Analysis of short-term financial investments. Long-term and short-term financial investments - what is it? Their types, accounting and analysis

For the convenience of studying the material, the article is divided into topics:

Actual costs include amounts paid to the seller under the contract, amounts paid for information and consulting services, payment for intermediary services, other costs directly related to the acquisition of assets as financial investments.

If the amount of costs for information and consulting services is insignificant relative to the amount paid to the seller of securities, such costs are recognized as other operating expenses of the organization, including reporting period, in which were taken to accounting purchased securities.

General business and other similar expenses are not included in the cost of acquiring financial investments, if they are not directly related to their acquisition.

When acquiring financial investments, the actual costs are formed taking into account the amount differences that arise in cases where payment is made in rubles in an amount equivalent to an amount in foreign currency(conditional monetary units), prior to the acceptance of assets as financial investments for accounting.

The initial cost of financial investments, the value of which upon acquisition is set in foreign currency, is determined in rubles by converting foreign currency at the exchange rate of the Bank of Russia in force on the date of acceptance of these assets for accounting. The initial cost of financial investments, at which they are accepted for accounting, may change in cases established by regulatory enactments. For the purposes of the subsequent assessment, financial investments are divided into two groups: financial investments for which the current market value can be determined, and financial investments for which the market value cannot be determined.

Upon disposal of assets accepted for accounting as financial investments, for which it is possible to determine in in due course current market value are reflected in financial statements at the end of the reporting year at the current market value by adjusting the estimate for the previous reporting date. Adjustments can be made monthly or quarterly. The difference between the valuation of financial investments at the current market value as of the reporting date and the previous valuation is included in other income or expenses in correspondence with the financial investments account. These assets include the most liquid financial investments.

Upon disposal of an asset accepted for accounting as financial investments, for which the current market value is not determined, they are reflected in accounting and financial statements at their original cost. If for the object of financial investments, previously estimated at the current market value, as of the reporting date present value is not determined, such an object is reflected in the financial statements at the cost of its last assessment.

An entity may make a calculation of the valuation of debt securities and loans granted at present value and provide support for the reasonableness of such calculation. The retirement of financial investments from the accounting of an organization is recognized on the date of the one-time termination of the conditions for accepting these investments for accounting and occurs in cases of redemption, sale, gratuitous transfer, transfer in the form of a contribution to the authorized capital of other organizations, transfer to the account of a contribution under a simple partnership agreement and etc.

Contributions to the authorized capital of other organizations (except for shares joint-stock companies), loans granted to other organizations, deposits in credit institutions, receivables acquired on the basis of an assignment of the right to claim, are valued upon disposal at the initial cost of each of the above accounting units. Securities upon disposal, they can be valued at the average initial cost, determined for each type of securities as a quotient of dividing the initial cost of this type of securities by their number, consisting, respectively, of the initial cost and quantity (balance) at the beginning of the month and received during this month valuable papers. In the event of disposal of financial investments valued at current market value, their value is determined based on the latest valuation. For each type of financial investment during the reporting year, only one assessment method can be used. This method of assessment should be fixed in accounting policy organizations.

Financial investments in the balance sheet

Line 1170 reflects the value of all long-term financial investments of the company, which was formed as of December 31. They are taken into account on account 58 "Financial investments". In line 1170 enter debit balance account 58 (in terms of long-term financial investments). Short-term investments in line 1170 of the balance sheet are not reflected. For such property, line 1240 is provided in the balance sheet.

An additional breakdown of data on financial investments by their types and groups is given in section 2 of the Explanatory Note to balance sheet and income statement. Table 3.1 of the specified section is intended for this purpose.

Accounting for such property is regulated by the Accounting Regulation “Accounting for financial investments” (PBU 19/02) (approved by order of the Ministry of Finance of Russia No. 126n).

According to this document, financial investments, in particular, include:

Securities (state, municipal, other companies) and debt securities (bonds, promissory notes);
an exception is provided for own securities and debt shares redeemed from shareholders, bills of exchange issued to secure payment to suppliers, issued bonds;
contributions to authorized capitals other companies;
the amount of loans granted to other firms at interest;
deposits in banks, on which income is accrued;
receivables acquired under the contract of assignment of the right to claim (cession);
contributions of a partner organization under a simple partnership agreement ( joint activities).

PBU 19/02 provides that assets that have a material form are not reflected as financial investments. For example, fixed assets and inventories (materials, goods).

Financial investments must meet all the requirements listed in paragraph 2 of PBU 19/02. There are three of them. First. The company must have documents that confirm its right to a financial investment. For example, for granted loans - an agreement; for promissory notes issued by third parties - a promissory note, for shares or bonds - the shares themselves, bonds or a certificate for them (if they are received in documentary form), an extract from the register or depo account (if they are received in non-documentary form); on deposits in banks - an agreement; for contributions to authorized capital - the charter of the company that received this contribution, etc.

Second. Going to the company of all financial risks associated with these investments (the risk of price changes, debtor's insolvency, liquidity, etc.). And third. The ability to generate income in the future. For example, in the form of interest, dividends, the difference between the purchase and sale prices. If certain assets are not capable of generating income (for example, interest-free loans), they are not reflected as part of financial investments.

In line 1170 of the balance sheet, this amount is not indicated. The amount of the loan not repaid is reflected either as part of other outside current assets on line 1190 (if the loan is long-term), or as part of receivables on line 1230 of the balance sheet (if the loan is short-term). As we said above, line 1170 of the balance sheet is intended specifically for long-term financial investments. Short-term accounts are taken into account on line 1240 of the form. According to clause 19 of the Accounting Regulations “Accounting Statements of an Organization” (PBU 4/99) (approved by order of the Ministry of Finance of Russia No. 43n), those assets and liabilities whose maturity or maturity does not exceed 12 months are considered short-term. Otherwise, they are considered long-term (letters of the Ministry of Finance of Russia No. 07-02-18/01, No. 07-02-18/01).

At the same time, the company has the right to transfer certain financial investments from long-term assets to short-term ones (for example, if at the time of the balance sheet formation the remaining term of their circulation (repayment) is less than 12 months) and vice versa. The right to such a transfer should be enshrined as a provision of the firm's accounting policy.

Financial investment account

Account 58 "Financial investments" is intended to summarize information on the presence and movement of investments of an organization in government securities, shares, bonds and other securities of other organizations, authorized (share) capital of other organizations, as well as loans granted to other organizations.

To account 58 "Financial investments" sub-accounts can be opened:

58-1 "Shares and shares",
58-2 "Debt securities",
58-3 "Granted loans",
58-4 "Contributions under a simple partnership agreement", etc.

Sub-account 58-1 "Shares and shares" takes into account the presence and movement of investments in shares of joint-stock companies, authorized (reserve) capitals of other organizations, etc.

Sub-account 58-2 "Debt securities" takes into account the presence and movement of investments in public and private debt securities (bonds, etc.).

Financial investments made by the organization are reflected in the debit of account 58 "Financial investments" and the credit of the accounts, which take into account the values ​​to be transferred on account of these investments. For example, the acquisition by an organization of securities of other organizations for a fee is carried out on the debit of account 58 "Financial investments" and the credit of account 51 "Settlement accounts" or 52 "Currency accounts".

For debt securities for which the current market value is not determined, the organization is allowed the difference between the initial cost and face value during the period of their circulation evenly, in proportion to the income due on them in accordance with the terms of the issue of income, to be attributed to financial results a commercial organization or a decrease or increase in the expenses of a non-profit organization.

When writing off the excess of the purchase value of the bonds and other debt securities acquired by the organization over their nominal value, entries are made on the debit of account 76 "Settlements with various debtors and creditors" (for the amount due to be received on securities) and the credit of accounts 58 "Financial investments "(for a part of the difference between the purchase and nominal value) and 91" Other income and expenses "(for the difference between the amounts charged to accounts 76 "Settlements with various debtors and creditors" and 58 "Financial investments").

When additionally accruing the amount of excess of the par value of bonds and other debt securities acquired by the organization over their purchase value, entries are made in the debit of accounts 76 "Settlements with various debtors and creditors" (for the amount due to be received on securities) and 58 "Financial investments" ( for a part of the difference between the purchase and nominal value) and the credit of account 91 "Other income and expenses" (for the total amount allocated to accounts 76 "Settlements with various debtors and creditors" and 58 "Financial investments").

The redemption (repurchase) and sale of securities recorded on account 58 "Financial investments" are reflected in the debit of account 91 "Other income and expenses" and the credit of account 58 "Financial investments" (except for organizations that reflect these transactions on account 90 "Sales ").

Sub-account 58-3 "Granted loans" takes into account the movement of cash and other loans provided by the organization to legal and natural (except employees of the organization) persons. Loans provided by the organization to legal entities and individuals (except employees of the organization) secured by bills of exchange are accounted separately on this sub-account.

The granted loans are reflected in the debit of account 58 "Financial investments" in correspondence with account 51 "Settlement accounts" or other relevant accounts. The return of the loan is reflected in the debit of account 51 "Settlement accounts" or other relevant accounts and the credit of account 58 "Financial investments".

On subaccount 58-4 "Contributions under a simple partnership agreement", the partner organization takes into account the presence and movement of deposits in common property under a partnership agreement.

The provision of a contribution is reflected in the debit of account 58 "Financial investments" in correspondence with account 51 "Settlement accounts" and other relevant accounts for accounting for allocated property.

Upon termination of a simple partnership agreement, the return of property is reflected in the credit of account 58 "Financial investments" in correspondence with the property accounts.

Analytical accounting on account 58 "Financial investments" is kept by types of financial investments and objects in which these investments are made (organizations - sellers of securities; other organizations in which the organization is a participant; borrowing organizations, etc.). Building analytical accounting should provide the possibility of obtaining data on short-term and long-term assets. At the same time, accounting for financial investments within a group of interrelated organizations, on the activities of which consolidated financial statements are compiled, is kept on account 58 "Financial investments" separately.

The cost of financial investments

Over time, the initial cost of financial investments may change. In this case, it is necessary to carry out the so-called post-assessment of financial investments, i.e. adjustment to their original value.

For this, clause 19 of PBU 19/02 provides for the division of financial investments into two groups:

O investments, by which it is possible to determine their current market value;
- o investments for which the current market value is not determined.

For the first group, financial investments (shares, bonds) listed on the stock exchange, the organization at the end of the year reflects the current market value by adjusting their valuation, the previous date. The organization can make this adjustment monthly or quarterly (the organization sets the timing of the adjustment in its accounting policy independently).

The difference between the valuation of financial investments at the current market value as of the reporting date and their previous valuation is credited to the financial results of a commercial organization as other income (expenses) or an increase in income (expenses) of a non-commercial organization in correspondence with the financial investment account.

For the second group, financial investments, the current market value of which is not determined, are reflected in accounting at their original cost (paragraph 21 of PBU 19/02).

The second group includes all other financial investments: shares in authorized (share) capital, loans issued, deposits in banks, receivables acquired under an assignment agreement, contributions under a simple partnership agreement, etc.

However, some features should be taken into account here. For example, for debt securities (bills, bonds) that are not listed on the stock exchange, the difference between the initial and nominal value can be written off to other expenses (income) evenly over the period of their circulation.

For securities belonging to the first group, the method for determining the current market value is given in PBU 19/02, which states that this value for accounting purposes is their market price calculated by the organizer of trade in the securities market (clause 13 PBU 19 /02).

At present, the procedure for determining market price securities and the maximum limit for fluctuations in their market price is set by the Federal Financial Markets Service of Russia only for securities circulating on the organized market. This category includes shares of joint-stock companies, government and corporate bonds, shares ( mutual funds), American Depository (ADR).

Based on paragraph 20 of PBU 19/02, the organization is obliged to carry out adjustments to the current market value of securities at the end of the reporting year. In the face of falling stock prices, information about the value of a company's assets is the most important criterion for assessing the viability of a business. In addition, in order to prepare financial statements that reflect the real value of assets, revaluation is currently required on a monthly basis.

Revaluation of the value of securities is carried out as follows. First of all, the difference between the value of the security at the current moment and the last reporting date is determined. The result obtained (income in the form of a positive difference or an expense in the form of a negative difference) is accounted for in accounting on account 91 "Other income and expenses" as part of other income or expenses, respectively.

The initial cost of financial investments. If the organization received securities free of charge, then their initial cost is recognized:

If securities are traded on the stock market, then their current market value is fixed from them at the time of acceptance for accounting;
- If the securities are not traded on the stock market, then the amount is fixed Money, which can be obtained as a result of the sale of received securities at the time of their acceptance for accounting.

