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APPROACHES TO FINANCIAL ANALYSIS OF INSOLVENT ENTERPRISES:
INTEGRATING ACCOUNTING AND TAX REPORTING
Olimjonova Munisa Nuriddin qizi
Tashkent state university of economics
Accounting faculty
Abstract.
This study explores at the financial analysis techniques used on insolvent businesses
in different countries, using Russia as an example. It finds significant deficiencies in the current
regulatory structure put in place by the government. Even though business bankruptcy is
uncommon, the economic effects on different stakeholders make a thorough analytical approach
to evaluating financial distress necessary. The study highlights the outdated nature of the
current financial analysis rules and their inconsistency with modern financial reporting
standards. In terms of insolvency, it examines the specifics of examining both accounting and
tax reporting. In order to improve decision-making in bankruptcy procedures, the article
promotes a more thorough methodology that incorporates dynamic analysis and predictive
modeling by assessing coefficient analysis methodologies and the informational potential of tax
reporting.
Key words:
insolvency, financial statements, accounting, tax reporting, ratio analysis,
coefficients, profitability, balance sheet, dynamic analysis, assets, investment, ledger.
Introduction.
Corporate bankruptcy is a rare event. According to statistics, the number of
bankruptcies does not exceed 0.3% of registered Russian organizations [1]. However, the
insolvency of an enterprise, especially in the case of medium and large businesses, affects the
interests of many parties, which is naturally reflected in the literature. The phenomenon of
corporate bankruptcy is studied in legal, sociological, psychological, and economic contexts.
Significant attention is paid to the financial aspects of insolvency: the methodology for
forecasting bankruptcy is being actively improved, and the theory and practice of managing
high-risk investments are developing [2].
A relatively new scientific direction is the financial theory of corporate bankruptcies, which
addresses the problems of financial restructuring, assessment of direct and indirect costs of
insolvency, and comparative analysis of financial models for default resolution [3]. Financial
analysis in the context of insolvency is characterized by significant specificity; however, its
content is primarily determined by the requirements of bankruptcy legislation.
In Russia, the financial analysis of insolvent organizations is regulated by special rules
approved by a resolution of the Government of the Russian Federation (hereinafter referred to
as the Rules). Surprisingly, given the constantly changing legal climate, this methodology has
not been revised for more than ten years, despite obvious shortcomings and numerous
inconsistencies with current legislation.
Literature review.
Criticism of the Rules is widely presented in publications by domestic
authors [4, 5, 6, 7, 8]. In general, it is noted that the existing methodological support does not
allow for making economically justified decisions on the choice of bankruptcy procedures [9].
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The heightened discussion on this issue is related to the publication of the draft Federal
Standard for the Activities of Arbitration Administrators concerning the Financial Analysis of
Insolvent Debtors (hereinafter referred to as the Project) [9, 10, 11].
In their research, the authors address the specifics of analyzing insolvent enterprises based on
accounting and tax reporting. It should be noted that the methodology of accounting reporting
analysis is sufficiently detailed in the literature, including great attention is paid to the
corresponding information capabilities and limitations [12, 13, 14].
At the same time, works devoted to the specifics of analyzing accounting reports under
conditions of insolvency are not so diverse and numerous. As for the analysis of tax reporting,
this issue is generally not addressed, whereas, from the perspective of the authors, it is of
significant interest, especially from the standpoint of internal analysts, to whom arbitration
managers also belong. We examine the challenges in developing a methodology for analyzing a
debtor's financial statements, taking into account the provisions of the current regulations and
the draft federal standard. Additionally, we will propose recommendations for the analysis of
tax reports.
Methodology.
The study evaluates the methods used in financial analysis of insolvent
enterprises, and focuses on the existing government-approved rules and some standards. The
methodological framework includes assessing ratio analysis techniques, analyzing financial
statements, developing an enhanced coefficient system, assessing the informational potential of
tax reporting, and qualitatively analyzing reporting formats and audit data.
