(OS) may be different. Let's look at what they are and in what situations each of them is used.

Ways of getting OS into the organization

Sources of financing of fixed assets are determined not only by the origin of the money invested in them, but also by the characteristics of the ways in which the assets enter the organization. A legal entity may experience the following:

• as a contribution to the management company;
• free of charge (as a result of discovery or donation);
• at the time of buying;
• when renting;
• under a barter agreement;
• due to creation (construction).

If in the first 4 ways the organization is involved individually, then the creation (construction) can be shared, that is, joint for several participants in this process.

Types of funding sources

Sources of financing of fixed assets are divided into:

• internal;
• external.

Internal (own) include:

• depreciation of fixed assets and intangible assets;
• capital (both capital and profit).

External sources are third party tools:

• borrowed (credits, loans);
• attracted.

During the financing process, sources of funds can be combined. The organization has the right to independently determine the share of participation of each of them in paying for fixed assets. It is more preferable to assess the financial position of a legal entity from the point of view of financial stability is the predominance of its own sources over external ones.

Using your own sources

The use of exclusively its own sources indicates the financial independence of the organization and allows it to:

• promptly resolve issues related to the acquisition (creation) of an OS;
• do not spend money on paying expenses that accompany the use of credits (loans).

Of these, the most important:

• depreciation, which allows the cost of operating operating systems to be gradually transferred to expenses, thereby giving the legal entity the opportunity to receive additional working capital for the ongoing replacement of worn-out assets (simple reproduction) or bringing them up to modern requirements through modernization (reconstruction);
• net profit, at the expense of which expensive acquisitions are made and equipment for new types of activities is purchased (expanded reproduction).

Features of borrowed sources

Borrowed sources are resorted to when there is insufficient own funds for purchasing (creating) an OS. They are distinguished by the presence of additional costs associated with fees for the provision (use) of these funds, and the existence of deadlines for repaying the borrowed money. Receiving large sums usually requires the issuance of security in the form of guarantees or collateral of property.

Two types of borrowed funds can be used to purchase (create) OS:

• Received without specifying the purpose of their use, which allows them to be spent without special control of the party that issued these funds, and only a part of them can be invested in the operating system. Interest paid on such borrowings will not affect the initial book value of the fixed asset.
• Targeted, i.e. intended for the acquisition of a specific OS. In this case, the party providing these funds will require a report on their expenditure. The interest paid for them until the OS is put into operation will form the initial cost of the object in accounting.

A type of borrowed source for the formation of fixed assets is leasing, which involves the subsequent repurchase of the received property.

Nuances of attracted financing

Funds raised are always targeted, require mandatory reporting to the authority that provided them and are divided into:

• irrevocable, which should include budget funds intended purpose;
• repayable, provided for a time by the budget or any trust fund;
• equity, forming that part of the investment in the value of the fixed assets that will belong to other legal entities or individuals.

Results

Financing the acquisition (creation) of fixed assets can be based on different sources: own, borrowed or attracted. The choice of any particular one or their combination in certain proportions is determined by the organization itself, depending on its financial situation.

FC classification

Depending from the subject carrying out FC, the main areas of control differ:

· state FC ensures the interests of the state and society, verifies the fulfillment of obligations of individuals and legal entities before the state and compliance with the rule of law;

· on-farm FC protects the interests of households. subject and its team from abuse, theft and mismanagement, and also ensures increased efficiency of its financial and economic activity;

· legal FC carried out in the interests of the whole society, carried out law enforcement agencies in the form of audits, forensic accounting examinations and other checks;

· independent (auditing) control pursues the interests of participants in business processes (suppliers and buyers, banks and other organizations) through checks of the financial stability and creditworthiness of enterprises, the reliability of accounting and reporting data;

· public control is carried out public organizations(eg, trade unions). IN modern conditions has no effective force.

By time There are preliminary, current and subsequent FC.

Preliminary FC is carried out before transactions for the formation, distribution and use of financial resources. In this case, documents subject to approval and execution are checked, which serve as the basis for carrying out financial activities - draft budgets, financial plans and estimates, loan and cash applications, etc. ( The object of control is compliance with financial legislation - norms, standards, limits, etc..)

Current FC – this is control in the process of carrying out financial transactions (in the course of fulfilling financial obligations to the state, receiving and using Money for administrative and business expenses, capital construction etc.)

Subsequent FC– this is control exercised after financial transactions are completed (after the execution of budgets, financial plans and estimates, payment of taxes, etc.). In this case, the state is determined financial discipline, its violations, ways of prevention and measures to eliminate them are identified.

By FC methods distinguish:

§ observation– involves a general familiarization with the state of the financial activities of the control object;

§ examination– concerns basic financial issues. activities and is carried out on site using balance sheets, reporting and other documents to identify financial violations. discipline and elimination of their consequences;

§ examination- made in relation to individual parties financial. activities and is based on a wider range of indicators, which distinguishes it from verification. The survey uses techniques such as surveys and questionnaires. The results of the survey are usually used to assess financial results. position of the object of control, the need to reorganize production, etc.;

§ analysis– carried out on the basis of current or annual reporting and is distinguished by a systematic and factor-by-factor approach, as well as the use of such analytical methods as average and relative values, groupings, index method, etc.;

§ audit- carried out to establish the legality of finance. disciplines at a specific facility. The legislation establishes the mandatory and regular nature of audits. It is carried out on site and is based on checking primary documents, accounting registers, accounting and statistical reporting, actual availability of funds.

As a rule, an audit is carried out on the basis of a pre-compiled work program for auditors who are endowed with broad rights:

o check primary documents, accounting records at the audited objects. reporting, plans, estimates, etc.;

o conduct partial or complete inventories, seal warehouses, cash registers, storerooms;

o attract specialists and experts to conduct audits;

o receive written explanations from officials and financially responsible persons on issues arising during the audit, etc.

Audits are divided into several types

(Tax Code of the Russian Federation, Chapter 25, Art. 256-259)

1. The concept of fixed assets (F)

OF- these are means of labor, the cost of which is transferred to the manufactured product in parts, as they wear out over a series of circuits, and at the same time their natural material form does not change.

In practice, PF includes tools with a service life of more than one year and a cost of more than 100 minimum wages.

OF are divided into material and intangible.

Composed of m material funds includes objects production and non-production appointments. The first include PFs for industrial, construction, agricultural purposes, transport, trade, etc. Non-production PFs are intended to serve the needs of housing and communal services, agriculture, education, culture and sports.

In the structure of the OF there are passive part (buildings, structures) and active part (machines, equipment, etc.).

TO intangible PF (intangible assets) include computer software, databases, knowledge-intensive industrial technology, integrated circuit technologies, know-how production secrets, trademarks, patents and other intellectual property, the ownership rights of which allow the enterprise to both sell these funds and use them in production for more than one year.

OF are assessed by original, replacement and residual value.

Initial cost – the sum of the organization’s actual costs for the acquisition, construction and manufacture of PF facilities, including delivery and installation costs, in prices valid at the time of commissioning. Changes in the initial cost of the PF are permitted in cases of completion, additional equipment, reconstruction and partial liquidation of the relevant facilities. An increase (decrease) in the initial cost of the PF is attributed to the organization’s additional capital.

The main ways for PF to enter KOs are:

· acquisition of PF through long-term investments;

· transfer of PF objects as a contribution to the management company;

· free receipt of PF objects from government agencies, legal entities and individuals.

Replacement cost represents the cost of reproduction of the OF at the moment in modern prices and conditions. It allows you to take into account the cost of different types of commissioning facilities in the same prices. Replacement cost is determined by multiplying the book value by the conversion factor. The coefficient is approved by the Government of the Russian Federation on the proposal of the State Committee on Statistics.

KO has the right no more than once a year (as of January 1 current year) revaluate PF objects in whole or in part.

