Financial transactions including List of transactions related to financial services exempt from value added tax. The methodology for calculating cash flows is described below.

Features of financial transactions

To understand all the features of the financial world, you should certainly realize the features of financial transactions. What is financial transactions? This is a kind of change in all existing financial assets or liabilities, and such changes can occur in almost any sector of a particular company.

You should definitely pay attention to the fact that the types of financial transactions include transactions with gold, with special drawing rights, transactions with cash and deposit funds, as well as any other transactions that are in one way or another related to the transfer or operation of assets and liabilities. Offshore companies also have the ability to perform certain financial transactions that will be directly related to precious metals, documents, bills, shares and cash. Thus, it can be said with considerable confidence that many areas of activity, such as offshore, for example, are directly related to the financial world, and can take an active part in it.

There are a huge number of features of the financial world. For example, the features of certain financial transactions are interpreted by companies or organizations that carry out this transaction as a financial activity. In any case, many companies, one way or another, participate in operations that relate to this type of activity.

The use of offshore schemes can significantly reduce operating costs and taxes that are paid when making a profit from operations with securities or any other. Since sooner or later the issue of taxation still arises, it is necessary to contact a qualified lawyer in order to determine the possibility of using this scheme when working in financial markets. This issue must be considered at the initial stage, when it comes to possible investments in a particular project. Accounting for the cost part of the company's activities is reflected in the financial statements, which, as a rule, affect the behavior of potential investors and possible founders.

A separate issue should be considered various schemes of activity within the framework of legal obligations and legal features to the regulatory authorities. The presence of transparent and accessible reporting provides not only investor confidence, but also guarantees the preservation of assets in the event of a deterioration in the overall financial situation in the world, as it was in 2008, when many companies, including large banks, became either bankrupt or at the center of high-profile scandals related to their financial activities.

Approved by the Decree of April 29, 2013 MoF RUz No. 38, Board of the Central Bank of the Republic of Uzbekistan No. 8/1, State Tax Committee of the Republic of Uzbekistan No. 2013-15
registered by the Ministry of Justice on May 29, 2013 No. 2460

Date of update: 04.06.2013

This List defines transactions related to financial services exempt from value added tax in accordance with Article 209 of the Tax Code of the Republic of Uzbekistan (Collection of Legislation of the Republic of Uzbekistan, 2007, No. 52 (II)).

1. Operations for accrual and collection of interest on credits, loans, provision of credits, loans, issuance of surety (guarantee), including the issuance of bank guarantees, include:

accrual and collection of interest on debt obligations, as well as the provision of paid services related to the provision of any loans, credits, including lending under a leasing agreement, the provision of syndicated loans by banks included in a banking syndicate on the basis of a joint agreement between two or more banks (a syndicated loan - this is joint lending by several banks of large investment projects). These services include preparation and review of documents for execution of an agreement (including consideration of an application, assessment of creditworthiness, determination of the price (percentage) of a transaction, preparation of an agreement and its conclusion), opening of accounts and a credit line, management and servicing of debt, control of the intended use of loans and loans, post-financing and other similar operations related to servicing loans, guarantees, bank guarantees and leasing;

payment for services for the provision of a guarantee (guarantee), including a fee for the issuance of bank guarantees (guarantees), which include the issuance and cancellation of bank guarantees, avals and guarantees issued in favor of their customers and for third parties, providing for the fulfillment of obligations in cash, confirmation and modification of the terms of the guarantee (surety), payment under such a guarantee (guarantee), execution and verification of documents under the guarantee (guarantee), as well as post-financing and management of these operations.

The interest income itself, received by the lender at the rates established in the agreements and (or) associated with post-financing, as well as commission, coverage by the borrower of insurance and other related payments specified in the agreement, as well as other types of income received ( including through the use of credit lines allocated by international financial institutions and foreign banks) in connection with the provision of such services.

