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ACCOUNTING FINANCIAL STATEMENTS: INFORMATION DISCLOSURE
N.A. Baikalova, Candidate of Economic Sciences, Associate Professor E.M. Anikina, Candidate of Philological Sciences, Associate Professor Siberian Transport University (Russia, Novosibirsk)
DOI:10.24412/2411-0450-2023-12-2-6-8
Abstract. This article discusses the disclosure provisions in annual and interim consolidated financial statements. The measures that influenced the disclosure of information for both professional investors and ordinary citizens are described, which make it possible to prevent foreign states from introducing new prosecutions against Russian legal entities. Regulatory documents are analyzed and measures are indicated to limit the dissemination of information from organizations, as well as Russian banks and financial sector organizations to publish accounting (financial) statements on the website of the Bank of Russia and their own websites.
Keywords: anti-sanctions measures, accounting financial statements, accessibility, information, consolidated financial statements, economics.
Total anti-sanction measures taken has a significant impact on the availability of data presented in (AFS). It should be noted that when disclosing information to the BFO, information can be withdrawn only on the basis of accounting standards. Special norms have been introduced a long time ago and such norms are contained in the Accounting Regulations (AR):
AR 9/99 "Income of the organization" - by income, when it is permitted not to disclose information about certain types of products; about the segments of its implementation; main buyers;
AR 11/2008 "Information about related parties", because it is allowed not to disclose information about the group;
AR 12/2010 "Information by segments" -information by segments;
AR 2/2008 "Accounting for construction contracts" - information on construction contracts.
It should also be noted that information that relates to business segments, counterparties, and customers may not be disclosed to the financial institution.
However, it must be born in mind that when applying any Government regulations and standards, the removal of information from the consolidated financial statements (CFS) or from the AFS must be justified. Information may be closed, the disclosure of which could lead to sanctions risks for the
organization itself or for its counterparties. In this regard, for organizations for which these issues are relevant, attention should be paid to two information documents that were issued by the interdepartmental working group on the application of international financial reporting standards (IFRS). These documents are devoted to the issues of the procedure for removing information from the CFS and the procedure for auditing the CFS, which is disclosed with the removal of certain information:
1. <Information> Ministry of Finance of Russia No. OP 18-2023 "On the application of International Financial Reporting Standards" (informational message (IM) No. OP 18) - Disclosure of consolidated financial statements with the removal of certain information, dedicated to how to remove certain information from the mechanism itself;
2. <Information> Ministry of Finance of Russia No. OP 19-2023 (IM No. OP 19) "On the application of International Financial Reporting Standards" - Fulfillment of the obligation to audit consolidated financial statements in the event of their disclosure with the removal of certain information, how to audit such statements.
IM No.OP 18 discusses a purely technical issue: howto withdraw information that is allowed to be withdrawn from the CFS; what to take to CFS? It should be noted that in any case, the company must: draw up a complete
financial statement and conduct an audit; obtain an audit opinion regarding the full CFS.
In the event that, for regulatory reasons, an organization decides to disclose the full CFS with the removal of certain information permitted by government decree or accounting standards, because the approach for financial financial statements is the same, then when disclosing from the CFS, the corresponding parts of information are withdrawn, that is, they are simply not published. However, in this case, in the explanations to the CFS it should already be indicated that the CFS is not disclosed in full, but with the removal of certain information. Consequently, such statements can no longer contain a statement that they comply with IFRS, because IFRS does not provide for any exemptions. And, accordingly, in relation to this CFS, disclosed with the removal of certain information, another audit must be carried out, and another audit report must be obtained.
IM No. OP 19 describes the auditor's action to audit such statements. The removal of certain information from the disclosed financial statements is not in itself a basis for a reservation in the audit report. In this situation, the auditor must independently assess the impact on the disclosed financial statements, the removal of this information and decide on the nature of the audit report conclusion, such an exception will lead to a reservation, attention, or these exceptions may be so insignificant that the auditor's opinion will not change at all. However, in any case, it must be clearly ensured that when disclosing the CFS with the removal of certain information, exactly the audit opinion that was issued in relation to these statements should be disclosed.