In current practice, the accounting value of PF at which they are reflected in the reporting and balance sheet is usually called book value. If you subtract the depreciation of each object or their totality from the book value, you get the calculated value residual value OF.

2. Sources of financing for the reproduction of PF

In the process of activity, CO OFs perform an economic cycle, which consists of the following stages:

§ wear and tear of the OF;

§ depreciation;

§ accumulation of funds for the complete restoration of the PF;

§ their replacement by making capital investments.

Distinguish between wear and tear physical and moral .

Physical– under the influence of physical forces, technical and economic factors. Physical wear and tear is partially restored through repair, reconstruction and modernization.

Moral wear is manifested in the fact that outdated PFs do not meet modern requirements in their design, performance, and quality of products.

PFs, participating in the production process, transfer their value to the newly created product in parts, as they wear out. This process is called depreciation . Each unit of goods contains part of the value of the means of labor. When selling goods, this value is returned to the enterprise as part of revenue, separated and accumulated in sinking fund.

In accordance with Art. 258 of the Tax Code of the Russian Federation, depreciable property, depending on its useful life, is combined into 10 depreciation groups (the classification is determined by the Government of the Russian Federation).

Art. 259 of the Tax Code of the Russian Federation defines two methods for calculating depreciation:

· linear;

· nonlinear.

The amount of depreciation is determined by the company on a monthly basis. Depreciation is calculated separately for each item of depreciable property.

Linear method depreciation charges apply to buildings, structures, transmission mechanisms included in depreciation groups 8-10 (useful life over 20 years), regardless of the timing of commissioning of these objects.

For other PFs, KOs have the right to apply both linear and nonlinear methods.

(Depreciation is calculated in relation to an object of depreciable property in accordance with the depreciation rate determined for this object based on its useful life.

When applying the linear method, the depreciation rate for each item of depreciable property is determined by the formula:

K = x 100%

K – depreciation rate as a percentage of the original (replacement) cost of the depreciable property;

n – useful life of a given depreciable property item, expressed in months.

When using nonlinear method the amount of depreciation accrued for one month in relation to an object of depreciable property is determined as the product of the residual value of the object of depreciable property and the depreciation rate determined for this object.

K = x 100%

K - depreciation rate as a percentage of the residual value applied to a given item of depreciable property;

n is the useful life of a given depreciable property item, expressed in months - no need to learn!).

Thus, the sinking fund is one of the main internal sources reproduction of OF. Another source can be considered profit remaining at the disposal of the CO.

In conditions of expanded production, own sources for the reproduction of PF are usually not enough. Therefore, FBOs resort to using external sources :

· bank loans;

· funds of other legal entities and individuals;

· equity participation in construction;

· budget loan;

· investment tax credit;

Financing of fixed assets is a procedure for providing funds, a system of expenses and monitoring the targeted and effective use. Financing methods depend on the specific operating conditions of the business and changes in the direction of its development. They are determined by the characteristics of capital reproduction and financing at a certain stage of economic development.

Sources of financing for the reproduction of fixed assets are classified into own, borrowed and attracted.

Sources investment companies to finance the reproduction of fixed assets are:

• 1. Profit remaining at the disposal of the company;
• 2. depreciation;
• 3. Amortization of intangible assets.

Sufficient sources of funds for the reproduction of capital are critical to the financial condition of the company.

Profit is the basis of the enterprise's net profit, a form of expression for the value of the surplus product. Its value appears as the difference between the proceeds from the sale of goods (works, services) and its full cost. However, in accordance with the accounting policies chosen by the company, the amount of revenue is determined by goods shipped or paid for. The total cost is established based on estimates of production costs and accounting data.

Profit is a general indicator of results commercial activities enterprises.

After paying taxes and other payments from the profits of enterprises to the budget, there is net profit. Part of her company has the right to direct capital investments in industrial and social, as well as protection environment. This part of the profit can be used for investment in an accumulation fund or similar fund established in enterprises.

After profit, the next major source of financing for investment in fixed assets of enterprises is depreciation. In operation, fixed assets gradually wear out, i.e. lose their original physical properties, as a result of their reduction in the book value of real.

A distinction is made between physical (material) depreciation and cost depreciation, which includes, in addition to the monetary expression of physical depreciation, a certain amount of obsolescence. Cost depreciation is compensated by accumulating funds included in the cost of products (works, services) in the form of depreciation charges. The value of the latter depends on the book value of fixed assets and the established rates of their depreciation. Typically, the depreciation rate is determined as a percentage of the book value and is differentiated based on the type of fixed assets and the conditions of their operation. The amount of depreciation charges must be sufficient for the construction or acquisition of new facilities to replace those that are decommissioned.

The depreciation fund is formed through monthly depreciation deductions and is used for simple and partially expanded reproduction of fixed assets. The direction of depreciation for the expanded reproduction of fixed assets is determined by the specifics of its accrual and expenditure: it is accrued throughout the entire standard service life of fixed assets, and the need for its expenditure occurs only after their actual disposal.

If there are insufficient own sources of financing for the reproduction of fixed assets, the enterprise has the right to attract borrowed funds.

Borrowed sources include:

• 1. bank loans;
• 2. borrowed funds from other companies;
• 3. equity participation in construction;
• 4. financing from the budget;
• 5. financing from extra-budgetary funds.

The need for lending for capital investments arises from the frequent shortage of own funds among enterprises, which is caused by the discrepancy between the available financial resources and the needs for them for the expanded reproduction of fixed capital. In this case, credit relations arise between the borrower and the lender (bank), arising in connection with the movement of money on the terms of repayment and compensation expressed in the form of loan interest.

A long-term loan pays for construction and installation work, supplies of equipment, design products and other resources for construction. Repayment of borrowed funds for newly started construction projects and facilities begins after they are put into operation within the time limits established by the contracts. For facilities being built at existing enterprises, loan repayment begins before the commissioning of these facilities.

Raised financial resources include funds received from the issue of shares, shares and other contributions of individuals and legal entities to authorized capital.

Thus, the issue of choosing sources of financing for capital investments must be decided taking into account many factors: the cost of attracted capital; efficiency of return from it; ratio of equity and borrowed capital; economic interests of investors and lenders.

7.2.1. Reproduction of fixed assets

Fixed assets involved in the production process gradually lose their original characteristics due to their wear and tear during operation, i.e. physical wear and tear occurs. Along with physical wear and tear, obsolescence is also important in the management of fixed assets.

Due to wear and tear, the functioning of fixed assets and intangible assets is limited in time, which necessitates their renewal.

The continuous process of updating fixed assets to maintain their quantitative and qualitative condition, carried out through acquisition, reconstruction, technical re-equipment, modernization and overhaul is called reproduction of fixed assets.

With simple reproduction, the costs of compensating for the depreciation of fixed assets correspond to the amount of accrued depreciation and provide only for the replacement of obsolete equipment and major repairs of equipment. With expanded reproduction, the cost of depreciation compensation exceeds the amount of accrued depreciation, which allows for new construction, as well as reconstruction and modernization of existing fixed assets.

The presence, movement and composition of fixed assets are presented in reports in the form of a balance sheet model:

Nipple = Sosn + Sosp – Sosv,

where Sosk is the cost of available fixed assets at the end of the year;

Sosn – the cost of available fixed assets at the beginning of the year;

Sosp - the cost of fixed assets received in the reporting year, incl. new fixed assets put into operation;

Sov - the cost of fixed assets retired in the reporting year, incl. through liquidation or write-off.

To analyze the process of reproduction of fixed assets and the efficiency of their use, indicators such as:

fixed asset renewal ratio (Sosp / Sosk x 100);

fixed asset retirement ratio (Sosv / Sosn x 100);

capital productivity (revenue from the sale of goods, works, services / average cost of fixed assets in the analyzed period);

capital intensity (average cost of fixed assets / revenue from sales of goods, works, services);

capital-labor ratio (average annual cost of fixed assets / average annual number of employees);

return on fixed assets (profit / average cost of fixed assets).

