Financial "airbag" in case of emergencies and unforeseen losses.

The funds are used to restore the company's fixed assets. The company independently determines the size of the fund and fixes it in the charter.

Fund formation procedure

The rules for creating a fund are necessarily fixed in the charter of a joint-stock company. The document prescribes its value, the procedure for making deductions. Based on the formulated rules, the firm directs a part of retained earnings each year until the volume of the "airbag" becomes equal to the normative one.

Exist the following features formation of the reserve fund of JSC:

• according to current regulations, its size must be at least 15% of the authorized capital;
• at least 5% of the company's net profit is annually allocated for its formation;
• the exact amount of the deduction is determined at the meeting of shareholders, in the future, the accounting department makes entries in the accounting program on the basis of the protocol or an extract from it;
• when the size of the reserve fund reaches the normative one, the company has the right to stop deductions, but is not obliged to do so;
• the owners of the enterprise during the meeting of shareholders may decide to increase the size of the fund: its limit values ​​are not prescribed in the legislation.

Use of the reserve fund

• Repayment of losses of the previous year. If the company has suffered losses in the past year, a board of directors (supervisory board) is convened, which considers the possibility of repaying it at the expense of the reserve fund. This is the only company body authorized to decide on the use of accumulated funds in this way.
• Redemption of own shares. The company has the right to decide to buy out its own valuable papers in order to further repay them and reduce the size of the authorized capital. The reserve fund is used in whole or in part for this operation, provided that other funds of the firm are not enough.
• Payment of interest on bonds. If a company does not have enough working capital to pay interest income bondholders, current legislation gives it the right to use the reserve fund to meet obligations to the holders of securities.

The financial situation of a person is a variable value: it is influenced by many factors. And if events such as a pay rise, an inheritance, or an annual bonus have a positive effect on the family budget, then job loss, damage to property, or health problems can cause additional expenses.

And where in short term get the right amount?

Most people in such cases apply for a loan to a bank, use credit card or resort to the help of friends and relatives. These are the first options that come to mind, but are they optimal?

This is main advice regarding the size of the reserve fund. Forming it, one should also not forget about the annual costs of fulfilling current obligations. So, when making insurance payments, contributions for, paying for scheduled maintenance of a car, the question arises: where to get the money if there are not enough funds for annual contributions? In this case, you should simply increase the size of the reserve fund by the amount necessary to cover such expenses.

By creating a reserve fund, each family independently determines for itself the most comfortable size. For some, having a fund equal to three months of expenses is enough, while others prefer to have a two-year supply.

3. How is the reserve fund formed?

You can form a reserve in any situation, even when there is no accurate accounting of income and expenses. In this case, an amount is set aside, the exclusion of which from the budget will not have a strong impact on the lifestyle of the family. It is believed that almost anyone can save at least 10% of their earnings without much discomfort.

But it is better to keep a regular record of your income and expenses. This will help not only in the formation of a reserve fund, but also in understanding your current financial situation.

If it seems that there is not enough money to create a reserve fund, this is nothing but self-deception. As already mentioned, almost everyone can save 10% monthly without harm to themselves. It is important to prioritize correctly here. With any cash receipt, be it a salary, a bonus or a bonus, you should first pay yourself, and only then pay other people's bills. By starting to save 10% every month, regardless of the amount of spending, you can create a reliable protective reserve. If you manage to give up a larger amount in favor of the reserve fund, this goal will be achieved faster.

4. Do I need to save money if there are outstanding loans?

This question arises in many people. CEO investment company Ellevest Sally Croucheg, in an article published on the Yahoo Finance website, suggests the following solution: an "airbag" can be formed even with low-cost loans. These include car loans and mortgages. If the loan is expensive enough, like a consumer loan or an overdraft, you should first pay it off, and only then start saving money.

Example: a person has a loan in the amount of 700,000 rubles, the rate of which is 25% per annum. 350,000 rubles are at his disposal. By dividing this amount in half and sending one half to the reserve fund, and the other to close the loan, he will receive income on the deposit less than he pays interest on the remaining loan amount. Thus, 175,000 rubles. with a rate of 25% will cost the borrower 43.750 rubles. annually, while the reserve fund will bring him a much smaller amount of income.

By sending the entire amount of income to close the loan, this person will be able to spend 43,750 rubles. for your needs, and not give them to the bank.

