Management of fixed assets of the organization briefly. Analysis of the management of the fixed capital of the enterprise LLC "74 Region". The organization builds its activities on the basis of the Charter and the current legislation of the Russian Federation

After studying the materials in this chapter, the student should:

know

• principles of fixed capital management;
• what parameters economic activity enterprises affect the cost of fixed capital;
• approximate stages of valuation of assets (property) of the enterprise;
• main forms of reproduction of fixed capital;
• sequence of development and adoption management decisions to ensure the renewal of fixed capital;
• the main factors contributing to the reduction of production and financial cycles;
• the content of the moderate management model working capital;
• what is meant by the complexity of the policy of managing current assets and short-term liabilities;

be able to

• disclose the content of each principle of fixed capital management;
• calculate the most important types of monetary valuation of fixed capital;
• use the main approaches to assessing the value of fixed capital;
• formulate the composition of investments (capital investments) by the nature of reproduction;
• characterize the operating cycle of the enterprise;
• disclose the economic content of the financial cycle;
• to characterize the factors influencing the amount of net working capital;
• theoretically evaluate the type of current asset management policy;

own

• the most important methods of fixed capital management;
• methods for estimating the cost of fixed capital;
• methods used in the management of working capital;
• theoretical knowledge for the formation of a policy of financing current assets.

Principles and methods of fixed capital management

Fixed capital management is an important link in the financial management system of an enterprise. This process involves the highest management staff, production, investment and financial managers. Fixed capital management includes a set of principles and methods for developing and implementing management decisions related to the formation and rational use of this capital in various types activities of enterprises (corporations).

The efficiency of fixed capital management at an enterprise and in a corporation is ensured by observing a number of principles:

• relationship with common system management;
• the complex nature of the adoption and implementation of management decisions;
• high dynamism of management;
• a variable approach to the development of individual decisions on the formation and use of fixed capital;
• conformity strategic goals development.

The first principle is that efficiency

the activity of the enterprise is associated with the rational use of fixed capital (especially its active part) in terms of time and productivity, a decrease in the volume of construction in progress and uninstalled equipment. Fixed capital management interacts with other areas of financial management - with production, investment, innovation, etc.

The second principle is expressed in the fact that all management decisions in the field of formation and use of fixed capital directly affect the final financial results of the enterprise (income, profit, profitability and solvency). Therefore, fixed capital management should be considered as an integrated management system aimed at achieving the ultimate goals defined founding documents or the interests of the owner of the enterprise.

The third principle is that the most successful management decisions in the field of investing in fixed capital, adopted and implemented in previous years, cannot always be used in the future.

When making new decisions in the field of real investment, one should take into account the influence of external (exogenous) factors: changes in the business situation in the commodity and financial markets, innovations in the field of tax, customs, currency and other macroeconomic regulation of the national economy. Along with external factors, the internal (endogenous) conditions of the enterprise's activities also change at various stages of its development. life cycle, for example, in the development of new types of equipment, technology and products.

The fourth principle is that when choosing options for real investment, it is necessary to take into account certain criteria, for example, profitability, payback, security and other parameters of evaluation and implementation. investment projects and programs. These criteria are set by the owner or top management of the enterprise.

The fifth principle suggests that any management decisions in the field of formation and use of fixed capital must be consistent with the key goal (mission) of the enterprise (corporation), i.e. with strategic directions of its development.

An effective fixed capital management system, which is consistent with these principles, creates favorable conditions for the production and scientific and technical development of an enterprise (corporation) at various stages of its life cycle.

The methodological tools that ensure the management of fixed capital include:

• analysis of the effectiveness of the use of individual elements and the entire system of the aggregate of fixed capital;
• planning;
• control;
• methods of calculating depreciation on fixed assets;
• methods for estimating the value of fixed capital over time;
• assessment of the degree of risk in the process of real investment (during the implementation of investment projects, etc.).

Business as a system functions and develops as a result of previous capital investments and, above all, in fixed assets. Making a profit today is the result of correct decisions on the proportions of capital investment in fixed and working capital, taken even before the start of the company's operating activities. Therefore, effective capital management requires a clear understanding of the specifics of their functioning and reproduction. Main capital includes fixed assets, as well as unfinished long-term investments, intangible assets and new long-term financial investments (investments).

