COMPANIES FINANCIAL MANAGEMENT
Analytical tools to assess risks in the financial management of small businesses
Filobokova L.Y., Doctor of Economics, Professor, MSTU n.a. N.E. Bauman
Abstract. The activity of small enterprises is fraught with risk, requiring calculation and measurement (assessment) in order to develop measures to neutralize, prevent and decrease the degree of negative consequences, which predetermines the necessity to develop adequate analytical instruments, based on non-formal approaches to the assessment of possible adverse consequences, arising with capital movements and taking into account not only traditional entrepreneur activity risks, but also innovation activity risks.
Keywords: risk assessment tools, small business.
1. 209-FZ of 24.07.2007г. «On development of small and medium businesses in the Russian Federation».
2. The decree of the RF Government dated 8 December 2011 No. 2227-R "strategy of innovation development of the Russian Federation for the period till 2020"
3. Guzir Use of innovative capacity is the Foundation for improving the quality of life//Fundamental research - 2005 -№ 8 - pages 65-66.
4. Кusclin V.I. Crisis and the structural transformation of the Russian economy-M.: Publishing house of the Academy, 2010
5. Neit FH Risk, uncertainty and profit-M.: Publishing house "Business", 2003
6. SchumpeterJ. The theory of economic development. - M., 1982
Company losses due to the actions of employees
Nefedova T.N., Head of internal audit department of an international holding
Abstract. Company employees may abuse their official position or make errors when performing job functions. In this case the company suffers losses. Let us consider a few situations and sort out, which losses can occur in an organization and how to level the risks.
Keywords: road traffic accident, theft of products in stock, use the office phone for personal talks.
1. Tax code of the Russian Federation (part two) from 05.08.00 No. 117-FZ. As amended on 21.07.14 with ISM. with 01.09.14
2. Letter of the Russian Finance Ministry dated 08.10.09 № 03-03-06/1/656
3. Letter of the Russian Finance Ministry of 16.08.11 №03-03-06/1/489
4. Letter of the Russian Finance Ministry of 02.04.10 №03-03-06/1/228
5. Letter of the Russian Finance Ministry of 01.02.10 №03-03-06/2/21
6. Letter UFNS Russia, Moscow from 21.03.07, No. 19-11/25344
7. Letter of the Russian Finance Ministry of 31.03.09 № 03-03-06/2/70
8. Letter of the FTS of Russia from 18.03.05 No. 02-3-10/38
9. Letter of the Russian Finance Ministry of 29.07.10 №03-07-11/321
10. Letter of the Russian Finance Ministry of 15.04.10 №03-07-08/115
11. Letter of the Russian Finance Ministry dated 24.12.10 N 03-04-05/3-744
12. Decree of the Ministry of labor of the Russian Federation from 31.12.02 No. 85 "On approval of lists of positions and work, replaced or performed by employees of that employer may conclude a written agreement on full individual or collective liability, as well as standard forms agreements on full financial responsibility" (registered in Ministry of justice of the Russian Federation 03.02.03 No. 4171)
13. «Labour code of the Russian Federation” dated 30.12.01 No. 197-FZ. As amended on 28.06.14
14. The decision of the SAC from 23.10.06 No. 10652/06 "On the invalidation of paragraph 13 of section "for the purposes of applying article 171 of the tax code of the Application to the letter of the Federal tax service of the Russian Federation from 19.10.05 No. MM-6-03/886
15. Letter of the Federal tax service of the Russian Federation from 20.11.07 No. PCS-6-03/899@ "About the direction of the copies of the letter of the Ministry of Finance of Russia from 01.11.07 No. 03-07-15/175"
16. Letter of the Russian Finance Ministry of 07.11.13, No. 03-01-13/01/47571 (sent by the FTS of Russia for the information and use in the work Letter from 26.11.13 No. RG 4-3/21097)
