Economic value added EVA as an object of assessment. Economic value added

Abryutina M.S.,
Ph.D.

It is known - and this is quite consistent social order states with market economy : in the spotlight financial management located at the enterprise profit, and the focus of government authorities is gross domestic product (GDP). GDP is understood as the sum of all production produced by enterprises. added value. At the same time, it seems to go without saying that the state creates conditions for the production at enterprises of, if not the maximum, then the optimal mass arrived, and enterprises receive the more arrived the more they produce added value. Thus, it is assumed that the different interests on micro- And macro leveleconomy are in harmonious unity.

That's the theory. But let's turn to practice. It turns out that in the national accounting system, which has been used in Russia since the early 90s, at the macro level (in the State Statistics Committee of the Russian Federation) there is no indicator “ total profit enterprises", and among the accounting indicators ( financial) reporting and forms of the federal government statistical observation filled out at enterprises, there is no indicator “ added value" This is surprising, but for some reason we are not surprised - we are accustomed to the indifference of the “tops” to the “bottoms” and the “bottoms” to the “tops”.

It's about not that the interests and goals of the state coincide directly with the aspirations financial management at the enterprise. It is necessary and sufficient that the connection between interests micro- And macro level designated, monitored, analyzed, regulated. To perform "docking" micro- And macro level at least necessary end-to-end financial accounting indicators. The indicators of the System of National Accounts (SNA) can be used as such: added value, net profit of the economy, disposable income. Accounting data contains all these indicators, but in an implicit, encrypted form. The only task is to extract them from the reporting of enterprises, consolidate and generalize them at the regional and federal levels.

The need for end-to-end connections between the micro and macro levels of the economy is remembered from time to time, but the methods proposed for their implementation do not stand up to criticism. Let's name three of them and propose a practically acceptable fourth method.

Method one. It is about taking accounting to a macro level. Since 1995, all enterprises have submitted balance sheets and other forms financial statements to the State Statistics Committee of the Russian Federation. At the same time, it became fashionable to call the national accounting system macro-level accounting. The reason for this was the formal similarity of terminology: in the SNA there are accounts production, income generation, capital formation, etc. and in accounting there is Chart of accounts. But the accounts are different. In the SNA there are economic and financial accounts built on the equality of resources and their total use, and in accounting, with the help of accounts, the principle of double recording of each business transaction is implemented: by debit of one account and at the same time by credit of another (in the same amount).

Debit and credit are not just “income” and “expense”, as you can often hear and even read in economic literature. The concepts of “debit” and “credit” exist only in a single system with the concepts of “asset” and “liability” of the balance sheet. For some accounting accounts, debit is income and credit is expense; for others, on the contrary, debit is an expense, and credit is an income. Double entry results in four types of accounting entries.

In the system of national accounts, as in any economic balance (for example, the fuel and energy balance, in the state budget), the entries are of the same type and transparent: income generates resources, and expenditure shows the directions of their use. The double entry method is not used. What non-specialists take as double entry in national accounts is nothing more than compliance with the principle of conservation of matter according to Lomonosov: what is taken away in one place is added in another place.

In accounting, this principle is also observed, but it can receive twice double expression: you have to subtract twice, and add twice. If in national accounting to reflect the operation of an enterprise paying interest to the bank on a loan received, it is enough to write down: (–), (+) - minus for the enterprise, plus for the bank, then in accounting it is necessary to write down: (–), (–), ( +), (+) - two minuses for the enterprise and two pluses for the bank.

In addition, in accounting there are no plus and minus signs: pluses and minuses are expressed through the debits and credits of active and passive accounts. When paying interest to the bank, the enterprise accountant makes an entry in the debit of account 66 “Settlements for short-term loans and borrowings” and - in the same amount - in the credit of account 51 “Current account” (both entries mean a decrease - minus), and the accountant The lending bank receives the interest received on the debit of its current account and on the credit of its liabilities (both entries mean an increase for the bank - plus resources).

Reading accounting documents by a financial manager involves at least a mental transition from accounting turnover and account balances to single-digit values of property and income. The manager is interested in answers to simple questions: “Did the property increase or decrease?”, “Was income received and in what amount?”, “How was it spent?”

Our professional accountants, as a rule, are not interested in the requests of managers (“the less they understand, the better ...”), and specialists in the field of economic statistics and macroeconomic analysis, with rare exceptions, do not know the basics of accounting and disown the “debit” with both hands and "credit". Therefore, balance sheets and other forms of financial statements received and stored by statistical authorities since 1995 remain unused for their intended purpose. The maximum that the State Statistics Committee of the Russian Federation managed to do was to obtain some summary data from the accounting reporting forms. But it was not possible to compare them with macro-level data, which are calculated using indirect indicators, to fit them into a unified national accounting system, and to assess the activities of enterprises. First, we need to translate financial statements into a simpler and more accessible economic language. Raising accounting to the macro level is nothing more than a utopia.

Method two. To interconnect the micro- and macroeconomic levels, it is proposed (most often in dissertations) to introduce national accounting indicators, primarily value added, into the Chart of Accounts of an enterprise. (Having done this step, you will also need to enter the "diminished value" indicator in accordance with the accounting method, but there is no diminished value in national accounting...)

The introduction of SNA indicators into the Chart of Accounts, if implemented, would destroy accounting, and macroeconomic analysis would still be left without information.

Accounting is necessary in an enterprise. It represents a unique mechanism for monitoring the correctness of records. There is no such control in the SNA - but it is not needed at the macro level.

Material assets and money should be kept under lock and key and accounted for using double entry where they are, i.e. in enterprises and banks. At the macro level, they deal with material and cost abstract streams. Internal control in the SNA is that GDP is considered both by production and distribution method, as well as by final use. And all three calculations must be adequate to each other.