2. Operations for accepting deposits, opening and maintaining bank accounts of legal entities and individuals, including accounts of correspondent banks, include:

acceptance of deposits to the accounts of individuals and legal entities, transfers of amounts from deposits to deposits and their execution, transfers of deposits outside the Republic of Uzbekistan;

opening and further maintenance of bank accounts of individuals and legal entities, commercial banks, including registration and provision of a unique code to bank customers, as well as changing the regime and (or) reissuing accounts at the request of the client, storing funds, closing accounts, providing statements, certificates of making transactions on current accounts and on the status of the account and other operations related to maintaining customer accounts;

providing cashless payments with bank cards, servicing bank cards of individuals and legal entities, including international currency bank cards VISA, MASTER CARD, PRIORITY PASS, American Express and others), including opening and servicing an account, conducting all types of transactions using them ( crediting, transferring and debiting funds), issuing, reissuing, replacing, investigating the account and transactions, changing PIN codes, blocking, unblocking, authorization, transaction processing, maintenance of terminals for accepting payments by bank cards installed in other organizations, and other operations related to settlements and servicing with bank cards;

operations on deposits of correspondent banks and inter-branch deposits, provision of inter-bank deposits, provision (allocation) of resources to the bank and its branches (between branches and the parent bank);

management (management and support of transactions), consulting and information operations (search for amounts on behalf of the client, provision of statements and their duplicates, certificates, confirmations and other documents on transactions on accounts, on account status, on transactions with foreign currency, on other requests on the account and other banking transactions of the client).

Interest, as well as commissions, subscription fees and other types of income received in connection with the provision of such services are subject to exemption.

3. Operations with payments, transfers, debt obligations, checks and means of payment, collection operations include:

transfer (transfer) of funds (including using bank cards) for all existing types of settlements (including settlements in foreign currency), including payments made when issuing and repaying loans and credits, when transferring funds free of charge, as well as making any other local and foreign payments, including through specialized payment systems (for example, "Paynet", "SMS-To'lov" and others), as well as through other organizations that accept payments (utilities, processing centers and others );

payments, transfers through special international systems of interbank money transfers (for example, Western Union, Contact, Money Gram and others);

making settlements (payments) using special telecommunication banking systems: SWIFT, TELEX, REUTERS, VISA, MASTER CARD and others;

forwarding or return to the correspondent bank of documents put up for collection;

collection execution, acceptance, verification and sending of documents for export documentary collection, changing the terms of a collection order or its cancellation, all operations under documentary and other letters of credit; acceptance and guarantee-acceptance operations;

operations with checks (purchase, sale), including traveller's checks, for cash and non-cash funds, acceptance of registered and other checks for collection, advising, examination of checks;

maintenance of a sum checkbook (registration of an issued checkbook is not a sale);

services for interbank payments;

other operations with payments, transfers, checks and other means of payment and debt obligations.

Commissions, subscription fees and other types of income received in connection with the provision of such services, as well as reimbursement by customers, in accordance with the terms of the contract, of commissions charged by foreign banks and companies in an indisputable manner from the bank account for sending documents and translation services are subject to exemption. payments on behalf of clients in the implementation of international settlements.

4. Operations with national and foreign currency, except for those used for numismatic purposes, include:

conversion operations with cash and non-cash currency, which is a legal means of payment (acceptance, issuance, recalculation, exchange (foreign currency for national and vice versa, one foreign currency for another), sale, purchase, exchange, collection) and replacement of dilapidated (damaged) currency );

issuance of permits for the export of cash foreign currency; advising cash and traveller's checks;

operations for registration, registration (deregistration) and servicing of export-import contracts (verification of the correctness of the execution of the contract and its registration, including registration in the Unified Electronic Information System of Foreign Trade Operations);

control over the timely and complete receipt of export earnings to the accounts of exporting enterprises;

control over the timely implementation of the mandatory sale of foreign exchange earnings by exporting enterprises under export contracts;

operations on SPOT, SWAP transactions and other derivative financial instruments;

issuance of certificates on transactions under export-import contracts, on exchange rates, as well as other documents and certificates on operations with national and foreign currencies.

