Revaluation of non-current assets on the balance sheet is...

Hello, Vasily Zhdanov, in this article we will consider the revaluation of non-current assets and their calculation according to RAS. The cost of various goods in a modern market economy is constantly changing, and many of them can be purchased by organizations for the purpose of exploitation in the course of business activities. The cost of a purchase this year may be much more or less than the price for which the product was purchased previously. Therefore, companies have the right to monitor the prices of items used in production and to recalculate the value of existing assets to account for the difference. We are talking about the revaluation of property. We propose to understand how the revaluation of non-current assets is carried out, and how the results and consequences are reflected in the financial statements.

Analysis of non-current assets

When analyzing non-current assets to assess the condition of fixed assets, the following indicators are determined:

• depreciation rate, which determines how worn out the assets are;
• serviceability coefficient used in assessing the obsolescence of assets;
• retirement ratio, showing the share of assets retired from operation;
• renewal coefficient, which determines the share of received assets at the end of the year;
• and other indicators.

When analyzing non-current assets in order to determine the efficiency of using fixed assets, the following indicators are calculated:

• turnover ratio of non-current assets (capital productivity), the growth of which indicates an increase in the efficiency of assets;
• coefficient of investment activity of fixed assets;
• return on assets, the growth of which indicates an increase in the efficiency of use of assets (read more about the profitability of non-current assets in a separate consultation;
• and other indicators.

In addition to analyzing fixed production assets, a company can carry out a revaluation of non-current assets, which is a revision of the cost at which certain property of the organization was acquired by comparing this value with the current (replacement) value.

Definition

Revaluation of non-current assets 1340 is the added value of non-current assets discovered by revaluation

In fact, this is a re-determination of the value of non-current assets, which, if this value is higher than before, means that the organization has more value in monetary terms.

But this is usually not the result of her work, but the result of external factors, and often just a game with numbers. Therefore, changes in the indicator should be treated with caution, given that there may be an interest in the organization’s management.

What are non-current assets, replacement and market price

Non-current assets of an enterprise are those objects of property of an economic entity that are continuously operated in the process of carrying out the main type of activity . In other words, if a company does not plan to turn any property into goods for a long time, we are talking about a non-current asset. The main criteria for classifying an object as a non-current asset are its acquisition for the purpose of generating income and the planned period of its use for at least 1 year. VNAs include:

When revaluing non-current assets, the main attention is paid to the replacement price of the object, which is calculated through its market value. The difference between these costs can be understood by studying the concepts:

• Market value is the amount of money that can be obtained from the sale of newly purchased property. This is the value of the object at the time of its registration.
• Replacement price is the amount of funds that will be spent to completely restore the property if it is lost or fails (the amount of funds that the company will have to spend to purchase the same property when the current one can no longer be used in operation).

What are adjusted non-current assets?

Non-current assets that are used to obtain economic benefit in an organization for more than a year include:

• fixed assets (funds);
• NMA;
• profitable investments in MC;
• research and development, according to the final result of the latter;
• financial investments with an expected economic effect within a period of more than a year;
• other assets that have characteristics of non-current.

What is meant by adjusted non-current assets when calculating financial and economic activity ratios ?

SVNA is:

• Intangible assets without business reputation and organizational costs;
• OS without capital investments for OS rental;
• other assets with a long-term period of use.

Based on the data presented, the key differences in the calculation of the two indicators and the data excluded from non-current assets when calculating SVNA are easily determined.

What property is classified as non-current assets for balance sheet purposes ?

The methodology for determining IVA, based on the organization’s balance sheet, uses the following values:

• intangible assets as of the reporting date, less the value of goodwill;
• fixed assets, minus capital expenditures incurred on the rented part of these assets;
• unfinished capital investments, minus amounts related to the lease of fixed assets;
• the amount of profitable investments in material assets, as indicated in the balance sheet;
• the amount of financial investments of a long-term nature, as indicated in the balance sheet;
• the amount of other non-current assets as shown on the balance sheet.

It is enshrined in Government Decree No. 367 of June 25, 2003. This is a document intended for insolvency practitioners; it presents detailed rules according to which responsible persons are required to conduct a financial analysis of a business entity.