17. The resolution of the Government of the Russian Federation of 16.04.2003 No. 225 ”labor books”;
18. Letter of the Ministry of health and social development of Russia from 06.08.2010 № 12-3 / 10 / 2-6752;
19. The regulation of FAS of the West Siberian district dated 05.04.2007 No. F-2020/2007(33133-A27-31) in case No. A27-12731/2006-6 (Determination of the SAC dated 14.08.2007 No. 9120/07 refused to transfer the case to the Presidium of the Russian Federation);
20. The regulation of FAS of the West Siberian district dated 26.05.2008 No. F-3268/2008(5616-A27-15) in case No. A27-10273/2007-6;
21. The regulation of FAS of the West Siberian district dated 28.05.2007 No. F-3150/2007(35291-A27-40), F-3150/2007(34396-A27-40) in case No. A27-18204/2006-6;
22. he regulation of FAS of the West Siberian district dated 29.03.2006 No. F-2299/2006(20809-A27-25) in case No. A27-34352/05-6;
23. The regulation of FAS of the West Siberian district dated 27.03.2006 No. F-1281/2006(20666-A27-6) in case No. A27-34353/05-6;
24. The regulation of FAS of the West Siberian district dated 28.02.2005 no F-510/2005(8609-A27-34);
PUBLIC COMPANIES FINANCES MANAGEMENT
A practical tutorial on the free cash flow to firm and free cash flow to equity calculations: the illustrative example of ifrs financial statements
Cheremushkin S.V., Ph. D Economics, Financial Analyst
Abstract. Financial professionals regularly use cash flows, such as FCFF, FCFE, CCF etc. in various economic calculations. Ironically, academic literature and practical guidelines do not provide profound explanations on how to calculate cash flow correctly in line with the problem to be solved. Professionals often have doubts on the details of cash flow formulations in their financial spreadsheets. Expertise in financial accounting, deep understanding of the theoretical principles underlying financial models are prerequisites to correct answers on tricky questions concerning cash flows. The paper provides step-by-step explanations on the algorithm of calculating FCFF, FCFE and CCF.
The practical example using consolidates financial statements of Mining and Metallurgical Company Norilsk Nickel illustrates how to use the algorithm presented in this paper.
Keywords: cash flow to firm, cash flow to equity, capital cash flow, financial statements, IFRS, investment project, capital budgeting, financial modelling, financial analysis, valuation, financial forecasting .
1. Federal'nyj zakon «O vneseniiizmenenij v stat'ju 27.5-3 Federal'nogo zakona «O rynkecennyh bumag» ichastipervujuivtoruju Nalogovogo kodeksa Rossijskoj Federacii» ot 28.12.2013 № 420-FZ // Rossijskaja gazeta. 2013. 30 dekabrja. Federal'nyjvypusk № 6271.
2. Cheremushkin S.V. Preduprezhdenie oshibok v ocenke investicionnyh proektov: formulirovki denezhnyh potokov // Finansovyj menedzhment, 2013, № 6.
3. Cheremushkin S.V. Preduprezhdenie oshibok v ocenke investicionnyh proektov: stavki diskontirovanija // Finansovyj menedzhment, 2014, № 1.
4. Hitchner James R. 2006. «Financial Valuation: Applications and Models» Hoboken: John Wiley & Sons. 1370 p.
5. IFRS Interpretations Committee Meeting Staff Paper. 12–13 March 2013. Annual Improvements to IFRSs – 2010–2012 Cycle (ED/2012/1) comment letter analysis. 18 p.
6. Interpretations Committee Meeting Staff Paper. March 2012. IAS 7 Statement of Cash Flows: Review of Requests in Relation to IAS 7. 26 p.
7. Jensen Michael C. 1986. «Agency Cost Of Free Cash Flow, Corporate Finance, and Takeovers» American Economic Review, Vol. 76, No. 2.
8. Mulford Charles W. 2012. «Misleading Signals from Operating Cash Flow in the Presence of Noncontrolling Interests» Journal of Applied Research in Accounting and Finance, Vol. 7, No. 2.