1. The fixed capital of an enterprise (its elements) has a certain value. Typically, this is the acquisition cost (historical cost). However, over time, this value decreases by the amount of depreciation (residual value), as discussed below.

Fixed assets are reflected in accounting and reporting at their original cost, i.e., according to the actual costs of their acquisition, construction and manufacture. A change in the initial cost of fixed assets is allowed in cases of completion, additional equipment, reconstruction and partial liquidation of the relevant facilities. The elements of fixed capital tend to wear out and become obsolete. Depreciation is the obsolescence of fixed assets and the loss of their qualities, which in monetary terms is called depreciation - the gradual transfer of part of the value of fixed assets to products, work and services. Reflection of depreciation of fixed assets is chosen by the enterprise based on their useful life. The head of the enterprise has at least three alternative ways to calculate the depreciation (depreciation) of fixed assets, which can be schematically represented as follows:

determination of depreciation according to approved standards;

determination of depreciation using the accelerated method;

determination of depreciation by small enterprises.

For enterprises and organizations that implement significant investment programs for the technical re-equipment of production, requiring the formation of additional financial resources, increasing depreciation (wear and tear) factors are applied - accelerated depreciation. It is also allowed for small businesses as state support.

Leasing is one of the ways to replenish working capital with lower costs than when buying. The lessor acquires this property (for this he may need a loan) and transfers it to the tenant, and often with the right to purchase. This scheme assumes that the lessee, although in the end paying a total amount more than that for which he could purchase equipment, remains a winner, since for the acquisition necessary equipment he had no funds, and the profit from the use of equipment exceeds the total cost of leasing. One of the key points of the attractiveness of leasing for the enterprise is the excess of profit over lease payments; without this excess, leasing may be unnecessary. Therefore, the head of the enterprise needs an accurate calculation of expenses before he applies to the leasing company with a proposal to conclude an agreement.

2. But there is another factor that determines the change in the value of fixed capital - inflation. In order to meet the basic economic proportions, enterprises are allowed to revaluate, which leads to replacement costs. The full replacement cost is determined on the basis of the costs of reproduction of objects similar to those being evaluated. The full replacement cost of morally obsolete objects is also carried out on the basis of existing costs for their manufacture at prices and tariffs that exist on the revaluation date.

During revaluation, along with the full replacement cost of fixed assets, their residual replacement cost is determined. The residual replacement cost of fixed assets is determined by the organizations-owners of fixed assets independently. Incorrect accrual (attribution) of depreciation amounts can lead to an underestimation of tax amounts. Therefore, this aspect of the enterprise and the choice of its accounting policy should be the focus of the financial manager.

fixed assets- these are the funds invested in the totality of material values ​​related to the means of labor. Fixed assets and long-term investments in fixed assets have a multifaceted and versatile impact on the financial condition and performance of the company. fixed assets, leased with the option of subsequent redemption or at the end of the lease under the terms of the agreement, which become the property of the lessee, are also accounted for as own property, plant and equipment.

Capital also includes the cost of capital investments in progress in fixed assets and the purchase of equipment. This part of the cost of acquiring and building fixed assets, which has not yet become fixed assets, cannot participate in the process of economic activity, and therefore should not be subject to depreciation. In fixed capital, these costs are included for the reason that they have already been withdrawn from working capital.

Long-term financial investments represent the cost of equity participation in authorized capital in other enterprises, to purchase shares and bonds on a long-term basis. Financial investments also include:

long-term loans issued by another enterprise against debt obligations;

the value of property transferred to a long-term lease under the right of financial leasing (that is, with the right to purchase or transfer ownership of the property upon the expiration of the lease term).

