Accounting policy is a set of methods of accounting. Accounting policy is developed and signed by the Director or by the Chief accountant of a company. The accounting policy is approved during the process of creating a company and is valid until its liquidation. The Tax Code of the Russian Federation explicitly states that the accounting policy should be applied consistently from year to year, and changes should be made only in case of changes in legislation on taxes and fees, applied accounting methods or the beginning of new types of activities, changes in company management (Article 313 of the Tax Code of the Russian Federation ).
Accounting policies are divided into objectives:
- for accounting purposes;
- for tax purposes.
The following key issues can be addressed in the policy for accounting purposes:
- plan of accounts;
- forms of primary documents of the organization.
According to Federal Law 402 on Accounting, the unified forms of primary documents are no longer mandatory. That is, the company, as before, can use them in its activities, but for this it must approve them in the accounting policy:
- methods of accounting for inventories;
- method of depreciation;
- the method of accounting for goods by trade organizations;
- the method of accounting and distribution of income and expenses;
- the method of determining the proceeds from the execution of works or the provision of services.
The following key issues can be addressed in the accounting policies for tax purposes:
1. Method of recognizing income and expenses, namely:
- the accrual method - income and expenses are recognized in the account as they arise, that is, in the reporting (tax) period in which they occurred, regardless of the fact of their payment;
- cash method - income and expenses are recognized on the day of receipt or retirement of funds as payment for the transaction.
2. Depreciation method.
3. Formation of reserves, namely:
- provision for bad debts. The reserve for doubtful debts is created to ensure that in the organization’s financial statements the data on its receivables are reliable. In this regard, in the presence of doubtful debt, it is necessary to create a reserve;
- reserve for vacation pay and fees. The rules for creating this reserve are governed by article 324.1 of the Tax Code. According to this reserve, you should reflect in your accounting policy the adopted reservation method, the maximum amount of deductions and the monthly percentage of deductions to the specified reserve;
- reserve for the repair of fixed assets. Article 260, paragraph 3, of the Tax Code of the RF establishes that for a uniform write-off of expenses, the taxpayer has the right to create a reserve for forthcoming repairs of fixed assets. The rules for its creation are defined in article 324 of the Tax Code of the Russian Federation.