It is convenient to present the composition of SVNA in the form of a formula, according to the lines of the balance sheet: SVNA = s. 1110 + p. 1150 + s. 1160 + p. 1170 + p. 1190.

Data on:

• capital costs for OS rental;
• unfinished drip investments;
• unfinished capital expenditures for OS rental;
• business reputation of the company;
• organizational expenses

can be found in the income statement and in the notes to the balance sheet - forms included in the financial statements.

On a note. Currently, explanations to the balance sheet are not mandatory, but only a recommended reporting form for completion. Submitted in the form of a table, in accordance with pr. 66 dated 02-07-10, issued by the Ministry of Finance.

Revaluation of non-current assets

Revaluation of non-current assets is carried out on the basis of a decision to carry it out. Information about the revaluation of fixed production assets (which assets are subject to revaluation, the frequency of its implementation, etc.) will need to be fixed in the accounting policy of the organization.

When making a decision on the revaluation of a group of similar objects of fixed assets and intangible assets, their assessment at current (replacement) cost must be carried out regularly at the end of the reporting year (no more than once a year) (clause 15 of PBU 6/01, clause 17, clause 18 of PBU 14/2007).

The company must reassess the value of financial investments (securities), for which a procedure has been established for determining their current market value. Subsequent assessment of financial investments can be carried out by the organization, at its choice, monthly, quarterly or once at the end of the year (clause 20 of PBU 19/02). Small businesses are exempt from revaluation of financial investments (clause 19 of PBU 19/02).

Based on the results of the revaluation, fixed assets or intangible assets can be either discounted or overvalued. The amounts by which fixed assets or intangible assets have been discounted are reflected in account 91 “Other income and expenses” separately in the subaccounts “Revaluation of fixed assets” and “Revaluation of intangible assets” and are included in the financial result. And the amounts by which fixed assets or intangible assets were overvalued are recorded on account 83 “Additional capital” separately in the context of the subaccounts “Revaluation of fixed assets” and “Revaluation of intangible assets”. When revaluing depreciable property, simultaneously with a change in its value, the amount of depreciation accrued on it is also recalculated (clause 15 of PBU 6/01, clause 21 of PBU 14/2007).

Changes in the value of financial investments are reflected in account 91 “Other income and expenses” and are included in the financial result (clause 20 of PBU 19/02).

Please note that for tax purposes, revaluation of fixed assets or intangible assets is not carried out.

Conclusions about what a change in indicator means

If the indicator is higher than normal

Not standardized

If the indicator is below normal

Not standardized

If the indicator increases

Usually a positive factor

If the indicator decreases

Usually a negative factor

Notes

The indicator in the article is considered from the point of view not of accounting, but of financial management. Therefore, sometimes it can be defined differently. It depends on the author's approach.

In most cases, universities accept any definition option, since deviations according to different approaches and formulas are usually within a maximum of a few percent.

The indicator is considered in the main free online financial analysis service and some other services

If you need conclusions after calculating the indicators, please look at this article: conclusions from financial analysis

If you see any inaccuracy or typo, please also indicate this in the comment. I try to write as simply as possible, but if something is still not clear, questions and clarifications can be written in the comments to any article on the site.

Best regards, Alexander Krylov,

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What kind of property can be revalued?

Revaluation of fixed assets can be carried out in relation to:

• working equipment;
• real estate – buildings and structures, including unfinished ones;
• devices, machines, tools;
• computer technology;
• Vehicle;
• various equipment;
• equipment that is just prepared for installation;
• any fixed assets that are currently not operational, but have not been written off from the balance sheet (on conservation, in reserve, being prepared for write-off, etc.).

Terms and concepts

Fixed assets are used in accounting at their historical cost. In accordance with PBU 6/01, the initial cost of fixed assets may change in the case of:

• In cases of completion
• Additional equipment.
• Reconstructions.
• Modernization.
• Revaluation of fixed assets.

Let's look at the last revaluation in this summary.

