funds on borrowed funds, the more liquid and profitable the company's activity will be.

In carrying out business activities, each enterprise must have capital to invest in the formation of assets. It includes the total cost of all funds in tangible and intangible form. The multidimensionality of the concept of "capital" is characterized by dozens of definitions, but in this case, the types of capital will be considered according to the ownership of the enterprise, which allocate own funds and borrowed funds.

The composition of internal sources includes: profit remaining in the enterprise; depreciation charges, etc.

The high performance of the enterprise depends on the structure of the capital used. This structure is the ratio of own and borrowed funds involved in the process, and affects the return on assets, stability, and solvency of the enterprise, and also determines the ratio of the degree of risk and profitability during the development of the company.

Therefore, if a company uses only its own funds, then it has great financial stability. However, it limits its growth rates by the same, not being able to form an additional volume of assets, and not using the increase in profit on invested funds.

An enterprise that uses only borrowed funds has great potential for its development and the possibility of increasing profitability, but this generates financial risk and bankruptcy to a large extent, which increase with an increase in the proportion of borrowed funds to the total mass of capital.

In practice, you can see that there is no single recipe for how to use equity and borrowed funds. Nevertheless, there are a number of factors, taking into account which, it is possible to purposefully form a structure, providing the necessary conditions for the effective operation of the enterprise.

Financing is the supply of financial resources. Funding varies by purpose. It may be investment or trading. Financing is carried out at the expense of own or borrowed, attracted funds.

Funding can come from many sources:

1. Sale of a share of the enterprise to an investor.

3. Public trading in securities on the stock exchange (IPO).

4. Private placement of securities.

5. Depositary receipts, access to foreign ones.

6. State and banking.

7. Bond loan.

8. Financing of the project.

9. Leasing.

10. Charitable contributions and grants.

Depending on the sources, paid financing (reimbursed) and free (non-reimbursable) are distinguished. Free funding includes: subsidy, donation, grant, subvention, loan, and. All other sources of funding are paid.

To summarize information on funds received from outside to finance the activities of the organization, a special section "Credits and financing" is allocated in the plan of accounts.

Risk financing

If the capitalization of a public organization increases, then the present value of the future cash flow increases. Investors, when theoretically assessing the prospects for investing in a particular public organization, are trying to determine exactly the size of the future cash flow and the current market value of the company. With the successful development of a new product, investors can increase the value of the company's shares, assuming that the future cash flow from the production of the new product will increase significantly.

The market value of an organization is also affected by the degree of risk and future cash flow. The greater the risk, the higher the discount rate, respectively, the lower the present value of the cash flow and the lower the current market value of the company. Therefore, the market and its cash flows are inversely proportional to the risk of its financing.

When evaluating the performance of the company as a whole, potential investors take into account such an indicator as "earnings per share", and to assess the potential efficiency of investments, the indicator of "invested capital", or ROI, is used.

To increase the market value of the company, it is necessary to properly manage financing to cover risks and minimize. Then, as a result, the return on the risky asset will be sufficient.

Terms of financing

The term of financing does not always coincide with the term for solving production problems or with the term for implementing the project.

* Short-term financing (up to one year). The goals of short-term financing can be:

1. Replenishment of working capital

2. Completion of production or construction

3. Purchase of raw materials

4. Paying salaries, etc.

* Long-term financing (more than a year). The goals of long-term financing are more global:

1. Ensuring the development of the enterprise

2. Development of a distribution network

3. Purchase of new equipment, introduction of new technologies, release of new products.

Classification of funding sources depending on the goals and timing

Depending on the sources, there internal and external financing.

Short term domestic financing

2. Sale of assets

3. Financing from the profits and funds of the enterprise

4. Cushioning

5. Decrease in stocks.

Short-term external financing

1. Lending

2. Issue of promissory notes

3. State support, subsidies, grants.

Long-term domestic financing

1. Leasing of the premises of the enterprise or equipment

2. Sale of assets

3. Sale of non-core industries and lines of business

5. Reducing dividends.

Long-term external financing

1. Long-term loans

2. Issue of shares

5. Venture funding

6. Concession agreements

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Purpose of analysis partner's financial statements: estimate the size of the counterparty company, make a forecast for the future andanswer the questions: how much does a business partner cost? does the partner have enough resources to secure a deal?Will he be able to pay off his debts?