Method three. It is proposed to form end-to-end indicators on the basis of tax accounting. Tax accounting has already invaded enterprises and is deforming accounting and crowding out financial analysis. Thus, there is a risk of losing the basis for financial analysis. economic activity at all.

No matter how important the state budget and its revenues, formed on the basis of tax revenues, are, this is only part of the financial flows in the national economy. By neglecting financial and economic accounting and analysis as a whole, the state may lose a living spring of financial revenues to the federal level.

Fourth method establishing a relationship between the micro and macro levels, proposed by the author, consists in creating at enterprises - on the basis of statistical observation - an economic accounting system, including a financial subsystem, which will solve two problems at once:

provide macroeconomic accounting and analysis with initial data,
those. national accounting;
serve as a tool for in-depth analysis of the financial and economic activities of enterprises.

Economic accounting at an enterprise, as mentioned above, should be based on the methodology and indicators of an internationally recognized system of national accounting. This is possible and justified. We managed to prove (in the author’s book “From Accounting to National Accounts.” - M.: ZAO Finstatinform, 2001) that the main management of the SNA is encrypted in the accounting system. It could not be otherwise: accounting accounts, economic statistics, and national accounting reflect the same object, but in different languages.

Just as verbal texts are translated from one language to another using bilingual dictionaries, a translator is needed to translate from accounting to financial-economic language.

To transition from the balance of the national economy to the SNA in the 90s, the State Statistics Committee of the Russian Federation, with the help of statisticians, developed the so-called “transition keys”. Similarly, to move from accounting to economic accounting, a transitional tool, a kind of bridge, is needed.

Value added is the indicator on which the national accounting system is based and which is hidden implicitly in the accounting accounts. It is high time to make it an object of federal state statistical monitoring at enterprises. After all, enterprises pay value added tax - but the Ministry of Finance of the Russian Federation “forgot” to tell enterprises how to calculate added value. The VAT rate is tied to sales revenue, not value added.

Product output is defined in the SNA as the sum of realized (sold) products and the increase in work in progress, as well as inventories of finished goods and shipped products. (This is the first “transition key”.) Products shipped but not yet paid for, from an economic point of view, are the same stocks of finished products. Sales of products are determined by revenue, which is shown unambiguously in the financial statements of enterprises (Form No. 2 “Profit and Loss Statement”). The increase in work in progress and other elements of output is also contained in financial statements and federal state statistical observation forms (the latter - form 5-z).

Intermediate consumption represents part of the total cost, which includes production costs, administrative and selling expenses, which are presented by cost elements. This includes elements such as costs of raw materials, materials, fuel, energy, components, as well as costs of paying for production services, i.e. all current costs associated with the production of products (works, services) at a given enterprise and which are the subject of production by other enterprises. What is spent but not received from the outside is not intermediate consumption.

The methodology for calculating value added is described in detail in the Methodological Provisions of the State Statistics Committee of the Russian Federation and in multi-volume works published jointly by Eurostat, the International Monetary Fund, the Organization for Economic Cooperation and Development in Europe, the United Nations and the World Bank (1993 version). There is no need to rehash this entire methodology in a journal article. It is important that it has been developed, internationally recognized and translated into Russian.

These publications are addressed not to enterprise employees, but to macro-level statisticians. Meanwhile, every manager, every micro-level financial manager would like to calculate the added value produced by his enterprise. And it is possible. The author of the article was convinced of this by repeatedly calculating the added value and its use using materials from specific enterprises1.

Calculating added value would be completely simple if not for four complex methodological points:

costs at enterprises are determined and grouped by cost elements relative to the products sold, and not relative to the entire output;
Depreciation at enterprises is taken into account as part of costs, and in the SNA - as part of added value, i.e. as part of income;
VAT in the reporting of an enterprise is artificially separated from revenues and costs and does not seem to be involved in economic turnover (this is the setting given from above by the Ministry of Finance of the Russian Federation and the State Statistics Committee of the Russian Federation). In value added calculations, VAT must be included again;
changes in work in progress do not have an internal structure in reporting. This indecomposable indicator cannot be included in the calculation of value added without making an error of one degree or another. It is also impossible to discount this indicator.

This article aims to provide recommendations for overcoming these methodological difficulties in value added calculations carried out directly at enterprises, for the purpose of in-depth financial and economic analysis.

Let's look at a number of examples of calculating added value.

Example 1 (numbers are conditional).

The company sold products worth 160 thousand rubles per month. (sales accounting at the time of shipment). VAT is charged as part of revenue at a rate of 20% on the cost of products without VAT, or 16.67% as part of revenue:

160 x 16.67 / 100 = 26.67 thousand rubles.

Product cost excluding VAT: 160 - 26.67 = 133.33 thousand rubles.

Raw materials, materials and other acquired assets were consumed for the production of sold products (intermediate consumption) in the amount of 96 thousand rubles, at market prices, which is excluding VAT

96 - 96 x 16.67 / 100 = 96 - 16 = 80 thousand rubles.

Calculation of added value using formula (1) can be done both with VAT and without VAT. When presenting the result of the calculation, it is necessary to make a reservation regarding the inclusion of VAT.

In this example, we assume that the increase in work in progress and other elements of output is zero. Therefore, output equals sales revenue.

Value added (VA) with VAT can be calculated in two ways: 1) directly and 2) gradually.

Method 1. DS = 160 - 96 = 64 thousand rubles.

Method 2. a) DS without VAT = 133.33 - 80 = 53.33 thousand rubles;

b) VAT payable, according to the tax return, with VAT offset on acquired and used material assets:

26.67 - 16 = 10.67 thousand rubles;

c) added value, including VAT:

53.33 + 10.67 = 64 thousand rubles;

d) share of VAT in the DS:

10.67 / 64 x 100 = 16.67%.