Revaluation of fixed assets is regulated by the following laws:

A) PBU 6/01 “Accounting for fixed assets” - This law on revaluation states that:

— Fixed assets are revalued no more than once a year.

-If the fixed assets were revalued once, then they should be revalued regularly every year.

-Revaluation in financial statements should be reflected separately.

B) Order of the Ministry of Finance of 2003 No. 91N “On approval of Guidelines for accounting of fixed assets” This law on revaluation states that:

-If the difference between the current (market) value and the original cost is significant, then you need to revaluate, if not significant, then there is no need to revaluate. In accounting, the materiality level is set at 5%.

-An example of calculation (methodology) for revaluation of initial cost and depreciation.

-The revaluation is reflected in invoice 83, the first deduction is in other expenses.

Revaluation rules

The revaluation of non-current assets is subject to a number of rules:

• It is voluntary (except for situations requiring the revaluation of securities). Therefore, the decision to carry it out (or not) must be reflected in the accounting policies.
• The fact of making a decision to conduct a revaluation makes it mandatory in relation to selected groups of fixed assets and intangible assets at the end of each reporting year (clause 15 of PBU 06/1, clause 18 of PBU 14/2007). Mandatory revaluation of financial investments is carried out at the organization's discretion monthly, quarterly or once at the end of the year (clause 20 of PBU 19/02).
• Revaluation involves bringing the accounting value of assets to their current market value. Therefore, this cost must be documented. And since both an increase and a decrease in value are possible on the market, both revaluation and depreciation will occur in relation to assets.
• When revaluing depreciable property (fixed assets or intangible assets), simultaneously with a change in the value of the asset itself, the amounts of depreciation accrued on it are recalculated in a similar proportion, i.e., essentially, the residual value of the asset is revalued.

BASIC: income tax

In tax accounting, the results from the revaluation of fixed assets are not taken into account (paragraph 6, paragraph 1, article 257 of the Tax Code of the Russian Federation). In this regard, if before the revaluation the monthly amounts of depreciation deductions in accounting and tax accounting were the same, then after the revaluation they will differ.

If the fixed asset has been overvalued, then in accounting the monthly amount of depreciation deductions will be greater than in tax accounting. In this case, reflect the permanent tax liability in your accounting:

Debit 99 subaccount “Fixed tax liabilities (assets)” Credit 68 subaccount “Calculations for income tax” - the permanent tax liability from the difference between monthly depreciation deductions for accounting and tax accounting purposes is taken into account.

If the fixed asset has been discounted, then in accounting the monthly amount of depreciation deductions will be less than in tax accounting. In this case, reflect the permanent tax asset in accounting:

Debit 68 subaccount “Calculations for income tax” Credit 99 subaccount “Fixed tax liabilities (assets)” - a permanent tax asset is taken into account from the difference between monthly depreciation deductions for accounting and tax accounting purposes.

This procedure follows from paragraph 7 of PBU 18/02.

What can be overvalued in non-current assets?

The latest edition (dated 04/06/2015) of the full form of the balance sheet, approved by order No. 66n dated 07/02/2010, divides non-current assets into 9 lines, which essentially contain data on 5 types of assets:

• OS (this includes lines for OS, profitable investments, material exploration assets).
• Intangible assets (these are lines for intangible assets, R&D, intangible exploration assets).
• Unfinished investments in fixed assets and intangible assets (data on them in the balance sheet is either distributed between the lines of fixed assets and intangible assets, or allocated to the line of other assets).
• Long-term (for a period of more than a year) financial investments.
• SHE.

Read more about the composition of non-current assets in the balance sheet in the article “Balance sheet (assets and liabilities, sections, types)” .

Of these, revaluation is mandatory for financial investments for which there is an established procedure for determining their current market value (clause 20 of PBU 19/02, approved by order of the Ministry of Finance of the Russian Federation dated December 10, 2002 No. 126n). As part of non-current assets, these may be long-term securities. However, SMP has the right not to overestimate them (clause 19 of PBU 19/02).