Additionally, there is, also, evaluation of a normative content in order to identify contradictions
between existing guidelines and practical needs of insolvency practitioners. The proposed
recommendations are supported by theoretical reasoning and cross-referenced with academic
literature and official regulatory documents. The study aims to improve the financial analysis of
insolvent companies.
Results and discussion.
Features of coefficient analysis in assessing the debtor's financial
condition. Financial statements serve as the source for coefficient analysis, which we will
primarily refer to as a method for rapid assessment of the debtor's financial condition and the
reasons for their insolvency. The current Rules for Calculation and Analysis of Coefficients are
characterized by a number of significant limitations: the procedure for evaluating individual
indicators is interpreted ambiguously, not all of them can be derived from the balance sheet and
income statement, and the calculation methodology does not correspond to the current format of
financial reporting [5, 7]. Coefficient analysis should be conducted quarterly. However, since
2013, the preparation of interim reports by Russian organizations is not always mandatory, and
their submission to state statistical and tax control authorities is not required.
As a result, the usual practice of requesting relevant information about the debtor from tax
authorities, to which bankruptcy trustees frequently appealed, is currently not working [9]. The
analyzed coefficients are divided into three groups, characterizing the debtor's solvency,
financial stability, and profitability, which generally corresponds to a set of characteristics most
frequently encountered in financial diagnostic models [14]. At the same time, the logic of
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choosing specific coefficients is not entirely clear [5,15], and no separate justification for this
issue is provided.
Certain indicators are missing, without which it is impossible to form a well-founded
judgment on the reasons for the loss of solvency. For example, there is no provision for
assessing the level of financial cost coverage, the duration of the cash turnover cycle, and,
more critically [16], solvency is evaluated using the balance sheet model without
considering information about the enterprise's cash flows (Figure 1). A separate problem
when conducting coefficient analysis of the debtor is the selection of comparative criteria.
The Rules do not establish critical values for financial ratios, which, from the authors' point
of view, is quite justified. Nevertheless, there is also no requirement to use industry
statistics. At the same time, the possibilities for dynamic analysis are limited, since the
preparation of interim financial statements, as noted earlier, is not mandatory.
Figure 1. Financial analysis methodology evaluation
In the Project, the coefficient analysis methodology is supplemented with a requirement for a
dynamic analysis of basic absolute indicators, calculated primarily based on quarterly accounting
reports. The composition of the main indicators and coefficients underwent almost no changes. It
creates the impression that such a situation is solely due to the pursuit of continuity, which is
perhaps justified if we follow the principle of professional judgment, according to which the
arbitral manager has the right to apply the repeatedly tested methodology at their discretion.
However, the Project developers pursued a deliberately different goal: basic indicators, which are
present in any financial reporting system, were taken as a basis, which, as expected, will allow for
1
Author’s elaboration.
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the necessary analysis based on the currently used accounting system of a specific debtor, even
one who does not prepare accounting reports [11]. In any case, it is unlikely that we can talk
about a system of indicators here, which is not fully justified from a financial point of view. The
analyst was given the choice of indicators and criteria for assessing the debtor's financial
condition, depending on the specifics of their financial and economic activities and available
sources of information. At the same time, it is not fully clear whether the application of the
proposed coefficients is mandatory.
On the one hand, it is noted that the arbitral manager can use the recommended system of
coefficients, on the other hand, it is indicated that he has the right additionally to use other
indicators that more deeply reveal the specifics of development and crisis in the organization,
indicating the source of information. Moreover, finally, the requirement for quarterly accounting
reporting analysis appears clearly irrelevant.
It should be noted that the methodology of coefficient analysis does not correspond to the
specifics of the debtor's financial condition, which can be of a fundamentally different nature: it
can be a matter of actual insolvency or temporary insolvency. A correct assessment of the
possibility of restoring solvency, in turn, should take into account the prospects of financial and
economic activity.