Commissions and other types of income received in connection with the provision of such services are subject to exemption.

5. Services for opening and maintaining depo accounts for securities of legal entities and individuals, including correspondent depositories, include:

registration of emissive securities; storage of emissive non-documentary securities; maintenance of registers of owners of shares and registers of owners of corporate bonds as a central registrar;

accounting of the rights of the state to the securities transferred to the bank and the depository for storage, as well as the rights to securities of persons authorized by the state to manage securities;

maintenance of correspondent accounts of depositories;

confirmation of the availability and authenticity of the securities of participants in exchange and over-the-counter trading held by the bank and the depository before putting them up for auction;

ensuring the delivery of securities held by the bank and the depository to participants in exchange and over-the-counter trading under transactions concluded at the auction;

storage of documents confirming the issue of emissive securities;

accounting of securities admitted to circulation in the territory of the Republic of Uzbekistan, issued by non-residents of the Republic of Uzbekistan, and outside the territory of the Republic of Uzbekistan of securities, issued by residents of the Republic of Uzbekistan;

accounting for rights to securities issued and owned by investment funds;

maintenance of the Unified database of depositors of depositories;

collection and systematization of information on the movement of issue-grade securities on depo accounts in depositories.

Commissions and other types of income received in connection with the provision of such services are subject to exemption.

6. Operations with securities (shares, bonds and other securities) include:

operations for the issuance, placement, storage of securities, registration of rights to securities, transfers of securities and maintenance of their registers, organization of trading in securities, with the exception of services for their manufacture, production of blank securities;

brokerage, dealer, trust, underwriting and other operations related to securities.

7. Operations for the sale of securities, shares (shares) of legal entities, individuals in the authorized capital (authorized capital) of legal entities include operations for the sale of securities, including those issued by the legal entity itself, other actions provided for by the legislation of the Republic of Uzbekistan, leading to to the change of the owner of securities (shares, bonds, promissory notes and the like), including repo transactions, as well as the sale by a legal entity of its investment assets, such as a contribution, share or share in the authorized fund (capital) of another legal entity.

8. Operations on clearing operations include:

acceptance of settlement documents from clients of the clearing house (in electronic form);

input from automated workplaces of settlement documents from magnetic media (it is also allowed to use documents on paper);

identification and control of incoming settlement documents for the presence in the database of the settlement and clearing house of the paying bank and the receiving bank;

control of the availability of the amount declared for payment on the account of the paying bank;

opening and maintenance of customer accounts of the clearing house for internal and external postings;

sorting (addressing) primary and resulting settlement documents for posting and subsequent distribution;

postings on customer accounts with the offset of mutual payments, the formation of consolidated advice notes;

recalculation of the exchange rate; provision of statements from customer accounts;

9. Operations for opening and servicing letters of credit include the issuance of letters of credit and consideration of a package of documents on letters of credit, confirmation of them to other banks.

10. Operations for the conversion of funds include conversion operations for the purchase (sale) of foreign currency on the Uzbek Republican Currency Exchange and the domestic banking market, including the consideration of applications for conversion, the issuance of supporting documents on the implementation of currency exchange operations and other certificates related with conversion.

11. Operations on the organization of exchange operations with foreign currency include:

acceptance for sending for collection of cash foreign currency and traveler's checks;

acceptance for examination of banknotes of foreign states and traveler's checks, the authenticity of which is in doubt;

exchange of large banknotes of a foreign state suitable for payment for small banknotes of the same foreign state;

replacement of damaged banknotes of a foreign state with undamaged banknotes of the same foreign state;

exchange of cash foreign currency of one foreign state for cash foreign currency of another foreign state;

purchase of traveler's checks;

other operations carried out in accordance with the permissions of the Central Bank of the Republic of Uzbekistan.

