In the course of their activities, many enterprises use not only their own capital. Long-term liabilities are one of the additional sources of funds for the company. When using it, the main task is the timely repayment of the resulting debt. Another source is short-term liabilities. Consider the features of these debts.

general characteristics

Long-term and short-term liabilities differ in maturity. For the former it is more than a year, for the latter it is less than 12 months. The total amount of liabilities affects the duration of the financial cycle of the company. Thus, the debt accepted for the term less than a year, adjusts the amount of funds required to replenish current assets. At the same time, the more obligations there are, the less funds spent to meet the current needs of the enterprise. Overall size debt also depends on the nature of the company's work in the market. The more active the production, the higher the sales, respectively. This, in turn, contributes to an increase in costs and the emergence of prerequisites for attracting additional assets.

Short-term liabilities

Their analysis for the coming period is usually evaluative. This is due to the fact that in most cases the exact amounts that form the debt cannot be determined. This, in turn, is due to the uncertainty of many indicators of the company's future activities. The value of short-term liabilities always directly depends on the frequency of payments on account of their repayment. This connection allows you to set the level and determine the ability to regulate all sources of funds in the management process. Repayment of short-term debt is carried out by current assets. They are resources used in the daily activities of the firm. This debt differs from the capital of long-term liabilities. In the reporting, information on it is reflected in liabilities. Short-term debt can be converted into cash. It can be directed to certain needs of the company during one balance year.

Structure

When preparing reports, accounting for obligations is one of the key tasks. All debts of the enterprise should be reflected. Short-term liabilities include:

1. Dividends paid to founders.
2. Debts on bills.
3. Accounts payable.
4. Announcements.
5. Taxes.
6. Refundable deposits that have been issued for less than a year.
7. Conditional payment.
8. unearned income.
9. Demand debts.
10. Portions of long-term debt that are payable within a short period.
11. Other debts with a maturity of less than a year.

Long-term borrowings

As mentioned above, they represent debt with a maturity of more than a year. Long-term liabilities are always taken into account when assessing the solvency of an enterprise. Meanwhile, their presence negatively affects the analysis indicators. This is due to the fact that they can be equated to the company's own capital. Taking into account inflation indicators, the presence of such debt can even be considered a positive thing. The benefit is that at the time they are received, the real value of these assets differs significantly from the price at the maturity date. Long-term liabilities are issued to banks for the acquisition of investment assets, for the payment of existing debts or for replenishment of working capital.

Compound

Long-term liabilities include debts on credits and loans. They also include:

1. Promissory notes issued for a period of more than a year.
2. Bonds issued for a period exceeding 12 months.
3. Deferred tax liabilities.

Additionally

In international practice, long-term liabilities also include issued mortgages, as well as arrears in the payment of pensions to employees. The latter is not used in Russia. The issued mortgages are in fact the same loan, only obtained against the security of a real asset. They are accounted for under the corresponding balance sheet items. Long-term liabilities are recorded at current cost, the amount required to pay them off. This takes into account interest, discount and other charges for the use of funds.

Nuances

Deferred obligations for mandatory budget payments are the temporary difference between the amounts calculated according to accounting and tax reporting. It should be noted that this type does not always meet the criteria established for debts with a repayment period of more than 12 months. The fact is that taxes are charged and paid more than once a year. An example of this is the mandatory deduction to the budget from profits. This tax can be paid more than once a year (on a quarterly, semi-annual, etc. balance sheet). Accordingly, it is incorrect to call this obligation long-term. In such situations, tax amounts are transferred to the current debt section.

Line 450

Other long-term financial liabilities consist of funds provided by non-banking organizations, as well as debt on bonds. The accounts of the latter are of particular interest in the analysis. These include:

1. Obligations on bonds - c. 521.
2. Premium on issued securities - c. 522.
3. Discount - sc. 523.

All these accounts together are reflected on the issuer's balance sheet in line 450 as a result of folding their balances. This formula will apply only in cases where the company sold the bonds at both a discount and a premium. This takes place under the condition that different batches of securities are issued at different times. In this case, the second is issued before the maturity of the first.

Line 470

Paragraph 49 of P(S)BU 2 is not specified on the types of long-term liabilities. Accordingly, it must be understood that "other" debts that cannot be attributed to other articles in the section represent the balance of all accounts of class 5. This applies to:

1. Long-term promissory notes issued - c. 51.
2. Rent debts - c. 53.
3. Other liabilities of a long-term nature - c. 55.

Account 51 summarizes information on secured debts, the repayment period of which is more than 12 months. from the balance sheet date. The issuance of bills of exchange, their acceptance and obligations arising in connection with this reflect at the time of transfer or acceptance. Accounting for settlements with owners on account 53 relates to a greater extent to cash rent / leasing. This is due to the fact that operational transactions of this nature, as a rule, are not long-term.