If an asset is accepted for accounting as a financial investment, but its current market value is not determined, then upon disposal of this asset, its value is determined:

At the initial cost of each unit of financial investments;
- at the average initial cost;
- by the FIFO method - at the initial cost of the first financial investments in terms of time of acquisition.

The following information is subject to disclosure in the financial statements:

Methods for evaluating financial investments upon their disposal in accordance with the generalization by groups and the consequences of changes in the methods of this evaluation;
- the cost of financial investments for which the current market value is determined and not determined;
- the difference between the market value at the reporting date and the previous valuation of financial investments;
- if there are debt securities for which the current market value has not been determined, then the difference between their initial and nominal value during the period of their circulation is subject to disclosure;
- value of securities and other financial investments encumbered with collateral;
- the cost of securities and other financial investments transferred without sale to other organizations;
- the amount of the reserve for the depreciation of financial investments, indicating their type of reserve. At the same time, the amount of the reserve created in the reporting year, the amount of the reserve recognized as other income of the reporting period and the amount of the reserve used in the reporting year are disclosed;
- if there are debt securities or loans granted, then disclose data on their valuation at a discounted value, on the amount of their discounted value and on discounting methods. These data are disclosed in the notes to the balance sheet and income statement.

Types of financial investments

Temporary placement of free funds of an enterprise in financial assets in the form of investments in securities, in profitable types of monetary instruments, in the authorized capital of other enterprises and organizations is called financial investment.

Investments of funds in financial assets for the purpose of generating income in accounting are considered as financial investments.

Depending on the period for which financial investments are made, they are divided into:

Long term when set time their maturity exceeds one year, or investments made with the intention of earning income on them for more than one year;
- short-term, when the established term of their repayment does not exceed one year or investments are made without the intention to receive income on them for more than one year.

The accounting procedure for financial investments is regulated by the Accounting Regulation “Accounting for Financial Investments” (PBU 19/02), approved by Order No. 126n of the Ministry of Finance of Russia.

To be accepted for accounting of financial investments, the following conditions must be simultaneously met:

1. Availability of documents confirming the organization's right to financial investments and the right to receive funds and other assets arising from this right.
2. Transfer of financial risks associated with this investment (risk of price changes, debtor's insolvency, liquidity, etc.).
3. Economic benefits, that is, the ability to generate income in the future in the form of interest, dividends or in the form of an increase in value (difference in selling prices and book value).

The financial investments of the organization in accordance with paragraph 3 of PBU 19/02 include:

State and municipal securities.
Securities of other organizations.
Contributions to authorized (share) capitals of other organizations.
Providing loans to other organizations.
Deposits in credit institutions.
Accounts receivable acquired on the basis of the assignment of the right to claim.

Financial investments include securities held by an organization in order to increase its own capital by generating income through the distribution of profits (in the form of interest, dividends) or for the investing organization to receive profit from the sale or other disposal of these assets.

Assessment of financial investments

In accounting, different estimates of the value of financial investments are used, depending on the purposes of measurement.

The nominal value of financial investments is the value indicated in the financial instrument itself, accepted in the contract, recorded in the register or printed on the security. The nominal value of equity instruments shows the amount of the share capital they represent, and debt instruments - the amount of the borrower's obligations, which he undertakes to repay. Purchase and sale of financial investments do not change the nominal value, it remains constant throughout the entire period for which this investment is issued.

The price declared by the issuer (organization) at which the securities are offered at initial placement on the market, represents the cost of placement, or the value that may be higher or lower than the nominal value of financial investments. If the issuance value exceeds the nominal price, then this means that the security is placed with a premium, resulting in the generation of share premium; otherwise, if the nominal value exceeds the cost of placement, the issuer has a loss.

The cost at which the financial instrument is subsequently circulated on the market (sold and bought) is the market or current value of financial investments, which is determined at a particular moment by the nominal value, the liquidity of investments and the amount of income generated.

When determining the market value, it is necessary to be guided by the Decree of the Federal Commission for the Securities Market No. 03–52/ps “On Approval of the Procedure for Calculating the Market Price of Equity Securities and investment shares shares investment funds admitted to circulation through trade organizers, and setting the maximum limit for fluctuations in the market price”.

Financial investments are accepted for accounting at their initial cost. The initial cost of financial investments purchased for a fee is the amount of actual acquisition costs, excluding VAT and other reimbursable taxes. The initial cost includes the purchase price (issue or market) and direct costs of acquiring financial investments (remuneration financial broker, interest on borrowed funds used to purchase investments, other direct acquisition costs).

The following are recognized as actual expenses that form the initial cost of financial investments:

Investments on contributions to the authorized capital of the organization - the monetary value of investments, agreed by the founders (participants) of the organization;
investments made on account of the contribution of the organization - a partner under a simple partnership agreement - at the cost of their reflection in the balance sheet as of the date the partnership agreement enters into force;
investments received free of charge - their market value as of the date of acceptance of investments for accounting;
investments acquired under agreements providing for non-monetary funds - at the cost of assets transferred or to be transferred by the organization on account of fulfilling the terms of the agreement.

The actual costs of acquiring financial investments are determined taking into account exchange rate differences arising from payment in rubles in an amount equivalent to the amount in foreign currency (conventional monetary units).

If for the acquired financial investments the bulk of the expenses are the costs paid under the contract to the seller, then the remaining expenses for the acquisition of these investments can be recognized by the organization as other expenses, i.e. may be recorded on account 91 “Other income and expenses”, and not on account 58 “Financial investments”.

After accepting financial investments for accounting, their value is subject to periodic adjustment, which is carried out directly for investments with a market value, and indirectly - for investments for which the market value is not determined. In the first case, the organization is obliged to reflect financial investments in the balance sheet at market prices. To do this, they are revalued and the difference between the market value and the previous balance sheet valuation (market or initial, when acquiring objects in the reporting period) is charged to the accounts of other income and expenses. In the second case, instead of revaluation, a provision for the depreciation of financial investments is accrued if the value or profitability of these investments falls. With an increase in value or profitability, the previously accrued reserve decreases until the original cost is fully restored.

According to clause 38 of PBU 19/02, in the financial statements, the value of financial investments for which a reserve for impairment has been formed is shown at book value minus the amount of the reserve.

Evaluation of financial investments upon their disposal (redemption, sale, gratuitous transfer, transfer as a contribution to the authorized capital of another organization, etc.) is carried out immediately at the time of disposal. Financial investments, for which the current market price is determined, are valued based on their latest valuation.

Financial investments for which the current market price is not determined are valued at the time of disposal in one of the following ways:

1) at the initial cost of each financial investment;
2) at the average initial cost;
3) at the initial cost of the first-time acquisition of financial investments (FIFO).

Reserve of financial investments

The reserve for depreciation of financial investments is regulated by RAS 19/02, which was approved by Order No. 126n of the Russian Ministry of Finance. There is account 59 in the Chart of Accounts for this reserve.

Let me remind you that, according to PBU 19/02, financial investments are understood as investments in the authorized capital of other organizations, loans issued, deposits in banks, debt securities.

It can be argued what the nature of interest-free loans is: whether they are financial investments or simply receivables. But I believe that account 58 "Financial investments" can still be used.

The ability to generate income is a concept that many do not understand as widely as it should. What is it to generate income in the form of interest on a loan is clear to everyone. But many consider interest-free loans to be accounts receivable. If you lend without interest to a subsidiary that the company created to transfer part of its functions, then monetary support at the stage of formation is also a benefit. Not income in the full sense of the word, but still an economic benefit.

On account 58, acquired rights of claim are also taken into account. The company sold the products, waiting for money, the buyer does not pay. The seller decides to cede the debt to another company. For someone who has acquired debt, it will be a financial investment. Acquired debt is recognized at actual cost.

Traditionally, another type of financial investment is recorded on account 55 - deposits placed by the company in the bank.

All types of financial investments that I have listed may depreciate. Section VI PBU 19/02 provides information from which you can understand which financial investments are not subject to reserves. So, it is not necessary to create a reserve for financial investments that rotate on an organized market. Most often, these are securities traded on the market. They are being re-evaluated. At least December 31st. Not allowed before. The best option is at the end of each quarter.

What is a steady decline in the cost of financial investments, explains paragraph 37 of PBU 19/02. Such a decrease is foreseen, for example, if the carrying amount is significantly higher than the estimated cost as of the current and previous reporting dates.

We return to the signs of a significant decrease in the cost of financial investments. It is present if the estimated value has significantly decreased during the year. It fell all the time, never increasing. Or if at the reporting date there is no evidence that a significant increase in the estimated value of these financial investments is possible in the future.

These are such vague wordings that examples of situations of significant reduction were added to PBU 19/02. They can be found in paragraph 37. For example, this is the absence or a significant decrease in income from financial investments in the form of interest or dividends, with a high probability of a further decrease in these income in the future. Suppose a year or two of dividends are not received and there are serious reasons to doubt whether there will be a profit as such.

Analysis of financial investments

From the appendix to the balance sheet (form N 5) you can get additional information for analytical research. It consists of seven sections, which reflect data on the movement of borrowed funds, accounts payable and receivable, depreciable property, sources of funds for investment, expenses for ordinary activities, and social indicators. This information is useful for adjusting indicators during the exercise.

In f. N 1 "Balance sheet" long-term receivables are reflected in section II "Current assets". A high proportion of intangible assets in the non-current assets and a high share of their growth in the change in the total value of non-current assets for the reporting period testify to the innovative nature of the company's strategy. High indicators for long-term financial investments reflect the financial and investment development strategy.

A more detailed analysis of intangible assets, fixed assets and financial investments is carried out on the basis of the relevant sections f. N 5 "Appendix to the balance sheet".

The value of the transferred assets is set based on the price at which an organization receiving financial investments as payment usually determines the value of similar assets in comparable circumstances (clause 14 of PBU 19/02). If it is impossible to determine the value of the transferred assets, the value of the financial investments received by the organization is established on the basis of the price at which similar ones can be acquired in comparable circumstances.

PBU 19/02 also affected such an important verification procedure as the correctness of the assessment during the period of holding and disposal of financial investments. During the inspection of objects for which the current market value can be determined, it is necessary to establish whether they were periodically revalued at the current market value. According to paragraph 20 of PBU 19/02, an organization can make such a revaluation on a monthly or quarterly basis, and attribute the difference between the valuation of such financial investments at the reporting date and the previous valuation to financial results as part of operating income(expenses).

An inventory of financial investments should be preceded by an inventory of funds and settlements.

1. The inventory (working) commission receives inventory records (hereinafter referred to as the inventory), two copies for each type of financial investment:

For inventory of securities - form INV-16;
- for other financial investments - the recommended form of RINV-1.

2. The composition of financial investments is checked.

Financial investments include:

State and municipal securities;
- securities of other organizations, including debt securities, in which the date and cost of redemption is determined (bonds, promissory notes);
- loans granted to other organizations;
- deposits in credit institutions;

3. The legitimacy of classifying assets as financial investments is checked.

To accept assets as financial investments for accounting, the following conditions must be met at a time:

The presence of properly executed documents confirming the existence of the organization's right to financial investments and to receive funds or other assets arising from this right;
- the ability to bring economic benefits (income) to the organization in the future in the form of interest, dividends or an increase in their value (the difference between the sale (repayment) price of a financial investment and its purchase value, as a result of its exchange, use in paying off the obligations of the organization, increase in the current market value etc.).

4. Each type of an inventoryed financial investment is analyzed sequentially, and the amount credited to the corresponding accounting account is determined. Organizations acquire in most cases the securities of other organizations for an indefinite period.

When acquiring securities, the following objectives are pursued:

Getting profit from the investments made;
- establishment of control over the organization whose securities are acquired, etc.

When acquiring securities of other organizations, the stability of buyers, the sales market, the scope of activity, and the duration of operation are taken into account. Organizations make financial investments in other organizations through the purchase of shares or bonds. These investments can be short term or long term.

Financial investments in securities are accepted for accounting in the amount of actual costs for the investor.

The actual costs of acquiring securities may be the amounts:

Paid in accordance with the contract to the seller;
- paid to specialized organizations and other persons for information and consulting services related to the acquisition of securities;
- remuneration paid to intermediary organizations with the participation of which the securities were purchased;
- expenses on payment of interest on borrowed funds used to purchase securities prior to their acceptance for accounting;
- other expenses directly related to the acquisition of securities.

At the end of each reporting period, both the cost and the market value of the securities must also be determined.

The yield on securities is also compared with guaranteed income, which is taken as the rate of the Bank of Russia or interest on government bonds or treasury bills.