Thus, the calculation of added value, including VAT, is the same for the first and second calculation methods. An important practical conclusion: when calculating value added, it is necessary to observe the principle of equal assessment of both output and intermediate consumption.

The following conclusion: the share of VAT (payable to the budget) in the added value coincides with the share of the initially accrued tax in the cost of products due to the fact that the tax contained in the cost of acquired assets is subtracted. It follows that in the absence of an increase in work in progress and other elements of output, except for sales proceeds, the amount of added value produced can be established using a VAT tax return:

10.67 / 16.67 x 100 = 64 thousand rubles.

If product output includes other elements besides sold products, then the calculation of added value becomes more complicated.

Example 2 (numbers are conditional).

The enterprise produced products worth 205 thousand rubles, including: sales revenue amounted to 180 thousand rubles at market prices, and the increase in work in progress (WIP), estimated at costs, amounted to 25 thousand rubles.

Intermediate consumption for the entire output is determined in the amount of 66 thousand rubles, at market prices, including for sold products - 60 thousand rubles. and for the increase in work in progress - 6 thousand rubles.

Step-by-step calculation of added value:

1.) Product output excluding VAT, including increase in work in progress:

(180 - 180 x 16.67 / 100) + 25 = (180 - 30) + 25 = 175 thousand rubles.

2.) Intermediate consumption without VAT:

66 - 66 x 16.67 / 100 = 66 - 11 = 55 thousand rubles.

3.) Added value excluding VAT:

175 – 55 = 120 thousand rubles.

4.) VAT payable on a tax return, with VAT credited on acquired assets spent on products sold:

30 – 10 = 20 thousand rubles.

5.) VAT for inclusion in GDP (to provide information to the macro level):

30 - 10 - 1 = 19 thousand rubles.

6.) Value added, including VAT for GDP:

120 + 19 = 139 thousand rubles.

7.) Share of VAT in VA in national accounting:

19 / 139 x 100 = 13.67%.

8.) Share of VAT in the sold volume of VA:

20 / 120 x 100 = 16.67%.

From example 2 it follows that if there is an increase (decrease) in work in progress, it is impossible to determine the amount of added value based on VAT accrual.

From example 2 it also seems to follow that the VAT values at the micro and macro levels in the same situation differ from each other, and therefore the value and structure of GDP differ (may differ). Let's consider this issue in more detail.

The difference in the amount of VAT payable to the budget on a tax return in the reporting period and characterizing the created GDP (20 and 19 thousand rubles, respectively) is explained by the time lag between tax accounting and national accounting.

National accounting already accepting To offset the VAT contained in intermediate consumption, which ensured the increase in work in progress. Tax accounting is abstracted from work in progress.

The accepted VAT for GDP has not yet been paid. It is still on account 19, economically identical to accounts receivable (state - enterprise). What is embodied in the added value adopted in example 2 for inclusion in GDP? Let us trace separately the implemented and unrealized parts of the release.

The sold part of the issue amounted to 180 thousand rubles. All intermediate consumption should be paid from the proceeds, i.e. spend 66 thousand rubles, and also pay the accrued tax office VAT - 20 thousand rubles, total 86 thousand rubles. Thus, 94 thousand rubles remain from the proceeds. This is the monetary part of the added value. The total added value - after VAT calculations with the budget - should remain at the enterprise (point 3) 120 thousand rubles. This means that the difference (120 - 94 = 26) must be non-monetary and must be available. That’s right: the enterprise has an increase in work in progress (25 thousand rubles) and on account 19 there is an uncredited amount (potential money) in the amount of 1 thousand rubles.

Thus, it’s elementary simple formula(1), according to which added value is the difference between two quantities, in practice becomes overgrown with rather puzzling specifics.

In order not to make mistakes in calculations, it is necessary to remember the fundamental principle of national accounting: all monetary indicators in it are not determined by cash execution(or actual transfers), and according to accrual of income for payments.

Methodologically, it is important to take into account that the initial information at the enterprise covers both accruals and cash execution. From the micro level, the state budget takes to the macro level only cash execution, and national accounting - only accruals.

The methodology of the financial authorities is clear: there must be real money in the budget. But why does the SNA need an increase in work in progress? This, as we saw in the calculations in example 2, is the immobile part of added value, one might say, aggravating the financial situation of both the enterprise and the sector (or industry) of the economy.

Here we need to take the position of macroeconomic analysis: between output and costs in national economy there must be a balance. The intersectoral balance (V. Leontiev’s model) is called “input-output”. What is included in output must then find its place either in costs or in final use (personal consumption, capital formation). The costs of work in progress are real; they only take into account what was produced at other enterprises. And if it was released, it should be used.

This is a fundamental principle of economic balance sheets. On the other hand, if something was paid for and used, it should have been released. Here we can draw an analogy with the method of zemstvo statisticians, which they used when collecting information about peasant farms. When asked about income, the peasants answered that they had no income. But they were happy to list their expenses. Zemstvo statisticians on expenses quite accurately calculated the income of peasants.

Using the categories of national accounting, each enterprise can and should be considered as a micronational economy, i.e. as an institutional unit, and not just as a taxpayer. An enterprise deserves to have a full-fledged economic, and not just an accounting balance sheet. (For zemstvo statisticians, each peasant farm had an economic and financial balance.) On the approaches to economic accounting and analysis, it is reasonable to learn how to calculate added value directly at the enterprise.

Let us continue to consider methodological issues. Now the next step is to overcome the difficulties arising from discrepancies in the data available on the accounting accounts and presented in the financial reporting forms. The latter are tailored to the interests of taxation, rather than financial analysis. (But the IRS is still unhappy and continues to attack corporate reporting.) For now, all the necessary information for financial and economic analysis and national accounting is available in the general ledger. But in general, since there are two sets of initial information - accounts and reporting forms, - there should be two methods for calculating added value: using accounting accounts and using reporting forms.