5. What currency to choose for the reserve fund?

As a rule, the “airbag” is formed in the currency of the country in which they live. It makes sense for Russians to keep their money in rubles, for Americans in dollars, for Europeans in euros. But we must not forget about the risks. So, a resident of Zimbabwe is hardly worth keeping all the funds in local currency. In Russia, in recent years, there has been a significant drop in the ruble against other world currencies. high not in the best way affects the purchasing power of the local currency. Therefore, Russians can be offered the following currency composition of the reserve fund: since most of the expenses are made by them in Russia, most of the fund should be kept in rubles. The remaining money is recommended to be invested in hard currency, for example, in US dollars.

You can divide the amount into 2 equal parts, leaving half in rubles, and converting the other half into dollars. Or strengthen it by distributing it into 3 currencies: 40% rubles, 30% dollars and 30% euros. Everyone must decide for himself how best to distribute the resources of the reserve fund, depending on personal goals. The most important thing is not to keep all funds in the currency of the country, the exchange rate of which fluctuates up to 8-27% per year. For example, the dollar exchange rate at the beginning of last year was equal to 61 rubles, then it fell to 49.6 rubles, and even later it amounted to 77.5 rubles. Thus, in one year the fluctuations of the ruble reached 27%. And how did Indonesia's developing country currency, the rupiah, perform in 2015? At the beginning of the year, its rate was 12,650 rupees to the dollar, then it fell to 14,650, and by the end of the year rose to 13,700 rupees. Thus, the annual fluctuation of this currency was 8%.

It is worth considering whether such jumps in the exchange rate will benefit the family budget.

6. Where is the best place to keep the reserve fund?

The main purpose of creating a financial reserve is the safety of funds, and not the receipt of income. Deposits in large banks are best suited for this purpose. Banks that have the status of “systemically important” should be selected. A natural question may arise: what about inflation? After all, it is unlikely to cover it. This is true. But the choice of a deposit is connected, first of all, with a guarantee of the safety of the accumulated capital to ensure the financial security of the family. Large banks are also not insured against risks, but the possibility of their bankruptcy is still extremely small.

And finally, one more tip on creating a reserve fund. To make the process of accumulating funds as comfortable as possible, it needs to be automated. Banks today offer many opportunities for this. You can instruct the credit institution to transfer monthly part of the amount from the current (salary) account to the deposit account. The corresponding instruction to the bank is given through Personal Area or when contacting an employee directly at the office of a financial company.

Research holding "Romir" gives disappointing figures: 73% of Russian families do not have any savings. By not setting aside money in a reserve fund, they deprive themselves of reliable financial protection. Creating a "safety cushion" will help you feel more confident in stable periods of life, and in difficult times, such a reserve will become a reliable assistant in solving financial problems.

Bakutina N. K., deputy chief accountant,
PC "Michurinsk Locomotive Repair Plant" Milorem ""

Enterprises established in the form of joint-stock companies are obliged to form a reserve fund at the expense of net profit. And information about its size has importance for external users financial statements and serves as an indicator of stock financial stability. We will consider the procedure for forming a fund, what transactions reflect this, and also talk about the purposes for which the reserved amounts can be used.

Formation procedure

Since it is an obligation for joint-stock companies to form a reserve fund, this condition must certainly be reflected in the charter. That is, this fund cannot be less than 5 percent of the size of the authorized capital. But shareholders can determine it in a larger amount. This should also be stated in the bylaws.

The fund is formed at the expense of annual deductions from net profit until its size becomes equal to the established value.

As a general rule, the distribution of profits belongs to the exclusive competence of general meeting shareholders (subclause 11 clause 1 article 48 federal law dated December 26, 1995 No. 208-FZ, hereinafter - Law No. 208-FZ). Therefore, in our opinion, the transfer of the net profit of the reporting year to the reserve fund, among other areas of its use, should be determined in the decision of the general meeting. This will be the document on the basis of which the accountant will make the appropriate entries in the accounting.

LEGISLATION ON THE FORMATION OF RESERVES

The obligation of joint-stock companies to form a reserve fund is established by paragraph 1 of Article 35 of the Federal Law of December 26, 1995 No. 208-FZ "On Joint-Stock Companies". Its size cannot be less than 5 percent of the authorized capital. But the maximum size of the fund is not limited. This is determined by the owners of the company and reflected in the charter.

The source of the reserve fund is net profit, and deductions are made annually in without fail until the fund reaches the amount specified in the charter.

Companies with limited liability. But for them it is not a duty, but a right. In this case, the procedure for the formation of the fund and its size are indicated by the owners in the charter (Article 30 of the Federal Law of February 8, 1998 No. 14-FZ).

Reflection in accounting

We noted that the decision of the general meeting of shareholders will be the document on the basis of which the accountant will reflect the distribution of profits. But such a meeting will take place after the end of the financial year.