Estimation and forecasting economic efficiency acquired or acquired securities can be produced using both absolute and relative indicators, that is, by determining the current market price (at which acquisition is possible) and intrinsic value (based on the subjective assessment of each investor) or by calculating relative yield. In this case, the difference between the price and the value of a financial asset is that the price is an objective indicator, while the intrinsic value is a calculated indicator (the result of the investor's own approach). The calculation of the present intrinsic value can be made by dividing the expected return cash flow behind certain period on the expected or required rate of return on the financial instrument, taking into account the number of income earning periods.

If the amount of investment costs, that is, the market value of the security, is higher than the current value of the security, it is profitable for the holder of this security to sell it, but in this case the investor does not benefit from acquiring it due to the fact that he will receive a profit less than expected.

Based on the above, the current value of a security depends on:

expected cash receipts;
- the duration of the forecasted period of receipt of income;
- the required rate of return.

Long-term financial investments

Long-term financial investments are the investments of the investor's capital in an enterprise or financial asset for a period of more than a year. An investment with a term of less than a year is classified as a short-term financial investment. Long-term financial investments can be classified in various ways.

Classification of long-term financial investments by investment object

An investment object is something in which an investor invests money. The investor (person) himself is considered to be the subject of the investment. Consider the classification of long-term financial investments or investments according to the object of capital investment.

Securities of various types - this type of capital investment is commonly called portfolio investment. In the case we are considering, securities (stocks or bonds) are purchased for a period of more than one year. Usually when long term investment in securities, the investor does not pursue the goal of earning on speculation.

According to the purpose of investing in a portfolio of securities, this type of long-term capital investment is usually divided into two groups:

Capital investment in the Central Bank (here - securities) for the purpose of partial redemption of the joint-stock company - this gives the investor the right to take part in the management of the joint-stock company.
- Investing capital in the Central Bank in order to save money is quite rare, since securities are a highly liquid asset, but investors still use it by buying shares of stable joint-stock companies, the impact of market fluctuations on which is minimal.

According to the type of securities, they are also subdivided into state securities (the issue of which is carried out, as a rule, by Central bank Russian Federation) and private, which are issued by private joint-stock companies.

Debt securities are usually promissory notes. The bill allows you to receive the capital transferred to the holder of the bill for a specified period, usually large amounts in bills are taken for at least a year, so that the debtor has time to raise the necessary funds or bring his enterprise to a worthy economic level.

Contributions to the authorized capital of other organizations allow the investor to receive part of the profits of these organizations after their development. This is also a long-term investment, because only a very small group of enterprises can fully recoup the costs of their creation in less than one year.

Loans given to other people or organizations are almost the same as giving a person a bill, but in this version, the bill is not written, promissory note formed by a simple contract or.

Investments in enterprises that issue loans - you give money that will be issued to other people as a loan. For this you will receive a percentage of the payment. Usually such investments are made for several years.

Contributions to partnerships. A partnership is a special organizational and legal form that allows, by summing up the funds contributed by the co-founders, to obtain sufficient capital to start the operation of the enterprise.

The profit is distributed in accordance with the amount of capital that each individual participant contributed. The partnership also gives the right to jointly manage the business. If the created partnership pays off all expenses in one year, then profits, in any case, will have to wait more than one year, that's for sure.

Similar investments. It is possible to describe some more objects for long-term investment of capital, which we have not indicated in this classification, but we have listed and described the main objects.

Let's now learn to distinguish between objects that will not be long-term financial investments, but which some investors take for them:

Securities that have been purchased for the purpose of resale are mere financial speculation and not a long-term financial investment. We have already touched on this point in the previous paragraphs.
- a bill that was issued not as a paper certifying the receipt of funds, but in exchange for some material values ​​that have already been acquired by a person. In other words, the bill here is just a means of payment, and not a promissory note between the parties.
- investment in real estate, for the purpose of its temporary use to obtain material gain. Payments in this case are made by rent. This type of investment cannot be called long-term.
- the acquisition of expensive things not for the purpose of obtaining material benefits, but for the purpose of preserving capital or satisfying aesthetic needs. For example, you bought an expensive painting because you appreciate and admire art, in which case your investment will not be called a long-term investment.

Accounting statements of long-term financial investments

Even if investments are made from an individual, and not a legal organization, it is still necessary to have an understanding of the forms of legal reporting on issues of long-term financial investments. Let's indicate what information should be written in the reports when making the described investments.

Assessment of financial investments. On what basis did you evaluate the property when making an investment or purchase, and why did you pay no other price for it? If real estate has become the object of your investment (but it may not always be - see the previous classification), you need to indicate the data of the expert who assessed it, if you buy shares - the value of the share at this moment.

How might a change in current valuations affect an investment? These two points must be worked out with a financial specialist, because there is practically no point in sorting out all the details on your own. Imagine the situation that is happening in the market sharp fluctuation. How will this affect the value of the assets you have acquired, how much money can you lose, how can you insure against this? To avoid unnecessary questions, all these points must be written in the reports.

The difference between the market price of an asset at the time the report was created and the value indicated during the appraisal. Naturally, in most cases this difference will take place for long term investment, because the market does not stand still, in addition, there is a certain percentage of inflation every year, which will also increase or decrease the value of the asset you purchased. If you purchased a share for which a current market value cannot be determined, the difference between the original cost of the security and its par value is indicated. All data must also be included in the financial statements.

If, when purchasing assets for a long-term financial investment, you took a loan or secured money, the cost, amount of the loan, interest on it must be included in the report in without fail, since they will in any case cause additional costs to the firm in the future.

If you have established a joint-stock company, you must indicate the value and volume of securities that were knocked out of the joint-stock company. Retirement can be due to various reasons: transfer to third-party shareholders or something else.

You must have reserve capital to cover inflationary costs. The money you put into the business will depreciate depending on the current rate of inflation and your industry. In order to have enough money for the normal functioning of the business, reserves are needed. The amount of capital in these reserves must be registered.

If there are bills or bonds - an assessment of their discount value and a description of the methods of discounting.

These are the main materials on long-term financial investments, their classification, as well as the necessary financial statements. If you yourself do not understand them, contact the services of an accountant who will help you deal with difficulties. Long-term financial investments must be well planned, taking into account all kinds of risks and possible profits. This job can't be done without various financial professionals, so it's worth spending money on decent financial advice.

Audit of financial investments

aim audit financial investments is to form an opinion on the reliability of financial statements under the items “Long-term financial investments” and “Short-term financial investments” and the compliance of the applied accounting methodology for financial investments with the current ones in the Russian Federation regulatory documents.

In accordance with the Accounting Regulation "Accounting for financial investments" PBU 19/02, the organization's financial investments include:

State and municipal securities, securities of other organizations, including debt securities, in which the date and cost of redemption is determined (bonds, promissory notes);
- contributions to the authorized (share) capital of other organizations (including subsidiaries and affiliates) business companies);
- loans granted to other organizations, deposits in credit organizations;
- receivables acquired on the basis of assignment of the right to claim, etc.

The information base used by the auditor when checking financial investments includes:

Documents regulating accounting and taxation of financial investments;
accounting reports;
order on the accounting policy of the organization;
registers of synthetic and analytical accounting of financial investments;
primary documents for the reflection of financial investments.

According to the order on the accounting policy of the organization, the auditor can familiarize himself with the following information:

The procedure for recognizing income from participation in the authorized capital of other organizations as income from common species activities or operating income;
working plan of accounts used to reflect financial investments;
forms of primary documents developed and approved by the organization for accounting for financial investments.

Audit of acceptance for accounting of financial investments

Operations (transactions) on financial investments are made on the basis of: a constituent agreement (for investments in the authorized capital of other organizations), a securities purchase and sale agreement, a loan agreement, a deposit agreement, a securities pledge agreement, a simple partnership agreement (an agreement on a joint activities), etc. The auditor should check whether the said contracts requirements of other normative legal acts regulating operations with securities.

The primary task of the auditor is to verify that the acquisition of an asset is classified as a financial investment.

In order to accept assets for accounting as financial investments in accordance with PBU 19/02, the following conditions must be met at a time:

The presence of properly executed documents confirming the existence of the organization's right to financial investments and to receive funds or other assets arising from this right;
transition to the organization of financial risks associated with financial investments (the risk of price changes, the risk of the debtor's insolvency, liquidity risk, etc.);
the ability of financial investments to bring economic benefits (income) to the organization in the future in the form of interest, dividends or an increase in their value (in the form of the difference between the sale (repayment) price of a financial investment and its purchase value, as a result of its exchange, use in paying off the obligations of the organization, increase current market value, etc.).

The primary documents on the basis of which financial investments are taken into account include:

The act of acceptance and transfer of securities;
- an act of acceptance and transfer of a contribution to a joint activity;
- an advice note on the receipt of property by a partner conducting common business;
- bank statements and payment orders on the transfer of deposits to monetary form(for non-cash payments) or an expenditure cash order and a receipt for the receipt cash warrant(for cash payments);
- invoices for the transfer of property (assets) in payment for securities;
- inventory list securities and forms of documents strict accountability(Form No. INV-16) and other documents.

When checking the correctness of classifying objects as financial investments, it is necessary to find out whether the organization has the rights to the security and whether it follows the procedure for transferring rights on securities.

According to the form of fixing the rights expressed by the security, the rights are divided into documentary and non-documentary.

In documentary form, the owner is established on the basis of the presentation of a properly executed security certificate or, in case of depositing one, on the basis of an entry in the depo account. The auditor must be presented with share certificates or a depo account statement.

In the non-documentary form, the owner is established on the basis of an entry in the system of maintaining the register of securities owners or, in the case of deposition of securities, on the basis of an entry on the depo account. The auditor must be presented with a register or statement of the depo account.

The accounting unit of financial investments is chosen by the organization independently in such a way as to ensure the formation of complete and reliable information about these investments, as well as proper control over their presence and movement. Depending on the nature of financial investments, the procedure for their acquisition and use, the unit of financial investments may be a series, batch, etc., i.e. homogeneous set of financial investments.

Typical mistakes are:

1) when paying a contribution to the authorized capital of a company with limited liability the amount of the contribution is debited immediately to the expenses of the organization, although it should be reflected in the composition of financial investments;
2) upon payment membership dues or payment of the founding contribution to a non-profit organization, the amount of the contribution is reflected as financial investments, although under the law the organization has no rights to these amounts and such amounts are not financial investments;
3) rights of claim acquired under an assignment agreement are not reflected in financial investments, but are recorded on account 76 “Settlements with debtors and creditors”.

When checking the execution of primary documents, it should be noted that a security is a strictly formal document, its form and mandatory details must comply with the requirements established by law for certain types of securities. Absence required details a security or non-compliance of a security with the form established for it entails its nullity (Article 144 of the Civil Code of the Russian Federation). Therefore, the auditor must conduct both a formal check of the forms of securities, and an arithmetic check of the primary documents used in the execution of transactions.

Verification of primary documents for the accounting of financial investments is especially important, since these documents define a special procedure for the transfer of ownership of securities.

The documents on the basis of which the objects of financial investments are accepted for accounting must indicate the purpose of the acquisition and the period during which this object is supposed to be used.

Next, the auditor must check the correctness of the assessment of financial investments. In accordance with the requirements of PBU 19/02, when acquiring securities under a sale and purchase agreement, financial investments are accepted for accounting in the amount of actual costs for the investor.

Amounts paid in accordance with the contract to the seller;
amounts paid to organizations and other persons for information and advisory services related to the acquisition of these assets. If an organization is provided with information and advisory services related to making a decision on the acquisition of financial investments, and the organization does not make a decision on such an acquisition, the cost of these services is charged to the financial results of a commercial organization (as part of operating expenses) or to an increase in the expenses of a non-profit organization of that the reporting period when it was decided not to purchase financial investments;
remuneration paid to an intermediary organization or other person through which assets are acquired as financial investments;
other costs directly related to the acquisition of assets as financial investments.

When acquiring financial investments at the expense of borrowed funds, the costs of received loans and borrowings are taken into account in accordance with the Accounting Regulation "Accounting for loans and credits and the costs of servicing them." General business and other similar expenses are not included in the actual costs of acquiring financial investments, unless they are directly related to the acquisition of financial investments.

If the amount of costs (except for the amounts paid in accordance with the agreement to the seller) for the acquisition of such financial investments as securities is insignificant compared to the amount paid in accordance with the agreement to the seller, the organization has the right to recognize such costs as other operating expenses in that reporting period in which the specified securities were accepted for accounting.

Upon receipt of securities under a donation agreement (free of charge), they are valued at market prices as of the acquisition date.

If financial investments are made in foreign currency, it is necessary to check these operations for compliance regulations currency regulation.

Financial investments, the value of which is expressed in foreign currency, are valued in ruble equivalent at the exchange rate established by the Central Bank of the Russian Federation on the date of transactions.