Example 3 (numbers are conditional).

We present the initial data in tabular form (Tables 1 and 3).

Table 1 shows the data on costs and output recorded in the accounting accounts. In the turnover in the debit of account 20 “Main production” for the reporting period, all costs are collected: both for sold products and for the increase in work in progress. Writing off all or part of the costs from account 20 to accounts: 43 “Finished products”, 45 “Goods shipped”, 90 “Sales” allows you to determine the change in work in progress, which is equal to the change in the balances on this account. Thus, in terms of the increase in work in progress, both costs and output are numerically equal. We will not dwell on the accounting of costs and the formation of other elements of output in accounts 29 “Service production and facilities”, 44 “Sale expenses” and others, since methodologically this accounting is similar to the entries in account 20. Table 1 collects costs and output from all accounts.

Table 1

Initial data for calculating value added for the reporting period
(example 3, numbers are conditional)

Intermediate consumption, extracted from table 1, includes material costs and payment for services contained in the cost price. (A number of services are paid for out of profit, and their cost is not included in the cost price.) Thus, intermediate consumption in example 3 is

12,000 + 400 = 12,400 thousand rubles.

Let's determine added value using the classical production method (Table 2).

table 2

Calculation of added value for the reporting period
(example 3, numbers are conditional)

Let's approach the definition of added value in example 3 from the distribution side. Row costs in accounting, enterprises become elements of production in national accounting income- added value. These are: wages, social contributions, taxes included in the cost, interest on loans, depreciation.

Together with the enterprise’s profit, the generated income (added value) will be (excluding VAT)

3000 + 1140 + 460 + 500 + 2500 = 7600 thousand rubles.

It is this value that was obtained by the classical production method (Table 2).

The initial information presented in the reporting forms for the same enterprise and for the same reporting period will have a different appearance (Table 3).

In the profit and loss statement (Form No. 2 of the financial statements), three lines: “cost”, “administrative” and “commercial” expenses - in total - will show the costs written off for the loan from account 20 (and other accounts that take into account costs) , which are less than the accrued costs for the calendar year in the debit of these accounts by the amount of costs that ensured the increase in work in progress:

17,500 - 2000 = 15,500 thousand rubles.

If we use the official data of Form No. 2 and the breakdown of costs in Form No. 5, as well as the breakdown of other costs in Form 5-z of the federal statistical observation (see Table 3), then the added value will be

Table 3

Indicators of output, costs and income for the reporting period, extracted from reporting forms (example 3, figures are conditional)

The name of indicators

Value of indicators, thousand rubles.

I. Product output (excluding VAT)
including
Sales revenue
Increase in work in progress and other output elements

II. Costs of products sold (sold)
including
Labor costs
Contributions for social needs
Accrued taxes, interest on loans and other income payments
as part of other expenses
of them
- payments social nature
- taxes on production
Depreciation
Intermediate consumption (the sum of material costs and payments for services)

III. Costs for the increase in work in progress

IV. Revenue from sales
from her cash payments and incentives not related to work performance

20 000

28
90
443

Comparing this value with the added value calculated based on the accrued costs for the entire output (Table 2), we are convinced that the added value is now overestimated (9020 > 7600). The amount of overstatement (1,420 thousand rubles) corresponds to the share of intermediate consumption in the increase in work in progress (71%).

Based on the data in Table 3, we determine the added value using the distribution method:

2659 + 1010 + 408 + 443 + 2500 = 7020 thousand rubles.

Compared to the correct calculation (according to Table 2), the value added is now underestimated by 580 thousand rubles. . The amount of understatement corresponds to the share of added value in the increase in work in progress and other elements of output (29%).

Since we have two series of initial data “at hand,” we can judge the magnitude of the error. But if there is only data from reporting forms and statistical observation, then the magnitude of the error remains unknown.

The main thing is that the adequacy of calculating added value using production and distribution methods has disappeared (9020 No. 7020).

A choice has to be made: to attribute the entire increase in work in progress to intermediate consumption (together with the elements of added value contained in this increase) or to attribute the entire increase to added value (together with the elements of intermediate consumption contained in the same increase). In both cases, the adequacy of calculating added value using production and distribution methods will be achieved. In fact, by increasing intermediate consumption by 2000 thousand rubles, we obtain the same underestimated added value using the production method:

20,000 - (10,980 + 2000) = 7020 thousand rubles.

And adding 2000 thousand rubles to the elements of added value, we get

7020 + 2000 = 9020 thousand rubles.

But now the same value is obtained using the production method:

20,000 - 10,980 = 9020 thousand rubles.

It is preferable to include the entire increase in work in progress (and other elements of output, except sales revenue) as an independent element in value added, leaving intermediate consumption at the level as it is presented in the reporting forms. (In example 3, the value of added value is assumed to be equal to 9,020 thousand rubles, and intermediate consumption - 10,980 thousand rubles.) Information sources force such a choice. If the calculation is made according to data from reporting forms, then, as a rule, the distribution method is chosen. In addition, in terms of material composition, the increase in work in progress, through internal exchange transactions, will always be included entirely in income, tying it up and depriving it of mobility (as was shown in example 2). It is better to take this unfavorable moment into account “over the top” than to look at it at all.

Noteworthy is the fact that the enterprise’s profit from sales in any calculation options of example 3 remains stable (2,500 thousand rubles), since it is determined independently of VAT and changes in work in progress, and also does not include depreciation. But for macroeconomic analysis we need a different profit - net profit of the economy.

