Contents of N3/2015

all contents

Contents of № 3' 2015


Errors  in  the  construction  of  the  system  of  internal  control  and  audit
Shestakova E.V., PhD Law, CEO LLC “Aktualnyi management”
Abstract. In the period of economic growth, many companies do not pay enough attention to the system of internal control and audit, such a system is either absent or there «for show». As a result, small companies are facing cash gaps, costs increases and loss appearance. But big companies suffer as well from bad systems of internal control and audit, which are forced to sell their assets and perform merger and acqusitions deals, a number of banks have lost their license due to inaccurate information in accounting and reporting. In this connection, errors in the construction of audit and control systems can be fatal for the company.
Keywords: control system, internal audit, errors and their correction.

1. The Code of Administrative Offences of the Russian Federation from 30.12.2001 № 195-Fz
1. The Civil Code of the Russian Federationform 30.11.1994 N 51-FZ
2. Tax Code of the Russian Federationfrom 31.07.1998 N 146-FZ

Application  of  the  principles  of  financial  management in  diagnostics  of  unfair actions  at  bankruptcy
Popova S.S., Phd Economics, Associate Professor, FGBOU VPO «Plekhanov Russian University of Economics»
Abstract. Diagnostics of unfair actions at bankruptcy is based on the understanding and application of the basic principles of financial management. In most cases the insolvency of economic entities is caused by unsatisfactory financial management and the general management of the organization. One of the main objectives of the arbitration- managing director is the formation of opinion on the existence or lack of signs of unfair actions at the bankruptcy of an organization. The expert, forming his opinion, relies on knowledge of the principles of financial management and analyzes the activity of an organization from the point of view of validity and rationality of the made decisions which have an impact on its financial and economic state.
Keywords: bankruptcy diagnostics, financial state, fictitious and deliberate bankruptcy.

1. The Federal law "About insolvency (bankruptcy)" of 26.10.2002 No. 127-FZ (edition of12.03.2014) [An electronic resource], URL: 
2. The resolution of the Government of the Russian Federation of 25.06.2003 No. 367 "About the approval of Rules of carrying out the financial analysis by the arbitration managing director" [An electronic resource], URL: req=doc; base=LAW; n=42901 
3. Gubar O. V. Institutional impact on transformation of property//Humanitarian and social and economic sciences No. 2, 2000.
4. Egorova O. Standard scheme of criminal bankruptcy of the credit organization//Banks and business world No. 7, 2008.
5. Dontsov L.V. Leasing company bank ruptsy forecasting using data mining methods. //Leasing. Business technology, №10, 2014.
6. Dontsov L.V., Nikiforova N.A. Financial statements analysis. Practical work. Moscow: Дело и сервис, 2015, (5th edition, revised)
7. Kazakova N.A. Crisis management. Textbook. - Moscow: РидГрупп, 2011 
8. Kazakova N.A. Financialanalysis. Textbook. Academic course. Юрайт, 2014.
9. Kazakova N.A., Karpova I.F., Chistopashina S.S. Leasing companies bankrupt sytrends analysis and problems diagnostic. //Leasing. Business technology, № 6, 2014.

Theory of systems models and procurement activity management of modern companies
Pleshchenko V.I., Ph.D. in Economics, FSUE «Goznak», Head of department
Abstract. One of the most important components of the external environment of a contemporary industrial company is the array of its suppliers. Effective relationship organization with suppliers is extremely important to ensure stable production and economic activities and generating profits. The article discusses different ways to build managing models within the framework of the systems theory, evaluates the degree of their applicability to the management of procurement activities. There is a need to build models with closed loop, capable of adaptation and using the regulating potential of the market.
Keywords: procurement, systems theory, closed loop, model with programming regulation, model of self-tuning system, regulating potential of the market.

1. Gubko M., Korgin M, Novikov D. Management of organizational systems: modern scientific directions // Problems of the theory and practice of management. – 2011. – No. 12. pp. 62-71.
2. Mukhin V.I. Foundations of management theory. – M.: Ekzamen, 2002.
3. Mogilevskii V.D. Methodology of systems: verbal approach. – M.: JSC «Ekonomika Publishing House», 1999.
4. Petrakov N.Ya. Russian roulette: economic experiment at the cost of 150 million lives.– M.: JSC «Ekonomika Publishing House», 1998.
5. The State in a market economy: new approaches: a collection of reviews./ RAS. INION; Resp. Ed. G.V. Semeko. – M., 2001.
6. Arkhangelskii V.N. Market transformation in Russia (socio-economic aspects of development). – M.: RAGS Publishing House, 2004. 
7. Korol A.N. Market communication with suppliers as a condition of a successful competitive procurement // Siberian financial school. – 2008. – No. 6. – pp. 109-111.