The auditor checks whether securities with a maturity of more than one year are revalued, since revaluation and reflection exchange rate difference are made only for securities accounted for as part of short-term financial investments, as well as for cash on deposits placed by the organization in the prescribed manner (clause 7 PBU 3/2000).

Expenses related to servicing financial investments of an organization, such as payment for bank and/or depositary services for keeping financial investments, provision of a depo account statement, etc., in accordance with PBU 19/02, should be classified as operating expenses of an organization.

Audit of the subsequent evaluation of financial investments

The initial cost of financial investments, at which they are accepted for accounting, may change in cases established by law and PBU 19/02.

For the purposes of subsequent evaluation, financial investments are divided into two groups, for which the current market value can be determined and for which their current market value is not determined.

Financial investments, for which the current market value can be determined in accordance with the established procedure, are reflected in the financial statements at the end of the reporting year at the current market value by adjusting their valuation for the previous reporting date. This adjustment can be made monthly or quarterly.

The auditor is obliged to check the correctness of the classification of financial investments by these groups, as well as the procedure for determining the market quotation of investments of the first group as of the reporting date.

The difference between the assessment of financial investments at the current market value as of the reporting date and the previous assessment of financial investments should be attributed to the financial results of a commercial organization (as part of operating income or expenses) or an increase in income or expenses of a non-profit organization in correspondence with the financial investments account.

Financial investments, for which the current market value is not determined, shall be reflected in the accounting records and in the financial statements as of the reporting date at their original cost (taking into account the requirements for depreciation of financial investments).

For debt securities for which the current market value is not determined, the organization is allowed to attribute the difference between the initial cost and the nominal value during the circulation period of the securities evenly to the extent of the income due on them (in accordance with the terms of the issue) attributable to the financial results of a commercial organization (in as part of operating income or expenses) or to reduce or increase the expenses of a non-profit organization. In this case, the auditor checks the correctness of the calculations made and the reliability of the assessment of debt securities as of the reporting date.

For debt securities and loans granted, the organization may calculate their valuation at present value. In this case, no accounting entries are made. The auditor must check the validity of such a calculation, if the data on the present value are given in the explanatory notes to the financial statements.

Audit of disposal of financial investments

In accordance with PBU 19/02, the disposal of financial investments in the accounting of the organization is recognized on the date of the one-time termination of the conditions for accepting them for accounting.

Upon disposal of an asset accepted for accounting as financial investments, for which the current market value is not determined, the value of the asset is determined based on the assessment in one of the following ways:

At the initial cost of each accounting unit of financial investments;
at the average initial cost;
at the initial cost of the first acquisition of financial investments (FIFO method).

The assessment at historical cost of the first financial investments in terms of time of acquisition is based on the assumption that securities are written off within a month or another period in the sequence of their acquisition (receipt), i.e. the securities that are the first to be written off must be valued at the original cost of the securities that are first in terms of the time of acquisition, taking into account the initial cost of the securities listed at the beginning of the month. When applying this method, the assessment of securities remaining at the end of the month is made at the initial cost of the latest acquisitions, and the value of the earliest acquisitions is taken into account in the value of the sold securities.

The application of one of the specified methods for a group (type) of financial investments is based on the assumption of the sequence of application of the accounting policy. The auditor must study the provisions of the accounting policy, which indicates the method of assessment chosen by the organization, and by recalculation check its compliance with the reflection of investment disposal operations.

Audit of balance sheet data

To confirm the reliability of financial statements and accounting data, the auditor checks the correctness of the inventory of financial investments.

During the test, he determines:

Whether the deadlines for conducting an inventory of financial investments are established in the order on accounting policies and whether these deadlines are observed;
the correctness of registration of inventory documents (does the organization use unified forms inventory lists, whether the completeness and accuracy of entering data on the actual availability of securities in the inventory when they are stored at the cash desk of the organization, etc., is ensured.

If securities are kept in an organization, their inventory is carried out simultaneously with the inventory of funds. When storing securities in special organizations (banks, depositories, specialized vaults), the inventory consists in reconciling the balances of the amounts on the relevant accounting accounts of the organization with the data of extracts from these special organizations.

Inventory records must indicate the issuers, the name of the security, series, number, face and actual value, maturity and total amount. The auditor uses inventory materials when checking the timeliness and completeness of the reflection in accounting of income received from securities. Incomes received by the organization from financial investments are accounted for on account 91 “Other income and expenses” and, in accordance with the Accounting Regulations “Income of the organization” (PBU 9/99), are classified as operating income. A typical mistake is a reflection of actually not received, but subject to accrual of income. For example, unearned interest on loans issued.

Evaluation of financial investments at the end of the reporting period is carried out depending on the accepted method of evaluating financial investments upon their disposal, i.e. at the current market value, at the initial cost of each accounting unit of financial investments, at the average initial cost, at the initial cost of the first financial investments acquired in time (FIFO method).

The auditor must examine the provisions of the accounting policy, which indicates the method of assessment chosen by the organization, and by recalculation check its compliance when reflecting the balance of the financial investment account.

When checking the correctness of the assessment of the value of financial investments as of the reporting date, the auditor takes into account the requirements for accounting for their depreciation.

Impairment is recognized as a steady significant decline in the value of financial investments, for which their current market value is determined below the economic benefit that the organization expects to receive from these financial investments in normal conditions her activities. In case of depreciation, based on the calculation of the organization, the estimated value of financial investments is determined, equal to the difference between their cost at which they are reflected in accounting (book value) and the amount of such a decrease.

A steady decline in the cost of financial investments is determined by the simultaneous presence of the following conditions:

As of the reporting date and the previous reporting date, the accounting value of financial investments is significantly higher than their estimated value;
during the reporting year, the estimated value of financial investments changed significantly downward;
As of the reporting date, there is no evidence that the estimated value of these financial investments may increase in the future.

The emergence of signs in the issuing organization of securities owned by the organization, or in its debtor under a loan agreement, or declaring it bankrupt;
making a significant number of transactions in the securities market with similar securities at a price significantly lower than their book value;
absence or significant decrease in income from financial investments in the form of interest or dividends with a high probability of a further decrease in these income in the future, etc.

If a situation arises in which depreciation of financial investments is possible, the auditor should check the conditions for a sustainable decrease in the value of financial investments.

If the impairment test confirms a significant decrease in the value of financial investments, then the auditor checks the creation of a provision for the depreciation of financial investments by the amount of the difference between the book value and the estimated value of such financial investments.

If such a reserve is created, the auditor checks the correctness of the reflection of financial investments in the balance sheet; their value should be indicated minus the amount of the reserve. The auditor also checks the completeness of disclosure in the information on the provision for depreciation of financial investments, which should indicate: type of financial investments; the amount of the reserve created in the reporting year; the amount of the reserve recognized as operating income of the reporting period; the amount of the reserve used in the reporting year.

If there is no such provision, the auditor suggests that the entity amend the accounting and record the creation of the provision. If the organization refuses to make corrections in accounting, if the amount of impairment is material, the auditor has the right to issue an auditor's report with a reservation about an incorrect assessment of the value of financial investments.

In the financial statements, financial investments should be presented with a division according to the terms of circulation (repayment): short-term and long-term. The auditor checks the correctness of the classification of financial investments. Since the classification depends on the organization's intention to hold or realize financial investments (to transfer or otherwise dispose), the auditor should examine the organization's internal documents confirming these intentions, or make a special request on this matter to the management of the entity being audited.

The auditor checks the completeness of disclosure of information on financial investments in the explanations to financial reporting, which, in accordance with the requirements of PBU 19, must at least disclose the following information:

Methods for evaluating financial investments upon their disposal by groups (types);
the consequences of changes in the methods of valuation of financial investments upon their disposal;
the cost of financial investments for which the current market value can be determined and for which the current market value cannot be determined;
the difference between the current market value as of the reporting date and the previous valuation of financial investments for which the current market value was determined;
debt securities for which the current market value has not been determined;
the difference between the initial cost and the nominal value during the period of their circulation;
the value and types of securities and other financial investments encumbered with collateral;
the value and types of retired securities and other financial investments transferred to other organizations or persons (except for sale).

The following data are considered for debt securities and granted loans: their valuation at a discounted value; the value of their discounted value; applied methods of discounting (disclosed in the notes to the balance sheet and income statement).

PBU financial investments

I. General provisions

1. This Regulation establishes the rules for the formation in accounting and financial statements of information on financial investments of the organization. Organization is hereinafter referred to as entity according to the legislation of the Russian Federation (with the exception of credit institutions and state (municipal) institutions).

This Regulation is applied when establishing the specifics of accounting for financial investments for professional participants securities market, insurance organizations, non-state pension funds.

2. For the purposes of this Regulation, in order to accept assets as financial investments for accounting, the following conditions must be met at a time:

The presence of properly executed documents confirming the existence of the organization's right to financial investments and to receive funds or other assets arising from this right;
- transition to the organization of financial risks associated with financial investments (price change risk, debtor's insolvency risk, liquidity risk, etc.);
- the ability to bring economic benefits (income) to the organization in the future in the form of interest, dividends or an increase in their value (in the form of the difference between the sale (redemption) price of a financial investment and its purchase price as a result of its exchange, use to pay off the obligations of the organization, increase in the current market cost, etc.).

3. Financial investments of the organization include: state and municipal securities, securities of other organizations, including debt securities, in which the date and cost of redemption is determined (bonds, promissory notes); contributions to the authorized (share) capital of other organizations (including subsidiaries and affiliates); loans granted to other organizations, deposits in credit institutions, receivables acquired on the basis of assignment of the right to claim, etc.

For the purposes of this Regulation, financial investments also include the contributions of a partner organization under a simple partnership agreement.

The financial investments of the organization do not include:

Own shares redeemed by a joint-stock company from shareholders for subsequent resale or cancellation;
- promissory notes issued by the drawer organization to the seller organization in settlements for goods sold, products, work performed, services rendered;
- investments of the organization in real estate and other property having a tangible form, provided by the organization for a fee for temporary use (temporary possession and use) in order to generate income;
- precious metals, jewelry, works of art and other similar valuables acquired not for the purpose of carrying out normal activities.

4. Intangible assets such as fixed assets, inventories, and not tangible assets are not financial investments.

5. The accounting unit of financial investments is chosen by the organization independently in such a way as to ensure the formation of complete and reliable information about these investments, as well as proper control over their presence and movement. Depending on the nature of financial investments, the procedure for their acquisition and use, a series, batch, etc. can be a unit of financial investments. homogeneous set of financial investments.

6. The organization maintains analytical accounting of financial investments in such a way as to provide information on accounting units of financial investments and organizations in which these investments are made (issuers of securities, other organizations in which the organization is a participant, borrowing organizations, etc.) .

For government securities and securities of other organizations accepted for accounting, at least the following information must be formed in analytical accounting: the name of the issuer and the name of the security, number, series, etc., nominal price, purchase price, expenses associated with acquisition of securities, total quantity, date of purchase, date of sale or other disposal, place of storage.

The organization can form in analytical accounting additional information about the financial investments of the organization, including in the context of their groups (types).

7. Features of the assessment and additional rules disclosures in the financial statements of information on financial investments in dependent business companies are established separately normative act on accounting.

II. Initial assessment of financial investments

8. Financial investments are accepted for accounting at their original cost.

9. The initial cost of financial investments acquired for a fee is the amount of the organization's actual expenses for their acquisition, with the exception of value added tax and other refundable taxes (except for cases provided by law Russian Federation on taxes and fees).

The actual costs of acquiring assets as financial investments are:

Amounts paid in accordance with the contract to the seller;
- amounts paid to organizations and other persons for information and consulting services related to the acquisition of these assets. If an organization is provided with information and consulting services related to making a decision on the acquisition of financial investments, and the organization does not make a decision on such an acquisition, the cost of these services is charged to the financial results of a commercial organization (as part of other expenses) or an increase in the expenses of a non-profit organization of that the reporting period when it was decided not to purchase financial investments;
- remuneration paid to an intermediary organization or other person through which assets are acquired as financial investments;
- other costs directly related to the acquisition of assets as financial investments.

When acquiring financial investments at the expense of borrowed funds, the costs of loans and borrowings received are taken into account in accordance with the Accounting Regulation "Organization's expenses" PBU 10/99, approved by Order of the Ministry of Finance of the Russian Federation N 33n (registered with the Ministry of Justice of the Russian Federation registration N 1790) , and the Accounting Regulation "Accounting for loans and credits and the costs of servicing them" PBU 15/01, approved by Order of the Ministry of Finance of the Russian Federation N 60n (according to the letter of the Ministry of Justice of the Russian Federation N 07 / 8985-YUD, the Order does not need state registration).