To calculate the net profit of the economy created by an enterprise, it is necessary to first calculate the added value using both the production and distribution methods, and in addition, have data on the use of the enterprise's profit for the reporting year, which differs from the profit from sales. The meaning of the net profit indicator of the economy is to determine the potential for capital formation and payment of dividends on shares. The created added value is distributed into three parts: the share of hired workers, the share of the state and the share of the enterprise-economic entity. Carrying out such a distribution is interesting for every manager at the enterprise. This is the answer to the question - for whom does the enterprise work?

In further distribution, the structure of this net profit may change, but the initial positions determine a lot. Our example 3 is conditional. But every financial director can make calculations based on real data from his enterprise.

First, a distinction must be made between labor costs in accounting and labor costs in the system of national accounts. This last indicator includes direct payment of labor, and deductions for social needs, and social payments included in other costs as part of the cost price, and cash payments and incentives from profits not related to the performance of work (from section 7 of Form No. 5 of the financial statements ). Dividends and other income of employees on contributions to the organization’s property are not included in the payment of hired labor. In our example 3, according to reporting data (see Table 3), the payment for hired labor was accordingly: 2659 + 1010 + 28 + 33 = 3730 thousand rubles. The state's share at the stage of primary distribution of all added value is determined in the amount of accrued taxes on production. The main one is value added tax. Other taxes on production are included in the cost price and other costs. These are taxes on land, for water intake, for the use of subsoil, for the use highways and so on.

The remainder, after deducting wage labor, production taxes and depreciation from value added, represents the net profit of the economy. Let us show how the net profit of the economy was formed in example 3 (Table 4).

Table 4

Formation of net profit of the economy for the reporting period
(example 3, numbers are conditional)

The net profit of the economy, as well as added value, can and should be determined by the distribution method. It will include the following elements: 1) profit from sales, minus payments and incentives not related to the performance of work; 2) elements of net profit included in the cost price (mandatory insurance payments for property insurance; rent accrued for payment; contributions to extra-budgetary funds, except social ones; 3) increase (decrease) in work in progress.

In example 3, the sum of the three listed elements will be (see data in Table 3)

(2500 - 33) + (408 - 28 - 90) + 2000 = 4757 thousand rubles.

Summarizing the consideration of methods for calculating value added and net profit of the economy, we can quite reasonably make the following recommendation: before starting calculations, it is necessary to fully disclose the cost structure of product output, present it in elements that do not intersect with each other, and then rearrange these elements without re-counting or losing elements. The likelihood of repeated invoicing is due to the fact that the same areas of costs are carried out both at the expense of cost and at the expense of profit - for example, paying interest on loans, property insurance, payment for the services of healthcare institutions and a number of other costs. Each type of such cost should be divided, clearly indicating which part is financed from which source.

The role of value added and net profit of the economy in financial analysis would not be fully illuminated if the path from these indicators had not been passed to the formation of disposable income and increase in equity capital. This entire path must fit into the system, “invest” in the balance sheet indicators, which also need to be structured, like product output. Calculations of this kind are justified, since income is associated with the movement of property and acts as a source of changes in property. In Russian financial statements, income and property are presented as existing separately from each other, although objectively they are inseparably linked.

The movement of income and property is complicated by the fact that each enterprise receives (can receive) income not only from production - in the form of added value and net profit of the economy, but also from providing its economic assets to other economic entities, receiving for this part of the added value in ownership created by these other entities. The concept arises income received. The national accounting system dispenses with this concept, as it prefers to show balanced income. At the microeconomic level, it is important to cover the entire turnover of income, since this is where the initial information is formed. Balancing is the next stage in the calculations. Without full turnover, you cannot get a balance. Having received it, but without showing the turnover, no analysis can be made: the same amount of balance in the primary distribution of income or from property transactions can be obtained both with large receipts and payments, and with the almost complete absence of both.

In addition to income-expenses associated with the provision of economic assets to other economic entities and with the similar use of other people's assets, the income generated is subject to redistribution under the influence of current transfers: the enterprise pays, following taxes on production, a larger number of taxes, called taxes on property and income, and also pays and receives fines, penalties, and exchange rate differences. As a result, it forms disposable income of the enterprise.

The amount of disposable income can be determined directly from the balance sheet, structured in accordance with the principles of national accounting. All capital at the disposal of the enterprise must be completely divided into only two positions: equity capital and borrowed capital. The change in equity (minus the result of property revaluation, but adding depreciation for the reporting period) indicates the amount of disposable income. If all the vicissitudes of the movement of income were reflected correctly in the analytical calculations, then the following equality should take place.

This equation is in full accordance with the relationship of accounts in national accounting (production accounts, primary distribution of income accounts, secondary distribution accounts and capital formation accounts), but is presented in a form convenient for perception and comprehension economic processes, causing changes in the amount of equity capital.

Let us introduce into the calculations according to example 3 some additional data that will allow us to combine the analysis of income with the analysis of our own property (Table 5).

Table 5

Initial data for calculating disposable income for the reporting period (example 3, conditional figures)

Let’s determine the amount of accrued income payable for all reasons (thousand rubles) - according to tables 3 and 5:

Labor costs - 2659

Contributions for social needs - 1010

Accrued taxes, interest on loans and others as part of other expenses - 408

Accrued for payments for property (dividends on shares, etc.) - 1600

Dividends accrued to its employees - 300

Accrued taxes, etc. on secondary distribution - 1000

VAT accrued for contribution to the budget - 1120

Accrued payments and incentives not related to the performance of work - 33

Total accrued for payments for all reasons - 8130

Let's calculate the increase in equity capital in accordance with equation (2).

Increase in equity capital = 9697 + 1500 + 80 + 450 - 8130 = 3597 thousand rubles.

The result obtained in this way must be reconciled with the increase in equity capital on the structured balance sheet. (This operation is omitted here, since the balance sheet is not given. But a complete match is assumed.)

