ORDER OF THE MINISTRY OF FINANCE OF THE RUSSIAN FEDERATION

of November 24, 2008 No. 116n

About approval of the Accounting regulation "Accounting of Construction Contracts" (PBU 2/2008)

For the purpose of enhancement of normative legal regulation in the sphere of financial accounting and accounting records and according to the Regulations on the Ministry of Finance of the Russian Federation approved by the order of the Government of the Russian Federation of June 30, 2004 N 329 (The Russian Federation Code, 2004, N 31, Art. 3258; N 49, of Art. 4908; 2005, N 23, Art. 2270; N 52, of Art. 5755; 2006, N 32, Art. 3569; N 47, of Art. 4900; 2007, N 23, Art. 2801; N 45, of Art. 5491; 2008, N 5, to the Art. 411), I order:

1. Approve the enclosed Accounting regulation "Accounting of Construction Contracts" (PBU 2/2008).

2. Determine that this order becomes effective from accounting records of 2009.

Approved by the Order of the Ministry of Finance of the Russian Federation of October 24, 2008 No. 116n

Accounting regulation "Accounting of Construction Contracts" (PBU 2/2008)

I. General provisions

1. This Provision establishes features of procedure for forming in financial accounting and disclosures in accounting records of information on the income, expenses and financial results by the organizations (except for credit institutions and the public (municipal) institutions), being legal entities by the legislation of the Russian Federation and acting as contractors or as subcontractors (further - the organizations) in construction contracts (further - the agreement) which duration of accomplishment constitutes more than one accounting years (long-term nature) or terms of the beginning and which terminations fall on different accounting years.

2. This Provision extends also to agreements of rendering services in the field of architecture, technical designing in construction and other services inseparably linked with object under construction, to performance of works on recovery of buildings, constructions, courts, on liquidation to their (dismantling), including the related recovery of the environment which duration of accomplishment constitutes more than one accounting years (long-term nature) or terms of the beginning and which terminations. fall on different accounting years.

2.1. This Provision can not be applied by the organizations which have the right to apply the simplified methods of financial accounting, including the simplified accounting (financial) records.

II. Objects of financial accounting under agreements

3. Financial accounting of the income, expenses and financial results is conducted separately under each performed agreement.

4. In case one agreement provides construction of complex of objects for one or several customers on the single project, for the purposes

financial accounting the construction of each object shall be considered as the separate agreement in case of observance of at the same time following conditions:

a) on construction of each object there is technical documentation;

b) the income and expenses can be authentically determined by each object.

5. Two and more agreements signed by the organization with one or several customers shall be considered for the purposes of financial accounting as one agreement in case of observance of at the same time following conditions:

a) owing to interrelation separate agreements actually belong to the single project with the profit margin determined in general by agreements;

b) agreements are performed at the same time or consistently (continuously following one by one).

6. In case in case of agreement performance the additional construction object (extra works) is brought in technical documentation, for the purposes of financial accounting the construction of additional object (accomplishment of extra works) shall be considered as the separate agreement in case of observance at least of one of the following conditions:

a) additional object (extra works) according to constructional, technical or functional characteristics significantly differs from the objects provided by the agreement;

b) the price of construction of additional object (extra works) is determined on the basis of the additional estimate approved by the parties.

III. Recognition of the income and agreement expenses

7. The income under the agreement is recognized the organization by the income from regular types of activity (further - contract revenue) according to the Accounting regulation "Income of the Organization" PBU 9/99, the approved order of the Ministry of Finance of the Russian Federation of May 6, 1999 of N 32 N (registration number 1791) is registered in the Ministry of Justice of the Russian Federation on May 31, 1999. *

8. The size of contract revenue is determined proceeding from the cost of works on the price determined in the agreement adjusted in cases and on the conditions provided by the agreement in connection with:

arising in course of execution of the agreement the changes in value of works on the agreement approved by the parties (further - variations) which are caused or use of better and expensive construction materials and designs, and also performance of works more difficult in comparison with provided in technical documentation, or the works which are not provided in technical documentation (increase in contract revenue) or non-execution of any works provided in technical documentation (reduction of contract revenue);

shown by the organization to the customers and other persons specified in the agreement, requirements (further - claims): about cost recovery, not considered in the estimate which the organization was forced to incur in connection with actions (failure to act) of specified persons; about compensation of the reasonable expenses incurred in connection with establishment and elimination of defects in the technical documentation provided by the customer or the project organization (for example, in connection with detection in the process of construction of groundwater), in connection with delay or stop of work because of non-rendering by the customer of the organization of the assistance provided by terms of the contract (for example, on transfer of the organization to use of buildings and constructions, necessary for performance of works, providing temporary eyeliner of networks of power supply, water supply system), etc. (increase in contract revenue);

the amounts paid to the organization in addition over the estimate under the terms of the agreement (further - incentive payments), for example, for reducing terms of construction, etc. (increase in contract revenue).

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