INNOVATIONS IN ACCOUNTING AND REPORTING

 INNOVATIONS IN ACCOUNTING AND REPORTING

§  the use of various methods of forming the cost of goods sold, goods, works, services;

§  use, when selling fixed assets, various rules for recognizing income and expenses;

§  revision of the assessment of the market value of assets;

§  the use of different rules for displaying interest paid by the organization Accountants Walsall for providing it with monetary borrowings;

§  transfer to the future of a loss that was not used to reduce income tax in the reporting period, but is accepted for taxation in subsequent reporting periods.

Excluded:

§  the presence of debt on a loan for the purchase of goods works and services using the cash method of determining profit and costs for tax purposes, and for accounting purposes - reliance on the temporal certainty of the facts of economic activity;

§  recognition of proceeds from the sale of products, goods, works, and services as income from traditional activities in the reporting period.

An additional indicator has been added to PBU 18/02, which characterizes the change in the economic benefits of an organization in connection with taxation of profits - "Expense (income) for income tax". It means the amount of income tax, which in the financial statement, when calculating net profit (loss), is recognized as a value that reduces (increases) profit (loss) before taxation. Deferred income tax for the reporting period is the total change in deferred tax assets and liabilities, excluding the results of transactions not included in accounting profit (loss).

PBU 18/02 contains a new concept of income tax. So, in the new edition, the current income tax corresponds to the income tax for tax purposes, established in the legislation of the Russian Federation on taxes and fees. Prior to the innovation, it was determined by the value of the notional expense (income), adjusted by the amount of PNO (PNA), as well as increased or decreased by IT and IT of the reporting period.

PBU 18/02 includes a new set of indicators displayed in the statement of financial results. In accordance with the new edition, such indicators include income tax expense (income) and income tax from operations not reflected in accounting profit (loss).

PBU 18/02 clarified the content of the clarifications to the balance sheet and financial statement. They should now disclose information about deferred income tax, the presence of which may be due to the following circumstances: formation (liquidation) of temporary differences in the reporting period, changes in taxation rules (including tax rates), recognition (write-off) of deferred tax assets (the last related to the likelihood that the organization will receive taxable profit in future reporting periods). In addition, the explanations should include parameters that reveal the relationship between income tax expense (income) and profit (loss) indicator before tax. Since the list of indicators disclosed in the explanations is open, the company may include in the explanations and other information,

PBU 18/02 explains the procedure for applying accounting regulations by a group of consolidated taxpayers (CGN). CTG participants should pay attention to the determination of temporary and permanent differences, relying on the tax base included in its consolidated section, the display of all deductible temporary differences in SHE's accounting (but there are also exceptional cases), etc.

In PBU 18/02, the term PNO and PNA was replaced by "permanent tax expense (income)", and "state (municipal) institutions" - by "public sector organizations." Excluded:

§  the procedure for reflecting on the accounting accounts such an indicator as conditional expense (income) for income tax (paragraph 20), and the procedure for determining the amount of conditional expense for income tax in the absence of permanent and temporary differences (paragraph 21);

§  application with a practical example of calculating current income tax.

Section II was renamed "Permanent and temporary differences".