Financial indicators use of fixed assets can be combined into the following groups:

indicators of the volume, structure and dynamics of fixed assets;

indicators of reproduction and turnover of fixed assets;

performance indicators for the use of fixed assets;

cost effectiveness indicators for the maintenance and operation of fixed assets;

performance indicators of investments in fixed assets.

a) During analysis of indicators of the movement of fixed assets it is necessary to assess the size, dynamics and structure of the company's capital investments in fixed assets, to identify the main functional features of the business of the analyzed economic entity. For this purpose, data are compared at the beginning and end of the reporting period for all elements of fixed assets. Changes are valued at the historical cost of fixed assets. In the dynamics of changes, a positive trend is the outpacing growth of production assets in comparison with non-production ones.

b) There is a methodology for "horizontal" and "vertical" analysis of indicators of the movement of fixed assets.

c) An interconnected set of indicators for accounting, analysis and evaluation of the process of updating production assets:

F k. g = F n. r+ F new + F sb,

where F k. d - production assets at the end of the year; F n. d - production assets at the beginning of the year; F new - production assets introduced in the reporting year; F vyb - production assets retired in the reporting year.

Based on this equality, the following indicators can be calculated:

2) the coefficient of renewal of fixed assets;

3) coefficient of intensity of renewal of fixed assets;

4) update scale factor;

5) coefficient of stability of fixed assets;

6) the coefficient of retirement of fixed assets.

These indicators can be used to study changes in fixed assets over a certain period.

d) Efficiency of capital investment in fixed assets. The effectiveness of investments in fixed assets depends on many factors, among which the most important are: return on investment, payback period of investments, inflation, return on investment for the entire period and for individual periods, stability of income from investments, the availability of other, more efficient areas of capital investment (financial assets, currency transactions, etc.). Investing in the form of capital investments is the most difficult task of financial planning and requires careful analysis. Decisions in this area require the firm to make long-term commitments, and therefore should be based on careful forecasting and detailed assessments of future likely conditions that are necessary to ensure economic profit that justifies the expected investment costs (see Section 1.6 for details).

Sources of financing the reproduction of fixed assets are divided into own and borrowed. Reproduction forms:

­ simple when the cost of compensating for the depreciation of fixed assets corresponds to the amount of accrued depreciation;

­ extended when the cost of reimbursement for depreciation of fixed assets exceeds the amount of accrued depreciation.

Capital expenditures for the reproduction of fixed assets are of a long-term nature and are carried out in the form of long-term investments for new construction, for the expansion and reconstruction of production, for technical re-equipment and for supporting the capacities of existing enterprises. The main criterion for making a managerial decision from the position of financial management is a comparison of cash flows when various forms financing the renewal of fixed capital, while comparing the cost of acquisition at the expense of own funds, at the expense of a bank loan, etc. To ensure financial independence, the enterprise must have a sufficient number of equity. For this, the company needs to be profitable. To ensure this goal, it is important to effectively manage the flow and outflow of funds, prompt response to deviations from the set course of activity.

Cash flow management is one of the most important activities of a financial manager and includes:

1) calculation of the circulation time Money;

2) cash flow analysis;

3) cash flow forecasting.

The key point in business liquidity management is the cash flow cycle (financial cycle). figuratively cash flow can be thought of as a system financial circulation» the economic organism of the enterprise. Efficiently organized cash flows of an enterprise are the most important symptom of its “ financial health”, a prerequisite for achieving high end results its economic activity as a whole. Cash flow management is not just a management of survival, but dynamic money management taking into account changes in value over time. One of the tasks of cash flow management is to identify the relationship between cash flows and profit, i.e. whether the profit received is the result of effective cash flows or is it the result of any other factors. There are such concepts as "cash flow" and "cash flow".

Flow of funds- all cash receipts and payments of the enterprise. Cash flow- this is a set of time-distributed volumes of receipts and disposals of funds in the course of economic activity, operation.

The receipt (inflow) of funds is called positive cash flow, and the disposal (outflow) of cash - negative cash flow.

ü Analysis and management of cash flow allow you to determine its optimal level, the ability of the enterprise to pay off its current obligations and carry out investment activities. The financial condition of the company depends on the effectiveness of cash management and ability to quickly adapt in case of unforeseen changes in the financial market.

ü Cash flow management is part of financial management and is carried out within the framework of the financial policy of the enterprise, understood as a general financial ideology, which the enterprise adheres to in order to achieve the general economic goal of its activities.