The problem of continuous reproduction of fixed assets is solved through depreciation, investment and tax policies.

Reproduction of fixed assets is carried out in the form of: direct investments (capital investments); by transferring fixed capital by the founders against contributions to the authorized capital; upon gratuitous transfer; through rent (leasing).

The main method of expanded reproduction of fixed capital is direct investment (capital investment). Direct investments are the costs of creating new fixed capital facilities, expansion, reconstruction and technical re-equipment of existing ones.

The ratio of costs in these areas is called the reproductive structure of direct investment.

The ratio of costs for equipment, construction and installation work and other capital investments form the technological structure of direct investment. The technological structure of direct investment consists of three main elements: the acquisition of equipment, tools and inventory; expenses for construction and installation work; other direct investments, which include design and survey work, early implementation of measures to put constructed facilities into operation (training of personnel for the main occupations of workers for enterprises under construction, etc.). In different sectors of the economy, the share of these costs in total amount direct investment is not the same. For example, during the construction of thermal power plants, metallurgical, chemical, and machine-building enterprises, the main part of direct investment consists of equipment costs. In housing and communal construction, the costs of construction and installation work predominate.

The most economically advantageous is the structure where equipment costs predominate (in terms of share).

7.2.2. Sources of financing for direct investment

Problems of financing direct investment include determining the procedure for providing funds, the system of spending and monitoring their targeted and effective use. Methods of financing depend on the operating conditions of enterprises and are determined by the characteristics of the reproduction of fixed capital and sources of financing.

Sources, forms and methods of financing direct investment in fixed capital are determined by the nature of its participation in the production process and the characteristics of construction.

Financing of direct investment can be carried out through:

own financial resources and on-farm reserves;

borrowed funds;

raised funds received from the issue of securities, shares and other contributions of legal entities and individuals;

funds received through redistribution from centralized investment funds of concerns, associations and other associations;

funds from extra-budgetary funds;

appropriations from budgets of various levels provided on a non-refundable basis;

funds from foreign investors.

Since public investment is a means of achieving strategic economic goals in society, and commercial investment is a type of business, finding a balanced combination of public and commercial interests in investment activities becomes an important task.

Planning sources of financing for direct investment begins with determining the estimated cost of construction and determining the own funds that the investor may have.

The enterprise's own financial resources include initial contributions from the founders at the time of organization and part of the funds (profits) received as a result of its economic activities.

Own sources of financing for direct investment are divided into two groups: sources generated from carrying out work in an economic way; sources obtained from the results of the main activities of the enterprise.

Sources generated from carrying out work in an economic way include the mobilization (immobilization) of internal resources, profit on capital works, savings from cost reductions, savings from lower prices for equipment, and other sources.

Sources received as a result of the main activities of the enterprise include depreciation charges and profit from main activities.

In own funds allocated to finance direct investment, the largest share is occupied by depreciation charges. The methodology for their determination will be discussed below. The accumulation of depreciation charges at the enterprise occurs systematically (monthly), while elements of fixed capital do not require compensation in kind after each reproduction cycle. As a result, free funds are generated that can be used for the expanded reproduction of fixed capital of enterprises. In addition, new facilities are put into operation annually, for which depreciation is charged according to established standards, but such facilities do not require compensation until the end of their standard service life.

Profit from core activities is an important source of financing for direct investment, which links the final financial results of operations and the development opportunities of enterprises. The amount of profit allocated to finance investments in fixed capital is determined when it is distributed in financial terms.

With a lack of their own sources of investment financing, enterprises are forced to resort to external borrowing.

Borrowed funds used to finance investments in fixed capital are, first of all, long-term bank loans. Bank loans are provided to an enterprise on the basis of a loan agreement, the loan is issued on the terms of repayment, urgency, payment, security under guarantees, collateral of real estate, collateral of other assets of the enterprise.

Before the bank confirms its trust in the borrower in the form of a loan agreement, its legal and financial creditworthiness is checked. Legal creditworthiness means the legal capacity of the borrower to sign a loan agreement that has legal force. Financial creditworthiness is possessed by enterprises that are able to service the loan received within a specified period, that is, repay it in full and pay interest on it.

The Bank monitors the progress of the activities being financed. If the borrower fails to fulfill its obligations, the bank has the right to apply economic sanctions provided for in the loan agreement.

Sources of financing for the reproduction of fixed assets are also borrowed funds from other enterprises and loans from individual investors (individuals).

An important source of financing for direct investment is funds raised from the financial market. The issue of securities (bonds, bills) and their placement on the financial market significantly expand the capabilities of enterprises to attract temporarily free funds of enterprises, organizations and citizens for investment.

In the last decade, leasing (financial lease) has been developing. Under a leasing agreement, the lessor undertakes to acquire ownership of the property stipulated by the agreement from the seller and provide this property to the lessee for a fee for temporary use for business purposes. Leasing allows enterprises to reduce the level of equity in sources of investment financing. The object of leasing can be any movable and immovable property classified as fixed capital according to the current classification, except for property prohibited from free circulation on the market.

The leasing company leases equipment to the enterprise, reserving the rights of the owner. If payments are not received from the tenant, the company has the right to sell the equipment.

Such a source of borrowed funds as loans placed on a competitive basis from the federal and regional budgets, from industry and inter-industry extra-budgetary funds is becoming widespread. They are allocated mainly to finance federal, regional or sectoral target programs, the implementation of which will allow concentrating financial resources on the most important areas of development of economic sectors and the social sphere. The gratuitous financing used in a number of cases from these sources actually turns into a source of own funds.

Another source is foreign investment. The main form of participation of foreign capital in the form of direct investment continues to be the creation of joint ventures in Russia. However, the volume of attracted investments is still small. The main problems in the process of their development are: determining the share of Russian investors in the authorized capital of created enterprises and, accordingly, in the distribution of profits, as well as the actual market valuation of buildings, structures, equipment and land invested as the Russian part of the authorized capital of commercial organizations with foreign investment.

The choice of sources of financing fixed capital must be decided by enterprises, taking into account many factors: the cost of attracted capital and the efficiency of return on it; the ratio of equity and borrowed capital, which determines the level of financial independence of the enterprise; the degree of risk of various sources of financing; economic interests of owners, investors, creditors, etc.

7.2.3. Sources of financing for the repair of fixed assets

Repair of fixed assets, being an element of simple reproduction, extends their service life, increases productivity, and reduces the need for direct investment in the creation of new fixed assets. The following types of repairs are distinguished; current, medium and capital.

At current repairs minor breakdowns are eliminated and individual parts are replaced. As a rule, it is random.

Average, or scheduled preventive maintenance is associated with the replacement of individual elements, parts and assemblies, checking the operation of all units. Average repairs can be carried out several times a year.

During major repairs of machinery and equipment, carried out at intervals of more than a year, as a rule, the unit is disassembled, worn parts and assemblies are replaced or restored, and basic parts are repaired. Major repairs of buildings and structures involve the replacement of worn-out structures and parts with stronger and more economical ones, which improve the performance of the objects being repaired.

Economic expediency capital repairs is determined by comparing the costs of major repairs with the cost of the objects being repaired. If a major overhaul is not economically feasible, then the funds allocated for its implementation can be used to purchase machinery and equipment to replace obsolete and out-of-service ones.

Enterprises independently determine both the total volume of repair work and their structure by type. The repair plan is drawn up for the year as a whole for the enterprise on the basis of financial estimates for the repair of individual objects, taking into account current standards, prices, tariffs and is approved by the head of the enterprise.