Let's determine disposable income in two ways: 1) from the increase in equity capital according to the balance sheet, minus the result of indexation and with the addition of depreciation; 2) from the profit of the enterprise, more precisely from the balance of profit of the reporting period.

Disposable income according to the first method: 3597 - 450 + 443 = 3590 thousand rubles.

We will calculate the disposable income according to the second method (thousand rubles) step by step - using the data from tables 3, 4, 5:

Balance of profit for the reporting year = 2500 + (1500 - 1600) - 300 + (80 - 1000) - 33 = 1147

Depreciation - 443

Increase in work in progress - 2000

Total disposable income according to the second method - 3590

The coincidence of the amount of disposable income calculated in two ways: first, based on the embodiment of this income in property, and then, based on the entire chain of education and income distribution, confirms the correctness of the methodological recommendations.

Disposable income is an important analytical indicator. It must be a positive value. But it may also turn out to be a negative value, which will mean the consumption of equity capital. To avoid this phenomenon, income should be managed from the moment of its formation. In order for an enterprise to make a profit, added value must be produced, of which it is a part. But in order for the profit to have a balance for increasing equity capital, it is necessary to maintain a balance of accruals of income for payments and their sources at the stages of primary and secondary distribution.

The high financial and economic potential of JSC Venta is derived primarily from the added value produced by the enterprise.

Table 5.2 shows the amount of income from all financial and economic activities for the reporting year and includes value added, income from property and income received from secondary distribution.

Table 5.2

Income of JSC "Venta" from financial and economic activities and its composition in 200...

D. Type of income Amount, rub. % Income from financial and economic activities 9,399,487,100.0 including

added value, including depreciation 9,250 101 98.4 income from property 84,309 0.9 income from secondary distribution (from outside) 65,077 0.7 90

The calculation of the indicators presented in table 5.2 is carried out as follows. First, all income from financial and economic activities (Dfed) is determined using the distribution method, i.e. in total for accruals of income payable and for income remaining in the enterprise. Property income (Dsob) and income received from secondary distributions (Detor) are then subtracted from Dfed. The resulting difference is the added value, which was methodologically justified in Chapter 2. Thus, in calculating the indicators for Table 5.2, three various methods: Dfed is determined by the distribution method (by flow - income); DSB and Detor - using the direct counting method, but approximately, since the accounting statements (form No. 2) may not disclose the data contained in the general ledger with the required detail; value added (VA) is determined using the balance sheet method (as a difference).

At the same time, the methodology proposed here for calculating the income of an enterprise and its components ensures that FED income and residual (disposable) income cannot be distorted; this is verified by the subsequent compilation of the balance of economic turnover (BEO). There can only be an underestimation (overestimation) of added value if income from property and from secondary distribution (income from outside) is overestimated (underestimated) by the same amount.

From point of view economic theory It is completely unacceptable to take into account income from production repeatedly, and also to mix its distribution with the receipt of money from sales (after all, during a purchase and sale transaction, any property changes only its form, and the size of the property, its value remains unchanged). In the process of secondary distribution, income makes multiple turns, passing from hand to hand (from the enterprise to the state to the budget and social funds through taxes, from them to the population, in budgetary institutions), but the income generated does not increase: the final income is equal to the total primary income.

Therefore, it is very important to separate income received from production from secondary income and any re-accounting.

So, Dfed is determined by the sum of three elements:

Accruals for income payments for all reasons;

Depreciation charges;

Increase in equity capital minus increase in property revaluation for the current year.

Accruals for income payments, in turn, are determined as the sum of the following elements:

Payroll accruals (Н^);

Accruals for compulsory social and pension insurance (NSOC);

Accruals for interest and dividend payments (Нсо6);

Accruals for tax payments (Nnal);

Accruals for payments in the order of secondary distribution (N).

Accruals for wages are taken based on costs from Form No. 5, line 620 for the reporting year with an adjustment for the amount of labor costs in the value of the increase in work in progress and finished goods inventories valued at cost.

Accruals for compulsory social and pension insurance are also taken from Form No. 5, line 630 for the reporting year, also with a similar adjustment.

Accruals for interest and dividend payments are taken from form No. 2, lines 070, 100, in total.

Accruals for tax payments are taken from Form No. 4, line 220, with adjustments according to Form No. 1, line 626. This method is approximate, since advance tax payments may appear in Form No. 4 as part of the “Other” line. A more reliable way is to show tax accruals in accordance with tax returns (for the full range of taxes paid) or in accordance with the turnover on the credit of account 68 “Calculations for taxes and fees”.

Accruals for income payments in the order of secondary distribution are extracted from reporting form No. 2, line 130 (non-operating expenses).

Thus, total amount accruals payable for CJSC "Venta" are determined as follows:

Н = Н + Н + Н fi + Н + Н = 2,036,674 + 743,386 +

tr sots soo nal second

1094 + 2,997,665 + 4623 = 5,783,442 rubles.

Depreciation charges (Am) are determined according to Form No. 5, lines 393, 394, as the difference between the balances at the end and at the beginning of the year.

The increase in equity capital (LSC) is taken from the structured balance sheet (see Table 5.1), but minus the increase in property revaluation (DRP), if shown in the statements (form No. 3 “Report on changes in capital”, line 112).

Thus, income from financial and economic activities can be determined for JSC “Venta” in the amount of:

N + Am + (LSK - PC) = 5,783,442 + 84,370 + 3,531,675 = = 9,399,487 rub.

Subtracted from D^ - to obtain the value added - income from property (D^) in the amount of 84,309 rubles. taken from form No. 4 “Cash Flow Statement” from the “Cash Received” section, line 090: dividends, interest on financial investments, in the “investment activity” column. The same amount is shown in Form No. 2, line 060. Income from property can also come from participation in other organizations (line 080) and from other sources (line 090).

