To determine the difference, the actual indicator for all available assets and their real assessment are taken into account. On the day the value is determined, the weighted average cost of the last ten transactions per trading day for all instruments traded on the exchange is taken. If less than ten transactions have been completed, the indicators for the last tenders, in which there were a sufficient number of transactions, are taken into account.
The amount of actual costs at the time of valuation of the net assets is deducted from the amount received.
In the case of valuation of assets that do not participate in exchange trading, an independent valuation is carried out in accordance with the Regulation on the procedure and terms for determining the value of net assets of joint-stock investment funds, enacted by Order of the Federal Service for Stock Markets No. 05-21 / pz-n. A similar settlement procedure is provided for those assets that have low liquidity. At the same time, debt obligations of organizations declared bankrupt and late payments are not taken into account. Under this provision, a mutual fund may establish its own rules for the procedure for evaluating assets on the basis of an internal Charter.
Using the data obtained on the NAV, the value of one unit is also estimated by dividing the value of net assets by the number of units sold.
Net asset value of investment funds
The value of the net assets of a joint-stock or mutual investment fund is determined as the difference between the value of the assets (property) of the fund and the amount of liabilities due at the expense of these assets at the time the net assets are determined. In accordance with federal law, a fund is required to calculate the NAV daily (for open funds), and the NAV is an open, public value.
The value of net assets per share (per share), used for settlements with shareholders (shareholders) after completion of the initial subscription, is equal to NAV. The maximum allowance for the purchase of shares (units) cannot be more than one and a half, and the value of the discount for redemption - no more than three percent of this amount.
The procedure for calculating the NAV is established by Bank of Russia Ordinance No. 3785-U dated August 25, 2015 “On Determining the Value of Net Assets of Investment Funds ...” (previously in force: FSFM order dated June 15, 2005 N 05-21 / пз-н “On approval of the regulations on the procedure and terms for determining net assets ... ”and a similar decree of the Federal Securities Commission of October 22, 2003 N 03-42 / ps). Each investment fund is obliged to independently approve its own rules for calculating NAV, or use the rules approved by its management company (UK). These rules are a public document, and it is recommended that the investor familiarize themselves with them before entering into transactions with the fund or its management company. In particular, the fund has a rule of independent choice.
- frequency of independent asset valuation
- selection of exchange platforms whose quotes are used in calculating NAV
- discount rates for long-term liabilities
Net assets is a value determined by subtracting from the amount of the organization’s assets the amount of its liabilities. Net assets - this is the amount that will remain the founders (shareholders) of the organization after the sale of all its assets and repayment of all debts.
The net assets indicator is one of the few financial indicators whose calculation is uniquely determined by the legislation of the Russian Federation. The procedure for calculating net assets was approved by Order of the Ministry of Finance of Russia dated August 28, 2014 N 84н “On approval of the Procedure for determining the value of net assets”. This procedure is applied by joint-stock companies, limited liability companies, state unitary enterprises, municipal unitary enterprises, production cooperatives, housing savings cooperatives, and economic partnerships.
The calculation is reduced to determining the difference between assets and liabilities (liabilities), which are determined as follows.
The assets accepted for calculation include all the assets of the organization, except for the receivables of the founders (participants, shareholders, owners, members) on contributions (contributions) to the authorized capital (authorized capital, mutual fund, share capital), on payment of shares.
The liabilities accepted for calculation include all liabilities, except deferred income. But not all deferred income, but those recognized by the organization in connection with receiving state aid, as well as in connection with the receipt of property free of charge. These incomes are actually the organization’s equity, therefore, for the purpose of calculating the value of net assets, they are excluded from the short-term liabilities section of the balance sheet (line 1530).
Those. the formula for calculating net assets according to the balance sheet of the enterprise is as follows:
Net assets = (p. 1600 - memory) - (p. 1400 + p. 1500 - DBP)
where the memory is the founders' debt on contributions to the authorized capital (not separately allocated in the balance sheet and is reflected in the short-term receivables),
DBP - deferred income recognized by the organization in connection with the receipt of state aid, as well as in connection with the gratuitous receipt of property.
An alternative way to calculate the value of net assets that give exactly the same result as the formula above will be:
Net assets = p. 1300 - memory + DBP
The net assets indicator, known in Western practice as net assets or net worth, is a key indicator of the performance of any commercial organization. The net assets of the organization should be at least positive. Negative net assets - a sign of insolvency of the organization, indicating that the company is completely dependent on creditors and does not have its own funds.
Net assets should not only be positive, but also exceed the authorized capital of the organization. This means that in the course of its activities, the organization not only did not squander the funds originally contributed by the owner, but also ensured their growth. Net assets less than the authorized capital are permissible only in the first year of operation of newly created enterprises. In subsequent years, if net assets become less than the authorized capital, the civil code and legislation on joint-stock companies require reducing the authorized capital to the value of net assets. If the organization has an authorized capital already at a minimum level, the question is raised of its continued existence.