12. Cash transactions include:

acceptance, issuance, recalculation, exchange, exchange, sorting, storage, packaging of banknotes, coins and other valuables;

issuance of cash on bank cards.

13. Operations for the provision of services under a financial lease (leasing) agreement include the provision of services under a financial lease (leasing) agreement in part of the lessor's (lessor's) interest income. Interest income is a part of the rental (leasing) payment, determined as the difference between the amount of the rental (leasing) payment and the amount of compensation for the value of the leased (leasing) object.

14. Forfaiting and factoring operations include consideration of a package of documents, management (management and support of transactions), consulting and information operations (provision of statements and their duplicates, certificates, confirmations and other documents on transactions on accounts and others).

Commissions, discounts and other types of income received in connection with the provision of such services are subject to exemption.

15. Pawnshop operations include the preparation and consideration of documents for drawing up an agreement on pawnshop operations (including consideration of an application, assessment of creditworthiness, determination of the price (percentage) of an operation, preparation of an agreement and its conclusion), opening of accounts, management and servicing of debt.

The interest income itself, received by the lender at the rates established in the agreements, as well as commission, coverage by the borrower of insurance and other related payments specified in the agreement, are subject to release directly.

16. Operations for the turnover of funds of the accumulative pension system include:

registration of citizens in the accumulative pension system; collection of information on periods of work (and on changes affecting the fulfillment of the bank's obligations to the recipient of accumulative pension payments) and the amount of payment of contributions to an individual accumulative pension account for the period of work after registration;

information support for the process of establishing and adjusting the amount of funded pension payments;

placement of funds of the accumulative pension system as investment and credit resources, as well as in financial instruments.

17. Services for electronic remote maintenance of customer accounts provided by banks (systems "Internet banking", "mobile banking", "SMS banking", "bank-client" and others).

"Collection of Legislation of the Republic of Uzbekistan", No. 22, 2013

" № 7/2011

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

Small businesses do not need to report

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

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

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

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

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

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

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

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

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

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

Reflection of cash equivalents

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

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

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

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

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

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

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

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

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

Identification of cash flows from cash equivalents

Reflection in the cash flow statement

Line code in the reporting form

Received payment for the construction work performed by interest-bearing bills of the Savings Bank of Russia, payable at sight

Receipt of cash equivalents

As payment to the subcontractor, bills of Sberbank of Russia were transferred with maturities:

a) up to three months

b) more than three months

Disposal of cash equivalents

Such securities are not cash equivalents and are not reflected in the Report (in accordance with the decision enshrined in the accounting policy)

Funds are transferred to a bank deposit on demand

The transfer of funds into cash equivalents is not reflected in the Report

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

Current, investment and financial operations

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

Types of cash flows

Classification of activities in relation to cash flows

Characteristics of operations that generate cash flow

Current activity

Transactions related to the ordinary activities of the company generating revenue

Investment activities

Operations related to the acquisition, creation or disposal of non-current assets

Financial activities

Operations related to raising financing on a debt or equity basis, leading to a change in the size and structure of the capital and borrowings of the company

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

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

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

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

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

Although the new Russian standard complies with IFRS, its practical application will be very laborious. For example, PBU 23/2011 prescribes to distribute the income tax paid in the total amount into parts related to current, investment and financial activities. The same approach is applied to other payments that give rise to various types of cash flows (subparagraph “e”, paragraph 9, paragraph 13 of PBU 23/2011).

