All financial transactions are carried out k. Features of financial transactions. The calculation of the present value is made according to the formula

" № 7/2011

From the financial statements for 2011, PBU 23/2011 “Report on the movement Money". Companies should be guided by it when compiling the appropriate form. And although the annual report is still far away, early acquaintance with the new document is necessary to set up analytical accounting. PBU 23/2011 approved by order of the Ministry of Finance of Russia dated February 2, 2011 No. 11n. It is intended for commercial organizations (except for credit ones). Let's talk about what the accountant of a construction company should pay attention to in the first place.

Small businesses do not need to report

In 2011, a simplified reporting system was maintained for small businesses. As follows from paragraph 6 of the order of the Ministry of Finance of Russia dated July 2, 2010 No. 66n (approving new forms), small businesses form financial statements as follows:

A) in the balance sheet and include indicators only for groups of articles (without detailing indicators for articles);

B) in the appendices to the balance sheet and income statement, only the most important information is provided, without knowledge of which an assessment is impossible financial position organization or financial results of its activities.

At the same time, they have the right to form accounting records in full (in accordance with clauses 1–4 of this order).

But order No. 66n contains only requirements for reporting. And the issues of its presentation are regulated by the Regulations on maintaining accounting and financial statements ... (approved by order of the Ministry of Finance of Russia dated July 29, 1998 No. 34n). It allows small businesses not to submit (hereinafter referred to as the Report), as well as other applications and an explanatory note (clause 2, 85).

Therefore, small businesses submit the specified Report on a voluntary basis (for example, in accordance with the charter). This is also confirmed by paragraph 2 of PBU 23/2011, which states that this standard is applied in cases where the submission of the Report is provided for by regulatory legal acts, as well as when the organization has voluntarily decided to submit or publish such a Report.

If a small business nevertheless draws up a Report, then, as already mentioned, it is permissible to reflect only the most important information in it. For example, if interest on debt obligations was paid in insignificant amounts, then a dash can be safely put on the corresponding line of the Report (code 4123) (clause 11 PBU 4/99 “Accounting statements of organizations”).

The report contains two columns: one of them characterizes the cash flow in the reporting year, the other - in the previous year. Should a small business provide comparative data for 2010 if it did not legally generate a Report for the previous year?

The fact is that the methods of final generalization of the facts of economic activity and information processing are the subject of accounting policy (clause 2 PBU 1/2008). These include the articles of relevant reports. And on the basis of paragraph 15.1 of PBU 1/2008, small enterprises, with the exception of issuers of publicly placed securities, are entitled to apply changes in accounting policies prospectively. After all, there is no other regulation on this issue.

Now let's move on to a direct analysis of the new standard.

Reflection of cash equivalents

PBU 23/2011 introduces a new term - "cash equivalents". It involves highly liquid financial investments that can be easily converted into a known amount of cash and that are subject to an insignificant risk of changes in value. Such objects of the company are reflected on account 58 "Financial investments".

The Report is required to show the movement of not only cash, but also cash equivalents. PBU 23/2011 combines them and operates with the concept of "cash flow".

In the information message of the Ministry of Finance of Russia dated December 21, 2009 "On the disclosure of information on financial investments of the organization in the annual financial statements" it is said that bills of the Savings Bank of Russia with a maturity of up to three months can be considered cash equivalents.

Note that the approach based on combining cash and cash equivalents into a single flow is borrowed from IFRS. Therefore, we will try to expand our understanding of cash equivalents, based on paragraph 7 of PBU 1/2008.

IAS 7 Statements of Cash Flows (paragraph 7) clarifies that cash equivalents can also be classified as those purchased shortly before their maturity and with a specific date for their payment.

The description of cash equivalents in PBU 23/011, according to the author, creates problems for accountants. Thus, interest-free promissory notes of Sberbank of Russia purchased at face value are not included in financial investments, since their redemption does not promise economic benefits to the company (clause 2 PBU 19/02 “Accounting for financial investments”).

Ultimately, professional judgment will be required to identify cash equivalents. Assets classified by the company as cash equivalents must be determined in the accounting policy. In the balance sheet itself, cash and cash equivalents would be logically reflected in one line. At the same time, cash equivalents are not mentioned at all in the Report. It remains to be hoped that the Ministry of Finance of Russia will provide additional clarifications on these issues.

Funds in bank accounts in foreign currencies are classified as cash. Therefore, the purchase and sale of foreign currency do not generate independent cash flows. This principle applies to the purchase and sale of cash equivalents. So, there is no cash flow when paying off a bank bill presented to the issuer. At the same time, it is necessary to record the losses or gains from these transactions. These nuances are covered in paragraph 6 of PBU 23/2011.

How individual operations are reflected in the cash flow statement of a construction company, we have shown in table 1.

Identification of cash flows from cash equivalents

	Reflection in the cash flow statement	Line code in the reporting form
Received payment for the construction work performed by interest-bearing bills of the Savings Bank of Russia, payable at sight	Receipt of cash equivalents
As payment to the subcontractor, bills of Sberbank of Russia were transferred with maturities: a) up to three months b) more than three months	Disposal of cash equivalents Such securities are not cash equivalents and are not reflected in the Report (in accordance with the decision enshrined in the accounting policy)
Funds are transferred to a bank deposit on demand	The transfer of funds into cash equivalents is not reflected in the Report

Cash equivalents can be nominated not only in rubles, but also in foreign currency. We do not touch upon operations with foreign currency flows in this article, since they are not typical for construction companies.

Current, investment and financial operations

The cash flows of the organization are divided into cash flows from current, investment and financial operations. The classification of cash flows is shown in Table 2.

Types of cash flows

Classification of activities in relation to cash flows	Characteristics of operations that generate cash flow
Current activity	Transactions related to the ordinary activities of the company generating revenue
Investment activities	Operations related to the acquisition, creation or disposal of non-current assets
Financial activities	Operations related to raising financing on a debt or equity basis, leading to a change in the size and structure of the capital and borrowings of the company

There are no special innovations in the approaches of PBU 23/2011 to the classification of cash flows.

And yet, it should be noted that the concept of revenue for the purposes of generating a cash flow statement differs from the concept of income from ordinary activities, described in PBU 9/99. For example, a construction company may include rental income from property that is received on an occasional basis as part of other income. But in the Report, the corresponding cash flow will be related to current activities (there are no grounds to classify it as an investment or financial activity). The payment of interest on debt obligations is also classified as a current activity, although interest-bearing obligations (with the exception of interest taken into account in the cost of an investment asset) are recognized as part of other expenses, and not expenses for ordinary activities (clause 7 PBU 15/2008 “Accounting for expenses for loans and credits).

If a construction company has made financial investments for sale in the short term, then the cash flows related to them must also be shown for current activities, despite the fact that other income and expenses will arise in accounting. On account 41 “Goods”, such assets, with the exception of securities, are not taken into account, since they do not have a tangible form.

The classification of cash flows is inconsistent with the items in the income statement, in which other income and expenses do not participate in the formation of profit (loss) from sales.

As a result, the traditional distribution of income and expenses between accounts 90 “Sales” and 91 “Other income and expenses” does not provide information for generating a cash flow statement.

Although the new Russian standard complies with IFRS, its practical application will be very laborious. For example, PBU 23/2011 prescribes to distribute the income tax paid in the total amount into parts related to current, investment and financial activities. The same approach applies to other payments that give rise to cash flows. different type(subclause "d" p. 9, p. 13 PBU 23/2011).

Let's ask ourselves: what kind of activity does property tax apply to? On the one hand, it is due to the presence of fixed assets with which investment flows are associated. On the other hand, the tax is paid in order to carry out ordinary activities. The standard clarifies that ambiguous payments are interpreted in favor of current activities (clause 12 PBU 23/2011).

PBU 23/2011 reveals the economic meaning of information on cash flows for reporting users (table 3).

Cash flow information

Cash flow	Information usefulness for users of financial statements
For current operations	Shows the amount of money that: - necessary to maintain the company's activities at the level of existing production volumes; - can be withdrawn from current activities and used to repay loans, pay dividends, make new investments
For investment operations	Shows the level of expenses of the company for the acquisition or creation of non-current assets that provide cash receipts in the future
For financial transactions	Provides a basis for planning settlements with lenders and owners of the company, as well as future needs for raising debt and equity financing

In some cases, the standard requires a folded reflection of cash flows (clauses 16, 17 of PBU 23/2011). In particular, this rule applies to calculations that characterize the activities of counterparties (compensation, cash flows in intermediary transactions).