The purpose of the coefficient analysis in the Project is formulated as follows: "To help the
persons participating in the bankruptcy case to form a position regarding the procedures carried
out in the bankruptcy case, and to understand the debtor's ability to timely fulfill their monetary
obligations and the obligation to pay mandatory payments". However, such a goal is clearly
impossible to achieve.
Coefficient analysis according to the recommended methodology does not allow for an adequate
understanding of either the actual or, moreover, the projected financial condition of the enterprise
[17, 18, 19]. Thus, it is necessary to provide for the possibility of converting retrospective data
into a forecast assessment, which can be achieved using financial insolvency forecasting models.
For this purpose, discriminatory models can be used that provide maximum forecast accuracy for
1-2 years before bankruptcy (see work [20] for more details), comparable to the terms of external
management and (or) financial recovery. Regressors in discriminant models, as a rule, are
financial ratios. Using these models will provide a more justified assessment of the financial
condition, allowing for the correlation of the results of the coefficient analysis and the forecast of
solvency recovery.
Deep analysis of the debtor's accounting statements, as intended by the legislators, is primarily
required for the purpose of assessing the intra-economic reserves for restoring solvency.
According to the current Rules, this is done:
1. Dynamic analysis of assets and borrowed funds based on the balance sheet;
2. Dynamic analysis of the debtor’s property status, based on information about the
acquisition, disposal, write-off, and/or creation of assets;
3. Structural analysis of assets in balance sheet valuations across three groups:
− assets whose disposal would make core operations impossible;
− assets whose realization is impossible or significantly difficult;
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− assets that can be realized to settle with creditors, cover court expenses, and pay
remuneration to the insolvency practitioner;
4. Analysis of equity and reserves with respect to their amount and the correctness of how the
corresponding balance sheet items are formed;
5. Analysis of borrowed funds aimed at identifying debt obligations that can be challenged,
terminated, or restructured.
The recommended methodology does not correspond to the current accounting reporting
format. In particular, the composition of the analyzed information is now characterized by
significant diversity, since the detailing of reporting items is determined by business entities
independently.
However, according to the authors, priority should be given to conceptual omissions. Analysis
of the balance sheet with the involvement of additional information on assets and liabilities is
certainly useful at the stage of preliminary assessment of the debtor's financial condition, and
most importantly, the reasons for its undesirable changes. At the same time, the picture of the
enterprise's financial condition according to accounting reports may not correspond to reality,
and the requirement to analyze the auditor's report is not established in the Rules (it is analyzed
if available). In addition, most importantly: contrary to the formulated requirements, the
proposed methodology does not allow us to answer the question of reserves for the restoration
of solvency. The results of the in-depth analysis of liabilities represent a certain value, but the
analysis of assets has no practical significance in this regard, as it is carried out based on
balance sheet data.
In the draft, the procedure for in-depth analysis of the financial statements of insolvent
enterprises has been supplemented with new requirements and is more thoroughly regulated. In
this regard, at least five positive changes can be noted:
− the introduction of a requirement for auditing the financial statements under analysis;
− the allowance for deviations from general standard requirements, taking into account the
specifics of the business;
− the provision for varying levels of detail in financial statement items, which may affect the
nature of financial statement analysis;
− the provisions regulating the procedure for analyzing assets and liabilities no longer require
the inclusion of interim reporting data;
− forecasting potential break-even performance is now mandated to be conducted in connection
with the analysis of the organization's income, expenses, and financial results.
At the same time, the complication and detailing of the methodology cannot be regarded as
entirely positive, since this will increase the debtor's costs and, consequently, reduce the
coverage of creditors' claims. According to expert assessments, the current regulations are
already excessive: in order to conduct a financial analysis, an insolvency practitioner currently
needs about nine months, which usually requires the involvement of additional specialists.
Moreover, the key issues mentioned above have not been constructively addressed. In particular,
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the valuation of assets for liquidation is still proposed to be carried out at book value. For this,
two methods are provided, the practical meaning of which remains far from clear.