ü Cash flow management closely related to the strategy of increasing the market value of the company, because market price company or asset depends on how much the investor is willing to pay for them, which, in turn, depends on what cash flows and risks the asset or company will bring to the investor in the future.

Thus, the market value of an asset or company is determined by:

Cash flow generated by the asset or company in the future;

The timing of this cash flow;

Risks associated with the generated cash flow.

Financial resources related to the sphere of distribution are an important element of reproduction and form the basis of the material and cash flow management system of an enterprise. The financial resources of the enterprise are in constant motion, the management of which is carried out within the framework of financial management. In turn, the cash flows of the enterprise represent the movement (inflows and outflows) of funds on the settlement, currency and other accounts and in the cash desk of the enterprise in the course of its economic activity, collectively making up its cash flow. Cash flow management suggests:

Deep analysis of cash flows;

Accounting for cash flows;

Development of a cash flow plan.

In world practice, cash flow is denoted by the concept "cash flow"("cash flow"). Cash flow in which the outflow exceeds the inflow is called a "negative cash flow" ( negative cash flow), otherwise it is a "positive cash flow" ( positive cash flow). The concept of "discounted or reduced cash flow" is also used. The word discount discount) means a discount, therefore, discounting means bringing future cash flows into a form comparable to the present.

I. To ensure a comprehensive in-depth analysis, cash flows must be classified according to a number of basic features.

1. By type of economic activity. Cash flows are associated with cash inflows and outflows, so the need to divide an enterprise into its three types is explained by the role of each and the relationship. If the main activity is designed to provide the necessary funds for all three types and is the main source of profit, then investment and financial activities are designed to contribute, on the one hand, to the development of the main activity, and on the other hand, to provide it with additional funds (Fig. 22, 23).

In accordance with international accounting standards, the following types of cash flows are distinguished:

- for operating activities - is characterized by cash payments to suppliers of raw materials and materials; third parties certain types services that support operational activities; wages personnel involved in the operational process, as well as managing this process; tax payments of the enterprise to the budgets of all levels and extra-budgetary funds; other payments related to the implementation of the operational process. At the same time, this type of cash flow reflects the receipt of funds from buyers of products; from tax authorities in the procedure for recalculating overpaid amounts and some other payments provided for by international accounting standards;

­ investment activity- characterizes payments and cash receipts associated with the implementation of real and financial investment, the sale of retired fixed assets and intangible assets, the rotation of long-term financial instruments of the investment portfolio and other similar cash flows serving the investment activities of the enterprise;

­ financial activities- characterizes the receipts and payments of funds associated with the attraction of additional equity and share capital, the receipt of long-term and short-term loans and borrowings, the payment of dividends and interest on deposits of owners in cash and some other cash flows associated with the implementation external funding economic activity of the enterprise.

INTRODUCTION 4
CHAPTER 1. THEORETICAL ASPECTS OF MANAGEMENT OF THE CAPITAL OF THE ENTERPRISE 6
1.1. The concept and essence of the fixed capital of an enterprise 6
1.2. Principles and methods of fixed capital management. eight
1.3 Tasks and main stages of fixed capital management 12
CHAPTER 2. MANAGEMENT OF FIXED CAPITAL
OOO KAMENSKOE 15
2.1. Organizational and economic characteristics of Kamenskoye LLC 15
2.2. Assessment of the structure and changes in the fixed capital of Kamenskoye LLC 20
CHAPTER 3. WAYS TO IMPROVE THE WEALTH MANAGEMENT POLICY 28
3.2. Proposals for improving the capital management of Kamenskoye LLC 28
3.2 Evaluation of the effectiveness of the proposed activities 30
CONCLUSION 33
REFERENCES 35