Counterparties include the construction customer, who was instructed by the investor to make settlements with the general contractor, as well as the general contractor, who makes settlements with subcontractors for the use of communal resources. For these categories of counterparties, detailed cash flows may be in contrast to the profit and loss statement and may not indicate real financial opportunities.

Example 1 Spetsstroy LLC, being the general contractor for the construction, paid its subcontractor a remuneration in the amount of 5,000,000 rubles. and received from him compensation for the electricity and water supply of the construction site in the amount of 200,000 rubles.

These cash flows will be included in the cash flow statement in a rolled-up amount of RUB 4,800,000. (5,000,000 - 200,000) on line with code 4121.

It is also necessary to roll up the amounts of payments of benefits for compulsory social insurance and reimbursements for them received from the FSS of Russia (within the reporting year), and the amount of value added tax.

Example 2 During 2011, LLC Remstroy received VAT from customers (as part of payment for work) in the total amount of 170,000,000 rubles, paid VAT to suppliers and contractors in the amount of 140,000,000 rubles, transferred VAT to the budget in the amount of 20,000,000 rubles . and received a refund of this tax from the budget in the amount of 3,000,000 rubles.

In the Report, the company showed the flow from VAT as other income from current activities (line code - 4113) in a rolled-up amount of 13,000,000 rubles. (170,000,000 - 140,000,000 - 20,000,000 + 3,000,000).

Explanations to the cash flow statement

PBU 23/2011 obliges companies to provide explanations to the Report. Previously, no additional explanation was required for cash flow information. Now, for these purposes, a separate section will have to be provided in the explanatory note. Unfortunately, in the form of the Report there is no special column for numbering explanations, as in the balance sheet and in the income statement. It is impossible to independently supplement the form registered with the Ministry of Justice of Russia. However, after the column "Name of the indicator" you can give the column "Code" (clause 5 of order No. 66n). Therefore, in explanations of lines, it is permissible to refer to their codes. The company is required to disclose information, in particular:

– on linking the balance of cash and cash equivalents in the report and in the balance sheet;

– on the approaches used to separate cash equivalents from other financial investments;

- on cash flows not listed in paragraphs 9–11 of PBU 23/2011;

– about curtailed flows;

– on flows between subsidiaries, affiliates and main economic companies;

– about unused opportunities for attracting additional funds to the business (for example, about the amounts on open but not used credit lines);

– on funds that are not available for use (for example, deposited with an arbitration court).

The list of information disclosure requirements is given in paragraph 25 of PBU 23/2011.

Example 3 LLC "Promstroy" uses in the calculations interest-free bank bills that do not meet the criteria for financial investments. Nevertheless, the company decided to consider these assets as cash equivalents, relying on the right to establish methods of classification by analogy (clause 7 of PBU 1/2008). This decision is enshrined in the accounting policy. Clause 25 of PBU 4/99 “Accounting statements of an organization” was used as a basis, allowing deviations from the current rules.

Note that the form of the Report does not provide for a separate reflection of cash flows on contributions to compulsory social insurance of employees. Therefore, the company independently decides on which line of the Report they should be reflected (of course, as part of current flows, if employees provide current operations). Contributions are not taxes and fees, as they are not provided for by tax legislation. These amounts can be added to wages.

Important to remember

Cash flows are presented in the cash flow statement on a net basis when they are characterized by rapid turnover, large amounts and short payback periods. For example, the implementation of short-term (usually up to three months) financial investments at the expense of borrowed funds.

In the course of its activities, the enterprise carries out various financial transactions related both to the direct activities of the enterprise and to ensure stable functioning of the main activity of the enterprise.

Financial transactions at each enterprise are different, this is due to the legal form of the enterprise and the direction of the main activity of the enterprise.

For example, banks are engaged in financial transactions due to their specifics. Since these are financial institutions, most of the operations are related to the provision of loans (lending), banks are also engaged in other operations directly related to money.

Enterprises associated with leasing as their main activity are not engaged in the provision of money as an element of income generation, but various material objects, mainly equipment. There are also firms that, as their main activity, are engaged in transactions related to debt obligations. These enterprises use debt obligations of other enterprises and institutions as an element of income generation.

In addition to the main activities directly related to financial transactions, all enterprises are involved in monetary relations. Enterprises in the manufacturing sector and the service sector use the services of banks with servicing operations on accounts, use leasing services from the relevant organizations, etc. Boriskin A.V. Money, credit, banks. M.: Finance. 1999, p. 99.

All enterprises participate in financial relations, both on the part of the client and on the part of the financial services enterprise.

Therefore, financial transactions are an essential element of economic relations.

Consider the basic financial transactions.

Forfaiting is the purchase of negotiable debt from a creditor on a non-recourse basis. This means that the buyer of the debt (forfaiter) assumes the obligation to refuse - forfeiting - from filing a regressive claim against the creditor if it is impossible to obtain satisfaction from the debtor. The purchase of a negotiable obligation occurs, of course, at a discount.

The forfaiting mechanism is used in two types of transactions:

in financial transactions - in order to quickly realize long-term financial obligations;

in export transactions - to facilitate the flow of cash to an exporter who has provided a loan to a foreign buyer.

The main type of forfaiting securities are promissory notes -

translated and simple. Operations with them are usually carried out quickly and simply, without unexpected complications. In addition to bills of exchange, the object of forfaiting can be obligations in the form of a letter of credit - a settlement or monetary document, which is an order from one bank (credit institution) to another to pay for shipping documents for the shipped goods at the expense of specially reserved funds or pay a certain amount of money to the bearer of the letter of credit. Letters of credit are rarely used as an object of forfeiting. This is due to the complexity of the operation, which primarily consists in the fact that in the case of a letter of credit, it is necessary to agree on the terms of the transaction in advance and in detail, which leads to an increase in the duration of the entire procedure. Lavrushina O.I. Money, credit, banks. M.: Finance and statistics. 2000. C. 125.

Syndication

Another important trend in the development of the forfaiting market was the association of buyers into syndicates. This trend is in line with the process of consolidation of banks as creditors. The merger process itself takes place on the basis of a mutual agreement of the forfaiters on what part of the forfaiting papers each of them will acquire. Usually different papers are bought by different forfaiters. But if the amounts are very large, then even individual papers can be divided between forfaiters using a participation agreement. True, this method complicates the circulation of securities, which in turn reduces the potential for them to enter the secondary market. In addition, the legal status of such agreements has not yet been fully determined. Therefore, they are rarely used in practice. Lavrushina O.I. Decree. op. S. 126.

floating rate financing

An important direction in the development of the forfaiting market is the expansion of financing, which involves the calculation of a discount based on a floating interest rate. This practice is due to increased interest rate volatility and reflects the reluctance of many banks to enter into transactions at fixed rates.

From the exporter's point of view, any sale based on a floating rate of interest worsens the possibility of obtaining a maximum of cash. This is because the primary forfaiter sells securities in the secondary market at a discount based on the prevailing interest rate, and the sale is subject to a final financial settlement on a certain date and subject to subsequent movements in interest rates.

In fact, there may be several such dates before the expiration of the bill. Thus, the agreement involves a high degree of risk and can lead to unpredictable obligations, which, of course, is a cause for concern not only for the forfaiter, but also for its auditors. Lavrushina O.I. Decree. op. S. 127.

Franchising

In a general sense, franchising is the "lease" of a trademark. The use of a franchise is regulated by an agreement between the franchisor and the franchisee. The content of the contract can be different, from simple to very complex, containing the smallest details of the use of the trademark. As a rule, the contract regulates the amount of deductions for the use of the franchise (it can be fixed, one-time for a certain period, a percentage of sales). There may be no requirement for deductions, but in this case, the franchisee undertakes to buy from the franchisor n the number of goods / works / services.

A separate clause of the contracts may be the terms of use of the trade mark/brand. These requirements can be very simple (for example, the franchisee can use the brand in a certain industry), and rigid (for example, the franchisee undertakes to use the equipment in the store exactly according to the requirements of the franchisor, from the size and color of the shelves, to the staff uniform). There. S. 128.