Deductible income from the secondary distribution of SD^,) is taken from form No. 2, line 120. These are fines, penalties, penalties, etc.

It is possible that this is a win in court and received compensation for losses due to the fault of partners, etc. (total: RUB 65,077).

The fact of receiving income must be taken into account, since real, recorded payments and an increase in assets were then made from income. This is added value from the outside, produced on other economic assets outside of JSC Venta.

The added value produced by the economic assets of JSC Venta, including depreciation, is determined in the following amount (see Table 5.2):

Ds = Dfad "Ah* ~ A™* = 9 399 487 - 84 309 - 65 077 =

9 250101 rub.

The amount of added value is determined with a certain degree of convention, since the reporting does not disclose the structure of “other costs” and costs in work in progress.

For the amount of other expenses (as part of expenses for ordinary activities, form No. 5, line 650), administrative expenses (form No. 2, line 040), increase in work in progress (form No. 1, line 213) and increase in finished goods inventories (form No. 1, line 214), the structure of the deciphered part of the costs is superimposed (form No. 5, section 6), after which conditionally determined payment costs are extracted from this amount

labor and contributions for social needs.

The extracted value is added to similar data directly given in the cost section. It should be noted that management expenses in reporting should be combined with the cost price and only after combining they should be deciphered by cost elements.

Calculation of added value based on the data of the General Ledger, according to the debit and credit turnover of the corresponding accounting accounts, ensures complete accuracy of the result, but this calculation cannot be made in express analysis mode due to its complexity. In addition, general ledger data contains information that is not always appropriate to disclose, and this prevents outside analysts from supplying the necessary information. Added value as an indicator is needed for large generalizations and comparisons of different enterprises based on the results of activities in the same field (to select an investment object from the point of view of the interests of the investor) or to study the dynamics of the results of an active one enterprise (to improve management efficiency or from the point of view of interests shareholders), as well as to compare profitability different types activities (to develop an effective tax policy from the point of view of the interests of the whole society). Here it is necessary and quite correct to determine the order of magnitude of added value.

To obtain accurate estimates of the amount of income from all financial and economic activities and secondary income, it is necessary either to make calculations based on the General Ledger and checkerboard balance sheet, or to introduce more advanced forms of financial accounting reporting into practice. The latter involves deciphering such positions as “other receipts” and “other payments”. The transcript should be not so much more detailed as economically meaningful. Reporting forms No. 2-5 are halfway from accounting to financial and economic. On the one hand, they have lost their direct connection with accounting accounts (this connection is retained only by form No. 1 - Balance Sheet), and on the other hand, in these forms there is neither a clear distinction between economically heterogeneous concepts nor a combination of economically homogeneous concepts. The main thing, of course, is the distinction, since unification is quite possible at the stage of analytical calculations, such as calculating added value, financial and economic stability, etc.

Having received two fairly reliable indicators in Table 5.2 - the amount of added value and the amount of income from property, one should continue economic calculations in order to move towards disposable (final, residual income).

The next stage is the calculation of the total primary income of the enterprise from production and from property (Dperv).

According to the SNA methodology, it is necessary to determine the balance of the primary distribution of income by economic sectors and institutional units (legal entities).

The method of calculating Dperv proposed here differs from the balance of primary income mentioned above, since the information contained in the financial reporting forms does not contain the distribution of accruals for payments to the budget into two parts: “taxes on production” and “taxes on income”.

Without subtracting production taxes from the added value (due to the lack of such data in the financial statements), we get an inflated balance. (At the next stage of calculations, this overestimation will be removed and will not affect the amount of disposable income.)

We present Table 5.3, which determines the amount of the total primary income of Venta CJSC.

Table 5.3

Total primary income of JSC "Venta" from production and from property in 200... Name of income Line number Amount, rub. Added value 1 9 250101 Income from property 2 84 309 Total received (3 = 1+2) 3 9 334 410 From the income received accrued: wages 4 2 036 674 to payments for social needs 5 743 386 to payments of interest, dividends, etc. . 6 1094 Total primary income from production and property (7 = 3-4-5-6) 7 6 553 256 95

A common economic feature of industrial income and property income is the use of economic assets held by enterprises. One - the main - part of economic assets is used in the real technical and economic process - these are non-financial assets; the other part is used in financial and economic activities as financial investments, which is not related to the technology of any production, but to the conditions of the stock and currency exchange. If the analyzed enterprise receives interest and dividends from the ownership of financial investments, then this is added value from the outside, received and not produced. It is important to emphasize that the balanced income from property (the difference between lines 2 and 6 in Table 5.3) can be not only a positive, but also a negative value: you can lose more than you win.

In our example, the enterprise benefits from operations with property - it adds the amount of 83,215 rubles to the added value. (84309 - 1094). This will further influence the increase in disposable income.

Since the amount of disposable income differs from the already known amount of increase in equity capital only by the amount of depreciation for the year and by the amount of the increase in revaluation (and for JSC Venta this value has a zero value), it is possible to compare two methods for calculating disposable income: by end use and through the distribution of primary income. Let's make the calculation using the second method in table 5.4 and compare the increase in equity capital with that shown earlier in table 5.1 (RUB 3,531,675).

In table 5.4 there is an atypical picture: the enterprise receives more from secondary distribution than it gives. Therefore, disposable income is greater than the remainder of primary income after calculating the budget for absolute value positive balance of receipts (negative balance of payments): RUB 60,454.