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

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

Cash flow information

Cash flow

Information usefulness for users of financial statements

For current operations

Shows the amount of money that:

- necessary to maintain the company's activities at the level of existing production volumes;

- can be withdrawn from current activities and used to repay loans, pay dividends, make new investments

For investment transactions

Shows the level of expenses of the company for the acquisition or creation of non-current assets that provide cash receipts in the future

For financial transactions

Provides a basis for planning settlements with lenders and owners of the company, as well as future needs for raising debt and equity financing

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

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

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

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

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

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

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

Explanations to the cash flow statement

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

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

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

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

– about curtailed flows;

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

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

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

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

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

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

Important to remember

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

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

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

Consolidation (unification) of debt

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

Example 1

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

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

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

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

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

_____________________

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

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

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

Example 2

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

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

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

____________________

Changing the terms of the contract

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

Example 3

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

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

Then the total amount of payments will be equal to:

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

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

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Note!

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

Estimating the Market Value of Debt

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

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

S 1 = S 2 ,

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

i r is the market interest rate for the year.

From here we finally get:

i r= 12×( S 2 / S 1 - 1) / m.

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

Example 4

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

Find the market interest rate:

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

or exactly 24% per year.

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

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Assignment (assignment) of rights to claim debt

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

Example 5

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

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

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

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

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Interest accrual m once a year

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

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

S = P×(1+ i / m)N,

where i- annual interest rate

m- the number of interest accruals per year;

N — the total number of accrual periods.

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

N = m × n= 4 × 5 = 20 times.

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

q = (1 + i / m)N.

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

Example 6

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

To make the right choice, we first calculate the amount of income accrual using the compound interest formula for the first option:

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

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

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

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

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Purchase and sale of bills

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

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

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

D 1 = N × d × t / 360,

where N- face value of the bill;

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

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

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

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

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

D 2 = -P + N× (1 - d × t / 360),

where P- the purchase price of the bill.

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

Example 7

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

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

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

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

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

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

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

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

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

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

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Note!

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

Example 8

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

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

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

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

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

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

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

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

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

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Income from stocks and bonds

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

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

Note!

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

Example 9

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

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

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

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

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

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

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

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

850 + 0 + X = 510,

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

X\u003d 510 + 850 \u003d 1360 rubles.

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

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Currency conversion

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

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

Hard currency → Rubles → Ruble deposit → Hard currency.

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

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

Sv 1 = Pv × K 0 × × 1 / K 1 ,

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

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

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

m— term of the deposit in months;

i— accrual rate for ruble deposits.

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

Hard currency → Deposit in hard currency.

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

Sv 2 = Pv × ,

where j— interest rate for a foreign currency deposit.

Example 10

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

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

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

for a deposit in foreign currency (dollars):

Sv 2 = 2000 × = 2000 × 1.06 = $2120

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

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Note!

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

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

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

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

S r 1 = P r× 1 / K 0 × × K 1 ,

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

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

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

Ruble → Ruble deposit.

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

S r 2 = P r × .

Example 11

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

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

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

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

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

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

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Note!

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

conclusions

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

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

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

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

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

2. Financial transactions

Financing the activities of the enterprise can be carried out by issuing shares, bonded loans and obtaining loans.

In the practice of finance under market conditions, other examples are known that are used alone or in combination with the issue of basic securities.

Financial support of entrepreneurial activity is accompanied, as a rule, by the use of borrowed capital.

Lending has two varieties: lending to the activities of an economic entity in the form of direct issuance of cash loans (financial credit); lending as a kind of settlements with installment payments.

Loans, depending on the collateral, are blank, that is, without collateral, and with collateral. Loans with collateral are divided into bills of exchange (purchase or pledge of a bill), commodity, stock (secured by securities), mortgage (secured by real estate).

By the nature of repayment, loans are repaid in a lump sum and in installments.

According to the scope and types of borrowers, a financial loan is divided into two types: an interbank loan, in which the bank acts as a borrower; commercial loan, i.e. a loan for commercial purposes, in which the borrower is an enterprise, partnership, joint-stock company, etc.

Loans are mainly issued by banks, although they can also be provided by business entities with free cash.

The latter include insurance companies, investment funds, sales companies, trust companies, etc.