Revaluation is possible:

• OS groups allocated for this purpose (clause 14, clause 15 of PBU 06/1, approved by order of the Ministry of Finance of the Russian Federation dated March 30, 2001 No. 26n).
• Groups of intangible assets identified for this purpose that are in circulation on their active market (clauses 16, 17 of PBU 14/2007, approved by order of the Ministry of Finance of the Russian Federation dated December 27, 2007 No. 153n).

Unfinished investments in fixed assets and intangible assets are not overvalued (letters from the Ministry of Finance of the Russian Federation dated November 10, 2005 No. 07-05-06/295, dated October 2, 2007 No. 02-14-10a/2480).

SHE are not subject to revaluation based on their nature. They represent temporary differences that arise when accounting and tax accounting data do not match, in particular, when forming the initial cost of fixed assets, intangible assets and financial investments. Revaluation of fixed assets, intangible assets and financial investments is possible only in relation to the accounting value of these assets, and for tax purposes it is not taken into account (subclause 24, clause 1, article 251, clause 1, article 257, clause 46, article 270 of the Tax Code of the Russian Federation, letter of the Ministry of Finance of the Russian Federation dated December 14, 2012 No. 03-03-06/1/659). Therefore, the differences additionally arising between the book value and tax value due to revaluation will be permanent and will be taken into account in account 99. Account 09, intended for ONA, will not be affected by these charges.

System for revaluation of property (postings, features)

Depending on whether the property was revalued previously, the system for conducting the first/new revaluation will be different:

Accounting entries when revaluing non-current assets (fixed assets):

Practical examples of the formation of an additional fund

Example 1

In the public joint-stock company "Yal", in order to attract additional investments, a unanimous decision was made at the meeting of shareholders to increase the size of the company's authorized capital. The new shareholder was sold 50 shares of the company at 12 thousand rubles per share (par value of the shares - 8 thousand rubles per share). Changes in fund size were officially recorded.

Accounting entries for completed business transactions:

Dt75 Kt80

400 thousand rubles – the size of the authorized capital of the joint-stock company has been increased.

Dt75 Kt83

200 thousand rubles - the amount of share premium is included in the additional fund of the company.

Example 2

As part of the charity event, Solntse LLC transferred funds in the amount of 100 thousand rubles for the purchase of machines for modernizing production.

Business transactions

Dt76 Kt86

100 thousand rubles – receipt of targeted financing funds.

Dt86 Kt83

100 thousand rubles - reflects the source of additional funding received.

Example of filling out line 1340 “Revaluation of non-current assets”

Let's look at an example of filling out line 1340 of the Balance Sheet in a hypothetical LLC “Fonarik”. What is known about the organization is that it does not have exploration assets and that it does not overvalue intangible assets. Let's consider its indicators for account 83, the analytical account for accounting for the amounts of revaluation of fixed assets:

Let's look at a fragment of the Balance Sheet of LLC "Fonarik" for 2013:

So, based on the results of the revaluation, the increase in the value of non-current assets is:

• as of December 31, 2014 – 300,000 rubles,
• as of December 31, 2013 – 180,000 rubles,
• as of December 31, 2012 – 100,000 rubles.

As a result, how the information will be reflected in the Balance Sheet can be seen in the fragment below:

Revaluation of assets. What should you keep in mind?

Agricultural organizations can clarify the value of assets. In relation to fixed assets, this can be done using revaluation. Organizations decide on their own whether to conduct it or not. But it should be taken into account that in accounting, revaluation must be considered in conjunction with the reflection of transactions in accounting accounts and in reporting, as well as assessing the tax consequences. As a rule, such an event is held in the first quarter...

We will organize a revaluation. The possibility of revaluing fixed assets is established by paragraph 15 of PBU 6/01 “Accounting for fixed assets”.
It is allowed to carry out it no more than once a year (at the beginning of the reporting year) for groups of similar objects at current (replacement) cost. Fixed assets are revalued either by indexing the original (replacement) cost, or by direct recalculation at documented market prices. Of these methods, the most realistic seems to be revaluation using the direct recalculation method based on documented market prices. You can determine the market price of the property by contacting an appraiser. If the organization decides to carry out the revaluation on its own, then it is best to create a special commission. Having carried out the work, the commission will draw up an act in which it will indicate its results. The act must be accompanied by a document confirming the market value of the revalued objects.