Loans and credits (line 510).

A loan or credit can be obtained for any period. If the term is less than one year, we are talking about short-term loans or loans, which are shown in line 610 of the balance sheet, reflecting information on short-term loans or loans received.

If a loan or credit is received for a period of more than one year, then it is long-term and balances on long-term credits and loans are shown in line 510 of the balance sheet.

Reflection in the accounting of information on long-term credits and loans is made on account 67 "Settlements on long-term credits and loans".

Separately accounted for and long-term loans raised through the issuance and placement of bonds. If bonds are placed at a price exceeding their face value, then the amount of the excess of the placement price over their face value is reflected in account 98 "Deferred income". The amount charged to account 98 "Deferred income" is debited evenly over the period of circulation of the bonds to account 91 "Other income and expenses". If the bonds are placed at a price lower than their face value, then the difference between the placement price and the face value is accrued evenly during the circulation period of the bonds from the credit of account 67 "Settlements on long-term credits and loans" to the debit of account 91 "Other income and expenses".

Often, under a loan (credit) agreement, the lender (creditor) has the right to receive interest from the borrower on the amount of the loan or credit. Therefore, interest payable on received credits and loans is also reflected in account 67 "Settlements on long-term credits and loans" in correspondence with the debit of account 91 "Other income and expenses".

Accrued interest amounts in accordance with paragraph 4 of PBU 15/2008 "Accounting for expenses on loans and credits" are accounted for separately.

Repayment of debt on interest, as well as the loan (credit) itself, is made on the debit of account 67 "Settlements on long-term credits and loans".

So, the indicator on line 510 "Loans and credits" discloses the amount of long-term loans and credits received and outstanding by the enterprise, as well as the amounts of interest payable on received credits and loans.

Deferred tax liabilities (line 515).

Deferred tax liability is a part of deferred income tax, which should lead to an increase in income tax payable to the budget in the next reporting period or in subsequent reporting periods.

Deferred tax liabilities are recognized in the period in which the taxable temporary differences arise.

Taxable temporary differences give rise to deferred income tax, which increases the amount of income tax payable to the budget in the next or subsequent reporting periods.

Deferred tax liabilities are calculated as the product of taxable temporary differences that arose in the reporting period and the income tax rate effective at the reporting date.

Deferred tax liabilities are reflected in accounting on synthetic account 77 "Deferred tax liabilities". In analytical accounting, deferred tax liabilities are accounted for differently by types of assets and liabilities in the valuation of which a taxable temporary difference has arisen.

As taxable temporary differences are reduced or fully eliminated, deferred tax liabilities are reduced or fully eliminated. The amounts by which deferred tax liabilities are reduced or fully repaid in the reporting period are reflected in the accounting records in the debit of the deferred tax liability account in correspondence with the credit of the tax and duty settlement account.

Upon disposal of an asset or liability for which a deferred tax liability has been accrued, it is written off to the profit and loss account in an amount that will not increase taxable income for both the reporting and subsequent reporting periods.

So, the indicator on line 515 "Deferred tax liabilities" reflects the amount of deferred income tax, leading to an increase in income tax payable to the budget in the next reporting or subsequent reporting periods.

Other long-term liabilities (line 520).

The line of the balance sheet discloses the amount of long-term liabilities of the enterprise, not shown under other articles of Sec. IV balance "Long-term liabilities" of the balance sheet.

Total for section IV (line 590).

Line 590 is the final line of sec. IV balance "Long-term liabilities". It shows the total summed value of long-term liabilities of the enterprise. To obtain data for this line, you need to sum the indicators of the lines:

Loans and credits (line 510);

Deferred tax liabilities (line 515);

Other long-term liabilities (line 520).

Line 510 "Loans and credits"

AT the group of articles "Loans and credits" (line 510) of the section "Long-term liabilities" shows the outstanding amounts of loans and borrowings that are subject to repayment in accordance with agreements more than 12 months after the reporting date. The calculation of the specified period is carried out starting from the first day of the calendar month following the month in which these obligations were accepted for accounting, taking into account the terms of agreements on the maturity of obligations. Liabilities presented in the balance sheet as long-term, but which are expected to be settled in the reporting year, may be presented at the beginning of that financial year as short-term. The fact of presenting liabilities previously recorded as long-term as short-term must be disclosed in the notes to the balance sheet and income statement. The amount on line 510 corresponds to the balance on the credit of account 67 "Settlements on long-term loans and borrowings". At the same time, along with the amount of the principal debt on loans and borrowings, interest debt should be reflected.