9. Mulford Charles W., and Eugene E. Comiskey. 2005. «Creative Cash Flow Reporting: Uncovering Sustainable Financial Performance» Hoboken: John Wiley & Sons, Inc. 432 p.
10. Pinto Jerald E., Elaine Henry, Thomas R. Robinson, John D. Stowe. 2010. Equity Asset Valuation. 2 ed. Wiley & Sons, Inc. Hoboken, New Jersey. 445 p.
11. Pratt Shannon P., Roger J. Grabowski. 2008. «Cost of Capital: Applications and Examples» – 3 ed. John Wiley & Sons, Inc. Hoboken, New Jersey. 779 p.
12. Ruback Richard S. 2002. «Capital Cash Flows: A Simple Approach to Valuing Risky Cash Flows» Financial Management, Vol. 31, No. 2. pp. 85-103.
13. Thomas Rawley, Benton E. Gup. 2010. «The Valuation Handbook: Valuation Techniques from Today’s Top Practitioners» Hoboken: John Wiley & Sons, Inc. 659 p.
Business valuation adjusted for sublimation of social capital
Stanislavchik E.N., Ph.D. Economics, Associate Professor
Abstract. The hypothesis of the author is the following: the formation of the goodwill of a company as part of its related to the value of social capital, which with the sale of a business is lost/destroyed/disappear/evaporate. Therefore in the used models of business value assessment it is necessary by analogy with the risk-adjustment to introduce an adjustment to the sublimation of social capital.
Keywords: social capital, sublimation, goodwill, financial bubbles, mergers and acquisitions, decision matrix, corporate culture, cost -, income-, market- business valuation methods.
1. Klinova MV Sidorova EA Human capital in the European Union: state and supranational contexts // Problems of Economics. - 2012. - № 8.
2. Stanislavchik EN The financial implications of mergers and acquisitions. - Financial newspaper. - 2005. - № 9. - S. 12-13.
3. Valdaytsev SV Business Valuation. - M .: Prospect, 2008. - 576 p.; http://www.smartcat.ru/Management/valdaicevOcenkaK.shtml
4. Sinyavskii NG Business Valuation: hypothesis, tools, practical solutions in different areas. - M .: Finance and Statistics, 2005. - 240 p.
INVESTMENTS AND ENTREPREUNERSHIP
Onshore risk management: evolution, modernity and perspectives
Gubanov R.S., Phd Economics, Deputy Head of Department of City and Services Sector Economy CHOUVO «Moscow University named by S.Y. Witte»
Abstract. The article presents the current events and conditions of economy de-offshoring, reflecting its course and inevitability: normative legal act, arrangements, risks. Losses of business depending on the probability of their appearance are systematized. An author’s interpretation of the new management leverage onshore risk-management is given. A conceptual approach to onshore risk management is offered. An example of pessimistic forecast of the economy state is given, indicating the need to introduce onshore risk-management.
Keywords: risk, risk management, offshore business, economics, politics Anti- offshore.
1. The Federal Law of July 20, 1995 № 115 - FZ "On State Forecasting and programs for socio-economic development of the Russian Federation" // ATP "guarantee."
2. Accounting newspaper № 19 (340) 2014 S. 1.
3. State regulation of entrepreneurship development: experience, problems, innovations / ed. AY Bystryakova. - Moscow: Prospect, 2014 - 144 p.
4. SE Grebenshikov Alternative Energy: development incentives and funding sources // Finance № 8. - 2014. P. 76.
5. Eremin SL, YS Bolshanin International experience of regulation of small and medium-sized enterprises // IVF number 8 (482). - 2014 - P. 113.
6. Klepets T. The role of government in managing the risks of bankruptcy of the insurance company // Insurance Law № 2. - 2014. - P. 41.
7. Mikryukov B. The concept of beneficial ownership and the burden of the Russian economy deofshorizatsii // Legislation economy № 7. 2014. S. 26.
