Rules of financial reporting

In 2020, the financial statements for 2019 were first provided by the State information resource of accounting (financial) statements (GIR BO), the maintenance of which is entrusted to the Federal Tax Service of the Russian Federation, as we reported in our publication in 2018.

According to the Federal Law of November 28, 2018 No.444-FL “On Amendments to the Federal Law “On financial accounts”, a mandatory copy of the annual financial statements to the tax authorities at the location of the company must be submitted no later than 3 months after the end of the reporting period. In case of any errors are found, the adjusted reporting is submitted no later than 10 working days after the day of making the corrections or the day of approval of the annual reporting.

The following entities are exempted from filing the mandatory copy of the annual financial statements:

  • public sector organizations;
  • the Central Bank of the RF;
  • religious organizations;
  • credit and non-credit institutions filing accounting statements to the CB RF;
  • organizations that accounting statements are concerned as state secret;
  • other organizations – according to the decision of the Government of the RF.

In addition, the latest reports are not submitted by reorganized or dissolved legal entities.

State and municipal authorities submit reports using the system of interdepartmental information interaction.

Financial statements are submitted only to the Federal Tax Service of the Russian Federation. Submission of reports to the bodies of the Federal State Statistics Service is no longer required.

Financial statements must be submitted only in the form of an electronic document. In 2020, small business entities can submit reports both in paper and electronic form.

The Federal Tax Service of the Russian Federation emphasizes that the correct Russian Economic Activities Classification System code (OKVED) must be entered in the accounting forms, reflecting the type of activity that the organization was engaged in for the reporting year. If OKVED code differs from the OKVED codes specified in the Unified State Register of Legal Entities, the organization must declare the appropriate changes to the register.

OKVED code is used in calculating the average industry indicators, as well as indicators of the tax burden, average wages and others. Statistical authorities use OKVED in statistical monitoring.

The subscribers of the Information and Analytical system Globas have access to financial statement of all legal entities of Russia since 1997.

Current assets of travel agencies

Information agency Credinform represents a ranking of the largest Russian travel agencies. Companies with the largest volume of annual revenue (TOP-10) were selected for the ranking, according to the data from the Statistical Register for the latest available periods (2017 - 2019). They were ranked by the asset coverage ratio (Table 1). The analysis was based on the data of the Information and Analytical System Globas.

Asset coverage ratio (x) is calculated as the difference between equity and non-current assets to current assets.

The ratio characterizes the ability of a company to finance current activities only with its current assets. The recommended value of the ratio is > 0.1.

For the most complete and objective view of the financial condition of the enterprise, it is necessary to pay attention to the complex of indicators and financial ratios of the company.

Table 1. Net profit, revenue, asset coverage ratio, solvency index Globas of the largest Russian travel agencies (TOP-10)
Name, INN, region Revenue, million RUB Net profit (loss), million RUB Asset coverage ratio (x), >0,1 Solvency index Globas
2018 2019 2018 2019 2018 2019
1 2 3 4 5 6 7 8
INN 7728580286 Moscow
up1 345,55 up1 350,38 up45,64 up59,58 up0,38 up0,38 196 High
INN 7707770166 Moscow
up876,56 up1 771,49 up89,06 up118,14 up0,10 up0,25 198 High
INN 7702520780 Moscow
up1 464,87 up1 815,36 up38,90 up84,20 up0,22 down0,21 197 High
INN 7714171484 Moscow
up2 639,75 up2 747,93 up1 051,92 down975,95 down0,17 up0,18 144 Superior
INN 5003102627 Moscow region
up1 301,67 up1 863,86 down5,43 up21,35 down0,04 up0,11 248 Strong
INN 5024053441 Moscow region
down5 052,68 up5 417,23 up67,13 down26,14 up0,04 up0,09 206 Strong
INN 7701607660 Moscow
up2 478,24 up2 868,12 down226,61 up260,08 up-0,08 up-0,07 214 Strong
INN 7714775020 Moscow
up2 853,49 up25 568,25 down-1 768,38 up317,55 up-1,67 up-0,45 287 Medium
INN 7707511820 Moscow
up4 577,47 up4 714,19 up501,69 down114,31 down0,01 down-0,56 226 Strong
INN 7705549346 Moscow
down1 333,34 up1 383,02 up68,19 up76,77 down-0,95 down-2,12 251 Medium
Average value for TOP-10 up2 392,36 up4 949,98 down32,62 up205,41 up-0,17 down-0,20  
Industry average value up8,00 up16,11 up0,26 up0,61 up-0,01 up0,02

вверх growth of indicator to the previous period, вниз decrease of indicator to the previous period

The average indicator of the asset coverage ratio of TOP-10 is below the average and recommended one. In 2019, five companies have the value above the recommended one.

Picture 1. Asset coverage ratio and revenue of the largest travel agencies (TOP-10) Picture 1. Asset coverage ratio and revenue of the largest travel agencies (TOP-10)

During ten years, the average values of the asset coverage ratio of TOP-10 are mainly within the negative one with a trend to increase (Picture 2).

Picture 2. Change in the average values of the asset coverage ratio of the largest Russian travel agencies in 2010 - 2019 Picture 2. Change in the average values of the asset coverage ratio of the largest Russian travel agencies in 2010 - 2019