It should be noted that if Russian financial statements are published with the removal of information that is permitted by accounting standards, then in this case a complete financial reporting system is initially compiled. This reporting is also audited in cases where the law provides for an audit. An audit opinion is then obtained regarding the complete accounts. If information is removed from it, it must be confirmed by the AFS with such withdrawals. However, taking into account the fact that access to the state information
resource of accounting reports (SIR AR) of Russian accounting financial statements may be limited, that is, sensitive information will not be available to a wide range of users and will only be seen by authorities and the Bank of Russia, then this is already the case. There is no need to remove this information from the AFS.
It should be noted that many companies were affected by the issue of the introduction of excess profit tax by Federal Law of August 4, 2023 No. 414-FL "On Excess Profit Tax" (Law No. 414-FL). The issue of reflecting the excess profit tax in accounting is addressed in the Information message of the Ministry of Finance of Russia dated September 14, 2023 No. IM-accounting-46 "New in accounting legislation: facts and comments" - Accounting for the excess profit tax. This message outlines a general approach indicating that if interim reporting was compiled in 2023 before the guarantee payment was made to the budget, then an estimated liability should have been created for this tax. Therefore, the guarantee payment, which is paid in 2023, is reflected in the accounts receivable debt, since the above Law No. 414-FL comes into force on January 1, 2024. Accordingly, in 2023 there is no obligation to pay this tax to the budget based on legislative acts. Starting from January 2024, when filing a return for this tax and when the guarantee payment is legally offset to reduce this tax, the accrual will be made at the expense of the previously created estimated liability and its repayment will naturally be reflected. Note that the reflection of the excess profit tax in the CFS based on IFRS will be somewhat different, because this tax is equal to the income tax, and, accordingly, should be reflected according to IFRS 12 "Income Taxes" without calculating deferred payments. It must be remembered that already in 2023, organizations in the CFS must reflect their income tax obligations, and the guarantee payment is a payment that pays off this obligation.
Thus, the volume of disclosed information in the financial statements will reduce the risks of reporting organizations from economic losses, losses from business reputation and other issues leading to undesirable consequences.
References
1. Baykalova N.A. Reserves: disclosure in accounting (financial) statements // Trends in the development of science and education. - 2022. - № 84-3. - Pp. 14-16.
2. Baykalova N.A. Beneficiary: disclosure in accounting (financial) statements // Actual problems and prospects of economic development: Russian and foreign experience. - 2022. -№ 2 (40). - Pp. 54-56.
3. Kharalgina O.L. Accounting policy enterprises for accounting purposes // Taxes and financial law. - 2020. - № 2. - Pp. 8-141.
БУХГАЛТЕРСКАЯ ФИНАНСОВАЯ ОТЧЕТНОСТЬ: РАСКРЫТИЕ
ИНФОРМАЦИИ
Н.А. Байкалова, канд. экон. наук, доцент Э.М. Аникина, канд. филол. наук, доцент Сибирский государственный университет путей сообщения (Россия, г. Новосибирск)
Аннотация. В данной статье рассматриваются условия раскрытия информации в годовой и промежуточной консолидированной финансовой отчетности. Описаны мероприятия, повлиявшие на раскрытие информации для как профессиональных инвесторов, так и простых граждан, которые позволяют препятствовать иностранным государствам ввести новые преследования против российских юридических лиц. Проанализированы нормативные документы и указаны меры по ограничению распространения сведений организаций, а также российских банков и организации финансового сектора публиковать бухгалтерскую (финансовую) отчетность на сайте Банка России и собственных сайтах.
Ключевые слова: антисанкционные меры, бухгалтерская финансовая отчетность, доступность, информация, консолидированная финансовая отчетность, экономика.