Line 515 "Deferred tax liabilities"

Article"Deferred tax liabilities" (line 515) reflects the organization's deferred liabilities to the budget for income tax. This is a mandatory indicator in the balance sheet, regardless of the size of the amount of liabilities. The amount on line 515 is equal to the balance on account 77 "Deferred tax liabilities".

Line 520 "Other long-term liabilities"

AT line 520 "Other long-term liabilities" shall indicate the amounts of other accounts payable that will be repaid more than 12 months after the reporting date, as well as items that are not included in lines 510 - 515. The amount on line 520 is calculated as the balance on the credit of accounts 60 , 62, 76 and 86 for (obligations maturing more than 12 months).

> Current liabilities

Line 610 "Loans and credits"

Short term loans and borrowings that are repayable in accordance with the agreement within 12 months after the reporting date are reflected in the balance sheet in the "Current liabilities" section (line 610), taking into account interest payable at the end of the reporting period.

Line 620 "Accounts payable"

Group articles "Accounts payable" (line 620) reflects the total amount of accounts payable and includes the following breakdowns:

· the article "Suppliers and contractors" (line 621) shows the amount of debt to suppliers and contractors for received goods and materials, works, services. The amount on line 621 is equal to the credit balance on the accounts of settlements with suppliers - 60 and other creditors - 76;

the article "Debt to the personnel of the organization" (line 622) shows the amounts accrued, but not yet paid wages. The amount on line 622 is equal to the credit balance on account 70.

· the article "Debts to state non-budgetary funds" (line 623) includes the amount of deductions for state social insurance, pensions and medical insurance of employees of the organization, as well as the employment fund. The amount on line 623 is equal to the balance on account 69, with the exception of the amounts for the UST (which are taken into account in line 624, since they relate to debt to the budget), if it is taken into account on this account;

· the article "Debt on taxes and fees" (line 624) reflects the organization's debt to the budget for taxes and fees. If penalties and/or fines are accrued on these taxes and fees, then the amounts of penalties and fines are also included in this article. The amount on line 624 is equal to the balance of accounts 68 and 69 (as part of the unified social tax, if it is accounted for on this account).

· the article "Other creditors" (line 625) shows the organization's debt for settlements, data on which are not reflected in other articles of the "Accounts payable" group. In particular, this article may reflect the debt of the organization for payments for compulsory and voluntary insurance of property and employees of the organization and other types of insurance; debt on deductions to extra-budgetary and other special funds (except for funds, debt on deductions to which is reflected under the item "Debt to state extra-budgetary funds"); the amount of lease obligations of the lease organization for fixed assets transferred to it under the terms of a long-term lease, and so on. The amount on line 625 can be made up of the balance of accounts 62 (advance payments received), 76 (except for amounts reflected in other balance lines), 71, 73. According to general rules preparation of financial statements, significant indicators should be disclosed separately, i.e. either highlighted in a separate line, or reflected in the notes to the balance sheet. This applies, in particular, to the amounts of advances received. If these amounts are significant, then they should be reflected in a separate line of the balance sheet as a breakdown of accounts payable.

The debit balance on the accounting accounts of wages and insurance is shown under the relevant items in the group of items "Accounts receivable" in the "Current assets" section of the balance sheet.

Line 630 "Debt to the participants (founders) for the payment of income"

AT the article "Debts to participants (founders) for the payment of income" (line 630) reflects the amount of the organization's debt to the founders for dividends due, interest on shares, bonds. The amount on line 630 is the balance on account 75 "Settlements with the founders" (sub-account 75.2 "Calculations for the payment of income").

Line 640 "Deferred income"

By the article "Deferred income" (line 640) shows the amounts accounted for in accordance with the accounting rules as deferred income on account 98 of the same name. These incomes can be received in the reporting period, but relate to future periods. Examples of deferred income include rent, utility bills, revenue from freight or passenger transportation for travel tickets(quarterly or annual), subscription fee for communication services; the value of donated assets; the amount of forthcoming receipts of debts for shortages identified in the reporting period for previous years; the difference between the amount of shortage recovered from the perpetrators for material and other valuables, and the book value of these valuables. The amount in line 640 is equal to the credit balance of account 98. The column "At the beginning of the reporting year" shows data at the beginning of the year (opening balance), which must correspond to the data in the column "At the end of the reporting period" of the previous year (closing balance), taking into account the production at the beginning of the reporting year of the reorganization, as well as changes in the assessment of financial statements indicators related to the application of the Regulation on accounting and financial statements in Russian Federation and Regulations on accounting "Accounting policy of the organization" RAS 1/98. The column "At the end of the reporting period" shows data on the value of assets, capital, reserves and liabilities at the end of the reporting period (month, quarter, year).