The loan agreement regulates the procedure for lending, registration and repayment of loans. To obtain a loan, the borrower submits an application and other necessary documents to the bank (i.e., the lender).

The application specifies the purpose of the loan, the amount and maturity of the loan.

The composition of other documents is established directly by the creditor bank. These necessarily include constituent documents, a card with samples of signatures and seals, a balance sheet.

Each creditor bank has its own requirements for the financial condition of the borrowing bank.

Practice shows that it is difficult to get an interbank loan if the borrowing bank has an authorized capital of less than 100 million rubles.

A loan is issued, as a rule, for an amount not exceeding half of the authorized capital and not more than 5% of the balance sheet currency of the borrowing bank, less often - for the amount of the authorized capital.

The most “simple” is to get a loan secured by a bank guarantee or a foreign currency pledge; some lenders issue a loan secured by cars, office equipment or real estate.

Under the guarantees of insurance companies, it is more difficult to get a loan, only small amounts are issued (no more than 50-100 million rubles), while the requirements for the borrower, his financial condition and the quality of the commercial project are significantly increased.

It is extremely difficult to get a loan for commercial purposes if the borrower has a “zero” balance sheet (minimum authorized capital and no performance results).

Upon receipt of all documents from borrowers, the creditor bank checks the creditworthiness and solvency of the borrower and the guarantor, assesses the ability of the borrower to repay the loan and interest on it in a timely manner.

Each creditor bank has its own methodology for assessing the borrower's creditworthiness, which is its trade secret.

After assessing the creditworthiness of the borrower and the profitability of the credit operation, the bank concludes loan agreements (loan agreement) with the borrower.

The loan agreement specifies the type of loan, the amount and repayment period, the calculation of interest and commission fees of the bank, the costs associated with the issuance of the loan, the type of loan security, the form of the loan.

An important condition for issuing a loan is its security. Loan collateral is inventory, real estate, securities, production costs and upcoming output, which serve as a pledge for creditors to fully and timely repay the loan received by the debtor and pay accrued interest.

Bank loans can be issued both in rubles and in foreign currency, and on commercial terms with the accrual of increased interest for the part of the loan outstanding on time.

The loan fee is charged at the rates prevailing in the money market for short-term loans and in the capital market for long-term loans.

Interest rates on loans are usually determined by the bank as negotiable by agreement with the borrower; they are established for the period stipulated by the loan agreement.

The following methods of collecting interest can be applied: interest is withheld at the time of the loan, at the time of repayment of the loan, or in equal installments throughout the life of the loan.

The essence of interest payments is as follows. The owner of capital, lending it for a certain time, expects to improve the income from this transaction. The amount of expected income depends on three factors: the amount of capital provided on credit, the period for which the loan is granted, and the amount of loan interest, or, in other words, the interest rate.

The interest rate characterizes the profitability of a credit transaction.

It shows what proportion of the loan amount will be returned in the form of income.

Forms of granting a loan to a borrower can be different, the most common are the following: term loans, contract credit, on-call credit.

urgent loan is a common form of credit. The bank transfers the loan amount to the borrower's current account. At the end of the term, the loan is repaid.

The bank opens a special loan account for the borrower.

Current account(Italian conto corrente - “current account”) - a single account that reflects all bank transactions with a client.

The main types of credit as a variety of settlements (settlements with installment payment) are:

1) corporate loan;

2) bill of exchange (accounting) credit;

3) factoring.

When making payments for export-import transactions, such forms of credit are used as:

1) forfeiting;

2) credit on an open account;

3) overdraft.

Commercial (company) loan- This is a traditional form of lending, in which the supplier (seller) gives credit to the buyer in the form of a deferred payment.

A kind of commercial loan is a buyer's advance, which is paid to the supplier (seller) after signing the contract.

Bill (account) credit directly related to the acts of purchase and sale of goods.