Hedging

Hedging is the use of one instrument to reduce the risk associated with the adverse effect of market factors on the price of another associated with the first instrument, or on the cash flows generated by it.

The hedged asset may be a commodity or financial asset that is on hand or planned to be purchased or produced.

The hedging instrument is selected so that adverse changes in the price of the hedged asset or associated cash flows are offset by changes in the relevant parameters of the hedging asset.

Hedging can be used both to reduce the risk of losses associated with changes in both commodity prices and other market factors (exchange rates, interest rates). Depending on the form of organization of trade, all hedging instruments can be divided into exchange and over-the-counter. Financial management. edited by E.S. Stoyanova. M.: Prospect, 1996. S. 94.

Leasing-- this is the granting of the right to use movable or immovable property by transferring it into possession for a certain period or indefinite time for periodically paid compensation.

Leasing is, as a rule, a three-way set of relationships in which the leasing company, at the request and instruction of the user, purchases equipment from the manufacturer, which then leases it to him for temporary use. There. S. 96.

Factoring-- assignment to a factoring company of unpaid debt claims (invoices and bills of exchange) arising between counterparties in the process of selling goods and services on a commercial loan, in combination with elements of accounting, information, marketing, insurance, legal and other services for the supplier.

In accordance with the Convention on International Factoring, adopted in 1988 by the International Institute for the Unification of Private Law, a transaction is considered factoring if it satisfies at least two of the four criteria:

1) the availability of lending in the form of prepayment of debt claims

2) supplier accounting, primarily sales accounting

3) collection of his debts

4) supplier credit risk insurance

At the same time, in a number of countries, factoring also includes accounting for invoices - an operation that satisfies only one, the first of the indicated signs.

Factoring services are most effective for small and medium-sized enterprises that traditionally experience financial difficulties due to untimely repayment of debts by debtors and the limited sources of credit available to them. At the same time, not every enterprise belonging to the category of small and medium-sized enterprises can use the services of a factoring company. Thus, factoring services are not subject to: enterprises with a large number of debtors, the debt of each of which is expressed in a small amount; enterprises engaged in the production of non-standard or highly specialized products; construction and other firms working with subcontractors; enterprises selling their products on the terms of after-sales service; ) transactions of an enterprise concluding long-term contracts with its customers and issuing invoices after certain stages of work are completed or before deliveries are made (advance payments).

Factoring operations are also not performed on debt obligations. individuals, branches or departments of the enterprise. Such restrictions are due to the fact that in these cases it is rather difficult for a factoring company to assess the credit risk or it is unprofitable to take on an increased amount of work, as well as an additional risk arising from the assignment of such claims, payment of which may not be made on time due to the supplier’s failure to fulfill any or their contractual obligations. Financial management. edited by E.S. Stoyanova. M.: Prospect, 1996. S. 104.

Accounting is a business area associated with the collection, processing, classification, analysis and execution of various types of financial information. The information customer is provided with a business reference. A business certificate allows you to objectively judge the solvency, creditworthiness, financial position of an economic entity, and take into account all possible risks.

Accounting is carried out jointly with the International Center for Scientific and Technical Information and a number of other firms, if it concerns a foreign partner. There. S. 111.

credit operations.

The main channels for the placement of attracted funds are credit, or accounting and loan operations and operations with securities, or stock operations. Credit operations of commercial banks play an important role in a market economy. Of all developed countries, only Japan has developed intercompany lending in the form of installment payments. In Western European countries (with the exception, perhaps, of France, Finland, Italy), in the USA and Canada, internal intercompany settlements are carried out mainly in cash, without the provision of payment by installments. Loans are not only the most important type of active operations, but also provide the vast majority of current income of banks, especially in conditions of high interest rates.

Currency operations.

The purchase and sale of foreign currencies in national currency is carried out in the foreign exchange market, which is represented mainly by commercial banks. Therefore, when talking about the foreign exchange market, it is understood as a mechanism, and not a place for conducting transactions (unlike a stock or commodity exchange), which, however, does not exclude the functioning of special currency exchanges. At the Moscow Interbank Currency Exchange (MICEX) and other officially registered currency exchanges of Russia, participants foreign economic activity carry out the official sale of export earnings and buy the necessary currency to pay for import transactions.

Opening foreign currency accounts for foreign economic activity participants is not necessary condition settlement and payment relations in foreign trade. In countries with free conversion of national currencies, the availability of accounts in the national currency will be a sufficient condition for settlements. Large firms with a large volume of export-import operations in different currencies, along with accounts in the national currency, open additional accounts in foreign currencies to minimize exchange rate losses associated with currency exchange. In countries with currency restrictions, the opening of foreign currency accounts serves the purpose of controlling settlements with foreign partners and is one of the elements of the currency regulation system.

Commercial banks - participants in the foreign exchange markets serve all forms of relations that require the exchange of currencies: foreign trade, investment, tourism, non-trade operations, etc., etc. Technically, this is done through the sale and purchase of telegraphic money transfers in different currencies at a special price - the exchange rate. Financial management. edited by E.S. Stoyanova. M.: Prospect, 1996. S. 114.

Banking "swap" operations

Swap operations (English swap, swop - exchange, change) are operations for the exchange of assets or liabilities between entities, denominated in currency, in order to improve their structure, reduce risk and cost. Banks mainly do currency or gold swaps. Banks carry out interest rate swaps much less frequently.

Currency swap includes:

* purchase and simultaneous forward sale of currency (or, conversely, sale of currency and simultaneous forward purchase of it);

* granting a loan in different currencies;

* exchange of liabilities denominated in one currency for liabilities in another currency.

A currency swap means signing two separate currency exchange contracts at the same time. These contracts have opposite directions and different settlement dates. Under one contract, the first currency will be purchased in exchange for the second currency with delivery at a certain time.

Under the second contract, the first currency will be sold in exchange for the second currency with delivery at a different date.

Swap operations are a kind of report or deport, that is, a combination of a cash sale and an urgent purchase of currency, or vice versa.

A report (French report) is a futures transaction in which the owner of a currency sells it to a bank with the obligation to repurchase it after a certain period at a new, higher rate, since it assumes that at this time the exchange rate on the market will be higher than the currency redemption rate in the bank and he will make a profit by saving money. In essence, a report is a bank loan secured by currency. The difference between the selling rates of the currency and the buying rates is actually the fee for the loan.

Deport (French deport) is a transaction opposite to a report. During deportation, the investor buys currency from the bank with the condition of its subsequent sale after a certain period of time at a new higher rate, since he assumes that at this time the exchange rate on the market will be lower than the currency selling rate to the bank and he will receive a profit in the form of exchange rate difference. In fact, the deportation is a ruble contribution to the deposit. Report and deport operations are carried out on the interbank foreign exchange market of ruble and foreign exchange resources. Here, the following transactions occupy a significant place:

* supply of "tomorrow" currency, that is, the conclusion of a contract for the purchase of currency from the bank for tomorrow. It accounts for about 50% of all these transactions;

* “to day” operations, that is, the execution of the contract on the day the transaction is concluded. They account for about 30% of all transactions;

* “sport” deal, that is, a deal with the execution of the contract after a certain number of days (no more than 14 days). It accounts for about 20% of all transactions.

A currency swap with a loan consists of taking a loan in one currency and repaying it in another currency. Swap with gold is the purchase (sale) of gold for a certain period at the spot price with a guarantee of the subsequent sale (purchase) of the same amount of gold at the forward price, that is, at the price fixed in the contract.

The procedure for these swaps is very similar to currency swaps. In international swap transactions, the volume of the transaction is set in troy ounces (31.1034807 g), and the price of gold is set in US dollars per troy ounce. For swap transactions on the Russian gold market, the volume of the transaction is set in grams, and the price is set in rubles or US dollars for 1 year.

In the course of its activities, the organization carries out various financial transactions related both to the direct activities of the organization and to ensure stable functioning of the main activities of the organization.

In addition to the main activities directly related to financial transactions, all organizations are involved in monetary relations. Organizations in the manufacturing and service sectors use the services of banks with servicing operations on accounts, use leasing services from the relevant organizations, etc.

All organizations are involved in financial relationships, both on the client side and on the financial services side.