DECISION OF THE MEETING OF SHAREHOLDERS

Subparagraph 11 of paragraph 1 of Article 48 of Law No. 208-FZ establishes that the annual report, annual financial statements, including those of a joint-stock company, must be approved by the general meeting of shareholders. It must take place within the time limits specified by the charter, but not earlier than two months and not later than six months after the end of the financial year (clause 1, article 47 of Law No. 208-FZ). In addition, the general meeting approves the distribution of profits, including the payment (declaration) of dividends and the procedure for paying off losses.

It is also necessary to remember the procedure for compiling and submitting financial statements, which was approved by order of the Ministry of Finance of Russia dated July 22, 2003 No. 67n. The fact is that according to this order, the balance sheet at the end of the year shows total amount net profit received by the enterprise (line 470). But the directions for using profits, including the amount of declared dividends, are shown in explanatory note not reflected in accounts accounting.

It follows from this that deductions to the reserve fund are reflected in the accounting records of the next year - on the date of the decision of the general meeting of shareholders. This is made an entry on the credit of account 82 "Reserve capital" in correspondence with the debit of account 84 "Retained earnings (uncovered loss)".

This rule is fully applicable to enterprises established in the form of limited liability companies.

INCREASING THE RESERVE FUND

The owners have the right to increase the size of the reserve fund, originally fixed in the charter. Moreover, they can do this even if it has not yet reached the 5% size of the authorized capital.

To do this, at the meeting of shareholders, a decision should be made to increase the reserve fund, on the amount of annual deductions, and on the basis of these decisions, make appropriate changes to the charter.

Let us pay attention to the interdependence of the size of the authorized capital and the reserve fund. The fact is that the legislation determines that the amount of the increase in the authorized capital cannot be more difference between the value of net assets and the amount of the authorized and reserve capital of the company. Accordingly, with an increase or decrease in the authorized capital, it should increase or decrease.

The formation and use of all funds that are formed in a joint-stock company at the expense of net profit are reflected in a special Statement of changes in capital (form No. 3).

Use of the reserve fund

The reserve fund of joint-stock companies is intended only to cover losses, redeem the company's bonds and buy back its own shares in the absence of other funds. The reserve fund cannot be used for any other purpose (clause 1, article 35 of Law No. 208-FZ).

REPAYMENT OF DAMAGES

Deciding on the use of funds from the reserve and other funds of the company is the exclusive competence of the board of directors or the supervisory board (subclause 12, clause 1, article 65 of Law No. 208-FZ).

If at the end of the year there is a loss, the entire reserve fund or part of it can be directed to pay it off. This usage is reflected by the following entry:

CREDIT 84 sub-account "Retained earnings (uncovered loss)"
- funds of the reserve fund were used to cover the loss.

This operation is carried out on the basis of a decision of the board of directors or an extract from the minutes of the meeting of the board. And the accounting entry itself, as with deductions to the reserve fund, is made in the year when the board of directors made a decision. This is explained as follows. In the current edition of the procedure for compiling and presenting financial statements (approved by order of the Ministry of Finance of Russia dated July 22, 2003 No. 67n), there is no longer a special instruction on the rules for reflecting data in the annual report on the groups of articles "Reserve capital", "Retained earnings (uncovered loss)" . Only in the repealed paragraph 14 * of this document it was indicated that such data should be reflected taking into account the consideration of the results of the organization's activities for the reporting year and the decisions made to cover losses.

Therefore, the prepared financial statements, for example, for 2009 with an identified loss, must be submitted for consideration by the board of directors. The council meeting will take place in 2010. After a decision is made to pay off the loss at the expense of the reserve fund, an appropriate accounting entry is made, which will also be dated 2010. But in the explanatory note to the report for 2009, they indicate the fact of repayment of the loss.

* Clause 14 of the procedure for compiling financial statements has been canceled since the reporting for 2004.

BUY SHARE

A joint stock company may decide to buy back its own shares. As a rule, this is done with the aim of their further repayment and reduction of the authorized capital. It is possible to spend the funds of the reserve fund for such purposes only if other funds are not enough (for example, this operation will lead to a loss). Consider the following example.

EXAMPLE 1

The general meeting of shareholders decided to reduce by 20,000 rubles. To do this, 20 shares with a nominal value of 1000 rubles will be redeemed. with their subsequent redemption. The actual buyback price of one share was 1,200 rubles. It was decided to cover the difference between the buyback price and the par value of the canceled shares at the expense of the reserve fund.