The bill is a security, so its successful use is associated with the functioning of the capital market, credit policy.

With the help of promissory notes, it is possible to make settlements between brokers on purchase and sale transactions on exchanges.

Factoring(English factor - "intermediary") - a kind of trading and commission transaction related to lending to working capital.

Factoring is the collection of receivables from the buyer and is a specific type of short-term lending and intermediary activities. Factoring includes:

1) collection (collection) of the buyer's receivables;

2) granting him a short-term loan;

3) release it from credit risks on operations. The main purpose of factoring is the immediate receipt of funds or within the period specified in the contract.

Forfeiting(French a forfai - “entirely, in the total amount”) is a form of export crediting, which is carried out by a bank or a financial company by purchasing bills of exchange and other debt claims for foreign trade operations without turnover on the seller.

Forfeiting occurs when deliveries of machinery, equipment for large amounts with a long installment plan (up to 7 years).

The forfeiting mechanism is as follows. For-fetor (bank or financial company) purchases a promissory note from the exporter at a certain discount, that is, minus the entire amount of interest.

The size of the discount depends on many factors: market interest rates in a given currency, the solvency of the importer, the term of the loan.

Forfetor can resell bills of exchange purchased from the exporter in the secondary market.

A credit on an open account in export-import transactions also means settlements on an open account. These loans are provided in the calculation between regular partners (counterparties), especially in case of multiple deliveries of similar goods.

When granting loans or making settlements on an open account, the seller delivers the goods to the buyer and sends him documents of title. After that, the amount of the debt is attributed to the debit of the account opened by him in the name of the buyer.

Within the terms specified in the contract, the buyer repays his debt on an open account.

Overdraft (English overdraft) is a negative balance on the current account of a bank client. An overdraft is a form of short-term loan, the provision of which occurs by debiting the bank's funds from the client's account in excess of its balance.

As a result, a negative balance is formed, i.e., the client's debt to the bank.

The Bank and the client enter into an agreement between themselves on the maximum amount of the overdraft, on the conditions for granting a loan, the procedure for its repayment, and the amount of interest for the loan.

In case of an overdraft, all amounts credited to the current account of the client are sent to repay the debt. As a result, the amount of the loan changes as funds are received, which is what distinguishes an overdraft from a regular loan.

In the Russian Federation, banks almost do not provide overdraft facilities.

Abroad, it is used quite widely.

Pledge

Pledge transactions are widespread in economic practice. Pledged transactions are regulated by the Federal Law of May 29, 1992 No. 2872-1 “On Pledge”.

Pledge operations are based on the following main provisions:

1) the pledge right to the property passes along with it to any new acquirer of this property;

2) only certain property of the debtor is a guarantee of fulfillment of the requirements of the creditor-mortgagee;

3) the creditor-mortgagee shall have the right, in the event of default by the debtor, to receive satisfaction at the expense of the pledged property preferentially over other creditors;

4) pledge is allowed in relation to both movable and immovable property (mortgage). The subject of pledge may also be property rights.

Forms of settlements with suppliers, budget, buyers

The main forms of calculation are as follows.

Credit card- a payment and settlement document issued by banks to their depositors to pay for the goods and services they purchase.

Debit cards- This is a payment and settlement document issued by banks to their depositors to pay for the goods, services they purchase or to receive cash from ATMs.

Unlike credit cards, debit cards have an encoded amount in the cardholder's account.

The sale of goods is accompanied by the execution of payment documents.

Payment order- This is an order from the enterprise to the servicing bank to transfer a certain amount from its account.

Payment requests-orders are settlement documents containing the requirements of the seller to the buyer to pay on the basis of settlement and shipping documents sent to him, bypassing the bank, the cost of goods delivered under the contract, work performed, services rendered.

Collection- a banking operation through which the bank, on behalf of its client, receives the funds due to it from the payer for the goods shipped to its address and credits them to its bank account.


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