Introduction

Capital is the stock of economic goods accumulated through savings in the form of money and real capital goods. They are involved by its owners in the economic process as an investment resource and a factor of production in order to generate income. Their work in economic system based on market principles and is related to time, risk and liquidity factors.
The concept of non-current assets fixed capital are identical.
Fixed capital includes fixed assets, as well as outstanding long-term investments, intangible assets and new long-term financial investments.
Fixed assets at the enterprise can be received according to such channels as:
- contribution to the authorized capital enterprises;
- as a result of capital investments;
- as a result of a gratuitous transfer;
as a result of a lease.
For operating enterprise the use of fixed assets includes, first of all, the following stages:
- inventory of existing and used fixed assets in order to determine obsolete and worn-out components of fixed assets;
- assessment of the conformity of the existing technical inventory of the technology and the production enterprise;
- the choice of the volume and structure of fixed assets. Then there is a process of reinstallation of the existing technical equipment, acquisition, delivery and assembly of new technical equipment.
The main goal of the reproduction of fixed assets is the achievement of enterprises by fixed assets in their quantitative and qualitative composition, as well as maintaining them in working condition.
In the process of reproduction of fixed assets, the following tasks are solved:
- coverage of fixed assets written off for various reasons;
- increase in the volume of fixed assets in order to expand the volume of production;
- improvement of the specific, technological and age structure of fixed assets, more precisely, an increase in the level of production.
Fixed capital in material form represents the production and technical potential of the enterprise, and in value form - the economic potential.
Therefore, the study of its impact on production, the effective parameters of its application is of practical interest.
The object of work is the fixed capital of the enterprise.
The subject of the work is the management of fixed assets.
The purpose of the work is to analyze the management of fixed capital at the enterprise Kamenskoye LLC.
To achieve this goal, it is necessary to perform the following tasks:
- to study the concept and essence of the fixed capital of the enterprise;
- to consider the principles and methods of managing fixed assets .;
— consider the tasks and main stages of fixed capital management;
- to characterize the activities of Kamenskoye LLC;
— evaluate the structure and change in the fixed capital of Kamenskoye LLC;
— develop proposals for improving capital management;
— Evaluate the effectiveness of the proposed activities.

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Overall volume: 34

1. The concept and essence of the fixed capital of the enterprise.

The fixed capital of the enterprise consists of the following elements:

Let's consider these elements in more detail.

1. Fixed assets include:

buildings, structures, transmission devices, working and power machines and equipment, measuring and control instruments and devices, computer technology, vehicles, tools, production and household equipment and accessories, working and productive livestock, perennial plantations, on-farm roads and other fixed assets. Fixed assets also include capital investments for land improvement (reclamation, drainage, irrigation and other works) and leased buildings, structures, equipment and other objects related to fixed assets. Capital investments in perennial plantings, land improvement are included in fixed assets annually in the amount of costs related to the areas accepted for operation, regardless of the completion of the entire range of works.

As part of fixed assets, land plots owned by the organization, objects of nature management (water, subsoil and other natural resources) are taken into account. Completed capital expenditures on leased buildings, structures, equipment and other fixed assets are credited by the lessee to their own fixed assets in the amount actual expenses unless otherwise provided by the lease agreement.

2. Intangible assets include rights arising from:

· from patents for inventions, industrial designs, breeding achievements;

from certificates for utility models, trademarks and service marks or license agreements for their use;

from the rights to "know-how", etc.

In addition, intangible assets include the rights to use land plots, natural resources and organizational expenses.

Intangible assets are reflected in the accounting and reporting in the amount of costs for the acquisition, manufacture and costs of bringing them to a state in which they are suitable for use for the planned purposes. For objects for which the cost is being redeemed, intangible assets evenly (monthly) transfer their initial cost to the costs of production or circulation according to the rates determined by the organization based on the established period of their useful life. For intangible assets for which it is impossible to determine the useful life, the norms for the transfer of value are established for ten years (but not more than the life of the organization).

3. Long-term financial investments

Financial investments are accepted for accounting in the amount of actual costs for the investor. For government securities, the difference between the amount of actual acquisition costs and the nominal value during the period of their circulation is allowed to be evenly (monthly) attributed to the financial results of the organization, or to a decrease in financing (funds) from budget organization.

Shares and shares that are not paid in full are shown in the asset balance sheet at their full purchase value, with the outstanding amount included in the creditor item in the balance sheet liability in cases where the investor has the right to receive dividends and bears full responsibility for these investments. In other cases, the amounts contributed to the account of the shares and shares to be acquired are shown in the asset balance sheet as debtors. Investments of an organization in shares of other organizations listed on the stock exchange or at special auctions, the quotation of which is regularly published, when compiling the annual balance sheet, are reflected at the end of the year at market value, if the latter is lower than the book value. The specified adjustment is made for the amount of the reserve for securing investments in securities, created at the expense of financial results from an organization or a decrease in funding (funds) from a budgetary organization.