The following entries were made in accounting:

DEBIT 81 sub-account "Own shares (shares)"
CREDIT 50
- 24,000 rubles. (1200 rubles/piece x 20 pieces) - shares were bought back from shareholders;

DEBIT 80 sub-account "Authorized capital"

- 20,000 rubles. (1000 rubles/piece x 20 pieces) - the authorized capital was reduced by redemption of the repurchased shares;

DEBIT 82 sub-account "Reserve capital"
CREDIT 81 sub-account "Own shares (shares)"
- 4000 rubles. (24,000 - 20,000) - reflects the difference between the buyback price and the par value of the canceled shares.

REPAYMENT OF BONDS

The funds of the reserve fund can be used to pay off interest on bonds issued by the company. This is also permissible if the company has no other means for this, and reflection on general rules may result in loss.

When joint-stock company redeems bonds, the amount paid to their holders consists of their face value and interest.

Interest repaid from the reserve fund is debited to the account.

But to reflect the debt in the form of the nominal value of bonds on the debit of this account is unreasonable, since when they are redeemed, a return occurs borrowed money, the receipt of which was shown in the debit of the account.

EXAMPLE 2

The joint-stock company placed 2,000 bonds with a nominal value of 500 rubles. each. Interest accrued for the circulation period amounted to 100,000 rubles. At the end of the circulation period, the bonds were redeemed.

To prevent loss, the board of directors decided to pay off the interest accrued to bondholders at the expense of the reserve fund.

The following was recorded in the accounting records:

DEBIT 51 CREDIT 67
- 1,000,000 rubles. (500 rubles / piece x 2000 pieces) - received cash when placing bonds;

DEBIT 67 CREDIT 51
- 1,100,000 rubles. (1,000,000 + 100,000) – bonds were redeemed and accrued interest paid;

DEBIT 82 sub-account "Reserve capital"
CREDIT 67
- 100,000 rubles. – the accrued interest on bonds was transferred to the account of the reserve fund.

The funds of the reserve fund are part of the company's equity along with retained earnings. Considering the severe restrictions on the use of this reserve, when deciding on its size, it must be remembered that the amount can be spent only upon the occurrence of events to prevent the consequences of which the reserve was created.

With the beginning of 2018, the Reserve Fund of the Russian Federation, which accumulated a significant part of oil and gas revenues, ended its existence. Does this mean the depletion of the country's reserves, what are the causes and consequences of the devastation and liquidation of the multibillion-dollar "pod"? How much money went into the fund in ten years, and where did it go?

Formation of the Reserve Fund

Its history began in February 2008, when the Stabilization Fund of the Russian Federation, which has been operating since 2004, was divided into two new ones: the Reserve Fund and, or the National Welfare Fund.

The Reserve Fund represented that part of the revenues to the treasury from the export of oil, oil products, gas and condensate, which exceeded the figure of the approved oil and gas transfer for the new financial year (now defined as 3.7% of the Russian GDP projected by the authorities). If the normative value of the Reserve Fund was exceeded, the remaining income was credited to another national fund - the NWF. The normative (maximum) value was originally defined as 10% of the RF GDP forecast for the next financial year. Another source of funds in addition to oil and gas revenues was income from the management of the fund's reserves.

The bar for deductions of funds increased as the price of oil rose: from 2004 to 2006, revenues were transferred to a single Stabilization Fund at a barrel price above $20, since 2006 - over $27 per barrel. According to the intention of the authorities, the existence of the Reserve Fund contributed to the fulfillment of the expenditure obligations of the state and the stabilization of the economy (covering the budget deficit), reducing its dependence on fluctuations in oil and gas revenues. The FNB was planned primarily to balance pension fund RF.

According to the amendments adopted on September 30, 2010 Budget Code(Law No. 245-FZ) from January 1, 2010 to January 1, 2015, the maximum amount of the Reserve Fund was not set, and oil and gas revenues were directed to the federal budget to cover expenses. The replenishment of the fund after a 3-year break happened only in 2012. Also, from January 1, 2010, the Reserve Fund of the Russian Federation ceased to be replenished with income from the management of its funds - until February 2016, these incomes were sent to the federal treasury.

Management of the Reserve Fund

The management of the funds of the Reserve Fund of the Russian Federation was assigned to the Ministry of Finance, but some of these powers were allowed to be delegated to the Central Bank. According to the government decree of December 29, 2007 No. 955, the management of funds was to be carried out in order to:

1. ensuring their safety;

2. extracting in the long term a stable income from the placement of reserves.

In the short term, it was allowed to receive in the process of managing funds negative financial results. The procedure established by the government obliged to place funds:

• in foreign currency;

• in assets denominated in foreign currency with a long-term credit rating of at least Aa3 according to Moody’s classification;

• in foreign-currency-denominated assets with not lower than "AA-" according to Fitch-Ratings and Standard & Poor's.