Which objects are overvalued and which are not?

Due to the specifics of production, the predominant share in the structure of the balance sheet of agricultural organizations is occupied, as a rule, by slowly and difficult to sell asset groups. These are fixed assets characterized by significant diversity: land resources, buildings and structures for agricultural purposes, machine and tractor fleet, specialized machines and equipment. However, it should be remembered that, in accordance with current legislation, part of the non-current assets of agricultural enterprises is not subject to revaluation (clause 43 of the Guidelines for accounting of fixed assets).

Non-overvalued objects include land plots and environmental management facilities (water, subsoil and other natural resources). That is, those that do not change their consumer properties over time. Please note that depreciation is not accrued for such objects. But this restriction does not apply to other groups of assets.

We recalculate the cost of objects

When revaluing, fixed assets are either overvalued (their original value increases) or discounted (their original value decreases). Therefore, in accounting, the results of revaluation are reflected depending on whether a given group of objects was previously revalued or not.

So, if an organization revaluates fixed assets for the first time, the results are reflected as follows.

The amounts of additional valuation of fixed assets are credited to account 83 “Additional capital” in correspondence with the debit of account 01 “Fixed assets”. The amount of additional depreciation accrued for this object is reflected in the debit of account 83 and the credit of account 02 “Depreciation of fixed assets.”

As a result, the increase in the value of fixed assets from revaluation is reflected as the balance of the subaccount “Increase in the value of non-current assets from revaluation”, which is opened to account 83.

To account for markdown amounts, account 84 “Retained earnings (uncovered loss)” is used. The debit of this account includes the amount of reduction in the original cost of objects, and the credit - the amount of adjusted depreciation.

Example

Let us assume that OJSC Russkaya Niva has decided to revaluate a group of agricultural machinery and equipment. Revaluation is carried out as of the beginning of 2009 using the direct recalculation method.

The revalued group includes, in particular, the AGROMASTER seeding complex, which was put into operation in April 2007 and has a carrying value of RUB 1,620,000.

The amount of depreciation accrued using the straight-line method for the period from May 1, 2007 to December 31, 2008 amounted to RUB 540,000.

The market price of a similar sowing complex as of the beginning of 2009 is 1,710,000 rubles. Therefore, the accountant needs to re-evaluate the property in the amount of RUB 90,000. (1,710,000 – 1,620,000), and also adjust upward the amount of accrued depreciation.

The adjustment of accrued depreciation is made using the ratio of the book value of the complex after the revaluation and before it: (1,710,000 rubles: 1,620,000 rubles) x 540,000 rubles. – 540,000 rub. = 30,000 rub.

The result of the revaluation will be reflected as follows:

Debit 01 Credit 83 – 90,000 rub. – the initial cost of the sowing complex has been increased;

Debit 83 Credit 02 – 30,000 rub. – the amount of accumulated depreciation has been adjusted.

The reflection of subsequent revaluations depends on how the first revaluation was reflected. If the subsequent change in value coincides with the initial one (repeated revaluation or discount), then the accounting entries are similar to those compiled as a result of the first revaluation. If the result of the first revaluation was an increase in value, and as a result of the second there was a decrease in value, the markdown is recorded using the following accounting entries:

Debit 83 Credit 01 – the cost of the object was reduced by the amount of the markdown within the amount of the previous revaluation;

Debit 84 Credit 01 – reflects the amount of excess of the depreciation over the amount of the revaluation credited to additional capital;

Debit 02 Credit 83 – reflects the amount of depreciation depreciation in the amount of the previous revaluation;

Debit 02 Credit 84 – reflects the depreciation depreciation in excess of the previous revaluation amount.

It is possible that after the initial depreciation of an object, it is revalued. Then, in the accounting accounts, the amounts previously reflected in account 84 are first written off, and then the amount of the excess of the subsequent revaluation over the amount of the previous depreciation is credited to account 83.

