ESTIMATED PROFIT AS A RESULT OF FINANCIAL ACTIVITIES OF CONSTRUCTION ORGANIZATIONS (Part 1)

The defining criterion of financial and economic activity of construction enterprises is the profit determined by organizations as a result of planning contracts and construction contracts, analyzing their implementation and taking management accounting of expenses and income of the organization. The determination of the cost of work and services performed is carried out by construction companies independently, based on the actual costs of such work performed and similar facilities. Depending on the characteristics, types and conditions of work performed by construction organizations, an important task in forecasting profit and break-even of enterprises is the cost accounting policy that determines the formation of the cost of construction products (works and services performed), including tax deductions on the fixed assets of organizations available on the balance sheet. At the same time, the actual financial condition of construction contractors (the amount of compensated funds) depends on the price set by state construction contracts, and the estimated documentation formed in the process of architectural and construction design, calculated using estimated standards (including estimated profit rates, overhead costs), competitive procedures, conditions for concluding investment and construction contracts, construction work and delivery of work to the customer.

Subject: The subject of research is the accounting policy of a construction organization and the system of formation of the cost of construction products.

Materials and methods: It is noted that a significant factor in the formation of the cost of construction products (works and services) are, including costs in the form of tax deductions and other mandatory payments (property tax on industrial and office buildings) on the balance sheet (owned) organizations of fixed assets. It is stated that the issue of attributing expenses in the form of the above-mentioned tax deductions to the cost of production, performance of works and provision of services is not clearly regulated by law. The research method is structural and functional analysis.

Results: A reasoned confirmation of the conditions (principles) of attribution (reflection) in the accounting of property tax costs, depending on the characteristics (types) and conditions of work performed by construction organizations, is given. Different approaches are noted in determining the system of accounting for income (profit) and expenses in the estimated pricing used in determining the price of a government contract, as well as accounting and tax accounting. An assessment of these differences is given. It is stated that a significant decrease in the standard of estimated profit in the estimated cost of facilities for the main types of work (construction, repair and construction, installation of equipment) generally negatively affects the financial position of contractors.

Conclusions: The actual financial condition of contractors directly depends on the amount of compensation (replenishment, coverage) calculated according to the standard of estimated profit of funds. The analysis of the estimated profit standard revealed a significant decrease in the estimated profit of contractors for the main types of work. These differences, expressed in the approaches to accounting for income and expenses, reduction of estimated profit standards and inclusion of property tax expenses in the expenses accounted for by the overhead standard, directly affect the deterioration of the actual financial indicators of contractors.

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