8. Titov VV. Organizational and legal aspects of risk management. Moscow. In 1999.
9. Shamin D. Feasibility audit of investment projects // Accounting and banks № 9. - 2014. - P. 45.
The external debt of Russia and CiS: stages, trends, and issues of social and economic development
Bobok V.S., Senior Lecturer, Department of Economics and Business Law of the Russian State SocialUniversity
Abstract: The primary directions of Russia and CIS countries debt are considered. The prioritary directions and conditions of countries development, ways to attract foreign investment as factors of foreign trade ties are given.
Keywords: investment, debt rating of countries, gross external debt, bank borrowings, intercompany lending.
1. Bobokov V. depressing social results of two decades of capitalist transformation of Russia Russian Economic // zhurnal. - 2012. - № 2.
2. Bogomolov О.O. On the impact of the global economic crisis on general theoretical views of foreign and domestic reformers // Russian Economic zhurnal.-2011.-№ 2.
3. Foreign Trade of the Commonwealth of Independent Gosudarstv.2009, Stat.sbornik.-M.: MGSK CIS 2009-S251.
4. Glazyev Prospects for the development of the Eurasian economic integration // Russian Economic zhurnal. - 2013. - № 1.
5. Losev B. Sanctuary economy // RBC. - 2011. - Jan-fevral., p.37.
6. Malahikova R. Problems of macroeconomic development // Bulletin of Moscow University. Series 6. Ekonomika. - 2012. - № 1.
7. Sokolova T. Belarusian model of innovation development: social and economic problems of implementation // Society and ekonomika. - 2007. № 7.- S.157-158.
8. Finansy, investment, and prices of the Commonwealth of Independent States. Stat. collection - M .: MGSK CIS - 2009 p.160.
9. Cherpovets V. Political Economy as a science: the historical trend and social relevance // Russian Economic zhurnal. - 2013. - № 2.
Features of the development of public-private partnership in the European union
Irniyazov B.S., Associate Professor, FSFEI «Financial university under the Government of the RF»
Abstract. The nature of interaction between business and government structures is a prerequisite for the proper functioning of a market economy. Under the conditions of a business activity downtourn, a key role for the further development of the country economy must be played by various forms of common activity, public private partnership between state structures and commercial and non-commercial organizations. In these circumstances, objectively increases the interest for the development of various forms of partnership between government and business.
Keywords: public-private partnerships, concessions, the private and the public interest, control, ownership, financing.
1. Hayrapetyan M.C. International experience of the use of public-private partnership http://www.ppp-russia.ru
2. Irniyazov B. C. Economy projects with state participation during the upcoming elections// National interests: priorities and security. - 2012 No. 24 (165) – P.46-52.
3. Savin M. D. Public-private partnerships in the UK: progress and prospects // Modern Europe. 2010. No. 2. P. 102-110
4. CEFO-PPP: //www.cefoppp.org
6. НМ Treasury: www.hm-treasury.gov.uk
7. IISD REPORT FEBRUARY 2012 Harnessing the Power of Public-Private Partnerships.
8. Market Update: Review of the European PPP Market in 2012. EIB – 03/2013 – EN.
TAXES AND TAXATION
Shestakova E.V., P.h.d. Law, CEO LLC “Aktualnyi menejment”
Abstract. The concept of tax protest is not specified in legislation, however, every taxpayer at least once in his or her life in the soul has protested against taxes and fees, has tried to find ways to reduce the tax burden. Apart from that protests can have an open as well as a hidden character. In this article we consider, which legal methods of tax protest can be used by taxpayers.
Keywords: tax protest, challenging the decisions of the tax authorities, the use of tax incentives and tax optimization, open tax protest.
3. Compania General de Tabacos de Filipinas v. Collector of Internal Revenue, 275 US 87, 100 (1927) (Holmes, J., dissenting).