Financial transactions in each organization are different, this is due to its organizational and legal form and the direction of the main activity. Financial transaction - transactions and other actions of citizens or legal entities with financial resources, regardless of the form and method of their implementation, related to the transfer of ownership and other rights, including transactions related to the use of financial resources as a means of payment.

Financial transactions are the most important element of economic relations.

Consider the basic financial operations of organizations.

Leasing is the granting of the right to use movable or immovable property by transferring it into possession for a certain period or indefinitely for compensation periodically paid.

Financial transactions include credit transactions. Credit operations - this is the relationship between the creditor and the borrower (debtor) to provide the first to the latter with a certain amount of money on the terms of payment, urgency, repayment.

Bank credit operations are divided into two large groups:

1) active, when the bank acts as a creditor, issuing loans;

2) passive, when the bank acts as a borrower (debtor), attracting money from customers and other banks on the terms of payment, urgency, repayment.

The subjects of credit relations in the field of bank credit are business entities, the population, the state and the banks themselves. The object of lending should be understood as the purpose of the loan.

The purpose of the loan expresses the specific temporary needs for additional funds of economic and other market entities, for the satisfaction of which a loan can be provided. . The need for credit stems from the peculiarities of the circulation of capital. Some economic entities have temporarily free funds at certain intervals, while others have a need for them, which is satisfied with the help of a loan.

Credit operations of commercial banks play an important role in a market economy.

The classification of bank loans is carried out according to a number of criteria: categories of borrowers, nature of collateral, terms and methods of repayment, etc.

Loans provided to corporate clients;

Loans secured by real estate;

Loans to the end consumer, mainly for the purchase of cars and other durable consumer goods with installment repayment;

Loans to other financial institutions, including foreign banks, intermediaries on the stock exchange.

Depending on the collateral, loans are divided into secured and unsecured or unsecured (blank loans).

Secured loans (loans granted against collateral), in turn, are subdivided according to the type of collateral into promissory notes, commodity loans and stock loans (secured by securities).

Bill credits occupy a large place in the operations of commercial banks that finance international trade.

Commercial banks do not take into account all bills, but only those of them, which, in turn, can be rediscounted in the central bank. In contrast to the accounting transaction, loans secured by bills mean only a temporary transfer of the bill from its owner to the bank - at the expiration of the loan, the borrower repays it along with interest and receives the bill back. With loans secured by bills of exchange, the bank usually gives the borrower only 60-80% of the currency of the bill (the amount of money indicated on the bill).

Commodity loans of banks include loans secured by goods and commodity documents (duplicates of railway waybills, warrants, bills of lading). Commodity loans are usually issued in the amount of 50-70% of the market value of the pledged goods. The main thing in this case is the requirement for the quality of goods, for a high degree of its marketability in case of non-repayment or delay in repayment of the loan.

Stock loans, i.e. loans against securities are usually provided by banks in the amount of a part of the market value of securities that are transferred to the bank from the borrower only temporarily as security for the loan until it is returned along with interest.

Although real collateral is one way to reduce the risk of lending, about half of all bank loans are unsecured or in the form of blank loans. Banks usually provide such loans to large commercial and industrial companies with which they are closely connected and whose solvency they are confident. As a rule, the larger the borrower and the larger the loan amount, the sooner it will be granted without collateral.

One of the forms of a bank loan is an overdraft - payment of bills, checks of a client (commercial and industrial company, private person or other financial and credit institution) in excess of the balance on his current account or in the absence of it. Typically, a client has an overdraft limit within which he can use any amount. Unlike other forms of bank loans, an overdraft and its amount can be based on an oral agreement; in this case no formal agreements are required. At the same time, in some cases, an overdraft may be secured in nature, when various securities act as collateral. An overdraft is in general a very expensive loan, and at the same time, in today's environment, many large banks do not charge interest on overdrafts for a certain period, after which the rate increases many times over the usual market rates.

A contract loan can also be provided in a bank form. A current account is a single active-passive account through which all credit transactions of the bank with customers are carried out: loans granted by the bank to customers are recorded in the debit (asset) of this account, and all amounts received from customers in the form of deposits and return of loans. With a credit balance on the account (the client is the bank's creditor), the client is charged interest on the deposit, and, conversely, with a debit balance (the client is the bank's debtor), the client is charged interest in favor of the bank for using the loan. Within the agreed loan amount, the client can receive and repay loans in full or in installments.

Depending on the term, loans can be short-term - up to one year, provided for 3, 6, etc. months, medium-term (from 1 year to 7-8 years) and long-term (for a period of more than 8 years). In Russia, short-term loans are considered loans granted for up to six months, medium-term - from six months to a year, long-term - over a year.

Loans can be one-time (simple term loan) or revolving (an on-call loan repaid at the request of the bank).

In terms of repayment (repayment of principal and interest), loans can be repaid in a single installment (for example, tuition fees) or in a series of payments. Interest may be paid at the time of repayment of the principal amount of the debt, equal amounts throughout the life of the loan, at the time the loan is granted. An example of the latter is discounting a bill, in which the bank pays the currency of the bill minus interest.

By the nature of lending, there are: direct loans (when the bank directly lends to borrowers); purchase (accounting) of commercial bills, bank guarantees and bank acceptances (when banks replace former creditors in a credit operation); purchase of debt obligations from firms that sell goods in installments.

Also, financial transactions are settlements with suppliers and consumers of services.

Suppliers and contractors include enterprises and organizations. supplying raw materials, materials and other inventory items, service consumers include a category of citizens who receive certain services from this organization for material remuneration.

The receipt of material assets from suppliers is carried out on the basis of supply contracts concluded by the organization. The provision of services to clients is also carried out on the basis of concluded agreements.

The contracts contain the type of goods supplied, work or services performed, terms of delivery, terms of shipment of goods, performance of work, provision of services, payment procedure (terms of payment).

Settlements with suppliers and consumers are carried out after the shipment of inventory items, performance of work or provision of services, simultaneously with them or in advance. Payments from the accounts of organizations are made in the calendar order of receipt of settlement documents by the bank. Payments to the accounts of the organization are made in accordance with the terms of the agreement.

Settlements with suppliers are carried out using various forms of payment - payment orders, payment requests, letters of credit, checks. It is also possible to make payments using bills of exchange, or cash payments with the transfer of funds directly to the cash desk of the supplier, contractor (now they are limited to 100 thousand rubles). Clients' settlements with the organization are carried out in cash or non-cash form (through banks, payment terminals). The form of payment is established in the agreement, contract.

As a result of settlement relationships with suppliers, the company's debt arises.

Part of the organization's current assets aimed at settlements with individuals and legal entities, is a receivable. Accounts receivable is understood as the debt of organizations, employees of enterprises and customers of the organization. In settlements with suppliers, receivables arise when the products sold to them are shipped. Also, receivables arise at the moment when the organization has provided its goods, services to customers. Organizations and persons who owe this organization are called debtors.

Depending on the maturity of debt is divided into short-term and long-term. The maturity of short-term debt is set within 12 months from the date of occurrence, and long-term - more than 12 months.

In accordance with the Regulation on accounting and financial reporting in the Russian Federation, receivables and payables are reflected in the balance sheet by type based on accounting entries made on synthetic accounting accounts.

Receivables from suppliers and consumers are the result of the fulfillment of contractual obligations by organizations as a result of a transaction, after which the seller transfers finished products, services and obtains the right to claim payment.

When products are shipped to buyers and presentation of settlement documents (invoice, consignment note, etc.) in the supplier's accounting, it shows the formation of receivables in the amount of the cost of products sold, including VAT due from buyers. When providing services and providing receipts for payment for work performed, services also arise receivables.

In settlements with suppliers, accounts payable may arise. It represents the obligations of the organization for the goods, works and services supplied to it, as well as other obligations in favor of creditors, due to past business events and transactions.

In the case of settlements with suppliers, the formation of accounts payable will be advance payments received by suppliers from buyers in accordance with the terms of settlements under the supply agreement.

Accounts payable are subject to VAT. In accounting, advances received are considered only as a source of the organization's property, the appearance of which is associated with the subsequent execution of the transaction provided for by the contract. The fulfillment of the obligations of the organization entails the use of assets in a certain period, i.e. their transfer at the request of creditors.