General business and other similar expenses are not included in the actual costs of acquiring financial investments, unless they are directly related to the acquisition of financial investments.

10. Excluded. - Order of the Ministry of Finance of the Russian Federation N 156n.

11. If the amount of costs (except for the amounts paid in accordance with the agreement to the seller) for the acquisition of such financial investments as securities is insignificant in comparison with the amount paid in accordance with the agreement to the seller, the organization has the right to recognize such costs as other expenses of the organization, including the reporting period in which the specified securities were accepted for accounting.

12. The initial cost of financial investments made as a contribution to the authorized (reserve) capital of an organization is their monetary value, agreed by the founders (participants) of the organization, unless otherwise provided by the legislation of the Russian Federation.

13. The initial cost of financial investments received by the organization free of charge, such as securities, is recognized:

Their current market value at the date of acceptance for accounting. For the purposes of this Regulation, the current market value of securities means their market price calculated in accordance with the established procedure by the organizer of trading on the securities market;
- the amount of money that can be received as a result of the sale of received securities as of the date of their acceptance for accounting, - for securities for which the market price is not calculated by the trade organizer on the securities market.

14. The initial cost of financial investments acquired under agreements providing for the fulfillment of obligations (payment) in non-monetary means is the cost of assets transferred or to be transferred by an organization. Assets transferred or to be transferred by an entity are valued at the price at which the entity would normally charge similar assets in comparable circumstances.

If it is impossible to establish the value of the assets transferred or to be transferred by the organization, the cost of financial investments received by the organization under agreements providing for the fulfillment of obligations (payment) in non-monetary funds is determined based on the cost at which similar financial investments are acquired in comparable circumstances.

15. The initial cost of financial investments made on account of the contribution of a partner organization under a simple partnership agreement is their monetary value agreed upon by the partners in the simple partnership agreement.

16. Excluded. - Order of the Ministry of Finance of the Russian Federation N 156n.

17. Securities that do not belong to the organization on the basis of the right of ownership, economic management or operational management, but are in its use or disposal in accordance with the terms of the agreement, are accepted for accounting in the assessment provided for in the agreement.

III. Subsequent evaluation of financial investments

18. The initial cost of financial investments, at which they are accepted for accounting, may change in cases established by law and these Regulations.

19. For the purposes of subsequent evaluation, financial investments are divided into two groups:

Financial investments for which the current market value can be determined in accordance with the procedure established by these Regulations, and financial investments for which their current market value cannot be determined.
- Small business entities, with the exception of issuers of publicly placed securities, are entitled to carry out a subsequent assessment of all financial investments in the manner prescribed by this Regulation for financial investments for which their current market value is not determined.

20. Financial investments, for which the current market value can be determined in accordance with the established procedure, are reflected in the financial statements at the end of the reporting year at the current market value by adjusting their valuation for the previous reporting date.

This adjustment can be made monthly or quarterly.

The difference between the assessment of financial investments at the current market value as of the reporting date and the previous assessment of financial investments is credited to the financial results of a commercial organization (as part of other income or expenses) or an increase in income or expenses of a non-profit organization in correspondence with the financial investment account.

21. Financial investments, for which the current market value is not determined, are subject to reflection in accounting and in financial statements as of the reporting date at their original cost.

22. For debt securities for which the current market value is not determined, the organization is allowed to attribute the difference between the initial cost and the nominal value during the period of their circulation evenly, to the extent of the income due on them in accordance with the terms of issue, to be attributed to the financial results of a commercial organization ( as part of other income or expenses) or a decrease or increase in the expenses of a non-profit organization.

23. For debt securities and loans granted, an organization may calculate their valuation at a present value. In this case, no accounting entries are made.

The organization shall provide support for the reasonableness of this calculation.

24. Financial investments are reflected in the balance sheet as of the reporting date at a cost determined based on the requirements of this Regulation.

If the current market value of the financial investment object previously valued at the current market value is not determined on the reporting date, such financial investment object is reflected in the financial statements at the cost of its last valuation.

IV. Disposal of financial investments

25. The disposal of financial investments is recognized in the accounting of the organization on the date of the one-time termination of the conditions for accepting them for accounting, given in clause 2 of this Regulation.

The disposal of financial investments takes place in cases of redemption, sale, gratuitous transfer, transfer in the form of a contribution to the authorized (share) capital of other organizations, transfer on account of a contribution under a simple partnership agreement, etc.

26. Upon disposal of an asset accepted for accounting as financial investments, for which the current market value is not determined, its value is determined based on an assessment determined by one of the following methods:

At the initial cost of each accounting unit of financial investments; at the average initial cost;
- at the initial cost of the first financial investments in terms of time of acquisition (FIFO method).

The application of one of the specified methods for a group (type) of financial investments is based on the assumption of the sequence of application of the accounting policy.

27. Contributions to the authorized (share) capital of other organizations (except for shares of joint-stock companies), loans granted to other organizations, deposits in credit organizations, accounts receivable acquired on the basis of an assignment of the right to claim, are valued at the initial cost of each accounting unit withdrawn from the above accounting units. accounting for financial investments.

28. Securities may be valued by the organization upon disposal at the average initial cost, which is determined for each type of securities as the quotient of dividing the initial value of the type of securities by their number, which are formed respectively from the initial cost and the amount of the balance at the beginning of the month and received securities in during this month.

29. Evaluation at historical cost of the first in terms of acquisition of financial investments (FIFO method) is based on the assumption that securities are written off within a month or another period in the sequence of their acquisition (receipt), i.e. the securities that are the first to be written off must be valued at the historical cost of the securities of the first acquisitions, taking into account the initial value of the securities listed at the beginning of the month. When applying this method, the assessment of securities remaining at the end of the month is made at the initial cost of the latest acquisitions, and the value of the earliest acquisitions is taken into account in the value of securities sold.

30. Upon disposal of assets accepted for accounting as financial investments, for which the current market value is determined, their value is determined by the organization based on the latest assessment.

31. For each group (type) of financial investments, one assessment method is applied during the reporting year.

32. Evaluation of financial investments at the end of the reporting period is carried out depending on the accepted method of evaluating financial investments upon their disposal, i.e. at the current market value, at the initial cost of each accounting unit of financial investments, at the average initial cost, at the initial cost of the first financial investments acquired in time (FIFO method).

33. Examples of the use of valuation methods for the disposal of financial investments are given in the appendix to this Regulation.

V. Income and expenses on financial investments

34. Income from financial investments is recognized as income from ordinary activities or other income in accordance with the Accounting Regulation "Income of the organization" PBU 9/99, approved by Order of the Ministry of Finance of the Russian Federation N 32n (registered with the Ministry of Justice of the Russian Federation registration number 1791).

35. Expenses related to the provision of loans by the organization to other organizations are recognized as other expenses of the organization.

36. Expenses related to the servicing of financial investments of an organization, such as payment for the services of a bank and/or a depository for the storage of financial investments, provision of a depo account statement, etc., are recognized as other expenses of an organization.

VI. Impairment of financial investments

37. Sustained significant decline in the value of financial investments, for which their current market value is not determined, below the amount of economic benefits that the organization expects to receive from these financial investments in the ordinary course of its activities, is recognized as depreciation of financial investments. In this case, based on the calculation of the organization, the estimated value of financial investments is determined, which is equal to the difference between their value, at which they are reflected in accounting (accounting value), and the amount of such a decrease.

A steady decline in the cost of financial investments is characterized by the simultaneous presence of the following conditions:

At the reporting date and at the previous reporting date, the carrying amount is substantially higher than their estimated cost;
- during the reporting year, the estimated value of financial investments changed significantly only in the direction of its decrease;
- as of the reporting date, there is no evidence that a significant increase in the estimated value of these financial investments is possible in the future.

Examples of situations in which impairment of financial investments may occur are:

The appearance of signs of bankruptcy in the issuing organization of securities owned by the organization, or in its debtor under a loan agreement, or declaring it bankrupt;
- making a significant number of transactions in the securities market with similar securities at a price significantly lower than their book value;
- absence or significant decrease in income from financial investments in the form of interest or dividends with a high probability of a further decrease in these income in the future, etc.

38. In the event of a situation in which impairment of financial investments may occur, the entity should check whether conditions for a sustainable decrease in the value of financial investments exist.

The specified check is carried out on all financial investments of the organization specified in paragraph 37 of these Regulations, for which there are signs of their impairment.

In the event that an impairment test confirms a sustained significant decline in the value of financial investments, the entity establishes an allowance for depreciation of financial investments by the amount of the difference between the book value and the estimated value of such financial investments.

A commercial organization forms the specified reserve at the expense of the financial results of the organization (as part of other expenses), and a non-profit organization - by increasing expenses.

In the financial statements, the value of such financial investments is shown at book value minus the amount of the formed reserve for their depreciation.

Checking for depreciation of financial investments is carried out at least once a year as of December 31 of the reporting year if there are signs of depreciation. The organization has the right to carry out the specified check on the reporting dates of the interim financial statements.

The organization shall provide confirmation of the results of this verification.

39. If, based on the results of the audit for depreciation of financial investments, a further decrease in their estimated value is revealed, then the amount of the previously created reserve for depreciation of financial investments is adjusted towards its increase and decrease in the financial result of a commercial organization (as part of other expenses) or an increase in expenses of a non-profit organization .

If, based on the results of the check for depreciation of financial investments, an increase in their estimated value is revealed, then the amount of the previously created reserve for the depreciation of financial investments is adjusted towards its decrease and an increase in the financial result of a commercial organization (as part of other income) or a decrease in expenses of a non-profit organization.

40. If, on the basis of available information, the organization concludes that a financial investment no longer meets the criteria for a sustainable significant decrease in value, as well as in the event of disposal of financial investments, the estimated value of which was included in the calculation of the provision for depreciation of financial investments, the amount of the previously created provision for depreciation for the specified financial investments is attributed to the financial results of a commercial organization (as part of other income) or a decrease in expenses of a non-profit organization at the end of the year or the reporting period when the said financial investments were disposed of.

VII. Disclosure of information in financial statements

41. In the financial statements, financial investments should be presented with a unit, depending on the term of circulation (repayment) for short-term and long-term.

42. Accounting statements are subject to disclosure, taking into account the requirement of materiality, at least the following information:

Methods for evaluating financial investments upon their disposal by groups (types);
- the consequences of changes in the methods of valuation of financial investments upon their disposal;
- the cost of financial investments, according to which the current market value can be determined, and financial investments, for which the current market value cannot be determined;
- the difference between the current market value as of the reporting date and the previous valuation of financial investments, according to which the current market value was determined;
- for debt securities for which the current market value has not been determined - the difference between the initial cost and the nominal value during the period of their circulation, accrued in accordance with the procedure established by paragraph 22 of these Regulations;
- cost and types of securities and other financial investments encumbered with collateral;
- value and types of retired securities and other financial investments transferred to other organizations or persons (except for sale);
- data on the reserve for depreciation of financial investments, indicating: the type of financial investments, the amount of the reserve created in the reporting year, the amount of the reserve recognized as other income of the reporting period; reserve amounts used in the reporting year;
- for debt securities and granted loans - data on their valuation at a discounted value, on the amount of their discounted value, on the methods of discounting used (disclosed in the notes to the balance sheet and income statement).

Current financial investments

Before revealing the essence of investments in a practical aspect, one should pay attention to their classification according to the target attribute:

1. financial investments (divided, in turn, into current and long-term);
2. capital investment;
3. investment in turnover.

Financial and capital investments are represented by three groups of accounting accounts for long-term investments:

1. account 14 "Long-term financial investments" with three sub-accounts;
2. account 35 "Current financial investments" with two sub-accounts;
3. account 15 "Capital investments", with five sub-accounts.

Long-term financial investments are the following types of investments:

1. acquisition of long-term debt securities,
2. investments in the authorized capital of other enterprises, including the acquisition of equity securities - shares,
3. provision of long-term loans to other enterprises.

Current financial investments are the following types of investments:

1. acquisition of short-term debt securities;
2. acquisition of equity securities (shares) for the purpose of further sale;
3. provision of short-term loans to other enterprises.

The investment accounting methodology clearly shows the difference between accounting capital investment as internal investments and taking into account financial investments, as investments in the activities of other entities.

The capital investment account (15) represents the cost of acquiring non-current assets, it forms the initial cost of future fixed assets or intangible assets, and the financial investment account (14, 35) represents the already existing amount of investments, quite ready for to generate investment income for the company.

Investments in turnover are represented on the balance sheet as current assets. Accordingly, the balance of all current asset accounts, taken together, is the sum working capital(own and borrowed), which the company currently has. The methodology for accounting for current assets has been described elsewhere in this book.