All enterprises, regardless of subordination and forms of ownership, include the costs of all types of repairs of fixed assets as part of the costs of production and sales of products. Enterprises are also given the right to independently choose the option of attributing repair costs to the cost price. They can:

include in the cost price the actual costs of repairs immediately after their implementation. This method has a number of disadvantages. If an enterprise experiences seasonal fluctuations in repair work, then it will have significant fluctuations in the cost of individual periods, which in turn will complicate the calculation of profits and the determination of payments to the budget;

create a repair fund (cash reserve). Enterprises, based on technical and economic calculations, determine the total volume of repair work and the rate of formation of the repair fund. The norms for contributions to the repair fund should also take into account the costs of equipment modernization, if it is not carried out during reconstruction and technical re-equipment. In this case, the costs of modernizing fixed capital assets are covered from sources of direct investment financing. Based on approved standards, enterprises accrue a repair fund on a monthly basis and include it in the cost of products (works, services) in equal shares, and funds from this fund are spent as needed. This brings a certain stability to the formation of costs for production and sales of products and the profit of the enterprise;

If necessary, assign the actual costs of repairing fixed assets to deferred expenses with their subsequent monthly write-off to production costs.

It should be noted that financing of all types of repairs of non-productive elements of fixed capital is made from the profits remaining at the disposal of the enterprise.

To finance repairs, enterprises can attract short-term bank loans in cases where the volume of repair work in certain periods of the year exceeds the size of the sources of its financing, i.e., a so-called seasonal gap arises.

The procedure for financing repairs mainly depends on the method of its implementation. In the contract method of performing repair work, payments between the contractor and the customer are made for completed stages of work or the facility as a whole on the basis of contracts, to which acceptance certificates for completed work are attached.

Calculations for repairs carried out economically are made, as a rule, according to individual cost elements (payment wages, payroll, payment for materials, parts and other expenses).

Depreciation of fixed assets: concept, role in reconstruction production process and methods of its calculation in accounting and tax accounting in Russia.

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Posted on http://www.allbest.ru/

INTRODUCTION

The material and technical base of any enterprise, which primarily includes fixed assets (often called fixed assets in economic literature and in practice) is one of the most important factors any production. Its condition and effective use directly affect the final results of the enterprise’s economic activities.

Of course, for the normal functioning of an enterprise to occur, certain funds and sources must be available. Fixed production assets, consisting of buildings, structures, machines, equipment and other means of labor that participate in the production process, are the most important basis for the company's activities. Without their presence, hardly anything could have happened. Naturally, for the normal functioning of each enterprise, not only fixed assets are needed, but also working capital, which is, first of all, cash that is used by the enterprise to acquire working capital and circulation funds.

In a market economy, most firms are privately owned, and almost all of the capital needed to keep these firms operating comes from private sources. Russian economy quickly moves to the market, industrial enterprises, have been largely privatized, so many companies are faced with a completely new situation in which they can no longer ask for help from the state, but must look for other sources of financing. This means that success will be achieved by those companies that learn to find access to private capital, that is, they learn to recognize the factors that determine a company’s “attractiveness” to investors, and understand what responsibility the company has to its investor. In addition, companies will need to know where to find investors and how to present their proposals to them.

In order to maintain, at least at the initial level, the capacity of an operating enterprise, it is necessary to periodically invest in modernization, medium-term and major repairs of equipment, reconstruction of production, and replacement of physically unsuitable fixed assets.

Reproduction of fixed capital in enterprises can be carried out either through direct investment, or through the transfer of fixed capital objects by the founders as contributions to the authorized capital, or through gratuitous transfer by legal and individuals. The main method of expanded reproduction of fixed capital is direct investment (capital investment).

Fixed assets participate in the production process for a long time, serve a large number of production cycles and, gradually wearing out in the production process, transfer their value in parts to the manufactured products, while maintaining their natural shape. This feature of fixed assets makes it necessary to use them as efficiently as possible.

The main objective of the course work should be considered to be the search for problems in the reproduction of fixed assets of an enterprise and ways to solve these problems.

The topic of this course work - “Sources of financing the reproduction of fixed assets, their composition and structure” is very relevant, since properly organized accounting and analysis reveal the state of security of the enterprise and its structural divisions fixed assets, determine the composition and technical level funds, as well as the need for them; study the technical condition of fixed assets and a number of others no less important issues relating to fixed assets.

A correctly and competently conducted analysis gives an idea of ​​the state of the material and technical base and its wear and tear. Let us note once again that fixed assets have a direct impact on the final result of the activity of a trading enterprise.

So, the main goal of this course work is: to explore the economic essence of fixed assets, their classification and evaluation, to note the features of the classification, sources of financing for the reproduction of fixed assets, to consider the legal regulation of accounting and reporting on the movement of fixed assets at the enterprise JSC Promtractor, to carry out analysis and study the dynamics of the movement of fixed assets, identify reserves for increasing the efficiency of their use.

To achieve this goal, it is planned to solve a number of interrelated particular problems:

1. Explore theoretical aspects economic essence fixed assets, their classification and assessment, sources of financing of fixed assets.

2. Conduct an in-depth and comprehensive analysis of assessing the effectiveness of the use of fixed assets at the enterprise, which includes analysis of the availability, composition and structure of fixed assets; analysis of the composition and movement of fixed assets; analysis of the efficiency of use of fixed assets.

3. Depreciation charges as a source of financing entrepreneurial activity.

CHAPTER 1. ECONOMIC ESSENCE OF FIXED ASSETS

1.1 Concept, composition and structure of fixed assets

reproduction of fixed assets

Fixed assets- part of the property used as means of labor in the production of products (performing work, providing services) or for the management needs of the company for a period exceeding 12 months or the normal operating cycle.

Fixed assets include buildings, structures, working and power machines and equipment, measuring and control instruments and devices, computer technology, vehicles, tools, production and household equipment and accessories, working, productive and breeding livestock, perennial plantings. Fixed assets also include capital investments made by an enterprise (firm) in perennial plantings and directed towards radical land improvement (drainage, irrigation and other reclamation work) and in leased fixed assets. Moreover, these costs are included in fixed assets annually in amounts related to the areas accepted for operation, regardless of the completion of the entire complex of work. In addition, land plots and environmental management facilities (water, subsoil and other natural resources) owned by the company are taken into account as part of fixed assets.

They do not belong to fixed assets and are taken into account by the company as part of working capital:

items with a useful life of less than 12 months (regardless of their value);

* items regardless of their cost and useful life (fishing gear - trawls, seines, nets, etc.; special tools and devices, replacement equipment, etc., special clothing and shoes, as well as bedding; uniform; temporary (non-title) structures; young animals and fattening animals, poultry, rabbits, fur-bearing animals, bee families, service dogs; perennial plantings grown in nurseries as planting material; gasoline-powered saws, loppers, alloy cable; seasonal roads; items intended for rental under a rental agreement).

The following also do not apply to fixed assets:

machines, equipment and other similar items listed as finished products in the warehouses of manufacturing organizations involved in their sales;

Items handed over for installation or to be installed and in transit:

capital and financial investments and other long-term investments.

Depending on the intended purpose and functions performed in the production process, fixed assets are divided into production and non-production by composition. Production fixed assets operate in the sphere of material production, are repeatedly involved in the production process, wear out gradually and transfer their value to the created product (work performed, services provided) in parts as they wear out. Production fixed assets constitute the material and technical base of the company and the basis of its authorized capital. As part of fixed production assets in accordance with All-Russian classifier fixed assets allocate fixed assets that, according to the functions they perform and purpose, belong to a different industry than the fixed assets of the enterprise as a whole.

Non-productive fixed assets do not participate in the production process and are intended for the purposes of non-productive consumption. These include healthcare facilities listed on the company’s balance sheet (hospitals, medical units, health centers, sanatorium-resort institutions, etc.); physical education and sports (sports palaces, swimming pools, skating rinks, sports facilities, sports schools, etc.); housing, communal and socio-cultural spheres (dormitories, residential buildings, baths, clubs, kindergartens and nurseries, theaters, etc.).