One of the types of financial transactions is the calculation of wages with personnel.

Salary (remuneration of an employee) - remuneration for work depending on the qualifications of the employee, the complexity, quantity, quality and conditions of the work performed, as well as compensation payments and incentive payments.

Settlements with personnel for remuneration are carried out by means of payments basic wages ( remuneration for work performed in accordance with established labor standards (tariff rates, salaries, piece rates)) and extra pay ( remuneration for work in excess of the established norm, for labor success and for special working conditions (surcharges, allowances, compensation payments)).

The organization forms a wage fund in order to determine the marginal production costs of the enterprise, the price of labor when concluding general, sectoral and territorial tariff agreements, collective agreements of enterprises at the beginning and end of their validity. Also, forecasting and formation of the payroll fund allows the most efficient use of the company's finances.

The payroll includes:

1. Payment for hours worked (in cash and in kind):

Salary according to tariff rates and salaries;

Salary at piece rates, as a percentage of the proceeds from the sale of products, as a share of profits;

Prizes and rewards. having a systematic nature, regardless of the source of payment;

Stimulating additional payments and allowances to tariff rates and salaries;

Compensation payments related to the mode of work and working conditions, etc.;

Remuneration of labor of persons hired part-time;

Remuneration of employees not on the payroll.

2. Payment for unworked time (in cash and in kind):

Payment of annual and additional holidays;

Payment for study holidays;

Payment of preferential hours for teenagers;

Payment for the period of advanced training, retraining or training in second professions;

Payment for downtime through no fault of employees;

Payment. kept at the place of main work for employees performing state and public duties;

Payment for absence days at the expense of the organization and (with the exception of temporary disability benefits);

Compensation for forced absence.

3. One-time incentive and other payments:

One-time bonuses regardless of the source of payment;

Remuneration based on the results of work for the year, annual remuneration for the length of service;

Financial assistance provided to all or most employees;

Cash compensation for unused vacation;

The cost of shares issued free of charge as an incentive;

Additional payments when granting annual leave;

Other one-time incentive payments, including the value of the gift.

4. Payments for food, housing, fuel (of a regular nature):

The cost of food and products provided free of charge (in accordance with the law);

Reimbursement for housing expenses and utilities;

The cost of fuel provided to employees free of charge;

The cost of free housing and utilities (in accordance with the law);

Payment for meals for employees (in excess of the established by law).

Thus, an entity's financial transactions are transactions to acquire financial assets and incur financial liabilities. Financial operations provide income generation. Receipts and savings of some subjects and spending by others. Their implementation allows the organization to effectively fulfill its obligations in terms of economic relations.

1.2. Methodology for analyzing financial transactions.

The financial analysis of an organization is the calculation, interpretation and evaluation of a set of financial indicators that characterize various aspects of the organization's activities.

The financial condition of an economic entity is a characteristic of its financial competitiveness (i.e. solvency, solvency), use financial resources and capital, fulfillment of obligations to the state and other economic entities. The financial condition of an economic entity includes an analysis of: profitability and profitability; financial stability; creditworthiness; use of capital; currency self-sufficiency.

The analysis of the financial condition is carried out using the following basic techniques: comparisons, summaries and groupings, chain substitutions.

The method of comparison consists in comparing the financial indicators of the reporting period with their planned values (standard, norm, limit) and with the indicators of the previous period. To ensure that the results of the comparison provide the correct conclusions of the analysis. It is necessary to establish the comparability of the compared indicators, that is, their homogeneity and uniformity, the comparability of analytical indicators is associated with the comparability of calendar periods, evaluation methods, and inflationary processes.

Receiving summary and grouping consists in combining information materials into analytical tables. Analytical groupings allow in the process of analysis to identify the relationship between various economic indicators of phenomena and indicators, to determine the influence of the most significant factors and to detect certain patterns and trends in the development of financial processes.

The method of chain substitutions is used to calculate the magnitude of the influence of individual factors in the overall complex of their impact on the level of the aggregate financial indicator. This technique is used in cases where the relationship between indicators can be expressed mathematically in the form of a functional relationship. The essence of receiving chain substitutions is that, successively replacing each reporting indicator with the base one (that is, the indicator with which the analyzed indicator is compared), all other indicators are considered unchanged. This replacement allows you to determine the degree of influence of each factor on the total financial indicator.

In order to make management decisions in the areas of production, marketing, finance, investment and innovation, management needs constant business awareness on relevant issues, which is the result of the selection, analysis, evaluation and concentration of the original raw information. An analytical reading of the source data is also necessary based on the goals of analysis and management.

The basic principle of analytical reading of financial statements is the deductive method (i.e. from the general to the specific), but it must be applied repeatedly. In the course of such an analysis, as it were, the historical and logical sequence of economic facts and events, the direction and strength of their influence on the results of activities are reproduced.

In the practice of financial analysis, the main types of analysis (method of analysis) of financial reports have already been established. Among them, six main methods can be distinguished, some of which have already been mentioned in the general system of analysis:

1.Horizontal (temporal) analysis - comparison of each reporting position with the previous period. This is one of the financial analysis systems based on the study of the dynamics of individual financial indicators over time.

In the process of implementing this analysis, the growth rates (increase) of individual indicators of financial statements for a number of periods are calculated and general trends in their change (or trend) are determined. The most widespread are the following forms of horizontal (trend) financial analysis:

-comparison of financial indicators of the reporting period with those of the previous period(for example, with indicators of the previous decade, month, quarter);

-comparison of financial indicators of the reporting period with those of the same period last year(for example, indicators of the second quarter of the reporting period with similar indicators of the second quarter of the previous year)

-comparison of financial indicators for a number of previous periods. The purpose of this analysis is to identify trends in individual indicators that characterize the results of the financial activity of the enterprise (determination of the trend line in dynamics).

2.Vertical (structural) analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole. This is one of the systems of financial analysis, based on the structural decomposition of individual indicators of the financial statements of the enterprise. In the process of this analysis, the specific weights of individual structural components of the financial indicators aggregated in the reporting are calculated.

There are the following forms of vertical (structural) analysis:

1) Structural analysis of assets. This analysis determines:

Shares of current and non-current assets;

Elemental composition of current assets;

Elemental composition of non-current assets;

The composition of the company's assets in terms of liquidity;

The composition of the investment portfolio and others.

2) Structural analysis of capital. This analysis determines

Share of own and borrowed capital;

The elemental composition of the used equity;

Elemental composition of used borrowed capital by types;

The elemental composition of the borrowed capital used by the maturity of obligations and others.

3) Structural analysis of cash flow. In the process of this analysis, the cash flow is distinguished as part of the total cash flow:

Operating (production and commercial) activities;

For financial activities;

For investment activities.

Each of these types of cash flow, in turn, can be more deeply structured in the process of analysis for its individual constituent elements.

3. Trend analysis - comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values of indicators are formed in the future, and, therefore, a prospective predictive analysis is carried out. This type of analysis is used in cases where it is necessary to make a forecast for individual financial indicators or for the financial condition of the enterprise as a whole. .

4. Analysis of relative indicators (coefficients) - calculation of relationships between individual report positions or positions different forms reporting, determination of interrelations of indicators. Ratios allow you to determine the range of information that is important for users of information about the financial condition of the enterprise in terms of decision-making. The coefficients make it possible to find out the main symptoms of a change in the financial situation and determine the trends in its change. With the correct coefficients it is possible to identify areas requiring further study. The big advantage of the ratios is that they smooth out the negative impact of inflation, which significantly distorts the absolute figures of financial statements, thereby making it difficult to compare them in dynamics.

5. Comparative (spatial) analysis acts as an on-farm analysis of summary reporting indicators for individual indicators of an enterprise, branches, divisions, workshops, and an inter-farm analysis of the indicators of a given enterprise in comparison with competitors' indicators, with average industry and average economic data. Its purpose is to identify the similarities and differences of homogeneous objects. With the help of comparison, changes in the level of economic indicators are established, trends and patterns of their development are studied, the influence of individual factors is measured, calculations are made for decision-making, reserves and development prospects are identified.

6. Factor analysis - taking into account the influence of individual factors (reasons) on the performance indicator using deterministic or stochastic research methods. Factor analysis can be both direct (analysis itself), when the whole is divided into its component parts, and reverse, when a balance of deviations is made up and at the stage of generalization all the identified deviations of the actual indicator from the base one are summed up due to individual factors. .