Since long-term and current financial investments differ only in the term of investments, we will consider them as one group.

Both long-term and current financial investments reflect different kinds participation of one enterprise in the activities of another enterprise. Documents evidencing this participation are called financial instruments. Financial instruments can be primary and secondary (derivatives). So, for example, shares are primary financial instruments, and stock options are secondary or derivative. Derivative financial instruments are often referred to as derivatives.

Long-term financial investments are long-term investments in the authorized capital of other enterprises and the provision of long-term loans to enterprises in order to obtain investment income.

By investing his assets in other enterprises, the investor ceases to account for them among the resources intended for internal consumption or operation, and begins to account for them as an impersonal set of assets united by the name "investment". That is, from the moment of investment, they are no longer buildings, structures, equipment, cash or reserves for the investor enterprise, but, regardless of their form, they are shares, shares (shares), loans provided. From this moment on, these are buildings, structures, equipment, cash and stocks of another enterprise - an investment object, where, as they are consumed (used, operated), these assets are gradually transformed into other forms, making a certain circulation.

Resources invested (invested) in another enterprise are financial assets of the investor, and documents that testify to investments are financial instruments. On the other hand, on the balance sheet of the enterprise - the object of investment, these resources, taken into account as completely certain types of assets, in their value aggregate are investment property investor enterprise.

Current financial investments are short-term investments in the activities of other enterprises and the provision of short-term loans to enterprises for the purpose of generating investment income (for a period not exceeding 12 months) or for the purpose of further resale of financial instruments.

Capital investments are the following types of investments:

1. expenses for the acquisition of fixed assets: buildings, equipment, Vehicle, land plots, working and productive livestock;
2. expenses for the acquisition of other tangible durables with maintenance capital construction, design and survey and exploration works;
3. expenses for the acquisition of intangible assets.

Capital investment accounts, on the one hand, reflect the total cost of acquiring capital assets, thus forming their initial cost, on the other hand, tangible (or intangible) objects that have not yet been put into operation, which can be sold or transferred free of charge even in an unfinished state.

Analytical accounting of capital investments is carried out by cost items related to the construction and acquisition of fixed assets - for each facility under construction or acquired. At the same time, the construction of analytical accounting should provide the possibility of obtaining data on the costs of: construction works, reconstruction and modernization of fixed assets, drilling, installation of equipment, design and survey work, other costs for capital investments in non-current tangible assets, as well as for the costs of acquiring and creating intangible assets - for each acquired object. Analytical accounting of the acquisition of working and productive livestock should provide an opportunity to obtain data on the costs associated with the formation of the main herd - by type of animal: large cattle, pigs, sheep, horses, etc.

Risk of financial investments

risk and return in financial management considered as two interrelated categories. There are various definitions of the concept of "risk".

In the most general view risk is understood as the likelihood of losses or shortfalls in income compared to the predicted option.

In particular, risk can be defined as the level of a certain financial loss. Loss can be expressed as:

A) the possibility of not achieving the goal;
b) uncertainty of the predicted result;
c) the subjectivity of the assessment of the predicted result.

The security with which it is associated larger size loss is considered more risky. It is believed that government securities (assuming a stable economy) have little risk, since the variation in income on them is almost zero.

ordinary share any company is a riskier asset, because their income can vary significantly.

In this regard, there is another definition of the concept of "risk": risk is the degree of variability in income that can be obtained by owning a given security.

The income that is provided by any security can consist of two elements:

Income from changes in the value of a security (share premium);
income from received dividends (interest).

Yield is the ratio of income to the initial cost of an asset, expressed as a percentage (rate of return).

For example, an entrepreneur purchased shares a year ago at a price of 15 thousand. The current market price of the shares was 16.7 thousand, received dividends for the year amounted to 1 thousand.

Then the yield will be:

Dx \u003d: 15.0 \u003d 18%.

Managers need to consider risk when dealing with securities. The key idea that the manager should be guided by in this case is that the required return and risk change in the same direction, i.e. proportional to each other.

It is clear that risk is a probabilistic estimate, so its quantitative measurement cannot be accurate. Depending on which technique is used, the level of risk may vary.

There are two main methods for assessing the risk of securities:

Sensitivity analysis;

The essence of the first technique is to calculate the range of variation in the yield of securities based on:

Pessimistic profitability forecast;
most likely;
optimistic.

This range of variation is considered as a measure of the risk that is associated with a given security:

R = Before - Dp

The greater the range of return variation (R), the greater the level of risk.

The essence of the second technique is to build a probabilistic distribution of return values, calculating the standard deviation from average return and the coefficient of variation, which is considered as the level of risk of this security.

Thus, the higher the coefficient of variation, the more risky this species securities.

Main stages of calculations:

1. predictive estimates of the values ​​of profitability and the probabilities of their implementation are made;
2. the most probable return is calculated;
3. standard deviation is calculated;
4. The coefficient of variation is calculated.

The risk of securities must be considered in time: the longer the planning horizon, the more difficult it is to predict the return on securities, i.e. the range of return variation and the coefficient of variation increases. This means that the risk increases over time.

The main conclusion is this: the more long-term the type of securities, the more risky it is, the greater the variation in returns. For example, stocks are considered riskier than bonds because stocks do not expire.

The risk of an individual security cannot be considered in isolation.

Any new investment(security) should be analyzed in terms of its impact on the change in return and risk investment portfolio generally.

Since all financial investments differ in terms of return and risk, their combination in the portfolio averages these quantitative characteristics, and in the case of their optimal combination, a significant reduction in the risk of the securities portfolio can be achieved.

To assess the risk of a portfolio of securities, the same methods are used as for a separate type of securities, namely:

Market sensitivity analysis;
analysis of the probability distribution of returns.

But the peculiarity is that the initial data for the calculations are based on the arithmetic weighted average.

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Long-term investments are the costs of creating, increasing and acquiring long-term non-current assets (more than 1 year) that are not intended for sale, with the exception of long-term financial investments in government securities, securities of other organizations and in the authorized capital of other organizations. Long-term investments are associated with the following activities:

1. implementation of capital construction in the form of new construction, as well as reconstruction, expansion and technical re-equipment operating organizations and facilities;

2. acquisition of buildings, structures, equipment, vehicles and other individual items of fixed assets;

3. acquisition of land plots and nature management facilities;

4. acquisition and creation of intangible assets, i.e. patents, software products, etc.

The main objectives of long-term investments are:

1. timely, complete and reliable reflection of all expenses incurred during the construction of facilities by their types and objects taken into account;

2. ensuring control over the progress of construction, commissioning production capacity and objects of fixed assets;

3. correct definition and reflection of the inventory value of fixed assets put into operation and acquired, land plots, nature management objects and intangible assets;

4. monitoring the availability and use of sources of financing for long-term investments.

The valuation of fixed assets in PBU 6/01 gives the following main attributes of fixed assets:

1) fixed assets are designed to make a profit;

2) no subsequent resale of fixed assets is planned;

3) term beneficial use fixed assets exceeds 12 months.

PBU 6/01 also applies to profitable investments into wealth, which include equipment leased and leased (rented). Therefore, these data are reflected in section 2 of form No. 5.

Section 2.3 provides data on the change in the value of fixed assets as a result of completion, additional equipment, reconstruction or partial liquidation. Reconstruction and modernization costs increase the value of the property. If the object has several nodes, parts with different useful lives, their replacement or disposal leads to a decrease in the value of the fixed asset.

The completeness of the analysis of fixed assets depends on the improvement of the accounting system, the reliability of the inventory, etc.

When revaluing fixed assets, the amount of the revaluation is included in the additional capital, and the amount of the markdown is included in the financial result.

The movement of fixed assets is estimated using the coefficients considered when moving intangible assets. Fixed assets can be leased or leased. Such data are reflected in section 2.4 of Form No. 5.

Long-term investments and financial investments are made mainly at the expense of own funds. Sometimes for these purposes may be involved bank loans and loans from other organizations. The main source of own funds is profit, as well as depreciation of fixed assets and intangible assets.

In accordance with federal law"On investment activity in the Russian Federation, carried out in the form of capital investments", investments are: cash, securities, property or property rights having a monetary value used in commercial activities organizations for profit.

Allocate two directions of investment.

1. Capital investments - investments in fixed assets.

2. Financial investments - investments in securities of other organizations.

Financial investments are divided into long-term and short-term.

To long-term financial investments include: financial investments in securities for a period of more than 12 months, long-term deposits and loans for a period of more than 12 months.

Divided in the same way short-term financial investments.

Objects of financial investments, with the exception of loans, are reflected in Form No. 1.

The analysis of financial investments is carried out similarly to the analysis of fixed assets and intangible assets. When analyzing financial investments, Section 3.1 of Form No. 5 is supplemented with calculated indicators of the specific weights of each type of source in a common source and the rate of their change. At the same time, it must be remembered that the relative increase in own funds aimed at financial investments should be higher than the relative increase in borrowed sources.

Financial investments are the placement of free cash either through the acquisition of securities or the issuance of loans or contributions to authorized capital.

If you turn to international standards, namely to IFRS 39, we will not meet the concept of financial investments, because IFRS uses the term "financial instrument". Financial instruments include both financial assets and financial obligations companies, i.e. is significantly broader than the concept of financial investments.

Distinguish between long-term and short-term investments. Short-term recognize those assets, the circulation or maturity of which does not exceed 12 months, long-term - financial investments with a period of more than one year.

According to accounting rules, financial investments include:

securities (state, municipal, other companies), including debt securities, in which the date and cost of redemption are determined (bonds, bills of exchange);

contributions to the authorized (share) capital, including subsidiaries and dependent business companies;

granted loans;

deposits in credit institutions;

contributions of a partner organization under a simple partnership agreement.

Regardless of which accounting account reflects assets that, in accordance with the requirements of PBU 19/02, are financial investments (including long-term financial investments), information about them should be shown in the balance sheet as part of financial investments (line 1150 “Financial investments" of the balance sheet).

The Ministry of Finance recalls that in the annual accounting financial investments must be reflected at market value.

The main objectives of the analysis of long-term financial investments include:

analysis of directions of long-term financial investments;

composition and structure analysis;

analysis of funding sources;

evaluation of the effectiveness of long-term financial investments.

The source of information for the analysis of reporting until 2011 was form No. 5 "Appendices to the balance sheet", and from the 2011 report, the breakdown of long-term financial investments is reflected in the notes to the balance sheet and income statement

Methods for evaluating the effectiveness of investment projects

The main criteria for evaluating investment projects are profitability, profitability and payback. In foreign practice, five main methods are used to evaluate the effectiveness of investment projects:

1) methods based on discounting, allowing to calculate the following indicators:

Net present value (net present value) (NPV);

Return on investment index (PI);

internal norm return on investment (IRR);

2) methods based on accounting estimates, allowing to calculate the following indicators:

Payback period of the project (PP);

Investment Effectiveness Ratio (ARR).

In Russian practice, the following methods are used to evaluate the effectiveness of investment projects.

1. The net present value method determines the net income from the project, which is the difference between the sum of the discounted cash flows generated by the project and the total investment.

Net present value = present value of cash flows from the project - total investment.

Application this method allows you to get the most accurate results if fluctuations in the discount rate during the project implementation period are insignificant. A similar method in Western practice is called the method of calculating the net present value (or net present value) (Net present value - NPV), which is the difference between the total amount of discounted future cash flows generated by this project, and the total amount of investment (invest cost - 1C).

ΣFVn is the total amount of future income from the project;

r - profitability of the project, the annual percentage of return acceptable and possible for the investor can be equals cost attracted sources of project financing;

IC - the amount of investment.

2. The method of calculating the profitability index allows you to determine the income per unit of costs. It is believed that the results of applying this method refine the results of applying the net present value method. The profitability ratio is the ratio of the present value of the cash flows generated by the project to the total initial investment. A similar method in Western practice is called the method of calculating the return on investment index (profitability index - PI).

The formula for calculating the return on investment index is as follows:

The method of calculating the internal rate of return of a project (or the marginal efficiency of capital) allows you to determine the maximum possible level of capital costs associated with the project. The internal rate of return is the rate of return at which the net present value of the cash flows from the project is zero. If the cost of funding sources exceeds the internal rate of return, the project will be unprofitable, and vice versa, if the internal rate of return exceeds the cost of funding sources, the project will be profitable. In the Russian practice of financial analysis, the internal rate of return is calculated as the ratio of the net present value to the present value of the initial investment.

Internal rate of return = (net present value / present value of initial investment) 100%

1) definition acceptable level interest expenses in case of project financing at the expense of borrowed funds;

2) confirmation of the project evaluation obtained as a result of using the methods for calculating the net present value (NPV) and the return on investment index (PI).