Production fixed assets, depending on their purpose and natural material characteristics in accounting and reporting, are divided into types, groups and subgroups. Share of cost individual species fixed assets (buildings, structures, machinery and equipment, etc.) in their total cost forms the type structure of fixed assets. The type of fixed assets “Machinery and equipment” is divided into groups: “Power machines and equipment” (generators, transformers, distribution boards, etc.), « Working machines and equipment" (machines, presses, conveyors, lifting and transport mechanisms, etc.), "Measuring and control instruments and devices, laboratory equipment", " Computer Engineering"(electronic computers, control and analog machines, digital computers and devices, etc.), "Other machines and equipment" (automatic telephone exchanges, fire trucks, mechanical fire escapes, etc.). From the group “Working machines and equipment” the subgroup “ Automatic machines and equipment”, in which the operations of the production process are carried out with a certain rhythm, without direct human participation. Equipment with program control, automatic machines for welding work, for protection and decorative coatings of products, automatic equipment for heat treatment of metal, etc. are also considered automatic.

In planning practice and technical and economic analysis, production fixed assets are divided into: active and passive.

The active part of fixed assets affects the subject of labor, moves it in the production process, etc. exercises control over the progress of production (machines, vehicles, tools). The passive part creates conditions for the uninterrupted functioning of the active part (buildings, structures, equipment and accessories, other fixed assets).

1. 2 Depreciation and amortization. Types of fixed assets

Fixed assets serve for several years and are subject to replacement only as they become physically and morally worn out.

Depreciation of fixed assets is the partial or complete loss of fixed assets of consumer properties and value, both during operation and during their inactivity.

Fixed assets are subject to wear and tear of two kinds - moral and physical.

Obsolescence of fixed assets is a decrease in the value of existing fixed assets as a result of the emergence of new types of them, cheaper and more productive.

Physical depreciation of fixed assets means the loss of the consumer value of fixed assets and it can occur either as a result of intensive use, or as a result of the influence and influence of natural forces of nature occurs before the onset of complete physical deterioration.

Like moral, physical wear and tear can be complete or partial. Complete wear and tear requires replacement of old equipment with new equipment. Partial wear is eliminated through major repairs and modernization of existing machinery and equipment. Establishing the degree of wear and tear is necessary to determine the real residual value of fixed assets, planning the replacement of old machinery and equipment with new ones.

Useful life is the period during which the use of fixed assets is intended to generate income for the organization or serve to fulfill the goals of its activities. if the deadline is not centrally approved and is not in technical documentation object, then the enterprise calculates it independently.

The concept of “wear and tear” is primary in relation to the concept of “depreciation”. First of all, wear and tear is material, measurable and does not depend on accounting methods. Depreciation is intangible, it cannot be measured, but can only be quantitatively determined, that is, accrued, and in one way or another, which is laid down in the accounting policy of the organization. Depreciation should be understood as the process of constantly transferring the value of fixed assets as they wear out to manufactured products, converting them into cash and accumulating financial resources for the purpose of subsequent reproduction of fixed assets. Depreciation charges are the monetary expression of the amount of depreciation corresponding to the degree of depreciation of fixed assets.

Currently, the meaning of the concept of “depreciation” has expanded and changed. Thus, depreciation charges (or amortization) relate to expenses for ordinary activities and are considered as a means of reimbursing the cost of fixed assets, intangible and other assets.

Depreciation deductions represent the attribution of accrued depreciation of property to the cost price. In other words, the cost of fixed assets is repaid through depreciation. At the same time, depreciation is not accrued for certain fixed assets, including:

fixed assets non-profit organizations, fixed assets that are not used in entrepreneurial (commercial) activities;

housing stock (depreciation is calculated once a year when preparing the annual report);

external improvement facilities and other similar forestry and road facilities;

specialized structures that support navigation;

productive livestock (buffaloes, oxen, deer);

perennial plantings that have not reached operational age;

purchased publications (books, brochures, etc.);

environmental management facilities;

land.

Depreciation of fixed assets is carried out using one of the following methods for calculating depreciation charges:

1) linear method;

reducing balance method;

method of writing off value by the sum of the numbers of years of useful life;

method of writing off cost in proportion to the volume of products (works).

The annual amount of depreciation charges is determined:

with the linear method - based on the initial cost of the object and the depreciation rate calculated taking into account the useful life of this object;

with the reducing balance method - based on the residual value of the object at the beginning of the reporting year and the depreciation rate calculated taking into account the useful life of this object;

with the method of writing off the cost by the sum of the numbers of years - based on the initial cost of the object and the annual ratio, where the numerator is the number of years remaining until the end of the service life of the object, and the denominator is the sum of the numbers of years of the service life of the object.

with the method of writing off the cost in proportion to the volume of production - based on natural indicator volume of production in the reporting period and the ratio of the initial cost of the object and the expected volume of production for the entire period of use of fixed assets.

1.3 Sources of financing for the reproduction of fixed assets

Sources of financing for the reproduction of fixed assets are divided into: own and borrowed.

Reproduction has two forms:

· simple reproduction, when the cost of compensating for the depreciation of fixed assets corresponds to the amount of accrued depreciation;

· expanded reproduction, when the cost of compensating for the depreciation of fixed assets exceeds the amount of accrued depreciation.

In modern conditions of scientific and technical progress, situations arise when depreciation charges are sufficient for the expanded reproduction of fixed assets. This is most characteristically manifested when the structure of fixed assets contains a certain proportion of computer and organizational equipment. This is due to the constant reduction in prices for this technique and with a simultaneous increase in its productivity.

Capital expenditures for the reproduction of fixed assets are long-term in nature and are carried out in the form of long-term investments (capital investments) for new construction, for the expansion and reconstruction of production, for technical re-equipment and for supporting the capacities of existing enterprises.

· depreciation;

· issue of shares.

The Chart of Accounts does not provide for the creation of a special depreciation fund. Depreciation funds are the first source of the enterprise's own funds; they are received as part of the proceeds from sales to the company's current account, and all expenses are paid directly from the current account. various directions capital investments.

Through the mechanism of accelerated depreciation, enterprises have the opportunity to regulate the amount and timing of financing the reproduction of funds from this source. The actual amounts of depreciation charges, entering the company's current account along with the proceeds from sales, are included in its working capital and begin to move independently, without connection with the depreciable property. They can remain free, be used for capital investments or invested in other types of working capital. However, the fact that in the circulation of funds of an enterprise the sources of funds practically do not differ does not mean that the nature of the formation of these funds does not affect the speed and efficiency of their use.

The sufficiency of sources of funds for the reproduction of fixed capital (as well as working capital) is crucial for the financial condition of the enterprise. Therefore, this controlled parameter of financial condition is always in the field of view of the financial manager.

The second source of the enterprise's own funds for financing the reproduction of fixed assets is depreciation on intangible assets.

Intangible assets are supplied to enterprises through the following channels:

· when purchased for a fee;

· as a contribution to the authorized capital;

· upon receipt free of charge.

The characteristic features of intangible assets are:

· lack of material structure;

· ability to make a profit;

· uncertainty regarding the size of the profit generated.

Depreciation on intangible assets is accrued at rates determined by the enterprise itself. The basis for calculating the standards is the initial cost and the planned period of use of intangible assets.

The actual amount of depreciation is transferred to the company's current account along with the proceeds from the sale of products (works, services) and is in circulation.

The third source of the enterprise's own funds for financing the reproduction of fixed assets is the profit remaining at the disposal of the enterprise (net profit). Enterprises determine the directions for using net profit in their financial plans independently.

The fourth source of an enterprise's own funds for financing the reproduction of fixed assets is budgetary targeted allocations. If an enterprise fulfills a targeted state order, which is provided for in the state development budget, then the latter allocates targeted funding to the enterprise.

· bank loans;

· share;

Bank loans are provided to an enterprise on the basis of a loan agreement, the loan is provided on the terms of payment, urgency, repayment against collateral: guarantees, real estate pledge, pledge of other assets of the enterprise.