Factor analysis can be single-stage, when factors of only one level are used for analysis, and multi-stage, when factors are detailed into constituent elements to study their behavior.

Factor analysis can be retrospective, when the causes of changes in performance indicators for past periods are studied, and prospective, when the behavior of factors and their impact on performance indicators in the future are studied.

Factor analysis can be static, to study the influence of factors on performance indicators for a certain date, and dynamic, when causal relationships are studied in dynamics.

Based on the foregoing, we can conclude that for the analysis of financial transactions of the organization are used different kinds and methods of analysis. Taken together, they constitute the analysis methodology necessary for an objective assessment of the financial condition of the organization and its financial operations. The results of the analysis make it possible to make managerial decisions based on an assessment of the current financial situation, the activities of the organization for previous years and the projection of the financial condition for the future, i.e. expected parameters of the financial position.

The use of financial calculations to assess perceived benefits is not limited to the task of changing agreements or commitments. Such calculations form the basis of the predominant number of quantitative financial analysis methods in various sectors of the economy. Let's see how to do this in practice using different ways calculation, interest rates, methods of increasing and discounting income.

Any financial or credit transaction, investment project or commercial agreement provides for a number of conditions for their implementation, with which the parties involved agree. But in practice, it is often necessary to replace one monetary obligation with another, change the interest rate on loans or deposits, combine several payments into one, change the terms of the contract, etc. Moreover, each of the parties involved expects to receive a certain benefit from such changes. For the debtor, this benefit may consist in deferred payments, that is, in gaining time to use the creditor's money. It's no wonder they say that "time is money". And the seller or creditor is interested in this case in obtaining additional income or increasing the amount of debt in comparison with the previous terms of the agreement (transaction). It is clear that such changes in the treaty cannot be established arbitrarily. Inevitably, the question arises of quantifying the benefits or, conversely, the damage from changes in the terms of contracts or agreements. Many aspiring businessmen have learned first hand the consequences of rash decisions. Therefore, any transaction must be based on financial calculations. After all, whoever is better at such calculations will be able to conclude a contract, which at least will not infringe on his interests.

Consolidation (unification) of debt

Often, the parties to the transaction agree to replace several cash payments spaced over time with one consolidated payment. In this case, it is necessary to determine the amount of one payment that replaces the payment of several sums of money. To do this, in financial mathematics, formulas are used to bring payments to one date, the additional benefit or damage is estimated using the market interest rate, and the desired value of the consolidated payment is found as the sum of accrued and discounted payments. At the same time, when consolidating payments to more than late deadline there is an increase in the total debt, and for an earlier period - debt discounting (reduction).

Example 1

In accordance with the signed contract, a large investor must receive from the debtor the increased income from the use of his capital in the following order:

the first payment in the amount of 1 million rubles. should have arrived 180 days from the start current year;
the second payment in the amount of 1.5 million rubles. - 300 days from the beginning of the year.

The debtor proposes to combine them into one payment with a maturity of 270 days. The parties agreed to apply a simple rate of 20% for the conversion of payments. Let's evaluate how profitable it is for the investor.

First, we calculate the consolidated amount of debt ( S 0) in a simple way:

And now we will carry out the same calculation in a different way of bringing payments to the same date, often used in financial calculations:

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Some difference in the calculation results in the example is due to the use of different rules for accruing and discounting income for simple interest. Therefore, when changing the financial agreement, it is necessary to stipulate in advance which method to use when bringing the calculations to a common denominator.

It follows from these calculations that the final result is most affected by a payment with an initial amount of 1 million rubles, so the consolidated payment amount turned out to be approximately 25 thousand rubles. more than for the option with different maturities of the debt. Therefore, the investor should agree with such a scheme for receiving a consolidated payment from the debtor.

But this is not always the case. Consider the following example.

Example 2

Two payments - 1 million rubles. and 1.5 million rubles. - with maturities of 180 and 300 days, respectively, are combined into one payment with a maturity of 200 days. The interest rate for the conversion of payments is assumed to be 20%.

Let's use the first method of calculating the consolidated amount of debt:

Due to the great influence of the fourth member of the amount on the results of the calculation, the consolidated amount of the payment turned out to be 71,232.9 rubles. less than for the option with different maturities of the debt. The investor should not agree to this scheme of repayment of the consolidated payment by the debtor.

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Changing the terms of the contract

In practice, situations often arise that force the participants in a transaction to change the terms of a previously concluded financial agreement. In particular, this also applies to payments (for example, the terms of payments change, usually to more distant, and sometimes downward, that is, the debt is repaid ahead of schedule). Naturally, as a result of any changes, none of the participants should incur losses. Therefore, in such situations, the parties are guided by the principle of equivalence of the benefits received before and after the change in the financial agreement. For one of the parties to the contract, this may be an additional economic benefit in monetary terms, and for the other party, this benefit is expressed in the form of a temporary factor, which consists in deferring payments under the contract. In each case, the benefit is determined by the terms of the contract. It is more convenient to show the procedure for assessing the equivalence of compared transactions when changing the terms of the contract using a specific example.

Example 3

There are two obligations. According to the first, it is necessary to pay the investor 10 million rubles. after 3 months from the beginning of the year, according to the second - 8 million rubles, but after 5 months, also from the beginning of the year. Due to lack of funds, the debtor proposes to change the debt repayment terms as follows: the first payment is to be repaid after 6 months from the beginning of the year, and the second - after 11 months. It is necessary to determine what amounts of accrued income will suit the investor when using a simple interest rate of 20% per year.

Taking into account the increase in income, the first payment should be:

Then the total amount of payments will be equal to:

S 0 \u003d S 1 + S 2 \u003d 1.05 + 8.8 \u003d 19.3 million rubles.

In this case, when payments were shifted to a later date, their total amount increased by 1.3 million rubles. Therefore, the investor should accept this proposal of the debtor to postpone payments for longer periods.

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Note!

When changing the terms of the contract, the positions of the parties may be directly opposite. For one of the participants in the transaction, the benefit is expressed, for example, in deferred payments, and for the other, in obtaining additional benefits in the form of an increase in income or the amount of debt.

Estimating the Market Value of Debt

It is possible to estimate the increase in the amount of debt in case of late payments from the buyer using the level of the market interest rate on loans or deposits. Consider one of these ways to bring payments to a later date. Suppose you need to choose one of the options for the receipt of funds from the buyer to the seller. They differ in amounts ( S 1 and S 2) and payment terms ( n 1 and n 2). And S 2 > S 1 and n 2 > n 1 , otherwise the task does not make economic sense. Logically, the choice of one of the options can be justified by the following reasoning. Let's say you can give a smaller amount ( S 1) at interest for the time of payment delay according to the second option ( n 2 - n 1). What percentage rate of income growth suits us in order to eventually receive the same amount as in the second option ( S 2)? It is obvious that the results of the choice depend on the expected market level of the interest rate. Consider a method for solving such a problem for the general case of increasing income at a simple interest rate.

For a simple rate, we have the following equality of income growth:

S 1 = S 2 ,

Where m- the number of months of delay in payments from the buyer according to the second option;

i r is the market interest rate for the year.

From here we finally get:

i r= 12×( S 2 / S 1 - 1) / m.

It follows from the last expression that the larger the ratio S 2 / S 1 , the higher the value of the market rate is required for the equivalence of comparing both options over time. Consider an example.

Example 4

Let's compare two options for receiving money from the buyer. In the first option, the buyer can pay the supplier to date the amount of the debt S 1 = 100 thousand rubles, and according to the second option, it can return a large amount S 2 = 110 thousand rubles, but only after m= 5 months. At what market interest rate will both calculation options be equivalent?

Find the market interest rate:

i r\u003d 12 × (110,000 / 100,000 - 1) / 5 \u003d 1.2 / 5 \u003d 0.24,

or exactly 24% per year.

It follows that when the market simple rate of interest is less than 24%, the seller prefers a more distant date of receipt of payment, all other things being equal. In this case, the seller will receive a larger amount than if he gave the initial amount (100 thousand rubles) in interest-bearing growth with an earlier repayment date from the buyer. Conversely, if the interest rate is higher than 24%, then it is more profitable to receive money from the buyer today.