Let's start with, because it contains the most important information about the company, you can get acquainted with the balance sheet on the HONEST BUSINESS portal in the card of the company being checked, in the “Financial statements” tab.I will give an algorithm on how to analyze the balance quickly and professionally. But first, some theory.

A balance sheet is a statement of a company's assets and sources of origin as of a specific date. The property of the company is reflected in the "Asset" section, and the sources: own and borrowed funds in the "Liability". The total amounts of these two sections are always equal to each other and are called the “balance currency”.

Balance sheet: Active = Passive

Any business transaction equally affects both the asset and the liability, so balance sheet equality is always preserved.

For example, the founder deposited the authorized capital in the amount of 100 thousand rubles to the current account . This operation will be reflected both in the asset (money in the account) and in the liability (own funds: authorized capital). Balance currency - 100 thousand.Further, the warehouse received goods with a deferred payment in the amount of 700 thousand rubles. We reflect goods in the asset - 700 thousand, and in liabilities - accounts payable - 700 thousand. Now the balance sheet currency is 800 thousand.We bought a warehouse for 5,000 thousand rubles in a mortgage. A fixed asset of 5,000 thousand was added to the asset, and a long-term loan - 5,000 thousand was added to the liability. Thus, the balance sheet currency: 5,800 thousand:

Active 5800 = Passive 5800

Let's move on to financial analysis.

Step 1. Main balance equation.

Take the balance sheet of the company of interest for the next reporting date and write out:

1) the total for the "ASSETS" section is the value of the entire property of the company;

2) the total for the section "Equity" from the section "LIABILITIES" is the cost of the company's equity capital.

The compiled equality shows with what funds, own or borrowed, the existing property was financed.

Let's analyze the absolute value. How much property does the company have? How much is financed from own funds? How much is financed by creditors?

We analyze relative indicators. If the balance currency is taken as 100%, then what is the percentage of own funds? borrowed?

Step 2. Structure of property and liabilities.

We go from the general to the particular and detail each indicator of our equation in accordance with the balance sheet data.If you have any questions in the process of analyzing the structure of balance sheet indicators, make notes in order to ask the counterparty for clarification and interpretation in the future.

We will divide the property into non-current assets and current assets - these are the results for the corresponding sections of the asset balance. The main criterion for dividing assets into current and non-current is the service life: non-current - more than a year, current - less.

Equity capital is divided into authorized capital and accumulated profit (loss). Such detailing is not provided for the reporting of small enterprises, but the size of the authorized capital can be viewed in the counterparty card on the FOR Honest Business portal.

Liabilities are divided into long-term and short-term - these are the totals for the liability sections.

Step 3. Check if the main funding rule is met

The essence of this rule is that

long-term assets

must be financed through long-term liabilities

Long-term assets include non-current assets, and long-term liabilities include all equity and long-term liabilities.

Compare these amounts. The total amount of long-term liabilities should be sufficient to cover non-current assets.If this is not the case, then the company finances long-term assets from current debts (to suppliers, employees, the budget) and it is likely that the company will not be able to pay off its current debts on time.

If the main funding rule is met, then it makes sense

evaluate the company's liquidity.

We compare current assets and short-term liabilities: what we will dispose of during the year and what we owe during the year. The difference between the two is called net working capital. The higher this indicator, the higher the solvency.

Calculate the current liquidity ratio:

Step 4. We analyze the dynamics of indicators

After the main conclusions about the current state of affairs of the counterparty are made,analyze the dynamics of significant indicators over several years . On the portal, data by years are presented in a single table, and it will be very convenient to do this.Is there an upward or downward trend? Have there been significant changes? It will helpmake a prediction to understand what to expect from the counterparty in the near future.

We analyzed the balance sheet in three areas: structure, liquidity and dynamics of indicators. There are many more additional ratios and methods used by financial analysts, but the purpose of this article is to give a method for quick express analysis of the balance sheet, which can be applied by any user of the portal, regardless of the presence of special education.

Let check counterparties on the portal PER HONESTBUSINESS will be easy and comfortable!

Especially for HONEST BUSINESS

Pozdnyakova, Elena

Accountant Recruitment Expert

SC "Finver"

Editorial opinion may not reflect the views of the author.