A
s
= A – A
p
– A
d
,
(1)
where
A
s
- assets for sale;
A - total assets;
A
p
- assets whose realization is not allowed if business continuity is to be maintained;
A
d
- assets that are impossible or difficult to sell;
A
s
= DV + VA
on
+ FV + AR + C + OA
oc
+ Z,
(2)
where
DV - income-generating financial investments in tangible assets;
VA
on
- other non-current assets;
FV - financial investments (long-term and
short-term);
AR - accounts receivable;
C – cash and cash equivalents;
OA
oc
- other current assets;
Z - finished goods, goods held for resale, shipped goods
The requirement to assess the liquidity of the debtor's assets without involving a professional
appraiser is also questionable, as appraisers are only engaged when the source of payment for
their services is determined by bankruptcy legislation or a creditors' meeting. Although market
valuation of assets is conducted when possible, assessing asset liquidity remains a mandatory
requirement. Generally, the informational value of financial statements is clearly overestimated,
and this misconception is accompanied by new methodological requirements. Notably, the tasks
of analyzing the debtor's financial statements include assessing potential profits from asset sales
(see table). It is evident that based on financial statement information alone, the bankruptcy
administrator cannot evaluate either the amount of liquid assets for sale purposes or, more
importantly, the expected profit in such cases. It should be acknowledged that an in-depth
analysis of the debtor's balance sheet and statement of financial results is primarily aimed at
preliminary assessment of the financial condition and, to a greater extent, the reasons for its
undesirable change. Regarding reserves for the restoration of solvency, it is necessary to
regulate the methods of forecast analysis with the involvement of information on the market
(liquidation) value of the enterprise's assets.
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Table 1. Tasks of analyzing the assets and liabilities of the debtor based on financial
statements
Task
Task Description
Asset
Analysis
- Characterization of all asset groups according to their classification in the
financial statements.
- Determination of the possibility of realizing assets for the purpose of settling
obligations.
- Identification of assets required for the continuation of operations, including
consideration of potential modernization and re-profiling.
- Assessment of profit that may be obtained from the sale of assets, the disposal
of which would not significantly complicate or prevent economic activity.
- Assessment of profit that may be obtained from the sale of assets in the event
of liquidation.
Passive
Analysis
(liability &
equity)
- Determination of the dynamics of changes in equity sources of asset
formation.
- Determination of the dynamics of retained earnings (uncovered loss) as part of
the equity sources.
- Analysis of the composition, structure, and dynamics of the debtor’s
liabilities.
- Assessment of creditor claims, their satisfaction level, and potential
bankruptcy coverage ratio.
The importance of tax reporting as a source of information about the debtor's financial
condition. The current Rules declare that tax reporting is the basis for assessing the debtor's
financial condition. The project provides for the analysis of accounting and other documents
reflecting the economic activity of the debtor. In particular, tax accounting and tax reporting
data are included in the approximate list of documents and materials used in conducting
financial analysis. However, the directions of tax reporting analysis and relevant sources are not
specified in either the Rules or the Project, which, according to the authors, is a significant
shortcoming. In this regard, it should be noted that tax reporting represents information on the
financial results of the organization, compiled:
− with a higher frequency compared to accounting reports (for example, for corporate income
tax reporting, a regularity of monthly to quarterly preparation is legally prescribed);
− more formalized procedures that allow for the unambiguous interpretation of information
about the debtor's accounting policy for tax purposes;
− with a slightly different structure of income and expenses from accounting reports.
The features of tax reporting listed above allow it to be used as a source of information on the
financial condition of the debtor, serving as a supplement to the data provided in financial
(accounting) statements. The high frequency of submitting corporate income tax declarations
ensures the possibility of a more accurate assessment of the timing of changes (deterioration) in
the enterprise’s financial condition. The analysis of tax reporting allows for an evaluation of the
debtor’s tax burden and tax discipline, which aligns with the objectives of assessing both
external and internal business conditions. The volume of information available from tax reports
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depends on the applied taxation regime. For debtors operating under the general taxation system,
it is advisable to focus primarily on the corporate income tax declaration.