The funds of the Reserve Fund were part of the gold and foreign exchange reserves of Russia, which was managed by the Ministry of Finance, and not by the Central Bank. By order of the ministry, the currency structure of reserves was approved:

euro - 45%;

US dollar - 45%;

pound sterling - 10%.

Foreign currency was credited to accounts with the Bank of Russia, which paid interest equivalent to the return on the assets mentioned. Due to the high conservatism of investments (possibly caused by the severe crisis of 2008, which happened just a few months after the start of the independent existence of the Reserve Fund), the return on investments turned out to be approximately at the level of currency inflation. A balanced portfolio of stocks and bonds would allow you to get many times more income.

Liquidation of the Reserve Fund of the Russian Federation

On February 1, 2018, the Reserve Fund of the Russian Federation ceased to exist, merging with the aforementioned FNB (Law No. 262-FZ of July 29, 2017). Thus, the Reserve Fund lasted exactly 10 years to the nearest day.

On December 1, 2017, the income from the fund's funds in the Central Bank of the Russian Federation for the past year in the amount of 652 million rubles was transferred to the treasury, foreign currency balances from accounts with the Central Bank - $ 7.62 billion, € 6.71 billion and £ 1.10 billion - were exchanged for 1.042 trillion rubles and used to cover the budget deficit. Let's look at the chart:

It shows a noticeable correlation between the volume of the reserve fund and the oil price. When oil plummeted during the global crisis of 2008-09, this was reflected in the Reserve Fund with a slight delay. However, if from the beginning of 2009 oil began to restore its previous positions, the fund continued to actively decrease and by 2011 had decreased by more than 6 times to $20 billion. And if it were not for the high price of oil at that time, then its history could have been noticeably shorter. But thanks to prices at $115 per barrel, the fund was still able to grow by 4 times, stepping over $80 billion. The second wave of oil decline since 2014, imposed on sanctions, has already turned out to be critical.

Interestingly enough, although the price of a barrel of oil in dollars looks rather chaotic, the situation in rubles is different: from the beginning of 1998 to the beginning of 2018, the price of a barrel rose from 100 to 3,800 rubles, i.e. 38 times. At the same time, the ruble depreciated against the dollar by less than 10 times: from 6 to 56 rubles. As a result, the dynamics of the Reserve Fund in rubles looks somewhat different:

Two peaks correspond to the time of the ruble - and since the devaluation of the end of 2014 turned out to be stronger than the devaluation of 2009, the ruble capitalization of the fund was at its maximum at the beginning of 2015 (whereas there were noticeably more funds in dollars in 2009). Those. the initial phase of the crisis even led to an increase in ruble assets, but then a strong decline followed. By December 1, 2016, the fund had just over $2 trillion. rubles or about 35 billion dollars - but by the beginning of 2017 this amount had halved to 1 trillion. rubles ($17 billion). Which was spent at the end of 2017, bringing the fund's balance to zero.

What's next?

Experts who oppose the current Russian government blame it for the irrational use of reserves and argue that the liquidation of the Reserve Fund does not bode well for the Russians.

So, Alexei Navalny said that during the oil years Russia earned about $2 trillion from oil exports, and by 2014 a total of $177 billion had accumulated in two sovereign funds. Where did they go? In total, over the course of four years, they were spent on financing unprofitable corruption projects, law enforcement agencies, subsidies to the Crimea and propaganda. According to the oppositionist, with effective spending in the Reserve Fund of the Russian Federation in 2017 alone, another trillion rubles would remain.

Other analysts reasonably state that there is no reason to worry, since the abolished fund was by no means the only “thing”. At the same time, it is noted that while funds were exhausted in it, the total volume of the gold and foreign exchange reserves of the Russian Federation, on the contrary, increased (in 2017 - by 14.6%, or $55 billion; in 2016 - by 2.5%, or $9 billion). The share of Western securities in them has decreased and the share of gold has grown.

In total, in fact, the Reserve Fund today exists under the name of the National Welfare Fund of Russia. The volume of which as of January 1, 2018, according to official data from the Ministry of Finance, amounted to $65.15 billion, or 3.75 trillion rubles.

According to the calculations of the authorities, 2018 should be the last year when the budget deficit will be covered from the NWF. In the future, they promise to turn it into a real wealth fund, which will be replenished with the currency purchased by the Ministry of Finance under the budget rule, and will be spent only on co-financing the pension savings of Russian citizens. Will it succeed?