Reflection of revaluation results in reporting

The results of the revaluation must be reflected separately in the balance sheet. They are not included in the financial statements of the previous reporting year, but are taken into account when generating balance sheet data at the beginning of the reporting year. In addition, when preparing reports for the current year, the results of the revaluation carried out at the beginning of the year must be shown in the Statement of Changes in Capital (Form No. 3) and in the Appendix to the Balance Sheet (Form No. 5).

Special conditions for revaluation

According to paragraph 15 of PBU 6/01 “Accounting for fixed assets”, if an organization once decided to carry out a revaluation, then in the future it must do this procedure every year. This is necessary to ensure that the cost of fixed assets at which they are reflected in accounting and reporting does not differ significantly from the current (replacement) cost.

The decision to revaluate should be reflected in the accounting policies for accounting purposes.

To re-evaluate or not? Points for and against"

For agricultural organizations in general, massive revaluation of fixed assets is not typical. We can say that a very small number of organizations carry it out. There are a number of reasons for this. Firstly, an organization, having once carried out a revaluation, must do it regularly in the future. Otherwise, the economic meaning of its implementation is completely lost. Secondly, a significant reason for refusing to carry out revaluation is the fact that the results are not taken into account for profit tax purposes. Therefore, when reflecting the results, differences arise in accounting and tax accounting, the accounting methodology of which is quite complex, labor-intensive, and requires significant expenditure of accountants’ working time, as well as a certain level of their qualifications.

However, these reasons appear to be unfounded. The fact is that the revaluation of non-current assets can be a very effective means of financial regulation at an enterprise in order to take into account the interests of the founders and the economic entities themselves.

It should be noted that at present, the revaluation of fixed assets is not only a technical recalculation of their value, but is a process of developing optimal regulatory models from the point of view of finance and taxation.

Answers to frequently asked questions on the topic “Revaluation of non-current assets”

Question: If the management of an enterprise has decided to revaluate property, does this mean that it will be necessary to revaluate or discount all assets in the company?

Answer: No, revaluation can be carried out only in relation to property that needs to be revalued or devalued.

Question: How to form groups of property objects for the purpose of their revaluation?

Answer: At the legislative level, there are no requirements for grouping assets according to strictly defined criteria. When grouping objects, you should pay attention to similar technological characteristics, operating purposes, etc., not to qualities such as color or to the location of assets. For example, equipment can be classified into one group, but fixed assets located in one warehouse (if this is the only grouping criterion) cannot.

How are adjusted non-current assets calculated?

Let us assume that the financial statements contain the following data as of the reporting date of the end of the year:

Intangible assets (p. 1110) – 55,000 rubles, OS (p. 1150) – 930,000 rubles;

• profitable investments in MC (p. 1160) – 42,000 rubles;
• Finnish investments (p. 1170) – 88,000 rubles;
• other VNA (equipment requiring installation, p. 1190) – 110,000 rubles.

In addition, from the explanations of the income statement it is known that:

• business reputation of the company - 31,000 rubles;
• costs for leased operating systems – 15,000 rubles;
• unfinished capital investments – 77,500 rubles;
• similar unfinished investments for the lease of fixed assets - 5,200 rubles.

Calculation of SVNA indicators:

• NMA. 55,000 – 31,000 = 24,000 rubles;
• OS. 930000 – 15000 = 78000 rub.;
• Unfinished capital investments. 77500 – 5200 = 72300 rub.;
• Profitable investments in MC, completely. 42,000 rub.;
• Financial investments are long-term, completely. 88,000 rub.;
• The equipment is the same as other VNA, completely. 110,000 rub.

SVNA = 24000 + 78000 + 72300 + 42000 + 88000 + 110000 = 414300 rub.

When analyzing financial condition, as a rule, indicators are calculated for the previous 3 years, and, if necessary, for a longer period.

On a note. Regulatory documents provide for analysis at least 2 years before the bankruptcy of a business entity. The rules (order 367) recommend the calculation of quarterly indicators of financial and economic condition and for the period of bankruptcy procedures, in dynamics.

The results are presented in the form of tables for ease of perception and subsequent calculations of coefficients characterizing the economy of the research object.