Many enterprises, regardless of their form of ownership, are created with very limited capital. This practically does not allow them to fully carry out statutory activities at their own expense and leads to their involvement in the turnover of significant credit resources.

Not only large investment projects are credited, but also costs for current activities: reconstruction, expansion, reorganization of production facilities, purchase of leased property by the team and other events.

The source of financing for the reproduction of fixed assets is also borrowed funds from other enterprises, which are provided to the enterprise on a reimbursable or gratuitous basis with strategic interest. Loans to enterprises can also be provided by individual investors (individuals).

Other sources of financing the reproduction of fixed assets are budgetary allocations on a repayable basis from federal and local budgets, as well as from industry and intersectoral trust funds.

The issue of choosing sources of financing for capital investments must be decided taking into account many factors:

· cost of attracted capital;

· efficiency of return from it;

· the ratio of equity and borrowed capital, which determines financial condition enterprises;

· the degree of risk of various sources of financing;

· economic interests of investors and lenders.

CHAPTER 2.GRADEEFFECTIVENESS OF USE OF FIXED ASSETS IN THE ENTERPRISEJSC "Promtractor"

2.1 Eeconomic characteristicsJSC "Industrial tractor»

OJSC Promtractor is one of the leaders in the production of multi-profile industrial tractors and occupies a stable position in the tractor equipment market, characterized by stable growing demand.

Main activities

1 Production of machinery and equipment for mining and construction;

2 Tool production;

3 Metal processing and metal coating;

4 Processing of metal products using basic technological processes mechanical engineering;

5 Technical testing, research and certification;

6 Production of parts and accessories for automobiles and their engines;

7 Wholesale waste and scrap;

8 Other wholesale trade;

9 Providing installation, repair, maintenance and rewinding of electric motors, generators and transformers;

10 Production of technological equipment;

11 Conducting investigations and security;

12 Production of finishing works;

13 Project development industrial production related to mechanical engineering;

14 Training and advanced training of workers and other workers;

The main consumers are enterprises in the following industries:

oil production and oil refining,

construction,

gold mining,

road and industrial construction,

forest industry,

attachment factories.

Mission of JSC Promtractor

Solving consumer problems for equipment and maintenance life cycle wheeled and tracked vehicles and technological complexes for soil development, movement of bulk materials, pipeline construction and logging.

Economic indicators for 2007 indicate the dynamic development of the enterprise.

In 2007, compared to 2006, the following changes occurred: sales revenue increased by 1,702,631 thousand rubles and amounted to 6,935,497 thousand rubles, an increase of 32.54%. There was also an increase in the cost of goods sold by 1,437,046 thousand rubles, which is a percentage of 36.72%. Gross income increased by 265,585 thousand rubles. and amounted to 1,584,475 thousand rubles, an increase of 20.14%.

Sales profit in 2007 increased compared to 2006 by 224 585 year thousand rubles or by 25.459%., and in 2007. net profit amounted to 579 945 thousand rubles, which is 26.46% more for the same period in 2006.

The average annual cost of fixed assets increased by 223,304 rubles. and amounted to 1,485,845 thousand rubles. Capital productivity increased by 53 kopecks. and amounted to 4.67 rubles. Capital intensity in the reporting year decreased by 12 kopecks. Equity return increased to 0.03 rubles, the increase amounted to 0.39 rubles.

Costs per 1 rub. marketable products amounted to in 2007. 82.2 kopecks versus 81.3 kopecks. in 2006

Return on sales indicators are decreasing in 2007 compared to 2006. at 5.33.

In 2007, return on equity was 20.1%.

In 2007 Revenue from sales of products, goods and services increased compared to 2006. by 32.5%, including 181 more earthmoving and road machines sold. or by 28.9% in value terms. The largest share of sales in the total volume of tractor equipment is reserved for bulldozer-ripper equipment of traction class 11 - 18.3%, as well as class 35 - 16.6%. The volume of sales of spare parts increased by 35.9% or by 116.4 million rubles.

In 2007, 970 units were sold. tractor equipment in the amount of 5,195.3 million rubles. excluding VAT, which is 7 units more than planned.

Fig.2 Structure of product sales in 2007

Fig.2 Structure of product sales in 2006

The increase in the share of sales volumes through cooperation from 1% in 2006 to 4% in 2007 in the total volume of product sales was caused by the configuration of tractors T-9.01 (JSC VgTZ) and PK-60.01 (JSC KMZ), transferred from 01/01/07 into production at the Concern's enterprises.

Table 1

Sales by type of tractor equipment in 2006-2007.

Based on sales results in 2007, the share of bulldozers in total sales increased from 65.1% in 2006 to 69.9%, the share of sales of pipe-laying cranes decreased to 29.4% (31.4% in 2006), loaders - up to 0.7% (3.5% in 2006).

The shipment of tractor equipment in 2007 was mainly carried out through the sales company OJSC CHETRA-PM (91.0% of total sales of tractor equipment).

Table 2

Personnel, labor and wages 2006-2007

In 2007, Promtractor OJSC revised organizational structure, as a result of which the Foundry Plant was annexed in May, SKB in September, while TsKhORiB was removed from the OJSC structure in September. The average number of all personnel in 2007 decreased by 33 people, while the number of main workers increased by 314 people. or by 13.9%. In this regard, the personnel structure has changed: the share of core workers is growing, the share of auxiliary workers is falling. The task is set to bring the structure of the employed to general industrial standards: the main share is the main workers, the share of managers, specialists and employees should not exceed 25%.

Posted on http://www.allbest.ru/

Fig.3 Personnel structure 2006-2007

The average salary of all personnel for 2007 increased by 2512.0 rubles. (by 35.4%) and amounted to an average of 9608.5 rubles for the year, the rate of wage growth exceeded the consumer price growth index. The average salary is 2.7 times the subsistence minimum (for working population) by region.

The excess of the growth rate of the average monthly salary of auxiliary workers (43.3%) over the growth rate of the wage fund (32.3%) is due to a decrease in the number of personnel: the number of auxiliary workers decreased by 193 people.

Average monthly labor productivity industrially - production staff amounted to 73,226 rubles. (135.3% compared to 2006), the average monthly salary per 1 PPP amounted to 9771.5 rubles. (135.2% compared to 2006). The average monthly productivity of 1 main worker was 200,434 rubles. (119.1% compared to 2006) and wages - 11,540.5 rubles. (138.7% compared to 2006) There is an excess of growth in average wages over growth in labor productivity, which is justified by an increase tariff rates, salaries in connection with the change in the minimum wage in Russia, the merger of SKB with Promtractor OJSC from September 1, 2007.

Work is being carried out to improve the organization of labor of production workers, organizational and technical measures are being introduced aimed at reducing labor costs, ensuring a reduction in production costs.

In order to identify reserves of working time, increase the efficiency of use labor resources and quality checks of current labor standards are regularly carried out. During 2007, 659 time recordings and 357 full-day photographs of the working day were taken. The results of the FDD were communicated to department heads for the development of measures to reduce working time losses.

Due to the change minimum size remuneration in Russia was revised and put into effect on September 1, 2007, a new “Regulation on remuneration and standardization of labor of employees of OJSC Promtractor”, which ensures the accrual of earnings to the employee in accordance with the quantity and quality of his work, the results of the employee’s work and maximum dimensions does not limit him.

In order to have a material interest in constantly increasing the volume of output, the provisions on the motivation of remuneration of shop managers and their deputies, line personnel involved in the manufacture of tractor products, auxiliary workers involved in equipment repair, crane operators, and other categories of personnel were revised and updated.

OJSC Promtractor has developed close partnerships with a number of largest commercial banks, including Sberbank, Vneshtorgbank, Rosbank. Relations with them are built on a mutually beneficial basis. OJSC Promtractor has a positive credit history with all credit institutions that have ever financed the activities of the enterprise.