It should be noted that fixed capital also includes capital investments in construction in progress. The composition of capital investments includes the cost of construction - installation work, purchase of equipment, tools, inventory, other capital works and costs (design and survey, geological exploration and drilling, costs for land acquisition and resettlement in connection with construction, for training personnel for newly built organizations, and others). Capital investments are reflected in the balance sheet at actual costs for the developer (investor). Capital construction facilities in temporary operation are not included in fixed assets until they are put into permanent operation. In accounting and reporting, the costs of these facilities are reflected as unfinished capital investments.

Estimation of the fixed capital of the enterprise and inflation

The fixed capital of the enterprise (its elements) have a certain value, as a rule, this is the cost of acquisition (initial cost). However, over time, this value decreases by the amount of depreciation (residual value), as discussed below.

Fixed assets are reflected in accounting and reporting at their original cost, i.e. according to the actual costs of their acquisition, construction and manufacture. A change in the initial cost of fixed assets is allowed in cases of completion, additional equipment, reconstruction and partial liquidation of the relevant facilities.

But there is another factor that determines the change in the value of fixed capital - inflation. In order to comply with the basic economic proportions, enterprises are allowed to revaluate, which leads to the emergence of replacement cost.

Buildings, except for residential buildings, structures, transmission devices, machinery, equipment, vehicles and other types of fixed assets, regardless of their technical condition (degree of wear), are subject to revaluation, both operating and being in conservation, in reserve or in stock, in construction in progress, as well as objects leased or for temporary use (fixed assets leased are revalued by the lessor).

The initial data for the revaluation of fixed assets (funds) are the full book value of fixed assets, determined by the results of the inventory, and the coefficients for converting the book value of fixed assets into replacement cost, which is determined by multiplying their book value by the appropriate conversion factor (the coefficients are set for each group of fixed assets). funds). The full replacement cost of fixed assets, that is total cost the costs that an enterprise owning them would have to bear if it had to completely replace them with similar new objects at market prices and tariffs existing at the revaluation date, including the costs of acquisition (construction), transportation, installation (installation) of objects , for imported objects - also customs payments, etc. The full replacement cost is determined on the basis of the costs of reproducing objects similar to those being evaluated, from the same materials, in compliance with plans and drawings and the quality of work performed, with inherent design flaws and elements of inefficiency. The full replacement cost of obsolete objects is also carried out on the basis of existing costs for their manufacture at prices and tariffs that exist on the revaluation date, based on the fact that obsolescence of objects is reflected in the levels and rates of change in the corresponding prices and tariffs. When determining the full replacement cost of objects discontinued from production, the prices and costs of making an exact copy of which in modern conditions almost impossible to determine, this value is defined as replacement cost, based on the full replacement cost of functionally similar manufactured items, adjusted for the ratio of the most important performance characteristics of legacy and modern items. The value of land plots and nature management facilities is not subject to revaluation.

The full replacement cost of fixed assets is determined, at the discretion of the organization, either by directly recalculating the cost of individual objects at documented market prices for new objects similar to those being evaluated (“direct valuation method”), or by indexing the book value of individual objects using indices ( coefficients).

During revaluation, along with the full replacement cost of fixed assets, their residual replacement cost is determined. The residual replacement cost of fixed assets is understood as the value of fixed assets after revaluation, taking into account accrued depreciation. The residual replacement cost of fixed assets is determined by the organizations themselves - the owners of fixed assets independently. When revaluing fixed assets by indexation, the amount of depreciation of fixed assets recorded in accounting (including objects for which depreciation has been fully accrued) is subject to multiplication by the corresponding indices of change in the value of fixed assets when they are converted into replacement cost. When revaluing fixed assets using the direct conversion method, the amount of depreciation recorded in accounting is subject to indexation according to the conversion factor calculated by the ratio of the replacement cost to the book value.