Methods for analyzing the financial condition of an enterprise. Principles for assessing the financial condition of an enterprise Methods for assessing the financial condition of an enterprise
In a market economy, financial resources occupy an important position in the totality of an organization's resources. Financial management decisions are made under conditions of uncertainty. Finding sources of funding is becoming the main problem for organizational leaders
Financial condition reflects the state of capital in the process of circulation and shows how capable an economic entity is of repaying debt obligations. Financial condition is expressed in the ratio of assets and liabilities of the enterprise. Assets and liabilities are the funds of the enterprise. Good financial condition is characterized by effective use resources, the ability to fully meet obligations and eliminate high risk, as well as the presence of prospects for making a profit. Poor financial health occurs when a business uses resources inefficiently. When a company is unable to meet its obligations, it goes into bankruptcy.
The efficiency of the enterprise and its financial position depend on the placement of capital and the type of activity in which it is used. The financial condition of an enterprise can be assessed by analyzing its financial activities.
Financial analysis is a system of special knowledge that is associated with research into economic processes that develop under the influence of economic laws, aimed at providing recommendations for improvement. financial condition enterprises and the development of a financial strategy.
Analysis of the financial condition of an enterprise is divided into internal and external.
Internal analysis is carried out by enterprise services. The results of internal analysis are used to control, forecast and plan financial condition. The purpose of the internal analysis of the financial condition of the enterprise is to establish income Money and placement of own and borrowed funds in such a way as to ensure the efficient operation of the enterprise, which is characterized by maximum profit and the exclusion of bankruptcy. Enterprise services identify weak positions in financial activities and determine the possibility of strengthening the organization’s operating conditions, ensure the effective operation of the enterprise by forming an information base.
External analysis carried out by investors, suppliers of financial resources, and regulatory authorities through published reporting. The purpose of the external analysis is to determine whether the most profitable investment means to ensure profit maximization and eliminate the risk of any financial losses. External analysis is carried out to assess guarantees and the ability of enterprises to respond to their obligations in a timely manner. This analysis helps investors evaluate how profitable and reliable it is to cooperate with a specific enterprise.
You can also assess the financial condition of an enterprise by analyzing financial statements. It includes the use of various techniques and methods, which include:
1. method of average and relative values;
2. grouping method;
3. graphic method;
5. dynamics series.
There are the following types of analysis in which the above methods are used:
1. Horizontal analysis.
Horizontal analysis is characterized by the study absolute indicators reporting of the enterprise, comparing the reporting period with the base period, calculating growth rates and gains, assessing their changes. But in conditions of inflation, horizontal analysis is not effective, since the calculations carried out will not reflect an objective change in indicators.
2. Vertical analysis.
Vertical analysis presents reporting data in the form of relative indicators, taking into account the share of all items in the reporting total and evaluates their changes over time. Relative indicators help smooth out the impact of inflation, this allows you to objectively assess all the changes that occur.
3. Trend analysis.
Trend is a price movement that has a certain direction. The concept of trend analysis implies determining the direction of trend movement. Trend analysis is very important, since determining the direction of price movement is one of the important conditions for effective activities enterprises. Trend analysis is one of the types of horizontal analysis, which is focused on the future; it includes the study of indicators for the maximum period of time. Each reporting provision must be compared with the analyzed indicators for a number of periods preceding the reporting one, and determines a trend that is cleared of the influence of any random factors.
4. Spatial analysis.
Spatial (comparative) analysis includes both intra-farm analysis of free indicators of workshops, divisions, subsidiaries, and analysis between different farms, namely, the analysis of the enterprise is compared with competitors, with general economic and industry data.
5. Factor analysis.
When conducting factor analysis, the organization sets itself the following tasks:
1. assess the dynamics of absolute and relative indicators of the financial activity of the enterprise;
2. determine the direction and size of the influence of various factors on the profit of the enterprise;
3. identify and evaluate any possible reserves for profit growth and profitability;
4. evaluate the enterprise’s efforts to realize opportunities to increase profits and profitability.
When conducting factor analysis, the indicator under study is expressed by the factors that form it, the influence of these factors on the change in the indicator is calculated and assessed. Factor analysis can be direct, when the indicator under study is broken down into its component parts, and reverse, when the components are combined into a common indicator.
None of the analyzes provides sufficient information on the basis of which the company would be able to judge its financial condition.
Thus, we can conclude that in order to conduct a high-quality and complete analysis of the financial condition of an enterprise, it is necessary to use all of the above methods in combination. Many companies neglect some methods of assessing financial condition, this leads to the fact that the company cannot delve deeply enough and understand its production activities.
Literature:
1) Bocharov V.V. Financial analysis. Short course. 2nd ed. - St. Petersburg: Peter, 2009.- p. 240 s
2) Sheremet A.D., Negashev E.V. Methods of financial analysis of the activities of commercial organizations. - 2nd ed., revised. idop.- M.: INFRA-M, 2008.- 208 p.;
Rizoev F.U. Classification of methods for assessing the financial condition of commercial organizations // Economics and business: theory and practice. - 2015. - No. 10. - pp. 117-121.
CLASSIFICATION OF ASSESSMENT METHODSFINANCIAL CONDITION OF CO. M MERCHANT ORGANIZATIONS
UGH. Rizoev, master
Volzhsky Humanitarian Institute (branch) of the Federal State Autonomous Educational Institution of Higher Professional Education " VolSU »
(Russia, V. Olzhsky)
Annotation. Financial condition is the most important characteristic of the business O sti commercial organization. For its objective and comprehensive assessment, developed and used in practicevarious activitiesmethods and models. This article proposes a classification of methods for assessing the financial condition of organizations depending on And depending on their belonging to the selected approaches - detailed or systemic.
Keywords: financial condition, assessment methods, detailed approach, systematic approach.
The financial condition of an organization is a complex economic category, X A characterizing for a specific date A the presence of various assets at the enterprise, the size of liabilities, the ability of the subject To that management function and ra h cheat on me Yu the external environment, the current and future possibility of satisfaction e make credit claims And tors, as well as its investment attractiveness.
Accordingly, ffinancial condition is the most important characteristic of the activities of a commercial organization, characterizing Yu a system of financial indicators, each of which reflects the real and potential capabilities of the economy Yu common subject. To evaluate various A investors and financial condition in general, economic science has developed extensivenal methodological tools. About the object thorough and comprehensive assessment, is neo b required condition when developing a certificate financial policy of the organization A tion, and effective managementfinancial I activity, as well asdeveloping recommendations A tions necessary forsieve stabilization a tions . Choosing the right indicators and indicators and theriev, objective taking into account influencing factors to tori, correct interpretation of the obtained values – neo b necessary conditions for the results of the assessment to be T reflect the real picture of financial O standing of the enterprise.
Issues of assessing the financial position me neither me, and development of appropriate methods about dov, for various representatives of Russian economic science. Among them , first of all, it is necessary to e pour people like V.V. Bocharov, A.F. Ionova, V.V. Kovalev, E.V. Negashev, G.V. Savitskaya, R.S. Saifulin, N.N. Selezneva, A.D. Sheremet etc. These problems continue to become the subject of research O knowledge of novice scientists, since they do not lose relevance today.
As a result, today ra h so much work done various met about dov, allowing to assess the f And financial status of the organization with thator some other level of detail, what it's about at felt the need to systematize them.
Analysis of different points of view on yes n This problem allowed us to formulate two main approaches to assessing finances about state:
- detailed – by assessing each of the identified components of the financialstates separately, based on owls set of indicators;
- system – based on the int methodology e central assessment, which makes it possible to generalize the results and determine the basis V new strategic alternatives financial O new solutions for a specific enterprise and yatiya [1].
Within the framework of a detailed approach, two groups of methods are distinguished:
— methods qualitative analysis , basis in whose main purpose is to study e establishing the structure and dynamics of articles X Galter reporting, identifying trends n tions of their changes in the short term R prospective period and determination of the reasons that determined them;
— coefficient analysis methods, oh s whose new purpose is to With four relative indicators – finance O new coefficients characterizing ur o ven dost and changes in the specified parameters and their dynamics for a certain retrospective V new period in the hotel industry financial situation enterprises. At the same time, the allocation I There are four main groups of such displays A tels (liquidity ratios and pl A ability, financial stability O sti; profitability and business activity), each of which, in turn, is estimated And is determined by calculating a set of specific coefficients.
Based on methods, in the presented groups, to a fairly complete extent and but evaluate the individual components of f And financial status of the enterprise. However, each of them there are some shortcomings T ki and restrictions that are neutralized when they are complex With nom application. That's whyonly a systematic approach using integral methodology assessments provided V makes it possible to determine in one A created a variety of different contents A niyu, units of measurement, parameters. This simplifies the assessment procedure, and sometimes I is the only possible option for its implementation and provision To tive final conclusions.
Totality existing in the present I'm currently methods of integral assessment of finance O The state of the organization can be classified according to the following enlarged groups:
– m models for predicting possible bankruptcy of an enterprise for a given time constant interval;
– scoring and rating methods;
– method of assessing financial condition,developed on the basis of the theory of fuzzy plurals about gestures
Each of the identified groups, in turn, is characterized by the presence of owls O a combination of different methods, each of which has its own specific application e nia, and for which it is advisable to use call for a more detailed degree of gradation.
Thus, forecasting models are possible O th enterprise bankruptcy, in my own opinion can be divided into three main and yes:
– formalized, i.e. based on the use of formalized A representatives representing the financial system O new coefficients, the level and dynamics of which indicate a possible A the onset of bankruptcy of the organization (met O wild Federal service on financial recovery and bankruptcy of Russia [ 2 ]; Ruler technique b of the Russian Federation, approved in the Rules for conducting financial analysis by an arbitration manager [ 3 ]);
– informal, involving the analysis of qualitative indicators, soda R list of critical values for assessing possible bankruptcy (recommended n datsiya Kom i theta for generalizing UK audit practice, A-model J. A r genti);
– complex, among which the following are widely known: two-, five- i-, sem and factor Altman models; model U. Beaver; Chesser coefficient; coefficient and coefficient of J. Fulmer, A. Lisa, M. Taffler . Modification of foreign integral tools for forecasting bankruptcies T conditions with adaptation to domestic conditions And These are the five-factor model of R.S. Saifulina, G.G. Kadykova , Altman model of scientists of the Irkutsk economic school, six-factoary mathematical model of O.P. Zaitseva and others.
Point-rating methods are used are registered on the selected, within each of them, certain important parameters T ditch (indicators) of financial, economic and production activities of enterprises And yatiya. Data on pr about production potential, product profitability, efficiency of use of production and financial resources, condition and allocation of funds, sources And how their financing and other indicators e Poles of the enterprise [ 4 ]. This group hara To terized by a large number of asecond methods, therefore, within each of them there is a choice of parameters, different Yu from others. Within this group, it is advisable to highlight D.’s technique. Dyurana, methodology for a comprehensive assessment of the INEC company,assessment methods G.V. Savitskaya, spectrum-point analysis by A.N. Salova and V.G. Maslova; models comprehensive rating about howl assessment of V.I. Makarieva and L.V. Andre e howl [5] and many others. etc. The common thing that unites all methods into one group is that And assignment to the received actual data of a certain number of points from the last e by summing them up over all displays A telami and ranking of enterprises, ref. O from the result obtained, according to the definition e lennyh groups (classes, ratings).
It should be noted that the methods e ral assessment of the first two selected groups (bankruptcy forecasting models t va i point-rating methods) gender in Chile access precisely widespread in their practical use, thereby proving their O worthiness. However, two significant drawbacks can be identified that are inherent in these m e todam. Firstly, they are all based on standardization of the situation when, according to the results b tatam assessment researcher assigns anal And oriented enterprise to a specific group, i.e. looks for similar, analogous cases and does not take into account uniqueness. Secondly, the set of indicators used b studied in one method or another, for evaluation, clearly defined , i.e. no choice. B Moreover, a number of parameters are s becomes inaccessible for precise measurement, and then a subjective component inevitably appears in its assessment, expressed by e clear assessments such as “high”, “not h cue", "most preferred", "highly expected", etc. Many fina n owl indicators do not have clear norms And formation and strongly depend on the sphere of activity b of the enterprise, and in such cases they often resort to expert assessments.
To take into account such “individualities” a method for assessing financial O standing, developed on the basis of the theory of fuzzy sets, which in this and from traces a nii allocated to a separate group. This method, according to its developers And kov, is “adequate not only real And well of the object of study, but also specific e Chinese characteristics of the cognizing subject, as well as the formally outlined boundaries of A personal information is uncertain about sti" [6] , and also makes it possible to select indicators included in the int. e ral indicator for assessing financial condition.
Thus, in result of the O th research wasjustified class And identification of existing methods for assessing the financial condition of commercial organizations A nizations, which is presented in the figure.
Bibliography
1. Muravyova N.N. Methodology for assessing the investment potential of commercial bodies And tions: A complex approach// Economic analysis: theory and practice. 2015. No. 42(441). pp. 52–66.
2. Anti-crisis management: methodological manual / V.I. Orekhov, K.V. Baldin , T.R. Orekhova. – M.: Infra-M, 2009. 544 p.
3. Analysis economic activity organizations: methodological manual / E.N. D and Nilov, V.E. Abarnikova, L.K. Shipikov . – 2nd ed. – M.: Book House, 2010. 336 With .
4. Shegurova V.P. , Leushina E.V. Comparative characteristics of various remediation techniques th ting assessment of financial condition industrial enterprise// Economic science and practice: materials III international scientific ko sf . (Chita, April 2014). – Chita: And from Publishing house Young Scientist, 2014. P. 80– 84.
5. Makarieva V.I. , Andreeva L.V. Analysis of financial and economic activities of the body And tions. – M.: Finance and Statistics, 2004. 264 With .
6. Nedosekin A.O. Application of fuzzy set theory to financial analysis d acceptance. URL: http://www. aup. ru / articles / finance /8. htm ( date of access: 09.12.2015 G.)
CLASSIFICATION OF METHODS OF ASSESSING THE FINANCIAL COND I TION COMMERCIAL ORGANIZATIONS
FU Rizoev, graduate student
Volzhsky humanitarian institute (branch) of the Volgograd State university
(Russia, Volzhskiy)
Abstract. Financial condition is an essential characteristic of a commercial organization.For its objective and comprehensive assessment developed and used in practice of different met h ods and models. In this article offered the classification of methods for assessing the financial co n dition of the organizations depending on their belonging to the selected approaches – detailed or syste m atic.
Keywords: financial condition, assessment methods, detailed approach, systematic approach
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Analysis of financial statements involves the use of specific techniques or methods, one of which is “reading” the balance sheet, or the study of absolute values. “Reading”, or familiarization with the contents, of the balance sheet allows you to establish the main sources of funds (own and borrowed); main areas of investment; the ratio of funds and sources and other characteristics that allow us to assess the property status of the enterprise and its security. But information presented in absolute values does not always allow one to accurately determine the dynamics of indicators and is insufficient to justify decisions. Therefore, along with absolute values, when analyzing financial statements, various analysis techniques are used that involve the calculation and assessment of relative indicators. These include horizontal, vertical, trend, factor analysis and calculation of coefficients.
Horizontal analysis involves studying the absolute indicators of an organization’s reporting items for a certain period, calculating the rate of their change and evaluating it.
In conditions of inflation, the value of horizontal analysis is somewhat reduced, since the calculations made with its help do not reflect objective changes in indicators associated with inflation processes.
Horizontal analysis is complemented by vertical analysis of the study of financial indicators.
Vertical analysis refers to the presentation of reporting data in the form of relative indicators through the share of each article in the overall reporting and assessment of their changes over time. Relative indicators smooth out the impact of inflation, which allows for a fairly objective assessment of the changes taking place.
Vertical analysis data makes it possible to evaluate structural changes in the composition of assets, liabilities, other reporting indicators, the dynamics of the share of the main elements of the organization’s income, product profitability ratios, etc.
Trend analysis (analysis of development trends) is a type of horizontal analysis focused on the future. Trend analysis involves studying indicators for the maximum possible period of time, while each reporting item is compared with the values of the analyzed indicators for a number of previous periods and a trend is determined, i.e. the main recurring trend in the development of the indicator, cleared of the influence of random factors and individual characteristics periods.
To carry out factor analysis, the indicator under study is expressed through the factors that form it, and the influence of these factors on the change in the indicator is calculated and assessed. Factor analysis can be direct, i.e. the indicator is studied and decomposed into its component parts, and inversely (synthesis) - individual elements (component parts) are combined into a common studied (resultative) indicator.
Comparative (spatial) analysis is a comparison and assessment of the performance indicators of an enterprise with the indicators of competing organizations, with industry average and average economic data, with standards, etc.
Analysis of coefficients (relative indicators) involves the calculation and evaluation of ratios various types funds and sources, indicators of the efficiency of using enterprise resources, types of profitability. Analysis of relative indicators makes it possible to assess the relationship between indicators and is used in studying the financial stability, solvency of an enterprise, and the liquidity of its balance sheet.
The simultaneous use of all techniques (methods) makes it possible to most objectively assess the financial position of the enterprise, its reliability as a business partner, and development prospects.
The financial condition of an enterprise is characterized by a system of indicators that reflect the state of capital in the process of its circulation and the ability of a business entity to finance its activities at a fixed point in time.
The financial condition can be stable, unstable (pre-crisis) and crisis. The ability of an enterprise to make payments on time, finance its activities, withstand unexpected shocks and maintain its solvency in adverse circumstances indicates its stable financial condition, and vice versa. Therefore, one of the indicators characterizing the financial position of an enterprise is its solvency, i.e. the ability to have cash resources to timely repay your payment obligations.
The assessment of solvency is carried out based on the calculation of relative liquidity indicators (ratio current liquidity, intermediate coverage ratio and absolute liquidity ratio). Absolute liquidity ratio is the ratio of the value of absolutely and most liquid assets to the value of short-term liabilities.
INTRODUCTION 3
1. NATURE AND METHODS OF FINANCIAL ASSESSMENT 5
5
1.2. Types, forms and methods of financial analysis 9
2. IMPORTANT INDICATORS OF THE FINANCIAL CONDITION OF THE ENTERPRISE 14
3. APPLICATION OF FINANCIAL REPORTING TO ASSESS THE CONDITION OF THE ENTERPRISE 16
BIBLIOGRAPHY 21
INTRODUCTION
Business management in a market economy is characterized by many features, some of which should be highlighted. Firstly, in the total set of resources of an enterprise, financial resources acquire dominant importance. Secondly, acceptance management decisions financial nature is always carried out under conditions of uncertainty. Secondly, as a consequence of the real independence of enterprises, the main problem for managers is finding sources of financing and optimizing investment policy. Fourthly, when establishing commercial relations with any counterparty, you can rely solely on your own assessment of its financial solvency. Under these conditions, the validity of management decisions made in relation to a certain economic entity, and many of these decisions are essentially of a financial nature, is largely determined by the quality of financial and analytical calculations. Assessing the financial condition actually comes down to analyzing the financial activities of the enterprise.
Analysis is one of the general functions of managing economic systems, the importance of which is not subject to the influence of time and can hardly be overestimated. To one degree or another, analysis is carried out by everyone who has even the slightest relation to the activities of economic entities. Analysis as a kind of purposeful human activity is multifaceted and has many areas of application, one of them is the financial activity of a business entity. The finances of an enterprise should be treated as its circulatory system. The extent to which this system functions is the viability of the enterprise. A set of analytical procedures that allow making financial decisions in relation to a certain business entity can be called financial analysis in a broad sense.
The organization and management of financial flows depends on many factors; among them: the type of business, the size of the enterprise, its organizational management structure, etc. The current legislation of Russia provides for the creation various types business entities, the organizational and legal form of which leaves a certain imprint on the principles of financial management in a given case. Considering such important properties financial reporting, such as the regularity of preparation, the knowledge of its main indicators, the certainty of algorithms and rules of preparation, the presence of confirmation by primary documents, we can say that accounting (financial) reporting in market conditions becomes almost the only reliable means of communication. Among other things, the reliability of the reporting data of enterprises of certain forms of ownership has been confirmed by independent experts (auditors) and the reporting refers to documents that must be stored for a certain and sufficiently long period, so with its help you can get an idea of the financial history of the enterprise.
Therefore, the topic of this work is so relevant, since in a market economy it is necessary to have knowledge in the field of financial assessment and be able to apply it in practice.
In addition, timely identification of negative trends in the financial and economic activities of an enterprise enables management to take certain actions to prevent bankruptcy.
The purpose of this work is to explore the main directions of assessing the financial condition of an enterprise. To achieve this goal, it is necessary to solve the following tasks:
explore the essence and methods of financial analysis;
study the most important indicators of the financial condition of the enterprise;
consider application financial statements for enterprise valuation.
1. NATURE AND METHODS OF FINANCIAL ASSESSMENT
1.1. Main features, goals and methodology of financial analysis
Elements of the analytical function are inherent in any economic activity. However, the beginning of a certain formalization and systematization of analytical procedures is traditionally associated with the process of formation and development of accounting. The rich information base formed within the framework of accounting provides good opportunities for analytical calculations, which becomes especially relevant as market relations develop.
In terms of content, financial analysis can be represented as a process consisting of identifying, systematizing and analytical processing of available financial information, the result of which is providing the user with recommendations that can serve as a formalized basis for making management decisions in relation to a given object of analysis.
The main features of financial analysis include 1:
security general characteristics property and financial status of the enterprise;
priority assessments: solvency, financial stability and profitability;
based on publicly available information;
information support for tactical and strategic decisions;
accessibility to analysis results for any user;
the possibility of unifying the composition and content of counting and analytical procedures;
the dominance of the monetary measure in the system of criteria;
high level of reliability and verifiability of the analysis results (within the limits of reliability of public reporting data).
In certain cases, to achieve the goals of financial analysis, it is not enough to use only financial statements. Certain user groups, for example, management and auditors, have the opportunity to attract additional sources (production and financial accounting data). However, most often annual and quarterly reports are the only sources of external financial analysis.
The financial analysis methodology includes three interconnected blocks: 2
analysis financial results activities of the enterprise;
analysis of the financial condition of the enterprise;
analysis of the effectiveness of the financial and economic activities of the enterprise.
The main goal of financial analysis is to obtain a small number of key (the most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, and in settlements with debtors and creditors. In this case, of interest is both the current financial condition of the enterprise and the forecast for the near or distant future, that is, the expected parameters of the financial condition.
The content of the specific goals of financial analysis significantly depends on the tasks of the subjects of financial analysis. The goals of financial analysis are achieved as a result of solving a certain interrelated set of analytical tasks, which represent a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of carrying out this analysis. The main factors are the volume and quality of the source information.
In order to make management decisions in the field of production, sales, finance, investment and innovation, management requires constant awareness of relevant issues, which is possible only as a result of selection, analysis, evaluation and concentration of initial information.
The basic principle of analytical reading of financial statements is the deductive method, that is, from the general to the specific. But it must be used repeatedly. In the course of such an analysis, the temporal and logical sequence of economic facts and events, the direction and strength of their influence on the results of activity are reproduced.
Financial analysis is the prerogative senior management management structures of the enterprise capable of influencing the formation of financial resources and cash flows. The effectiveness or ineffectiveness of private management decisions related to determining the price of a product, the size of a batch of purchases of raw materials or supplies of products, the replacement of equipment or technology must be assessed from the point of view of the overall success of the enterprise, the nature of its economic growth and the growth of overall financial efficiency
The main functions of financial analysis are: 3
objective assessment of the financial condition, financial results, efficiency and business activity of the object of analysis;
identification of factors and causes of the achieved state and results obtained;
preparation and justification of management decisions in the field of finance;
identifying and mobilizing reserves for improving financial condition and financial results, increasing the efficiency of all economic activities.
An approximate diagram of financial activity analysis is shown in the figure.
UDC 658.15
D.V. MANUSHIN, Candidate of Economic Sciences, Associate Professor
Institute of Economics, Management and Law (Kazan) E-mail: [email protected]
PRINCIPLES, STAGES AND FUNCTIONS OF ANALYSIS OF THE FINANCIAL STATUS OF ORGANIZATIONS
The work presents a summary of the opinions of various scientists studying the principles, stages and functions of analyzing the financial condition of organizations. Their critical assessment is given. The principles, stages and functions of analyzing the financial condition of organizations, specified by the author, are proposed.
Currently, there are quite a lot of works devoted to the study of the principles, functions and stages of analyzing the financial condition of organizations. However, their study shows that the content of these aspects is not fully disclosed. In this regard, the article offers the author's view on the principles, functions and stages of analyzing the financial condition of organizations.
Currently, most works devoted to the analysis of the financial condition of organizations do not formulate its principles. However, some authors suggest using other principles that underlie the analysis of other types of activities.
For example, E.S. Stoyanova believes that the main requirements for information on the basis of which financial statements are prepared are based on the principles of: relevance (significance and timeliness of its receipt), reliability, neutrality, understandability and comparability.
V.V. Kovalev identifies the principles underlying the formation of a system of indicators:
1) the required breadth of coverage by indicators of all aspects of the subject or phenomenon being studied;
2) the relationship between these indicators;
3) verifiability of indicators - understandability of the algorithm for their calculation and information support;
4) tree-like structure of the system of indicators, that is, the presence of private and generalizing indicators, and private indicators should logically turn into generalizing ones;
5) visibility, that is, a set of indicators should characterize all the essential aspects of the phenomenon being studied;
6) acceptable multicollinearity, that is, the indicators must complement each other and not duplicate each other;
7) reasonable combination of absolute and relative indicators;
8) informality, that is, the system of indicators must have the maximum degree of analyticality, provide the ability to assess the current state of the enterprise and the prospects for its development, and also be suitable for making management decisions.
In addition, V.V. Kovalev identifies seven more principles that, in his opinion, underlie microeconomic analysis:
1) based on the principle of caution, the results of any analytical procedures, regardless of the type of analysis, should be considered as subjective assessments that cannot serve as an indisputable argument for making a management decision;
2) it is necessary to have a fairly clear analysis program preceding its implementation, including elaboration and unambiguous
identification of goals, desired results and available resources;
3) the analysis scheme should be built on the principle of “from general to specific”, and it is important to highlight the most significant points without getting hung up on the details;
4) any significant “spikes”, that is, deviations from standard or planned values of indicators, even if they are positive, must be carefully analyzed;
5) the completeness and integrity of any analytical procedures are largely determined by the validity of the set of criteria and indicators used, the selection and unambiguous identification of which must be approached with special care;
6) when performing analysis, there is no need to unnecessarily involve complex analytical methods - the choice of mathematical apparatus should be based on the idea of expediency and justification, since the complexity of the apparatus itself does not at all guarantee obtaining better estimates and conclusions;
7) when performing calculations, there is no need to unnecessarily pursue the accuracy of estimates; As a rule, the greatest value is in identifying trends and patterns, rather than obtaining some mythical “accurate” estimates, which most often cannot be such in principle.
T.B. Berdnikova believes that “the basic principles of analysis of financial and economic activities are: a reliable reflection of the real state, scientific validity, reflection of a specific goal, relationship with other types of analysis, systematicity, complexity, variability, consistency of individual elements, reflection of industry and territorial specifics.”
A.D. Sheremet, P.C. Saifullin, E.V. Negashev believe that “the basic principle of analytical reading of financial statements is the deductive method, that is, the transition from the general to the specific.”
B.V. Kovalev and O.N. Volkova name as “principles of analysis of financial and economic activities: specificity, complexity”
consistency, consistency, regularity, objectivity, effectiveness, efficiency, comparability and scientific character."
L.N. Chechevitsyn as principles for analyzing financial and economic activities in addition to the principles of V.V. Kovalev and O.N. Volkova additionally highlights the principle of efficiency.
T.M. Golubeva, as principles of economic analysis, in addition to the above principles, additionally highlights the principles of the state approach (the analysis should take into account the influence of state economic, social, environmental, international policies and legislation) and democracy (a wide range of enterprise employees should participate in the analysis, which will ensure a more complete identification of advanced experience and use of existing on-farm reserves).
M.A. Vakhrushin and I.S. Plaskov is distinguished by the following " general principles economic analysis: continuity, regularity; continuity of methodology and methodology; objectivity; scientific character; complexity; specificity and practical significance; reliability and accuracy of analytical conclusions."
I.T. Balabanov believes that there are the following “principles of financial analysis: 1) unity of analysis and synthesis; 2) the need to study economic phenomena in their interrelation; 3) the need to study economic phenomena taking into account their development and dynamics, that is, the indicators of the reporting period should be compared with the indicators past period and planned values."
As the main disadvantages of the principles presented above, it should be noted that almost all of them are not principles for analyzing the financial condition of organizations. Some authors propose to use mutually exclusive principles: consistency and consistency of individual elements; continuity and regularity, objectivity and reliability of analytical conclusions. Principles of effectiveness, scientificity and practical significance I'm in-
are general principles, that is, if all other principles are in effect, financial analysis will be effective, scientifically sound and meaningful for the organization. However, some authors do not propose to use a number of the most important principles. In addition, most of the positions of V.V. Kovalev are not formulated in the form of principles; rather, they can be attributed to the rules of financial analysis; some of them are difficult to understand; The tree principle of the system of indicators contradicts the principle of “from general to specific.”
1. Integration into the organization’s management system, that is, analysis of the financial condition should be one of the elements of the organization’s management system. It should reflect its planned frequency and a set of criteria that allows determining the need for an unscheduled analysis or a transition to a more frequent frequency of its implementation.
2. Pre-planning. Before each conduction, it is necessary to first develop goals, objectives and a research program; assess the availability of resources necessary for its implementation; determine the composition of participants, planned results and deadlines.
3. Completeness. Within the framework of this goal, the analysis of the financial condition of the organization must cover all aspects of its activities, take into account the main factors and trends influencing it. Thus, the scope and depth of the analysis should be consistent with the objectives of the analysis.
4. Systematicity. Not isolated indicators should be used, but interrelated groups of methods, individual for each aspect (direction) of the organization’s activities. At the same time, it is necessary to avoid analyzing indicators that are not related to achieving the goal or that significantly correlate with already analyzed indicators.
5. Unity of analysis and synthesis. First, the indicators being studied are broken down into their component parts and studied in detail. Then the components studied in the process of analysis are examined as a whole, and their interrelation and interdependence are established.
6. Objectivity. The content of the analysis should reflect the real state of the organization, and not the opinion of stakeholders about this organization, which is not confirmed by reliable facts. To obtain objective results, it is necessary to use reliable primary information. Ideally, an auditor's report is required confirming the accuracy of the reporting provided. Otherwise, it is necessary to note the lack of data that does not allow us to assess the reliability and reality of the information provided. When interpreting data, it is necessary to take into account the underlying factors and limitations that influence it. They are defined by the author in the article.
7. Comparability. All data must be comparable. For example, to calculate asset turnover or return on assets, before dividing revenue or profit by the balance sheet currency, it is necessary to calculate the average value of the balance sheet currency for the period (add its value at the beginning and end of the period and divide by two). This is due to the fact that in the income statement the data is presented for the period, and in the balance sheet as of a certain date, that is, they are not comparable. In the dynamics of years, it is also necessary to compare comparable data, not allowing, in particular, comparisons of quarterly and annual reporting indicators or data for the second quarter of one year with data for the third quarter of another year. In addition, if different techniques were used at different periods of analysis accounting, the data must be recalculated using only one accounting method.
8. Caution. In the event that the data presented on one date are contradictory and there is no way to verify them, then data that is less favorable to the organization should be selected.
9. Accuracy. All statements must reflect reality as accurately as possible. For example, if there is a significant and continuous upward trend, it is necessary to write it down, and not limit yourself to the words “there is an increasing trend.” At the same time, calculations must be carried out without errors, since the accuracy of the analysis depends on the accuracy of the calculations.
10. Visibility. The presentation of the results of financial analysis must be systematic, concise and understandable. The order of presentation should be based on the principle of transition “from the general to the specific.” If possible, it is advisable to use appropriate visual aids: tables and graphs.
As the main diverse approaches to highlighting the stages of analysis of the financial condition of organizations, we can present the opinions of N.N. Ilsheva and S.I. Krylova, V.V. Kovaleva, G.V. Savitskaya, M.A. Vakhrushina and I.S. Plaskova, T.B. Berdnikova.
H.N. Ilsheva and S.I. Kryiov believe that the analysis of financial statements of almost any organization can be performed in four stages:
1) preliminary analysis (express analysis) of the organization’s financial statements: preparatory stage; preliminary review of financial statements; calculation and analysis of the most important analytical indicators;
2) in-depth analysis of the organization’s financial statements;
3) generalization of the results of the analysis of the organization’s financial statements, which turns into the development of recommendations aimed at increasing its financial results and improving its financial condition;
4) forecasting the financial statements of the organization.
To perform express analysis of V.V. Kovalev determined the following sequence of procedures:
I. Viewing the report according to formal characteristics: assessing the scope and quality of the report, the ease of its structuring, the presence of a minimum set of required reporting forms, the availability and
completeness of analytical transcripts, accessibility and interpretability of analytical indicators, etc.
2. Familiarization with the auditor's report.
3. Familiarization with the accounting policies of the organization.
4. Identification of “sick” items in reporting and their evaluation over time.
5. Familiarization with key indicators.
6. Reading explanatory note.
7. Assessment of the property and financial condition of the organization based on balance sheet data.
8. Formulation of conclusions based on the results of the analysis.
Insolvency risk analysis;
Financial stability analysis;
Solvency analysis;
Cash flow balance analysis;
Analysis of balance sheet liquidity;
Analysis of the enterprise image;
Cost-benefit analysis;
Turnover analysis;
Analysis of the quality of asset management;
Analysis of the quality of liability management.
In his work M.A. Vakhrushin and I.S. Plas-
Kova note that in accordance with the IFRS methodology, it is recommended to conduct financial analysis in three stages:
1) choice of analysis method;
2) assessing the quality of information and achieving comparability of financial reporting data;
3) analytical procedures (the use of standard techniques and methods to transform source data, systematize, and interpret indicators).
T.B. Berdnikova believes that assessing the potential of an enterprise involves the implementation of a number of successive stages:
1) defining goals and objectives;
2) development of a program that defines: the object and subject of analysis, the period for
which it is performed, the presentation of the analysis results, the period for conducting analytical operations, to whom the analysis results are sent and how they should be used;
3) establishing the execution sequence;
4) selection and justification of implementation methods;
5) determination of the necessary information;
6) carrying out analysis by studying, summarizing the initial grouping data and comparing homogeneous indicators; identifying connections, patterns, contradictions; quantitative and qualitative assessment of individual indicators, taking into account the influence of multidirectional factors.
7) generalization of the results of the analysis;
8) preparation of conclusions on the main areas of analysis and their specification;
9) drawing up a report (conclusion) based on the results of the analysis.
Assessing the opinion of H.H. Ilsheva and S.I. Krylov, it can be noted that, firstly, the development of recommendations for improving the financial condition and forecasting financial statements go beyond the scope of analyzing the financial condition of organizations. Secondly, not all cases require an in-depth analysis of the organization’s financial statements. With the actions proposed by V.V. Kovalev to carry out express analysis, the author generally agrees. However, he believes that all of them (except for the last one) should be carried out within the framework of the “analysis” stage. At the same time, it is logical to read the explanatory note at the fourth stage of financial analysis, and not at the sixth, since knowledge of the specifics and features of the organization’s activities can affect the content of the financial analysis. With the opinion of G.V. Savitskaya that the scheme of actions she proposes is typical for most scientists who study the stages of analyzing the financial condition of organizations, the author basically agrees (analysis of the image of an enterprise is not typical for most scientists). However, he believes that the presented blocks are part of the stage “conducting an analysis of the financial condition of the organization.” Analyzing the stages of assessing the potential of an enterprise
yatiya T.B. Berdnikova, we can note a number of extra stages (third, fifth and seventh), the implementation of which is implied in the implementation of the second and eighth stages. Whereas M.A. Vakhrushin and I.S. Plaskova, in our opinion, propose to use an insufficient number of stages in analyzing the financial condition of organizations.
Thus, eliminating the above-mentioned shortcomings, it is proposed to use the following main stages of analyzing the financial condition of organizations:
1. Determination of the planned frequency of analysis of the financial condition of the organization and a set of criteria allowing to determine the need for an unscheduled analysis or transition to a more frequent frequency of its implementation.
2. Determination of the goals and objectives of the study.
3. Development of a program in which the composition of participants is determined; directions, scale and depth of analysis; results and timing of analysis; the availability of resources necessary for its implementation is assessed.
4. Drawing up and justification of a system of methods and techniques of analysis;
5. Assessing and achieving objectivity and comparability of source information (elimination or processing of non-objective and (or) incomparable information).
6. Conducting analysis by studying, summarizing the initial data, grouping and comparing homogeneous indicators; identifying connections, patterns, contradictions; quantitative and qualitative assessment of individual indicators, taking into account the influence of multidirectional factors.
7. Formation of conclusions based on the results of the analysis.
8. Drawing up a report (conclusion) based on the results of the analysis.
HELL. Sheremet, R.S. Saifullin, E.V. Negashev and M.M. Statkova conduct a study of the functions of financial analysis, N.P. Liu-bushin and L.N. Chechevitsyna study the functions of economics, and T.B. Berdnikov - financial and economic activities of the organization.
HELL. Sheremet, R.S. Saifullin, E.V. Negashev and M.M. Statkov identifies the following main functions of financial analysis:
An objective assessment of the financial condition, financial results, efficiency and business activity of the object being studied;
Identification of factors and causes of the achieved state and results obtained;
Preparation and justification of management decisions in the field of finance;
Identification and mobilization of reserves for improving the financial condition and financial results of increasing the efficiency of all economic activities.
N.P. Lyubushin names the following functions economic activity organizations:
Information Support management (collection, processing, organization of information about economic phenomena and processes);
Analysis (analysis of the progress and results of economic activity, assessment of its success and opportunities for improvement based on scientifically based criteria);
Planning (forecasting, long-term and current planning economic system);
Organization of management (organization of the effective functioning of certain elements of the economic mechanism in order to optimize the use of labor, material and monetary resources of the economic system);
Control (monitoring the progress of business plans and management decisions).
L.N. Chechevitsyna identifies the same functions of the economic activity of the organization as N.P. Lyubushin, with the exception of the control function.
T.B. Berdnikova believes that “the functions of analysis of financial and economic activities are: control, accounting, stimulating, organizational and indicative.”
Assessing the functions of A.D. Sheremeta, R.S. Sai-fullina, E.V. Negasheva, M.M. Statkova,
N.P. Lyubushin and L.N. Chechevitsyna, it should be noted that all the aspects they listed are not formulated in the form of functions of economic or financial analysis of organizations. At the same time, the author does not agree with the presence in their composition of such functions as “analysis” or “evaluation”, since these aspects reflect the essence and content of financial analysis and are not its functions. In addition, due to the fact that T.B. Berdnikova does not disclose the content of her functions; it is difficult to understand how the accounting, organizational and indicative functions are interconnected with the analysis of the financial and economic activities of the organization.
Informational: at the current moment in time, reflects the nature of the impact of economic phenomena and processes on the organization, characterizes the financial condition of the organization; displays the interdependence and trends of various aspects of the organization’s activities, the factors influencing them;
Stimulating: shows directions for the development and realization of the organization’s advantages or elimination of identified problems in its activities; determines the possibility of improving the quality of system management of its financial resources;
Control: identifies the need for action to manage deviations of the main financial indicators from the average for the type of economic activity of the organization or from the main competitors; adjustments of actual indicator values in accordance with planned ones, or vice versa.
Forecasting: is the initial information for forecasting the values of the organization’s main financial indicators.
Thus, clarifying the basic principles, stages and functions of analyzing the financial condition of organizations will allow them to be better understood and used in practice.
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