Table 5.4

Use of the total primary income of JSC "Venta" from production and property received

in 200... Name of income and type of use Line number Amount, rub. Total primary income of the enterprise from production and property 1 6,553,256 Accruals for settlements with the budget 2 2,997,665 Accruals for payments of secondary income (net) 4623-65,077 = -60,454 3 -60,454 Disposable income of the enterprise (4 = 5 + 6 =1-2-3) 4 3 616 045 from it:

For compensation of property 5 84 370 - for increase in own property 6 3 531 675

In practice, EVA is calculated as follows:

Developing formula (1), we can show the calculation of the EVA indicator as follows:

EVA = (P - T) - IC * WACC = NP - IC * WACC = (NP / IC - WACC) * IC (2)

P - profit from ordinary activities;

T- taxes and other obligatory payments;

IC - capital invested in the enterprise;

WACC - weighted average cost of capital;

NP - net profit.

EVA = (NP/IC - WACC) * IC = (ROI - WACC) * IC (3)

ROI is the return on capital invested in the enterprise.

From formula (3) it follows that the structure of sources plays an important role in calculating the EVA indicator financial resources enterprises and price sources. EVA allows you to answer the question of the company’s investors: what type of financing (own or borrowed) and what amount of capital is necessary to obtain a certain profit. On the other hand, EVA determines the line of behavior of the owners of the enterprise, directing investors' capital to the enterprise or vice versa, promoting their outflow to enterprises that provide higher rates of profitability.

In formulas 1-3, to determine the EVA indicator, you need to know the weighted average cost of capital WACC. The weighted average cost of capital can be calculated using the following formula:

WACC = PZK * dZK + PSK * dSK (4)

PZK - price of borrowed capital;

dЗК - share of borrowed capital in the capital structure;

PSC - price of equity capital;

dSK is the share of equity capital in the capital structure.

The essence of EVA is that this indicator reflects the addition of value to the market value of the enterprise and the assessment of the efficiency of the enterprise by determining how this enterprise is valued by the market.

In accordance with formula (5), the market value of an enterprise may exceed or be less than the book value of net assets, depending on the future profits of the enterprise. The EVA value determines the behavior of the owners of the enterprise in relation to investing in this enterprise.

Let's consider the following three options for the relationship between the value of the EVA indicator and the behavior of owners:

1. EVA = 0, i.e. WACC = ROI and the market value of the enterprise is equal to the book value of net assets. In this case, the owner's market gain from investing in this enterprise is zero, so he wins equally by continuing operations in this enterprise or investing in bank deposits.

2. EVA > 0 means an increase in the market value of the enterprise over the book value of net assets, which stimulates owners to further invest funds in the enterprise.

3. EVA< 0 ведет к уменьшению рыночной стоимости предприятия. В этом случае собственники теряют вложенный в предприятие капитал за счёт потери альтернативной доходности.

From the relationship between the market value of the enterprise and the EVA values, it follows that the enterprise must plan future EVA values to guide the actions of the owners in investing their funds.

The expectation of future EVA values has a significant impact on the growth of the company's share price. If expectations are contradictory, the share price will fluctuate, and in the short term it will not be possible to draw a clear relationship between EVA values and the company's share price. Therefore, the task of planning profit, and with it planning the structure and price of capital, is the primary task of enterprise management. The more professional the management of an enterprise is, the higher, other things being equal, are the values of the EVA indicator and the accuracy of planning. This explains the fact that in large Western enterprises, EVA values are the basis for bonuses for managers, who become more interested in increasing the profitability of the enterprise and the growth of EVA. In this regard, EVA acts as the basis of motivation. Economic added value. Elena Larionova, consultant on financial analysis and planning of the Voronov and Maksimov Group, lecturer at the Faculty of Economics of St. Petersburg State University http://www.bupr.ru/articles_id_2.htm [Economic added value. Elena Larionova, consultant on financial analysis and planning of the Voronov and Maksimov Group, lecturer at the Faculty of Economics of St. Petersburg State University http://www.bupr.ru/articles_id_2.htm].

Added value

Added value- this is that part of the value of the product that is created in this organization. Calculated as the difference between the cost of goods and services produced by the company (i.e., sales revenue) and the cost of goods and services purchased by the company from external organizations (the cost of goods and services purchased will consist primarily of materials consumed and other expenses paid external organizations, for example, costs for lighting, heating, insurance, etc.)

Indirect taxes are added to the price, such as value added tax, excise taxes, customs duties.

Gross value added is the difference between the output of goods and services and intermediate consumption. Output of goods and services is the total cost of goods and services resulting from the economic activities of the organization in the reporting period. Intermediate consumption is the value of goods consumed (excluding consumption of fixed capital) and market services consumed during the reporting period for the purpose of producing other goods and services. In accordance with the methodology of the system of national accounts, intermediate consumption includes the following elements: material costs(goods and material services), including raw materials and materials, purchased components and semi-finished products, work and services of a production nature performed by other organizations, fuel, electrical energy, thermal energy; payment for intangible services; travel expenses in terms of payment for travel to and from the place of business travel and the cost of renting living quarters; rent; other elements of intermediate consumption.

Purchased materials and services are purchased ready-made and created by suppliers and contractors, so they are not included in added value. In this case, all internal costs of the company (for wages, depreciation of fixed capital, etc.), as well as the profit of the organization, are included in added value.

Gross value added by type of economic activity is summed up and participates in the calculation of the country's gross domestic product using the production method.

- - - - Added value from a tax point of view... this is the part, the minimum that theoretically cannot be hidden from tax (VAT), everyone can check at their own enterprise! And in fact, it is easy to check whether value added tax, payroll and all taxes on it are correctly calculated; this is an added value that cannot be compensated. This means the minimum amount of value added tax = (payroll + taxes accrued on payroll). This value can be reduced in a specific time interval, but sooner or later this (hidden) amount will have to be paid, i.e. How snowball this hidden value will grow.....

Economic value added EVA as an object of assessment. Economic value added - eva

see also

See what “Added Value” is in other dictionaries: