As the initial sample, we chose the organization’s accounting policy - sample 2019 for an LLC operating in the catering industry and using the simplified tax system “Income minus expenses” (15%). Then we analyzed the proposed example of an accounting policy for changes that come into force on 01/01/2020. The resulting result can be downloaded from the link.

When companies approve accounting policies

First, let's dispel the long-standing myth that accounting policies need to be approved annually. In fact, if there are no changes, then the adopted policy must be consistently applied from year to year - Art. 8 of the Law “On Accounting” dated December 6, 2011 No. 402-FZ.

The following deadlines apply for organizations regarding the development and approval of accounting policies:

Situation	Accounting policy
Creation of a new organization	Within no more than 90 days from the date of registration (clause 9 of PBU 1/2008, approved by order of the Ministry of Finance of Russia dated October 6, 2008 No. 106n)	No later than the end date of the organization’s first tax period (Clause 12, Article 167 of the Tax Code of the Russian Federation)
Making changes to accounting policies	As a general rule, a new accounting policy is approved in the current year and applied from the beginning of the next year (clauses 10, 12 of PBU 1/2008)	In cases of changes in tax accounting methods or a significant change in the operating conditions of the organization - from the beginning of the new tax period (Article 313 of the Tax Code of the Russian Federation) In case of changes in legislation - from the date of entry into force of the new legal regulation
Making additions to accounting policies	At the moment when the additions became necessary (clause 10 of PBU 1/2008)	In the tax period when the changes became necessary (Article 313 of the Tax Code of the Russian Federation)

NOTE! Changing and supplementing accounting policies are two different things! The changes entail the need for a retrospective recalculation of data for the years preceding the change in order to display incoming accounting balances in accordance with them and display data from previous years in mandatory accounting records, while additions are needed primarily for the correct reflection of current accounting information.

Standards moving forward from 2019 (point by point)

The following provisions of the proposed example enterprise policy for accounting purposes have remained unchanged from previous years and continue to be applied consistently:

• preamble and paragraphs. 1-3, since the main regulatory documents, principles and assumptions for the formation of accounting policies have not changed;
• pp. 4-6, since the applied standards for accounting for inventories in these aspects have not changed;
• pp. 7-14, since the applicable OS standards in these aspects have not changed;
• pp. 15-18, since it was decided not to change the rules set out in them regarding intangible assets;
• pp. 19, 20, because the procedure for accounting for special equipment and clothing used by the enterprise has not officially changed and is still relevant for accounting purposes;
• pp. 21-30, 35, 36, since the nuances of accounting for goods, revenue, income and expenses presented in these paragraphs remain relevant for the organization and do not need to be changed due to changes in legislation or the taxation system;
• pp. 31-34, since the organization forms and discloses reserves for doubtful debts in the reporting for accounting purposes, and the applied procedure remains relevant;
• pp. 37-41, since the organization still does not apply some accounting provisions due to the specifics of its activities and the status of a small enterprise;
• pp. 42-44, since the current procedure for recognizing and correcting errors, as well as making changes to accounting policies remains relevant;
• pp. 46-47, 49-50, since the applied procedure and forms of document flow generally remain relevant;
• clause 51, since the special procedure for the inventory of certain accounting objects used by the organization remains relevant;
• pp. 52-62, since the organization continues to use the adopted organizational procedure in terms of signature rights, internal control, document flow and the declared ability to make changes to this accounting policy.

For a version of the document approving the accounting policy, see the article “Form of order for approval of accounting policies” .

Changes that need to be taken into account if accounting for 2020 is being formed (item by item)

In the proposed example of an enterprise’s accounting policy for 2020, the following have been changed (added):

• Clause 45 - indicating the use of updated financial reporting forms for 2019 and the use of control ratios from the Federal Tax Service.
• Clause 48 - it includes an indication of the approval of mandatory requirements for the preparation of primary accounting documents. Let us remind you that as of June 9, 2019, the chief accountant cannot be fined for errors made in accounting due to the fault of third parties, including due to their incorrect preparation of primary documents. And from July 26, 2019, the Law “On Accounting” introduced an indication of mandatory compliance with the requirements of the chief accountant (another person responsible for accounting) for the registration of primary accounts by all employees of the organization. In this regard, it is recommended to draw up such written requirements as an appendix to the accounting policy and familiarize them with all employees involved in working with documentation, against signature.

Provisions not included in the finished document

Due to the fact that these areas of activity and accounting objects are not involved in any way in the activities of a particular enterprise, this accounting policy does not disclose the following procedures:

• recognition of revenue for work (services) with a long cycle (clause 13 of PBU 9/99, approved by Order of the Ministry of Finance of Russia dated May 6, 1999 No. 32n);
• recalculation and presentation in reporting of items denominated in foreign currency (clauses 6, 7 of PBU 3/2006, approved by order of the Ministry of Finance of Russia dated November 27, 2006 No. 154n);
• accounting for budget financing and other targeted financing (PBU 13/2000, approved by order of the Ministry of Finance of Russia dated October 16, 2000 No. 92n);
• accounting for R&D (PBU 17/02, approved by order of the Ministry of Finance of Russia dated November 19, 2002 No. 115n);
• accounting of financial investments (PBU 19/02, approved by order of the Ministry of Finance of Russia dated December 10, 2002 No. 126n).

For information on what aspects you should pay attention to if the company is also developing a policy for maintaining management accounting, read the article “Accounting policies for management accounting purposes” .

Results

A ready-made accounting policy has a set of aspects characteristic of the organization for which it was drawn up. Using a ready-made document from another enterprise as a sample for preparing an accounting policy, you should compare and adjust the provisions for each item. And also take into account those provisions that may not be used (not disclosed) in the accounting policies of one enterprise, but should be included in a similar document of another.

Comments on the requirements of the latest Bank of Russia Directives on the specifics of preparing annual reports. During the seminar, planned changes to the Bank of Russia documents on the annual report will be considered. A highly qualified lecturer - a bank auditor - will answer all questions on the topic of the seminar and give valuable recommendations on drawing up an annual report.

Annual report 2016

• Changes in Bank of Russia Directive No. 3054-U:
  - changes in the order of preparatory activities;
  - checking for impairment;
  - changes in the list of events after the reporting date.
• Disclosure by credit institutions of information about their activities in accordance with Bank of Russia Directive No. 3081-U.
• Approximate forms of disclosure of information on accounting policies (taking into account the amendments made to Rules No. 395-P, and new Regulations No. 446-P, 448-P, 465-P, 525-P).
• Sample forms of disclosure of information on financial assets (securities, loans, derivatives), on methods for measuring fair value in accordance with IFRS 13 “Fair value measurement”.
• Approximate forms for disclosing information about the property of a credit institution (the composition of fixed assets, intangible assets, real estate temporarily not used in its core activities, etc.). Presentation of information on property revaluation and impairment losses.
• Disclosure of information about issued debt obligations.
• Disclosure of financial leverage. Calculation of financial leverage indicator.
• Recommended Forms for Other Disclosures.

Review of changes to Accounting Rules No. 385-P from January 1, 2017. Cancellation of Chapter D. New accounting of securities accepted as pledge, etc.:

• Changes in accounting estimates affecting 2017 financial results;
• Disclosure of information about the new Accounting Policy for 2017.

Handout:

Accounting policy of a credit institution for 2017.

• Handout.
• Approximate accounting policies for 2017.

Duration- 4 hours
Event cost: 7800 rub.
Form of study: In person / Webinar

I APPROVED

M.Yu. Alekseev
Chairman of the Board

JSC UniCredit Bank

Accounting policy

Joint Stock Company "UniCredit Bank"

for 2017
Content

1.General provisions 3

2.Working chart of accounts 5

3. Forms of primary accounting documents 6

4.Rules of document flow and technology for processing accounting information 8

5. Keeping records and generating reports using automated systems. 9

6. The procedure and frequency of printing analytical and synthetic accounting documents 10

7. Inventory procedure 11

8. The procedure for internal bank control of transactions performed 14

9.Methods of recognition of income and expenses of the Bank 15

10.Methods for assessing the Bank’s claims and obligations 25

11.Accounting for authorized capital 26

12.Methods of valuation and accounting of securities 27

13.Accounting for the Bank’s transactions with its own securities 37

14.Accounting for placement and fundraising operations 38

15.Accounting for transactions in foreign currency 39

16.Accounting for transactions under derivative financial instrument agreements (DFI) 40

17. Accounting for transactions with precious metals 44

18. Valuation methods and accounting for fixed assets, intangible assets and inventories 45

19.Accounting for transactions with branches 57

20.Accounting for tax calculations 58

21. Formation of reserves 60

22. Frequency of profit distribution 62

23.Annual report 63

24. The deadline for drawing up the annual financial report must precede the deadline for issuing an audit opinion. The execution of all documents must be completed before the date of the annual General Meeting of Shareholders. Principles and rules for the preparation of consolidated statements of a consolidated group 64

Appendix 1 Working Chart of Accounts of the Bank 67

Appendix 2 Working chart of accounts of the Bank's branches 67

1. General Provisions

1. 
   Accounting policy is a set of methods for maintaining accounting records to reflect and ultimately summarize the statutory activities of JSC UniCredit Bank (hereinafter referred to as the Bank). The accounting policy is mandatory for execution by all structural divisions of the Bank. The Bank's accounting policy has been developed in accordance with the current legislation of the Russian Federation on accounting, as well as regulatory documents of the Bank of Russia. Accounting registers and all other official documents are maintained in accordance with the requirements of the legislation of the Russian Federation, international accounting standards and practices, as well as the principles set out in the Bank's Charter. The Bank prepares reports and provides data in accordance with the forms established by the relevant supervisory authorities of the Russian Federation and publishes them in accordance with current legislation.
2. 
   The Bank's accounting policy is formed on the basis of the following principles:
   1. 
      The principle of property separation. Accounting for the Bank's property and liabilities is carried out separately from the property and liabilities of shareholders and other legal entities.
   2. 
      The principle of business continuity. The Bank will operate for the foreseeable future and has no intention or need to liquidate, significantly reduce its activities or carry out transactions on unfavorable terms.
   3. 
      The principle of consistency in the application of accounting policies and consistency of accounting rules. The Bank's accounting policies are applied consistently from one reporting year to another. The Bank is guided by the same accounting rules, except in cases of significant changes in its activities or changes in the legislation of the Russian Federation.
   4. 
      The principle of reflecting income and expenses using the accrual method. The Bank's operations and their results are reflected in the accounting records in the reporting period in which they were carried out, regardless of the actual time of receipt or payment of cash (their equivalents).
   5. 
      The principle of completeness and timeliness of reflection in accounting of all facts of statutory activities. Transactions are reflected in accounting on the day they are performed (receipt of documents), unless otherwise provided by regulations of the Bank of Russia.
   6. 
      The principle of prudence. Assets and liabilities, income and expenses are reflected in accounting with a sufficient degree of caution, with a greater willingness to recognize expenses and liabilities in accounting than possible income and assets, without allowing the creation of hidden reserves (intentional understatement of assets or income and intentional overstatement of liabilities or expenses).
   7. 
      The principle of priority of content over form. The Bank's operations are reflected in accounting based on their economic content and not on their legal form.
   8. 
      The principle of succession of the opening balance. Turnovers and balances on analytical accounting accounts must be equal to turnovers and balances on synthetic accounting accounts; account balances at the beginning of the current reporting period must correspond to balances at the end of the previous period.
   9. 
      The principle of openness. Accounting and reporting data must reliably reflect the Bank's operations and be understandable to an informed user, avoiding their ambiguous interpretation.
   10. 
       The principle of separate reflection of assets and liabilities. The Bank's asset and liability accounts are assessed separately and shown in expanded form.
   11. 
       The principle of assessing assets and liabilities. Assets are accepted by the Bank for accounting at their original cost. Subsequently, assets in accordance with this Accounting Policy and other regulatory documents are assessed (revalued) at fair value, at cost, or by creating reserves for possible losses. The Bank's obligations are reflected in accounting in accordance with the terms of agreements in order to ensure control of the completeness and timeliness of their fulfillment. In cases established by this Accounting Policy and other regulatory documents, liabilities may also be revalued at fair value.
   12. 
       The Bank prepares a consolidated balance sheet and statements for the Bank as a whole. Daily balance sheets are compiled from secondary accounts.
   13. 
       Valuables and documents reflected in accounting on balance sheet accounts are not reflected on off-balance sheet accounts, except for cases provided for by this Accounting Policy or other regulatory documents.
3. 
   The Accounting Policy applies to the accounting of the Bank's operations from January 1, 2017. Changes to the Accounting Policy are permitted in the event of a reorganization of the Bank, a change in the composition of shareholders, changes in the regulatory system of accounting in the Russian Federation, the development or selection of new accounting methods, the use of which leads to an increase in the quality of information about accounting objects and the introduction of new banking products. Changes to the Bank's Accounting Policy are approved by the Chairman of the Board. The consequences of changes in Accounting Policies not related to changes in the legislation of the Russian Federation are assessed in monetary terms.
4. 
   The Chairman of the Bank's Management Board is responsible for organizing accounting in the Bank. The Chief Accountant of the Bank is responsible for the formation of the Bank's Accounting Policy and maintenance of accounting records in the Bank. The Bank's chief accountant is appointed and dismissed by order of the Chairman of the Bank's Management Board with prior approval/notification of the Bank of Russia.
5. 
   The Chief Accountant of the Bank performs the following functions:

• 
  organization of accounting in the Bank and preparation of financial statements;
• 
  ensuring control over the facts of economic life and the movement of property;
• 
  general management of the Bank's accounting divisions, which are understood as independent structural divisions of the Bank's head office and branches that have the authority to carry out individual accounting operations in accordance with the Bank's internal regulatory and administrative documents;
• 
  other functions defined in the Federal Law “On Accounting” dated December 6, 2011 No. 402-FZ (as amended and supplemented).

1. 
   In the Bank's branches, the functions of organizing and maintaining accounting records are carried out by the Chief Accountants of the Bank's branches, who are appointed and dismissed by order of the Chairman of the Board of the Bank and are subordinate to the Chief Accountant of the Bank on all issues of organizing and maintaining accounting records. At the same time, responsibility for organizing the work of the accounting departments of the Bank's branches rests with the Managers of the Bank's branches.
2. 
   The Chief Accountant of the Bank and the Chief Accountants of branches may, by way of delegation of rights, transfer the performance of part of the functions assigned to them to their deputies.
3. 
   For the purpose of operational management of the Bank's accounting system, the Chief Accountant of the Bank has the right to issue instructions in the form of orders. Orders are mandatory for execution by all accounting departments of the Bank. Only the accounting departments of the Bank may be included in the composition of those responsible for the implementation of the measures provided for by the order. Orders are not subject to mandatory approval in the manner established by the Bank. Registration, distribution and storage of orders is carried out using an internal electronic document management system.

The requirements of the Chief Accountant for documenting transactions and submitting the necessary documents and information to the accounting department are mandatory for all employees of the credit institution.

1. 
   In order to interpret or specify the provisions of this Accounting Policy, the Bank may issue internal administrative and regulatory documents regulating the rules of document flow, technology for processing accounting information, and accounting schemes for individual transactions.
2. 
   In accordance with the requirements of the UniCredit Group, the Annual General Meeting of Shareholders of the Bank is held before the expiration of four months, but not earlier than two months, after the end of each financial year. If all the voting shares of the Bank belong to one shareholder, decisions on issues within the competence of the General Meeting of Shareholders are made by this shareholder individually and are drawn up in writing. In this case, the requirements for the procedure and timing of preparation, convocation and holding of the General Meeting of Shareholders do not apply, with the exception of the provisions regarding the timing of the annual General Meeting of Shareholders. The specific date for the adoption of the above written decision of the sole shareholder is determined each year in agreement with the authorized division of the Group responsible for coordinating the subsidiaries and other interests of the UniCredit Group.