The rate of return on investment (IRR) is understood as such a value of return (r), at which the net present value (NPV), which is a function of (r), is zero.

A similar method in Western practice is called the method of calculating the rate of return on investment (internal rate of return, internal rate of return - IRR) and is used for two purposes:

IRR = r for which NPV(f(r)) = 0.

The formula for calculating the rate of return on investment (IRR) is as follows:

It follows from the formula that in order to obtain the IRR, it is necessary to pre-calculate the net present value at different values ​​of the interest rate.

4. The modified method for calculating the internal rate of return allows you to get more accurate results. In calculating net present value, cash flows are discounted at a rate equal to the weighted average cost of capital advanced.

Internal rate of return = (net present value calculated using a discount rate equal to the weighted average cost of capital advanced) 100% / (amount of initial investment).

23. Analysis of the information contained in the section "Social indicators".

In form No. 5 "Appendices to the balance sheet" some of the most important balance sheet items are deciphered. These items reflect the composition of borrowed funds, non-current assets, accounts receivable and accounts payable, financial investments, property, etc.

Sections excluded from this form 4 "Movement of funds for financing long-term investments and financial investments" and 7 “Social indicators” since 2003 reporting . in connection with the publication of the order of the Ministry of Finance of the Russian Federation of July 22, 2003 No. 66n . Information from section 1 "Movement of borrowed funds" was moved to the section "Accounts receivable and accounts payable".

Added new sections - "Expenses for the development natural resources», « State aid”, “R&D expenses”.

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Long-term and short-term financial investments are investments of cash or other assets in securities of various entities engaged in economic activity.

The main goals of all financial investments are to make a profit, turn your savings into highly liquid assets, establish official relations with the issuing enterprise or take control over it, gain access to certain market segments, creation of corporate integrated structures.

Long-term and short-term financial investments, their types and objects

Depending on the goals pursued, liquidity and term financial investments are usually divided into long-term and short-term, although there are no criteria clearly defined by law for this division. But under any circumstances, such a distinction today is very significant, because. accounting and reporting, both for long-term and short-term investments, are displayed differently.

Today, the objects of financial investment can be: bonds of municipal and government loans, stock third party companies and organizations, debt securities, receivables that were received in the form of concessions on the right to claim various contributions to the authorized capital, in other matters, both subsidiaries and fully dependent organizations, and many others. others

And so long-term financial investments, what is it? Long-term investments include any financial instruments for a period of more than 1 year, as well as other types of investments that cannot be realized at any time.

It follows that long-term investments can also become those that were originally planned to be implemented even earlier than in 1 year in cases where, based on the market situation, the organization recognizes the impossibility of their implementation over a short period. Here in question about poorly liquid or generally illiquid assets.

It should be noted that through the tools of long-term financial investments, it is also possible to indirectly implement short term investment. For example, instead of investing in the purchase of fixed assets that will develop a new production, you can purchase corporate rights enterprise (controlling stake) that already owns the relevant assets, or establish subsidiary, endowing it with an authorized capital, through which real investments will be made.

Today, the objects of long-term financial investments include:

- shares (in other words, securities that fully certify the rights to property);

— bonds, bills, investment, as well as savings certificates, (shares certifying all relationships on loans);

— investments in authorized capital already third-party, both domestic and foreign enterprises;

- bonds of local and finally state loans;

— investing in associated companies and enterprises in which more than 25% of the shares are owned by the investor and which are not joint ventures or subsidiaries of the investor itself.

Short-term financial investments, what is it?

Short-term financial investments include investments in various financial instruments for a short period of time - up to 1 year. This type of financial injection is a form of temporarily used free funds organizations in order to further profits and protect them from inflationary processes.

Due to the rather high liquidity of this type of investment, it is equated to a ready means of payment, therefore it serves as a security for urgent obligations for enterprises. In other words, in financial management, short-term investments are considered as the equivalent of assets denominated in money.

Today, short-term financial investments are widely popular, both with large corporations and companies that are usually legal entities.

This happens due to the fact that, despite the consoling forecasts, the state of the economy is not the most stable and many investors have concerns about investing their own capital in any long-term projects.

As a rule, investors plan to buy and quickly sell securities. They do this in order to get the expected profit within a short period of time (several months). It should be noted that when making short-term investments, sometimes use insider information, obtained not always from legal sources and not always corresponding to reality.

You also need to know that this type of investment, carried out in all kinds of certificates of deposit or deposits, short-term bonds, bills, savings certificates, as well as many others. etc. can not always bring significant income to the investor. For this reason, the existence of risks must be taken into account. If not so long ago, during short-term investment, it was possible not even the political situation, but today these risks carry a huge weight during the evaluation of investment objects.

During financial investments, both legal and private investors often seek assistance (analysis) from analysts who can correlate profits from invested capital and risks for several months in advance.

Analysis of financial investments. Basic tasks and goals

Analysis of financial investments is a set of management methods carried out in order to make a mutually beneficial decision on the use of the organization's free cash. The level of efficiency of financial investments is calculated by comparing the cash flow from resources and the final results of their use. In general, this comparison general economy and is an investment analysis.

What are the challenges facing investment analysis?

• First, it is the choice of the most highly effective investment among other investments in general.
• Further, finding, among others, the most effective investment portfolio.
• An important issue that solves the analysis of financial investments is the calculation of the excess of results expressed in money, in other words, the profitability of these investments. An analysis of a financial investment allows an investor to calculate the return on his investments at the moment and for the near future.

Under any circumstances, the analysis of financial investments aims to motivate the investor's decision to invest his own funds in a particular organization, firm, company, production, etc.

We note right away that during the analysis of investments, they often use special programs that allow for multivariate analysis.

Accounting for short-term and long-term financial investments

All companies involved in investment activities need to keep records of financial investments. In fact, investments in terms of value can have a current market and nominal value. The nominal value is the amount that is indicated directly on the form of any of the securities. The value of the authorized capital is the totality of all shares exactly at par value.

The current value of an investment is the exchange or sale price of a share (security) between buyers and sellers of these assets. The price that is determined as a result of various promotions, is their market value.

In organizations, accounting for financial injections as assets is carried out either at the acquisition price or at cost. Costs include dealer and agent fees, supplier fees, regulatory fees, and stock exchanges, payment banking services, fees and taxes on transfers of funds, fees for consultants, etc.

Initially (at the time of acquisition), long-term and short-term investments are accounted for at the cost of their purchase, and then they can be reflected in the cost as follows:

For long term investments:

• purchase price;
• value with revaluation;

For short term deposits:

• market value;
• the lowest cost (either market or acquisition).

Profit or loss due to a change in the market price of short-term investments is recognized in those reporting periods where they were.
If we take analytical accounting, both with long-term and short-term deposits, then it is carried out already by the types of these investments, for example, shares, shares, bonds, and also by investment objects, i.e. by name of issuers.

Analytical accounting for financial deposits, provides the possibility of obtaining complete, timely, as well as reliable information. To do this, all the shares owned by the company are described in the ledger.

This log contains the following information:

— name of the issuer,

- purchase, then face value for all securities,

- serial numbers,

- date of sale and date of purchase,

- their total number and other moments.

In cases where these securities are stored in depositaries, their details must be recorded in this journal.

Accounting for financial investments also involves their inventory. During the inventory activities, the loans provided and the actual costs directly for the purchase of shares are checked. An analysis is made of the correctness of the execution of these securities, the quantitative correspondence to the accounting data, the reality of their value, the correctness of the reflection of profitability or losses from operations carried out with them.

In addition, during the inventory of current investments, it is important to reconcile the company's credentials and statements of organizations that perform the functions of maintaining the register and storing securities.

AT general sense, accounting for financial investments involves the use of common accounting tools and methods(registers, analytical and synthetic data, tax accounting, accounting, and many others).

Efficiency of financial investments

The main role in the justification process is whether or not to make financial investments is the determination of their effectiveness. Investment project It is considered sufficiently effective if, in addition to the safety of the funds invested by the investor, their stable increase is ensured.

The level of investment efficiency is determined by comparing with other types of investments. AND economic evaluation directly the effectiveness of investments is determined using statistical and dynamic methods: discounting, determining the current net worth, profitability, payback calculation, determination of calculated profitability rates, incl. and internal, etc.

BE SURE TO SEE:
Types of investments (financial investments)

Introduction

Analysis of financial investments

Conclusion

Bibliography

Application

Introduction

One of key factors The success of companies in an innovative economy is not so much concern for the cheapness of the production of products or services as, on the contrary, the company's ability to accumulate the maximum amount of attracted own development funds - to ensure high leverage, primarily financial.

A reflection of the degree of confidence of investors and creditors and, at the same time, an indicator indicating the amount of free capital at the disposal of companies that can be used for development, are financial investments - long-term and short-term investments in the company's securities and their authorized capital, loans to them.

Financial investment is very good indicator not only the degree of business confidence, but also general expectations regarding the development and long term prospects certain sectors of the economy. Therefore, a characteristic indicator is not so much the total volume of financial investments as the share of long-term investments in them.

All of the above determines the relevance of the topic of control work, the purpose of which is to study the methodology for analyzing financial investments.

Based on the goal, it is necessary to solve the following tasks:

to study the concept and types of financial investments;

consider the method of analysis of financial investments.

The object of study in this paper is financial investments as a type of enterprise assets.

The subject of study is the problems of analyzing financial investments in modern conditions management.

.Analysis of financial investments

1 Concept and types of financial investments

Financial investments are investments in securities, authorized capitals of other organizations, also in the form of loans provided to other organizations.

The classification of financial investments is carried out according to various criteria:

By appointment:

Acquired for the purpose of earning income on them

Purchased for resale purposes

Depending on the period for which they were purchased:

Long-term (more than 1 year)

Short term

In connection with the authorized capital:

Financial investments for the purpose of formation of the authorized capital

Investments in debt securities.

According to PBU 19/02 “Accounting for financial investments”, in order to accept assets as financial investments for accounting, one-time fulfillment of the following conditions is necessary:

transition to the organization of financial risks associated with financial investments (risk of price changes, debtor's insolvency, liquidity, etc.);

the ability to bring economic benefits (income) to the organization in the future in the form of interest, dividends or value growth.

Types of financial investments are presented in table 1.

Table 1

Types of financial investments

Financial investments include: Financial investments do not include: - state and municipal securities, - securities of other organizations, incl. bonds, bills; - contributions to the authorized (share) capital of other organizations (including subsidiaries and affiliates); - loans granted to other organizations, -deposit deposits in credit institutions, accounts receivable acquired on the basis of the assignment of the right to claim, etc. The contributions of a partner organization under a simple partnership agreement are also taken into account as part of financial investments. -own shares purchased from shareholders; - bills of exchange issued by the issuing organization to the seller organization when paying for products, works, services; - investments in real estate and other property having a tangible form, provided for a fee for temporary use in order to generate income; - precious metals, jewelry, works of art and other similar valuables acquired not for the purpose of normal activities. Intangible assets such as fixed assets, inventories, and intangible assets are not financial investments

According to PBU 19/02, in order to accept assets as financial investments for accounting, the following conditions must be met at a time:

the presence of properly executed documents confirming the existence of the organization's right to financial investments and to receive funds or other assets arising from this right;

transition to the organization of financial risks associated with financial investments (the risk of price changes, the risk of the debtor's insolvency, liquidity risk, etc.);

the ability to bring economic benefits (income) to the organization in the future in the form of interest, dividends, or an increase in their value (in the form of the difference between the sale (repayment) price of a financial investment by its purchase price, as a result of its exchange, use in paying off the obligations of the organization, increase in the current market cost, etc.).

The accounting unit of financial investments is chosen by the organization independently. It can be a series, a batch, etc. homogeneous set of financial investments.

2 Legal support of financial investments

The conditions for accepting assets for accounting as financial investments are established by paragraph 2 of PBU 19/01 “Accounting for financial investments”. If these conditions are met in relation to the shares received by the enterprise (JSC) as a contribution, then these shares are accepted for accounting as financial investments in the assessment agreed with the participant of the JSC.

In accordance with paragraph 19 of PBU 19/02, for the purposes of subsequent evaluation, financial investments are divided into two groups:

financial investments that can be used to determine the current market value,

financial investments for which their current market value is not determined.

Primary documents on the basis of which financial investments are taken into account are: certificates of shares, bonds, promissory notes and other securities; acceptance certificates material assets; extracts from the register of shareholders; sales contracts; payment documents; inventory of securities and forms of strict reporting and other documents.

Verification of primary documents for the accounting of financial investments is especially important, since these documents define a special procedure for the transfer of ownership of securities.

The documents on the basis of which financial investments are accepted for accounting must indicate the purpose of the acquisition and the period during which this object is supposed to be used.