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Assignment (assignment) of rights to claim debt

Under the assignment of the right to claim is understood as a transaction on the transfer by the creditor of the right (claim) belonging to him on the basis of an obligation to another person. Consider the most interesting option when the seller assigns the right to claim the debt to a third party after the due date, for example, in the event of a delay in payment by the buyer.

Example 5

The seller company has overdue receivables from one of its buyers in the amount of 300 thousand rubles. Hope to repay the debt is very weak, and not earlier than a year from now. The company decided to assign (sell) this debt to collectors, of course, for a lower cost than the debt itself. The company can compensate for this loss in the cost of selling the debt if it puts the proceeds, for example, on a deposit and also for 1 year. Suppose the interest rate on the deposit is 20% per year. At what price is the company willing to assign the debt to a third party so as not to incur losses?

From the general formula for accrual at the rate of simple interest, it follows:

P = S / (1 + i) = 300,000 / (1 + 0.20) = 300,000 / 1.2 = 250,000 rubles,

that is, the equivalent amount for the sale of debt will be the value of the transaction in the amount of at least 250 thousand rubles.

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Interest accrual m once a year

In modern conditions, interest can be capitalized not once, but several times a year - for six months, quarters, etc. Some foreign commercial banks even practice daily interest calculation.

When calculating interest several times a year, you can use the compound interest formula:

S = P×(1+ i / m)N,

Where i- annual interest rate

m- the number of interest accruals per year;

N — the total number of accrual periods.

For example, if interest is charged quarterly on n= 5 years, the total number of extension periods will be:

N = m × n= 4 × 5 = 20 times.

Denote the second factor in the previous formula through the indicator q:

q = (1 + i / m)N.

Thus, the more often interest is accrued, the faster the accumulation process (chain process) goes. Let's check this statement.

Example 6

The investor is going to deposit 100 thousand rubles. and considers the proposals of the two banks. One bank offers to place the investor's capital on a 4-year deposit with quarterly compound interest at a rate of 20% per year, the second bank offers to place the investor's money for the same period, but at a simple interest rate of 26% per year. What is the best way for an investor to proceed?

To do right choice, we first calculate the amount of accrual of income according to the compound interest formula for the first option:

S 1 \u003d 100,000 (1 + 0.20 / 4) 4 × 4 \u003d 100,000 × 1.05 16 \u003d 100,000 × 2.182875 \u003d 218,287.5 rubles;

for the second option - according to the formula of simple interest:

S 2 \u003d 100,000 (1 + 4 × 0.26) \u003d 100,000 × 2.04 \u003d 204,000 rubles.

As you can see, the options are unequal in terms of the financial results obtained. According to the first option, the increased income turned out to be more by 14,287.5 rubles. It follows that it is more profitable for an investor to place his capital at a compound interest rate, albeit at a lower rate per year.

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Purchase and sale of bills

In addition to acquiring borrowed capital against promissory notes, they can also be used to obtain additional income in the secondary securities market when they are bought and sold (the so-called financial bills). Unlike them, a commercial bill is usually used to secure a commercial or commodity loan. Income on bank bills can be obtained by redeeming a bill by a commercial bank or by selling a bill on the secondary securities market. At the same time, a bill of exchange can be issued both at a discount and with a fixed interest payment to the face value at the time of its redemption (an interest-bearing bill). In the first case, the bill is a discount paper, the income on which is the difference between the purchase price and the face value.

Quite often, a promissory note or other type of similar obligation is sold (purchased) before its maturity date. Such an operation is of practical interest to the investor. If you are a holder of a bill and intend to take it into account in the bank for redemption, will this operation be profitable or unprofitable for you? And is it possible to quantify the resulting income or loss from this operation?

In financial calculations, the profitability of operations for the seller and buyer of a bill is determined by the ratio of such parameters as the level of discount, the market interest rate at the time of redemption of the bill, and the number of days for early redemption of the bill. Wherein income of the first bill holder (seller) consists of the commission for early redemption of the bill at the market interest rate ( D 1), determined by the formula:

D 1 = N × d × t / 360,

Where N- face value of the bill;

d— market rate (yield) at the time of the transaction;

t- the number of days from the date of the transaction to the date of repayment of the bill;

360 is the commonly accepted number of days in a year when discounting bills.

However, in practice, the bank may charge a discount rate higher than the market rate. This is done in order to avoid the risks and losses associated with early repayment of the bill by the buyer.

Income of the second bill holder (buyer) is defined as the difference between the value of the face value and the purchase of a bill minus the accrued commission for the seller:

D 2 = -P + N× (1 - d × t / 360),

Where P- the purchase price of the bill.

Obviously, the total income on the bill will be the sum of the income of the seller and the buyer. In this case, the new owner of the bill (buyer) in case of its early repayment can receive a certain income, and under unfavorable conditions, incur losses. Consider the following example.

Example 7

Financial bill of value N P= 85 thousand rubles. The discount rate of the bank on the promissory note, taking into account commissions, is 60%. The term of accounting (repayment) of the bill in the bank is 60 days.

After 30 days from the date of sale of the bill, the buyer decided to discount the bill in the bank. Let us determine the income that both the seller (the bank) and the first buyer of the bill from the bank (the client) will receive.

The income of the first bill holder (bank) in the form of a commission for early redemption of a bill will be equal to:

D 1 \u003d 100,000 × 0.60 × 30 / 360 \u003d 5000 rubles.

The income of the second bill holder (buyer) in case of early repayment of the bill will be:

D 2 \u003d -85,000 + 100,000 × (1 - 0.60 × 30 / 360) \u003d -85,000 + 95,000 \u003d 10,000 rubles.

The meaning of this calculation lies in the fact that when paying off a bill in a bank, the client is returned the amount not at face value (100 thousand rubles), but minus the commission (95 thousand rubles).

The total income on the bill of the seller and the buyer is:

Ds\u003d 5000 + 10,000 \u003d 15,000 rubles.

It follows that if the buyer presented the promissory note for redemption within the agreed period, he would receive the full income in the amount of 15 thousand rubles.

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Note!

The earlier the declared term is repaid financial bill, the greater will be the income of the seller (bank) on commission and, accordingly, the less income of the buyer of the bill.

Example 8

Financial bill of value N= 100 thousand rubles. purchased by a client in a commercial bank at a price P= 95 thousand rubles. The period of accounting (repayment) of the bill in the bank is 180 days. The buyer decided to take into account (repay) the bill at the bank earlier - 90 days before the due date. The current discount rate of the bank remained the same - 60% per year. Let us determine how profitable such a transaction is for the first buyer of the bill (client).

The income of the first bill holder (seller) in the form of a commission for early redemption of a bill will be equal to:

D 1 \u003d 100,000 × 0.60 × 90 / 360 \u003d 15,000 rubles.

The income of the second bill holder (buyer) will be:

D 2 \u003d -95,000 + 100,000 × (1 - 0.60 × 90 / 360) \u003d -95,000 + 85,000 \u003d -10,000 rubles.

Thus, having bought a bill for 95 thousand rubles. and then repaying it ahead of schedule with the receipt of an amount of only 85 thousand rubles for this, the client received a loss in the amount of 10 thousand rubles.

The total income on the bill of the seller and the buyer:

Ds\u003d 15,000 - 10,000 \u003d 5000 rubles.

As you can see, the total income on the bill remained the same (5 thousand rubles) (defined as the difference between the face value and the purchase price of the bill). Only now the seller has received all the income on the bill, and the buyer - only a loss. Therefore, such a repayment scheme clearly does not suit the buyer of the bill. And in general, with such a low yield (5%), the client should not buy a bill from the seller (bank).

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Income from stocks and bonds

In addition to the financial instruments of futures transactions listed above, additional income can also be obtained by placing on the market such debt securities as shares and bonds.

The differences in earning income from stocks and bonds are as follows. The total return on shares, which depends on the amount of dividends paid and the growth in market value, as a rule, exceeds the income on bonds. That is why stocks are the main object of investment. On the other hand, bond yields are less subject to market fluctuations. After all, bonds bring their owners income in the form of a fixed percentage or a discount between the nominal (nominal) and their purchase value. In addition, during the holding of bonds, coupon income is also paid (quarterly, semi-annually or annually). At the end of the bonds' validity period, they are redeemed from the owner at face value. Therefore, in an unstable economic situation, the priority in choosing financial instruments may be completely different. If the degree of reliability of their deposits for the investor is preferable to the value of the yield received, then he can choose the second option - the purchase of bonds.