In the reporting period as a whole, Promtractor OJSC significantly increased the cost of attracted credit resources. The volume of attracted credit resources depends on the efficiency of the enterprise as a whole and the possibility of securing them with both movable and immovable property. If there is a lack of collateral, it is possible to use alternative sources attracting financial resources, such as bond issue, issue of bills, etc.

Table 3.

Accounts payable for the first quarter of 2006-2007

IN in absolute terms accounts payable for the first quarter 2007 is 3,745,943, which is 628,593 thousand rubles. more than in the first quarter 2006

In the first quarter 2007 compared to the first quarter. In 2006, the following changes occurred: the amount of loans increased by 306,205 thousand rubles. and amounted to 2,624,201 thousand rubles, an increase of 13.21%. There was also an increase in accounts payable to the organization’s personnel by 5,786 thousand rubles, which is a percentage of 17.80%. Loans for Q1 2007 decreased by 62,031 thousand. rubles, there was also a decrease in accounts payable to suppliers and contractors by 25,453 thousand rubles.

Budget loans and budget funds in 2006-2007 not provided.

2.2 Aanalysiscomposition and structure of fixed assetsJSC "Promtractor"

Analysis of the material and technical base usually begins with the study and assessment of the composition and structure of production fixed assets.

Let's study the composition and structure of production and non-production fixed assets of Promtractor OJSC, compiling tables.

Analysis of the structure and composition of fixed assets of Promtractor OJSC, 2007. shows that the largest share in the structure of the organization's fixed assets is occupied by machinery and equipment. Their share at the beginning and end of 2007 was 60.87 and 61.14%, respectively. Machinery and equipment were received in the amount of 362,795 thousand rubles, and left - 124,979 thousand rubles. The second largest group of fixed assets is Buildings. Their share at the beginning and end of 2007 was 25.13 and 26.0%, respectively. The smallest share is occupied by other types of fixed assets 0.04%.

Fig.4. Structure of fixed assets at Promtaktor OJSC at the beginning of 2006.

2.3 Gradeefficiency of use of fixed assets of JSC Promtractor

To assess the movement of fixed assets and their impact on trade and production processes, the following indicators are determined:

Table 4

Cost of fixed assets of Promtractor OJSC 2006-2007, thousand rubles.

Table 5

Analysis of the movement and composition of fixed assets for 2006-2007, in%

According to the coefficient of physical wear and tear, the fixed assets of Promtractor OJSC are almost half worn out and require immediate renewal.

Despite the fact that in 2006-2007. the renewal rates were 20.87% and 25.22%, respectively; physical wear and tear is still great.

The retirement ratio indicates that fixed assets have been disposed of. As we can see, the level of retired fixed assets is very low. The highest level of disposal was in 2007 (11.77%). The level of those put into operation significantly exceeds the level of retired fixed assets.

The growth rate of fixed assets was the highest in 2007 and amounted to 11621%; in 2006, the growth of fixed assets was 118.96%.

The use (consumption) of fixed assets is characterized by indicators of capital productivity, capital intensity, capital profitability, capital productivity.

Currently, capital productivity is used as the main performance indicator. This indicator is calculated as the ratio of revenue to average annual cost fixed assets, i.e. according to the formula

The level and dynamics of capital productivity are influenced by various factors:

* change in the structure of fixed assets,

* change in the degree of use of fixed assets under the influence of extensive and intensive factors.

When calculating capital productivity, along with own fixed assets, leased assets are also taken into account; fixed assets that are on conservation, in reserve and leased to other business entities are not taken into account.

An increase in capital productivity leads to relative savings use of fixed assets and increase in trade turnover.

Along with capital productivity in analytical work the capital intensity indicator is used. Capital intensity is measured by the ratio of the average annual amount of fixed assets to revenue. Capital intensity is an indicator inverse to capital productivity.

Capital productivity and capital intensity are general indicators of the use of fixed assets.

The magnitude and dynamics of capital productivity and capital intensity are influenced by various factors, dependent and independent of the enterprise. The amount of capital productivity depends on the volume of turnover, the share of high-quality and new equipment in the total cost of fixed assets.

The capital-labor ratio is calculated by dividing the average annual cost of fixed assets by the average annual number of workers employed in the economy (industry), i.e.

Capital return is the ratio of profit to the average annual cost of fixed assets, i.e.

Table 6

Analysis of the efficiency of using fixed assets of Promtractor LLC for 2006-2007.

Calculations made:

1. Capital productivity of fixed assets in 2006:

522866/1262505 = 4 rubles. 14 kopecks

2. Capital intensity of fixed assets in 2006:

1262505 / 5262866 = 0.24 rub. = 24 kopecks

3. Capital return on fixed assets in 2006:

458604 / 1262505 = 0.36 rubles = 36 kopecks.

4. Capital-labor ratio:

1262505/7347 = 171.84 rubles/person.

From the data in Table 10 it is clear that capital productivity in 2007 compared to 2006 increased by 0.53 rubles or 12.80%. The capital intensity in 2007 was 0.12 rubles. and decreased compared to 2006 by 0.12 rubles. Fund return in 2007 increased by 0.03 rubles.

General indicators for assessing the provision of enterprises with production fixed assets are the capital-labor ratio. An increase in the capital-labor ratio leads to an increase in labor productivity. In 2007 it was 203.15.

CHAPTER 3.THE ROLE OF PROFIT ANDAMORTIZATION CHARGES IN FINANCING FIXED ASSETS

The most reliable are your own sources of investment financing. Main own sources financing investments in any commercial organization are net profit and depreciation charges.

The main goal of an enterprise in market conditions is to obtain maximum profit. She is the main one financial result activities of the enterprise.

The purpose of depreciation is to ensure the reproduction of fixed production assets and intangible assets. Depreciation charges are a sustainable source of financial resources. Depreciation deductions are made only until the book value of the assets is completely transferred to the cost of products (works, services) and distribution costs. Depreciation charges can be calculated using the straight-line or accelerated methods. IN Russian Federation The straight-line depreciation method is mainly used. With the straight-line method, depreciation is calculated according to uniform depreciation rates established as a percentage of the original cost of fixed assets. Depreciation rates may be adjusted depending on deviations from the standard conditions for the use of fixed assets.

Balance sheet profit at an enterprise consists of profit received from the sale of products (works, services), profit from the sale of the enterprise's property, income received from non-operating operations minus expenses associated with non-operating operations.

Gross profit is the taxable base for calculating income tax. The company is interested in the profit that remains at its disposal, i.e. net profit, which is defined as book profit minus taxes and other mandatory payments paid from profits.

Profits should be directed to the development of the enterprise if the level of technical development of the enterprise is low, which is a brake on the production of competitive products and a possible cause of bankruptcy of the enterprise. The distribution of profit at the enterprise must be justified in economic and social terms. Profit must contribute to the implementation of the long-term development plan of the enterprise. The use of profit as a source of financing real investments aimed at expansion, reconstruction and technical re-equipment of the enterprise has a positive aspect for the enterprise in the sense that this profit is not subject to income tax under existing tax legislation. This benefit cannot reduce the actual amount of income tax (calculated before deducting benefits) by more than 50%. But even in this case, the enterprise receives a significant income tax benefit. Depreciation charges are also the main source of reproduction of fixed assets. Depreciation is the process of transferring the value of fixed assets to manufactured products during their standard service life.

Depreciation deductions are designed to ensure not only simple, but also, to a certain extent, expanded reproduction. In developed countries of the world, depreciation charges up to 70-80% cover the investment needs of enterprises.

The advantage of depreciation charges as a source of investment compared to others is that, regardless of the financial situation of the enterprise, this source exists and always remains at the disposal of the enterprise.