According to Art. 144 of the Civil Code of the Russian Federation, the inconsistency or absence of the mandatory details of a security entails its nullity.

The organization's securities can be kept both in its offices and in depositories, with financial agents of the organization, etc.

According to the form of fixation of rights, documentary and non-documentary securities are distinguished. The documentary form of securities is a form in which the owner is established on the basis of the presentation of a properly executed security certificate, and in case of its deposit, on the basis of an entry in the Depo account. An equity security issued in non-documentary form exists in the form of records on personal accounts with the registrar or on Depo accounts with the depositary. The entry contains everything necessary details securities (issuer, amount, holder, percentage, etc.). The purchase and sale of a security, its donation, transfer is reflected in entries on personal accounts with the registrar and Depo accounts with the depository.

The procedure for determining the initial cost, receipt and subsequent evaluation of financial investments

Based on paragraph 11 of PBU 19/02, if the costs of acquiring securities are insignificant (except for the amounts paid in accordance with the agreement to the seller) in comparison with their value paid under the agreement, then the organization has the right to recognize such costs as other expenses in that period, in which the securities were taken into account. An entity may decide when an amount is considered material if it relates to the grand total of the relevant data for reporting year is at least 5%. In this regard, the auditor needs to check whether a specific level of materiality is reflected in the order on the accounting policy of the organization. Therefore, if the costs are less than the materiality level established in the accounting policy from the value of the acquired financial investments and fixed size the level of materiality is reflected in the accounting policy, the organization can immediately attribute them to other expenses. Thus, an organization has the right to record the value of securities in two ways:

) include in the initial cost of securities all costs associated with their acquisition;

) include in the initial cost of securities only the amounts paid to the seller, and reflect the remaining costs, if they are insignificant, as part of other expenses.

The initial cost of financial investments, at which they are accepted for accounting, may change (paragraph 18 of PBU 19/02). As a rule, financial investments for which the current market value can be determined include financial investments in quoted securities.

The difference between the valuation of financial investments at the current market value as of the reporting date and the previous valuation of financial investments is credited to the financial results of a commercial organization.

Financial investments for which the current market value is not determined include investments in authorized capital, under a simple partnership agreement, in certain types of securities, etc. They are reflected in accounting and reporting as of the reporting date at their original cost (paragraph 21 of PBU 19 /02).

If the current market value of debt securities is not determined, then a commercial organization is allowed to attribute the difference between their initial and nominal value during the period of their circulation evenly as the income due on them in accordance with the terms of issue to be attributed to financial results (as part of operating income or expenses). ) (clause 22 PBU 19/02).

In the financial statements for debt securities for which the current market value was not determined, in accordance with clause 42 of PBU 19/02, the following shall be disclosed subject to the materiality requirement:

the difference between the initial cost and the nominal value during the period of their circulation, accrued in accordance with paragraph 22 of PBU 19/02;

data on their valuation at a present value, on the value of the present value and the applied methods of discounting (disclosed in the notes to the balance sheet and income statement).

The initial cost of securities purchased for a fee includes, in accordance with paragraph 9 of PBU 19/02, the amount of the organization's actual costs of acquiring them (excluding VAT and other refundable taxes). The list of actual costs is open and provides for the possibility of including other similar costs, with the exception of general business and other expenses that are not directly related to the acquisition of assets as financial investments.

If financial investments are acquired at the expense of borrowed funds, then paragraph 11 of PBU 10/99 and paragraphs. 14 and 15 PBU 15/01 "Accounting for loans and credits and the costs of servicing them." Thus, the interest accrued by the organization on the borrowed funds provided to it until the moment the financial investments are accepted by the accountant with anyone in line are included in the initial cost of these investments.

Financial investments made as a contribution to the authorized (share) capital of another organization must be taken into account in the assessment agreed by the founders.

When an organization receives securities free of charge, they are valued at the market price at the date of acquisition. It should be noted that commercial organizations can give each other property worth no more than five minimum dimensions wages (clause 4, article 575 of the Civil Code of the Russian Federation). If at least one of the participants in the donation agreement is non-profit organization or individual, then the value of the gift is not limited to anything.

The initial cost of financial investments made on account of the contribution of a partner organization under a simple partnership agreement is their monetary value agreed by the partners in the simple partnership agreement.

The initial cost of financial investments acquired under agreements that provide for the fulfillment of obligations by non-monetary means is determined in accordance with paragraph 14 of PBU 19/02 based on the value of the assets transferred or to be transferred by it. If it is impossible to establish the value of assets transferred or to be transferred by the organization, the value of financial investments is determined based on the cost at which similar financial investments are acquired in comparable circumstances.

If there is a steady decrease in the value of financial investments (clause 37 PBU 19/02) due to the appearance of signs of bankruptcy in the issuer, a significant decrease in interest or dividends, and other factors, then the organization must create a reserve for the depreciation of financial investments.

In order to recognize that investments are depreciating, the following conditions must be simultaneously present:

as of the reporting date and the previous reporting date, the accounting value of financial investments is significantly higher than their estimated value;

during the reporting year, the estimated value of financial investments changed significantly only in the direction of its decrease;

As of the reporting date, there is no evidence that a significant increase in the estimated value of financial investments is possible in the future.

3 Methodology for analyzing financial investments

financial investment estimate

The main objectives of the analysis of financial investments include:

analysis of directions of long-term financial investments;

composition and structure analysis;

analysis of funding sources;

evaluation of the effectiveness of long-term financial investments.

Until 2011, the source of information for the analysis of reporting was form No. 5 “Appendices to the balance sheet”, and since the report of 2011, the breakdown of long-term financial investments is reflected in the notes to the balance sheet and income statement.

An approximate form for analyzing the volume, composition, structure and dynamics of long-term financial investments is presented in Appendix 1.

Based on the results of the above analysis, it is possible to draw conclusions about the impact on the deviation of the total amount of long-term financial investments of changing the value of each of their types. In addition, the table will clearly illustrate the changes in the composition and structure of long-term financial investments that occurred in the analyzed period.

Significant attention is paid to indicators 8 and 9.

This is due to the fact that the negative values ​​of these indicators reflect the depreciation of the organization's long-term investment portfolio, which, of course, is a negative phenomenon, and their downward change characterizes a slowdown in the growth of the market value of the long-term investment portfolio and also cannot be assessed positively.

In the process of analyzing the effectiveness of financial investments, the volume and structure of investing in financial assets is studied with the determination of growth rates, profitability of financial investments both in general and for individual financial instruments. We present this in the form of the following table (see Table 2).

table 2

An example of an analysis of the effectiveness of financial investments

Indicators 2010 2011 Deviations1. The amount of long-term financial investments (thousand rubles) 35003900+400 including: in shares 29003315+415 in bonds 600585-152. Share (%) 100100 - including: shares 8385 + 2 bonds 1715-23. Income (thousand rubles)495589+94 including: shares435530+95bonds6059-14. Return on long-term financial investments (%)14,115.1+1.0 including: shares1516+1bonds1010-

Given in table. 2 data show that the profitability of financial investments increased in 2011 compared to 2010 by 1%, including due to:

structure of financial investments by 0.1%:

rate of return certain types investments by 0.9%:

The return on securities is also compared with guaranteed income, which is taken as the refinancing rate of the Bank of Russia or interest on government bonds or treasury bills.

Evaluation and forecasting of the economic efficiency of acquired or acquired securities can be made using both absolute and relative indicators, that is, by determining the current market price (at which acquisition is possible) and intrinsic value (based on the subjective assessment of each investor) or by calculating regarding profitability. In this case, the difference between the price and the value of a financial asset is that the price is an objective indicator, while the intrinsic value is a calculated indicator (the result of the investor's own approach).

The calculation of the current intrinsic value can be made by dividing the expected returnable cash flow for a certain period by the expected or required rate of return on a financial instrument, taking into account the number of income periods.

If the amount of investment costs, that is, the market value of the security, is higher than the current value of the security, it is profitable for the holder of this security to sell it, but in this case the investor does not benefit from acquiring it due to the fact that he will receive a profit less than expected.

Based on the foregoing, the current value of a security depends on:

expected cash receipts;

the duration of the forecasted period of receipt of income;

required rate of return.

4 Methods of valuation upon disposal of financial investments

There are the following valuation methods for the disposal of financial investments:

The method of valuation at the initial cost of each accounting unit of financial investments.

The method of valuation at the average initial cost.

The method of valuation at the initial cost of the first in terms of acquisition of financial investments (FIFO method).

With the method of evaluating financial investments at the initial cost of each accounting unit of financial investments, the cost of retiring financial investments is equal in this case to their initial value.

With the method of valuation at the average initial cost, the value of the securities to be written off is determined by multiplying the number of retiring securities (for example, shares of OJSC “S”) by the average initial cost of one security of this type (shares of OJSC “C”). The average initial value of one security of a given type is calculated as the quotient of dividing the value of securities of a given type by their number, respectively, consisting of the value and quantity of the balance at the beginning of the month and of the received securities in this month.

Example 1 (data are given for one type of securities)

DateInflowExpenseBalance QuantityPrice per unit, tr.Amount, million rubles QuantityPrice per unit, tr.Amount, million rubles QuantityPrice per unit, tr.Amount, million rubles .Balance on the 1st number 10010010.0---10010010.010-е501005.0609015-е601106.61005020-е801209.6-130Total290-31.2160107.617.2130107.614.0

1) Average initial cost of one security:

(10.0 million rubles + 5.0 million rubles + 6.6 million rubles + 9.6 million rubles) / 290 = 107.6 thousand rubles

) The value of the balance of securities at the end of the month:

x 107.6 thousand rubles = 14.0 million rubles

2 million rubles - 14.0 million rubles = 17.2 million rubles.

x 107.6 thousand rubles = 17.2 million rubles.

This method can also be applied during the month for each date of disposal within the month of the securities, using an estimate of the balance of the securities, determined by the average historical cost method, at the date of the previous transaction (the so-called moving average historical cost method).

In the method of valuation at historical cost of the first financial investments in terms of time of acquisition (FIFO method), the valuation of securities is based on the assumption that securities are sold within a month in the sequence of their receipt (acquisition), i.e. the securities that were the first to be offered for sale should be valued at the initial cost of the first by the time of acquisition, taking into account the value of the securities listed at the beginning of the month. When applying this method, the assessment of securities remaining at the end of the month is made at the actual cost of the latest in terms of the time of acquisition, and the value of the earliest in time of acquisition is taken into account in the value of the sale (disposal) of securities.

The value of retiring securities is determined by subtracting from the sum of the value of the balance of securities at the beginning of the month and the value of securities received during the month the value of the balance of securities at the end of the month.

DateInflowExpenseBalance QuantityPrice per unit, tr.Amount, million rubles QuantityPrice per unit, tr.Amount, million rubles QuantityPrice per unit, tr.Amount, million rubles .Balance on the 1st number10010010.0---10010-е501005.0609015-е601106.61005020-е801209.6-130Total290107.631.2160100.616.1130116.215.1

) The value of the balance of securities at the end of the month based on the value of the latest receipts:

(80 x 120 thousand rubles) + (50 x 110 thousand rubles) = 15.1 million rubles.

) Cost of retiring securities:

2 million rubles - 15.1 million rubles = 16.1 million rubles.

) Cost per unit of retiring securities:

1 million rubles / 160 = 100.6 thousand rubles.

This method can also be applied during the month for each date of disposal within the month of the securities, using the estimate of the balance of the securities, determined by the FIFO method, at the date of the previous transaction (the so-called rolling FIFO method).

Conclusion

Thus, financial investments are investments in securities, authorized capitals of other organizations, also in the form of loans provided to other organizations.

Development market relations in Russia led to the fact that in the economic practice of organizations, investments in financial assets, primarily such securities as shares, bonds, bills, began to play an increasingly important role. Modern conditions require the expansion of the types of financial investments in securities by attracting derivative securities or derivatives.

The demand for the results of developments in the field of accounting, reporting and analysis of securities transactions is determined not only by the widespread use of these financial assets by economic entities, but also by the inadequate solution of a number of issues of their accounting, which prevents the formation of complete and reliable information for the purposes of assessing investment risks by investors.

Thus, the improvement in modern conditions of the method of accounting and analysis of financial investments in securities is the most important task for both non-professional and professional participants in the securities market.

Financial investments can be acquired at the primary or secondary markets, received free of charge or from the founders, received from counterparties.

The return on investments in various financial instruments depends on the degree of risk of non-payment, liquidity, taxation, as well as inflation expectations.

When choosing possible directions for investing in the acquisition of securities, the investor focuses primarily on the indicators of current profitability and risk inherent in these financial instruments.

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