Note!

The expediency of acquiring shares or bonds is determined by their yield, depending on the market conditions for their placement.

Example 9

An investor can buy a bond at a market price of 850 rubles, with a face value of 1,000 rubles and an annual coupon rate of 12%. The bond will be accepted for redemption in 3 years.

For the same money, you can buy a share at the same market price - 850 rubles. Suppose the nominal value of the share is also 1000 rubles. per piece (usually it does not have a direct meaning for such calculations and is given here only for information and conditionally for estimating dividends from this price). Let the dividend rate of the par value of the shares be 15%. After 3 years, the owner of the share sells it on the market at a price of 950 rubles. In which case will the investor's net income be greater - on a stock or on a bond?

In the first case, having bought a bond for 850 rubles, in the next 3 years the bond holder will receive a coupon income of 120 rubles at the end of the next year. (12% of the face value). In addition, upon redemption of the bond, he will receive the redemption value of the bond in the amount of the face value - 1000 rubles. Hence, his net income after 3 years will be:

D 1 \u003d -850 + 120 × 3 years + 1000 \u003d 510 rubles.

In the second case, having bought a share for the same price (850 rubles), the owner of the share will receive dividends in the amount of 150 rubles every year. (15% of face value) and his net income for 3 years will be equal to:

D 2 \u003d -850 + 150 × 3 years + 950 \u003d 550 rubles.

Thus, the share of additional income is 40 rubles. higher than bonds. This is to be expected, since the market returns on equities are usually higher than the fixed returns on bonds. But this is not always the case, since the market price of shares may fall, and dividends may not be paid at all.

Assume that a company stopped paying dividends on shares due to a worsening market situation. Let us determine at what market price for the sale of shares after 3 years the results of calculating the net income for shares and bonds will be equivalent. To do this, we solve the equation:

850 + 0 + X = 510,

Where X- the market price of the sale of shares at the end of the 3rd year.

X\u003d 510 + 850 \u003d 1360 rubles.

As you can see, the investor will receive an additional benefit compared to purchasing a bond only if the market value of the share increases by more than 1.6 times at the end of the settlement period (1360 rubles / 850 rubles). And this is not always possible in an unstable economy. And then it is already necessary to choose the first option - the purchase of a bond.

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Currency conversion

The above principles for evaluating the receipt of additional benefits from financial transactions can also be used when exchanging ruble funds for a freely convertible currency (hard currency), in particular, when solving such problems as placing funds on deposits. Should you keep the available cash in foreign currency and receive income when accruing interest in hard currency, or convert the currency into rubles in order to take advantage of the expected change in the exchange rate and the difference in interest rates?

Schematically, the image of the second operation can be represented as follows:

Hard currency → Rubles → Ruble deposit → Hard currency.

There are two sources of income in the operation of increasing income with currency conversion: the change in the exchange rate and the increase in interest income on the deposit in rubles. The second source is unconditional income, since the interest rate is fixed, which cannot be said about the first source of income - currency conversion. Moreover, double currency conversion at the beginning and end of the transaction can even lead to a loss, for example, due to a strong increase in the exchange rate of foreign currency against the ruble at the end of the transaction, since in this case the currency will have to be bought at a higher cost.

In accordance with the scheme presented above, this operation involves three steps: the exchange of currency for rubles, the accumulation of interest income for this amount on a ruble deposit, and, finally, conversion into the original currency. Hence the final (accumulated) amount of income in currency ( Sv 1) is determined by the formula:

Sv 1 = Pv × K 0 × × 1 / K 1 ,

Where Pv— the initial amount of money in hard currency;

K 0 — exchange rate at the beginning of the transaction (hard currency rate in rubles);

K 1 is the exchange rate at the end of the operation;

m— term of the deposit in months;

i— accrual rate for ruble deposits.

The last three factors of this formula correspond to three steps. Moreover, with an increase in the interest rate on the deposit, the amount of accrued income increases linearly. In turn, the growth of the final exchange rate reduces the accrued income. To assess the effectiveness of this operation, it is usually compared with another income accrual scheme, namely by directly depositing a monetary amount in hard currency:

Hard currency → Deposit in hard currency.

Then the receipt of such income can be represented as follows:

Sv 2 = Pv × ,

Where j— interest rate for a foreign currency deposit.

Example 10

The client decided to place 2,000 dollars in a bank on a ruble deposit for a period m= 6 months. Currency selling rate at the beginning of the deposit term K 0 = 60 rub. for $1, the dollar purchase rate at the end of the transaction K 1 = 65 rubles for 1 USD Interest rate on ruble deposit i= 22% per year, on a foreign currency deposit j= 12%. Let us determine the effectiveness of this operation in comparison with the placement of a currency amount immediately on a deposit in hard currency.

So, the yield for a deposit in rubles will be:

Sv 1 = 2000 × 60 × 1 / 65 = 2000 × 1.024615 = $2049.23;

for a deposit in foreign currency (dollars):

Sv 2 = 2000 × = 2000 × 1.06 = $2120

It follows that a currency deposit through conversion into rubles is less profitable than a foreign currency deposit.

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Note!

In the event of a significant increase in the exchange rate against the ruble, it is more profitable to immediately put money in foreign currency on a deposit in the same currency. Then his accrued income will be much higher than when converting the currency into rubles to place a ruble deposit.

Let us now consider the option with double conversion, when the initial amount is expressed in rubles, that is, the following operation scheme takes place:

Rubles → hard currency → Deposit in hard currency → Rubles.

In this version, the three steps of the operation correspond to the three factors of the formula:

S r 1 = P r× 1 / K 0 × × K 1 ,

Where P r- the initial amount of money in rubles.

In this case, the income multiplier also depends on the rate, but now on the interest rate for hard currency. It also depends linearly on the final exchange rate or its growth rate, but now with an increase K 1 accumulated income is also growing.

For comparison, consider another calculation scheme, when the amount in rubles is immediately placed on the ruble deposit:

Ruble → Ruble deposit.

The formula for a direct deposit to a deposit in rubles is as follows:

S r 2 = P r × .

Example 11

The entrepreneur collects a free amount of money in the amount of 60 thousand rubles. place on time m= 9 months for a foreign currency deposit in dollars. Currency purchase rate at the beginning of the deposit term K 0 = 62 rubles, expected selling rate in 9 months K 1 = 67 rubles Interest rates on ruble ( i) and dollar ( j) deposit is equal to 22 and 15% respectively. Let us determine the effectiveness of this operation in comparison with placing the amount in rubles immediately on a ruble deposit.

When converting rubles into dollars, the accrued income on a foreign currency deposit and after converting it into rubles will be equal to:

S r 1 \u003d 60,000 × 1 / 62 × × 67 \u003d 60,000 × 1.202218 \u003d 72,133.08 rubles.

When using only the ruble deposit, the accumulated amount will be:

S r 2 \u003d 60,000 × \u003d 60,000 × 1.165 \u003d 69,900 rubles.

Thus, at the expected selling rate at the end of the deposit term K 1 = 67 rubles currency conversion is appropriate.

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Note!

The transfer of ruble amounts through conversion to a foreign currency deposit is more profitable than a ruble deposit if the increase in the exchange rate at the end of the transaction exceeds the effect of using a higher interest rate on a ruble deposit.

conclusions

The considered methods for quantifying the benefits received from financial transactions are used in order to prevent infringement of the interests of any of the parties to agreements or transactions with the help of appropriate calculations.

For one side, this benefit may consist in obtaining an additional economic gain in monetary terms, and for the other, in the form of a temporary factor, expressed in the deferment of payments on obligations and transactions.

For purchased securities (bills, shares and bonds), the investor's accrued income depends on their market value, as well as on their type - a fixed discount, interest income in the form of dividends or coupon payments.

The benefit from placing investor funds on ruble or foreign currency deposits is determined by two factors: the exchange rate of the currency for rubles at the end of the transaction and interest rates on ruble and foreign currency accounts.

V. I. Semenov, accountant, Ph.D. tech. Sciences