The value of assets and liabilities (cash in hand, bank balances, vouchers, financial assets, cash in hand, including loan commitments, with legal and natural persons, fixed assets, intangible assets, inventories and other assets and liabilities of the Company) denominated in foreign currency for accounting and financial reporting purposes are translated into roubles.
Assets and liabilities denominated in foreign currency are translated into roubles at the exchange rate of the Central Bank of the Russian Federation for that foreign currency against the rouble.
For accounting purposes, assets and liabilities are translated into rubles at the exchange rate of the Central Bank of the Russian Federation to the foreign currency on the date of the transaction.
The recalculation of the cost of money in the cash of the enterprise, funds in accounts with credit institutions, money and payment receipts, short-term securities, funds in settlement payments (including loan obligations) with legal entities and natural persons, balances of funds of target financing from the budget or foreign sources within the framework of technical or other assistance of the Russian Federation in accordance with the concluded agreements (contracts) expressed in foreign currency, in rubles, should take place on the day of the transaction in.
The recalculation of cash prices in the cash of the enterprise and of funds in the accounts of credit institutions expressed in foreign currency may be carried out additionally, as the exchange rates of foreign currencies indicated by the Central Bank of the Russian Federation change.
The subject of this exchange rate work is the accounting of the external economic activity of the enterprise.
Subject - Recalculation of the value of assets and liabilities in foreign currency.
The purpose of the work is to find out the principles of the organization of book keeping of the foreign economic activity of the enterprise.
Tasks:
To consider the particularities of the accounting of the external economic activity of the enterprise.
Clarification of the system for the conversion of assets and liabilities expressed in foreign currency.
1. features of the organization of book keeping of external economic activity of the organization
1.1 Accounting for external transactions
The accounting of external economic activity has its own peculiarities, without whose knowledge it is impossible to obtain reliable information on the external economic activity of enterprises.
Let us look at these characteristics. First, accounting of foreign economic activity is carried out on the basis of the generally accepted accounting plan (Decree of the Ministry of Finance of the Russian Federation of 31.10.2000 No. 94n, amended by Decree of the Ministry of Finance of the Russian Federation of 07.05.2003 No. 38n).
In order to reflect the external economic features of the main plan account, it is recommended to divide it into sub-accounts of the first order (three-character code) and sub-accounts of the second order (four-character code). This helps the company to organise clear control over the movement of goods and the security of export and import goods, as well as settlement with foreign partners.
Second, foreign trade transactions are accounted for simultaneously in foreign currency and rouble by converting foreign currencies at the exchange rate of the Central Bank of the Russian Federation at the time of the transaction. At the same time, it is necessary to maintain parallel accounts in the respective foreign currency in order to control the movement of the foreign currency in the accounts.
Thirdly, the existence of the concept of the "commodity king nation" is a peculiarity of the external audit. This is the most effective form of accounting for export-import deliveries. Any quantity of goods shipped under a contract is transported as a king nation to an address and issued from a transport or warehouse document. All bookings in the accounting records are made only on the basis of properly executed primary receipts.
The accounting rules for conducting transactions in foreign currency by companies (with the exception of banks and budgetary organizations) are laid down in the Accounting Ordinance Accounting of Assets and Liabilities whose Value is expressed in Foreign Currency PBU 3/2000 (Decree of the Ministry of Finance of the Russian Federation dated 10.01.2000 № 2n). Let us consider the most important points.
The Regulation contains a list of assets and liabilities denominated in foreign currency that are subject to conversion into roubles. Two categories of assets and liabilities are distinguished.
The first category comprises funds and liabilities subject to regular revaluation due to changes in exchange rates. These are cash in hand, credit balances with credit institutions, cash and payment receipts, short-term securities, receivables and payables, target financing funds obtained from the budget or from foreign sources within the framework of technical or other assistance provided by the Russian Federation in accordance with agreements reached.