Due to the fact that depreciation charges acquire their own form of existence and movement and cease to be an expression of physical depreciation of fixed capital, the boundaries between the depreciation fund and net income, compensation and accumulation funds are blurred. Thus expands and becomes more stable financial base investing. Consequently, depreciation charges become important tool regulation of investment activities of an enterprise (firm).

Depreciation charges at the enterprise should be used to finance real business activities, namely:

To purchase new equipment to replace retired equipment;

For mechanization and automation of production processes;

To carry out research and development work;

To modernize and update manufactured products in order to ensure their competitiveness;

For reconstruction, technical re-equipment and expansion of production;

For new construction.

Unfortunately, in many enterprises depreciation charges are used for completely different purposes that are not typical for their economic purpose, in particular, for replenishing working capital. For more effective use depreciation charges as investment resources at enterprises, it is necessary to pursue a depreciation policy, which includes: a policy of reproduction of fixed assets, improving methods for calculating depreciation charges, choosing priority areas for the use of depreciation charges.

CONCLUSION

Summing up the course work done, we can state that fixed assets are one of the most important factors influencing the development of the financial and economic activities of an enterprise. The condition, development and efficiency of use of the enterprise's fixed assets have a great influence on the implementation of the plan and the dynamics of turnover.

Fixed assets are an important economic potential of Promtractor OJSC. Their condition predetermines both the prerequisites for economic growth and the level of competitiveness of production.

The ability of the economy of any market entity to stabilize and economic growth depends on competent accounting and analysis of fixed assets.

Fixed assets include tools of labor used in the process of producing products, performing work and providing services, or for managing an organization, during a useful life of more than 12 months.

Sources of financing for the reproduction of fixed assets are divided into: own and borrowed.

The sources of the enterprise’s own funds for financing the reproduction of fixed assets include:

· depreciation;

· depreciation of intangible assets;

profit remaining at the disposal of the enterprise,

· budgetary target allocations,

· issue of shares.

Borrowed sources of financing the reproduction of fixed assets include:

· bank loans;

· borrowed funds from other enterprises and organizations;

· share;

· funding from the budget on a repayable basis;

· financing from extra-budgetary funds.

The economic analysis carried out allows us to conclude that at Promtractor OJSC the largest share in the structure of fixed assets at the beginning and end of 2007 is occupied by machinery and equipment (60.87 and 61.14%). The specific gravity of the building is 60.87 and 61.14%.

Despite the fact that in 2006-2007. the renewal coefficients were 0.21 and 0.25, respectively; physical wear and tear is still great.

According to the physical wear and tear coefficient, the fixed assets of Khimprom OJSC are almost half worn out and require immediate renewal. Depreciation of fixed assets of JSC Khimprom is currently 0.55 and 0.58.

The level of disposal of fixed assets is very low. The highest level of disposal was in 2007. The level of those put into operation significantly exceeds the level of retired fixed assets.

The growth rate of fixed assets was highest in 2007 and amounted to 1.19%; in 2006, the growth of fixed assets was 1.16%.

As we can see, the organization is experiencing a downward trend in the growth of fixed assets.

That capital productivity in 2007 compared to 2006 increased by 0.53 rubles or 12.80%. The capital intensity in 2007 was 0.12 rubles. and decreased compared to 2006 by 0.12 rubles. Fund return in 2007 increased by 0.03 rubles.

In absolute terms, accounts payable in the first quarter. 2007 is 3,745,943, which is 628,593 thousand rubles. more than in the first quarter 2006

In the first quarter 2007 compared to the first quarter. In 2006, the following changes occurred: the amount of loans increased by 306,205 thousand rubles. and amounted to 2,624,201 thousand rubles, an increase of 13.21%. Budget loans and budget funds in 2006-2007 not provided.

The introduction of full automation of accounting and analysis of fixed assets will lead to a reduction in the time for processing information on accounting and analysis of fixed assets, thereby reducing labor costs.

Summing up the course work done, we can state that the use of fixed assets at Promtractor OJSC can be done with even greater impact and high efficiency, but this requires literacy management decisions adopted by the management of the joint-stock company.

LIST OF REFERENCES USED:

1. Abryutina M.S. Enterprise economy. textbook. - M.: publishing house “Business and Service”. 2007. - 528 p.

2. Analysis of the financial and economic activities of an organization: textbook / ed. Makarieva V.I. - M.:INFRA-M., 2007. - 601 p.

3. Basovsky L.E. Comprehensive economic analysis of economic activity: Textbook. allowance. M.: publishing house "Delo and Service", 2008. - 528 p.

4. Bukhalkov M.I. Enterprise planning: Textbook - 3rd ed., revised. and additional - M.: INFRA - M, 2006 - 416 p.

5. Kovalev V.V. The financial analysis: methods and procedures. - Spanish and additional - M.: Finance and Statistics, 2008. - 5620 p.

6. Kovalev V.V., Volkova O.N. Analysis of the economic activity of the enterprise. - M.: PBOYUL Grizhenko E.M.. 2007 - 424 p.

7. Savitskaya G.V. Economic analysis activities of the enterprise: textbook - 3rd ed., rev. and additional - M.: INFRA-M, 2006.- 500 p.

8. Selezneva N.N. Financial management: Textbook. allowance. - M.: Finance and Statistics, 2008. - 496 p.

9. Organizational finances: tutorial for universities in the specialties “Finance and Credit”, “ World economy» / A.N. Gavrilova, A.A. Popova - ed. 2nd, - M.: KnoRus, 2008. - 536 p.

10. Shulyak P.N. Enterprise finance: textbook. - 2nd ed. - M: Publishing House "Dashkov and K", 2008. - 752 p.

11. Economics of an organization (enterprise): textbook / ed. prof. B.N. Chernysheva, prof. Gorfinkel. - M.: university textbook, 2008. - 536 p.

12. Economic analysis and fundamentals of financial management: Textbook. manual / author: L.P. Kurakov, E.N. Ryabinina, M.P. Vladimirovna, V.L. Kurakov. - M.: university and school, 2007 - 310 p.

Posted on Allbest.ru

Similar documents

Concept and classification of sources of financing for business activities. Studying the features of managing funding sources using the example of the Lentrans company. Research of main methods of attraction borrowed money In the organisation.

course work, added 12/20/2010


Classification and structure of fixed assets in construction. Ways to increase the efficiency of their use. Organization of accounting of fixed assets. Analysis of the composition and use of fixed assets. Reserves for growth in the volume of construction and installation work.

graduate work, added 03/14/2008


Composition, structure and classification of working capital of an enterprise. Sources of formation of working capital. Principles of working capital management. Methods for rationing working capital. Analysis of the use of working capital of the enterprise.

course work, added 10/29/2006


Economic condition Krasnodonsky dairy plant. Range of manufactured products. Composition and dynamics of the structure of fixed assets, cash flow. New forms of production and economic relations in production. Marketing service.

practice report, added 03/21/2009


course work, added 07/01/2014


Characteristics of fixed assets and working capital of the enterprise. Personnel composition divisions, their number and structure. Analysis of the dynamics of economic performance indicators. Functions and organizational structure of the economic planning department.

practice report, added 01/08/2016


thesis, added 00.00.0000


The essence of current assets, their composition and structure, sources of funds and their rationing. Analysis of the main economic indicators of the activities of OAO Gazprom. Proposal of ways to optimize the management of current assets of a given enterprise.

course work, added 00.00.0000


The essence of current assets, their composition and structure, sources of funds and their rationing. Analysis of the main economic indicators of the activities of OAO Gazprom. Proposal of ways to optimize the management of current assets of a given enterprise.

thesis, added 06/26/2015


Fixed assets: composition, structure, accounting and evaluation. Basic provisions governing the process of calculating depreciation charges. "Negative" signs of fixed assets. Improvement practical application methods of calculating depreciation.

home » Loans » Sources of financing for the expanded reproduction of fixed assets. Receipt of foreign investments into Russia by type. Direct investments: their composition and structure