According to the authors, the key areas of analysis using this source should include:
Dynamic analysis of the tax base
by years and by periods corresponding to the
frequency of declaration submission;
Analysis of the correlation between financial result indicators, as well as income
and expenses
, according to accounting and tax data over time, evaluation of changes in
their relationship, and identification of the reasons behind those changes;
Identification of the sources of differences between accounting and tax records
,
indicating temporary or permanent discrepancies between the respective financial
results;
Analysis of tax losses (if reported) for the fiscal year
, which are carried forward to
reduce the tax base in future periods, and the timing of such carry-forwards;
Analysis of the financial result from the sale of depreciable assets
, including any
losses incurred from such transactions (if applicable), which are carried forward to
reduce the taxable base over the remaining useful life of the disposed asset;
Analysis of specific types of income and expenses reported in the tax return
, and
comparison of these with corresponding items in the financial statements.
When conducting a financial analysis of a debtor applying the simplified taxation system
(hereinafter – STS), the need to supplement accounting data becomes even more apparent.
However, compared to the corporate income tax return, the declaration submitted under the
STS is less informative. Specifically:
it is submitted to tax authorities only once a year (although it includes data on the tax
base — either revenue or revenue reduced by expenses — for each quarter);
it is prepared in accordance with the cash method of income and expense recognition;
it is based on the data recorded in the Income and Expense Ledger maintained by
organizations using the simplified taxation system.
The analysis approach for the Income and Expense Ledger and tax declarations follows the
same logic as the analysis of profit tax declarations, taking into account the available volume of
information. In cases where the debtor applies special tax regimes, such as the single tax on
imputed income or the patent taxation system, which do not reflect actual financial results, the
analysis of the corresponding declarations is, evidently, of limited informational value.
Tax reporting is an important source of information about the debtor: its analysis can clarify
conclusions about the financial condition of the enterprise and the reasons for the loss of its
solvency. However, due to the non-publicity of tax reporting, only internal analysts have access
to its data, of which, probably, it is for arbitrators that this source is of greatest interest.
Conclusion.
The analysis of financial (accounting) statements is very important in assessing the
financial position of a company, however, it should not be overestimated. The primary task in
this case is arguably to substantiate preliminary conclusions about the reasons of insolvency. As
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for evaluating the possibility and feasibility of business rehabilitation, the information
contained in the reporting forms is insufficient. It is necessary to conduct a forward-looking
(predictive) analysis, including the use of data on the market (liquidation) value of the property,
which will subsequently be useful to compare (including debt obligations) with the results of
the business valuation.
It is important to clearly distinguish the objectives of ratio (coefficient) analysis as a rapid
assessment tool for the company's financial health and an in-depth analysis of financial
statements, which allows for more accurate and comprehensive conclusions. The methodology
of ratio analysis, as presented to the authors, should be based on the principle of systemacity. A
system of financial ratios must be developed to meet the goals of diagnostics and, ideally, allow
for the transformation of retrospective data into forward-looking assessments of financial
solvency, for example, by applying discriminant models for bankruptcy prediction. It is
advisable to conduct an in-depth analysis of financial statements using descriptive methods,
focusing on accounting data and the auditor's report. Enhancing the assessment of financially
distressed companies with an analysis of tax reporting — which contains relatively more up-to-
date information that can be tracked over time — will allow insolvency practitioners to better
specify the period of financial decline and refine the results of financial analysis.
In conclusion, it should be noted that the development of effective methodological approaches
to the financial diagnostics of insolvent enterprises requires further research. According to the
authors, the most difficult task is to maintain balance. On the one hand, the methodology should
not be overly burdensome, as excessive complexity would make the financial analysis too
costly and reduce creditor claim coverage. On the other hand, decisions regarding the debtor’s
future must be financially sound, which will ultimately have a positive impact on other
participants in the economy.
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