4. Gumilev LN From Rus to Russia: Essays on ethnic history. – М., 1987.
Current state and ways to improve the fiscal policy of the city of Moscow
Grishchenko A.V., Ph.D. Economics, Certified Auditor Russian Ministry of Finance
Shabayev R.E., Expert
Annotation. The article is devoted to the study of the structure of tax revenues of the city of Moscow and the key results of the formation of tax revenues in 2010-2013. The authors have identified the main factors affecting the formation of the tax revenues of the city budget. In addition, the article identifies promising areas of implementation of the tax policy of the city of Moscow.
Keywords: tax policy, the regional budget, tax revenues.
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2. Tax Code of the Russian Federation (Part One) July 31, 1998 № 146-FZ (as amended on December 28, 2013) // Collected Legislation of the Russian Federation. - 1998. - № 31. - St. 3824.
3. Tax Code of the Russian Federation (Part Two) August 5, 2000 № 117-FZ (as amended on May 5, 2014) // Collected Legislation of the Russian Federation. - 2000. - № 32. - St. 3340.
4. Resolution of the Government of Moscow "On Stimulation management areas of the city of Moscow" dated December 26, 2012 № 849-PP (as amended on April 3, 2014) // Herald Mayor and the Government of Moscow. - 2012. - № 72.
5. Iyashvili VB State and municipal finances. Part I. The Basics: a tutorial. - M .: MGUU Moscow Government, 2011 - 408 p.
6. Taxes and Taxation: the textbook / ed. IA Mayburova. - 5th ed., Rev. and ext. - M .: Unity-Dana, 2012 - 559 p.
7. Tyurin G. Assessment of revenue measures of the subject of the Russian Federation in connection with the provision of benefits to taxes levied on personal property // Finance & Banking. - 2013. - № 6. - S. 132-135.
CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES
Working out of a methodology of definition of a rating of estimation of liquidity of commercial banks of Uzbekistan
Abdullayev A.Ya., PhD Economics, Jizzakh Polytechnic institute, Uzbekistan
Abstract. Article is devoted to working out to a methods of definition of a liquidity rating of commercial bank of Uzbekistan. In the article global scales of the crisis processes occurring in financial and banking system, inevitability of recession and economic recession, curling of volumes of investment activity, reduction in demand and international trade reduction in volume, and also serious social losses which can concern many countries in the world are analyzed. Special attention is given to the questions of a problem of working out and introducing a technique of a rating estimation of liquidity of commercial banks in Uzbekistan. By working out and researching the given problem methods and devices of mathematical statistics and econometric modelling are used. In the article is summarized for discussion a range of balanced indicators for the definition of a rating evaluation of commercial bank liquidity in the forecasting period tacking into account quantitative and qualitative characteristics. By way of imitation of model parameters arises the possibility to monitor, control and forecast the liquidity rating of commercial banks in the near future. According to the research are prepared corresponding forecasting recommendations and propositions for persons, making decisions, so in a few years these coefficients (after the necessary modifications and adaptations) can take their place among the national regulation standards in all countries. It will help to better prepare the banking system to new challenges.
Keywords: liquidity, the forecast, stability, crisis, factor, a rating, an estimation, an active, a passive, structure, risk, a reserve, imitation, experiment, the decision, operated system.
1. Karimov I.A. World financial and economic crisis: ways and measures on its overcoming in the conditions of Uzbekistan / I.A.Karimov. - Т: Uzbekistan, 2009. - 4-5 pages.
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Why is the level of lending to small and medium businesses so low in our country, and how to make loans more accessible
Popov G.P., Ex-banker, Independent Financial Consultant, Member of the "National Register of Independent of Directors" in the RSPP, Publicist
Abstract. The article tells about the reasons for the low level of credit investments in small and medium-sized businesses of our country and of the measures, the implementation of which will, in my opinion change this trend. Firstly, by increasing the skill level of potential borrowers. Secondly, due to the introduction into practice of contract lending, i.e. real «trade finance». Also, by simplifying lending procedures and eliminate some unnecessary requirements for lending, by developing documentary operations.
Keywords: lending to small and medium-sized businesses, qualified borrowers, trade finance, documentary operations, private investors, credit procedures.
List Of Articles Published In Journal « Financial management» In 2014