Аssessment  of  bankruptcy risk probability with the help of a Logit-model
Petrov A.N., Senior Lecturer, Department of Economic Activity Analysis and Audit GV Plekhanov REU 
Ivanova E.A., Student Business Faculty Masters Program GV Plekhanov REU
Abstract. This article highlights the issues concerning the process of bankruptcy (insolvency) of commercial organizations, which operate on the territory of the Russian Federation.
The main task set in the work is to find the most effective models for estimating the probability of bankruptcy risk, adopted under the current realities of the Russian economy.
Keywords: bankruptcy, insolvency, business continuity, multiplicative models, logistic  models, risk prediction,financial analysis, the probability of a crisis, financial stability.

1.The RF Federal law "On insolvency (bankruptcy)" dated 26.10.2002 № 127-FZ (as amended on 29.12.2014)
2.The RF Government decree dated 25.06.2003 № 367 "On approval of the rules of the arbitration Manager of financial analysis" 
3. Order of the Ministry of economic development and trade of the Russian Federation of 21.04.2006, No. 104 "On approval of the methodology for the Federal tax service accounting and analysis of financial condition and solvency of strategic enterprises and organizations"
4. Belyaev S. G., Koshkin V. I. the Theory and practice of crisis management: Textbook, Moscow: the Law and the law, UNITY, 2006
5. Volkov I. O.: Economics of enterprise. - M.: INFRA-M, 2008
6. Dontsova L. V., Nikiforova N. And. Analysis of the accounting (financial) statements. Workshop.-Moscow: Delo I SERVIS, 2015, (5th ed.pererab. and extra)
7. Zaitseva O. P. Crisis management in the Russian firm.//Aval. (Siberianfinancialschool), 1998 
8. Evstropov M. V. Assessment of the possibilities of predicting bankruptcy of enterprises in Russia//Vestnik of Orenburg state University, 2008
9. Kazakova N. And. Diagnosis and prediction of bankruptcy // Financial management, 2012
10. Savitskaya G. V. Economic analysis: textbook. / G. V. Savitskaya. – 14-e Izd., Rev. and extra – M.: INFRA-M, 2011
11. Saifullin R. S., Kadykov G. G. enterprise Finance, M.: INFRA-M, 2000
12. Hidarshina G. A. Methods for assessing the risk of bankruptcy of the enterprise: the author's abstract dis. Cand. Economy. Sciences. M., 2009
13. Altman E. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy // Journal of Finance. – 1968, Journal of Finance, Vol. 23, No. 4, (September 1968), pp. 589–609.
14. Ohlson J. A. Financial Ratios and the Probabilistic Prediction of Bankruptcy // Journal of Accounting Research, 1980. – 18. – Pp. 109–131.
15. Lennox C. Identifying Failing Companies: A Re-evaluation of the Logit-, Probit- and DA Approaches // Elsevier Science Inc, 1999. – P. 181–210.
16. Chesser D.L. Predicting Loan Noncompliance // The Journal of Commercial Bank Lending, 56(12), 1974 № 56 (12).
17. Electronic journal of Corporate Finance, edition, 2011 № 4 (20)
18. Electronic journal the Lawyer, article V. Didenko About the terms "insolvency" and "bankruptcy" // Lawyer, 2012

Subtelties of correct calculations of terminal value in financial models
Cheremushkin Sergei V., Ph.D. Economics
Abstract. In this article are explain three different models of terminal value: with absolute amount of debt, with target market value capital structure ratio and target book value capital structure. In the assessment of the cost of firms and the analysis of investment projects there is still a lot of unresolved problems, omissions and misconceptions. One of such badly researched issues- the recalculation of terminal value as of the end of forecasting horizon to the present value as of the valuation date. The prevailing approach to do this task is by means of discounting terminal value using WACC leads to incorrect results. Unfortunately, this approach is broadly misunderstood and results in incorrect estimates. The main errors are considered and is sown the correct way to recalculate the terminal value. Model templates of terminal value in the Excel program are provided..
Keywords: terminal value, business valuation, investment appraisal, investment project, discount rate, WACC, capital structure, financial leverage, tax savings, tax shield.

1. Arzac Enrique R. and Glosten Lawrence R. 2005. «A Reconsideration of Tax Shield Valuation,» European Financial Management, 2005, Vol. 11, Issue 4. pp. 453–461.
2.  Booth Laurence. 2007. «Capital Cash Flow, APV and Valuation», European Financial Management, Vol. 13, No. 1. Pp. 29–48.
3. Fernandez Pablo. 2004. «The Value of Tax Shields Is NOT Equal to the Present Value of Tax Shields», Journal of Financial Economics, Vol. 73. pp. 145–165.
4. Fernandez Pablo. 2005. «The Value of Tax Shields Depends Only on the Net Increases of Debt», IESE Business School Working Paper No. 613. Available at SSRN: 
5.  Fernandez Pablo. 2007. «A More Realistic Valuation: APV and WACC with Constant Book Leverage Ratio», IESE Business School Working Paper No. 715. Available at SSRN:
6. Harris Robert S.  and  John J. Pringle.  1985. «Risk-Adjusted Discount Rates – Extensions from the Average Risk Case», Journal of Financial Research, Vol. 8. (Fall 1985). pp. 237–244.
7.  Koller Tim, Marc Goedhart, David Wessels.  2010. «Valuation: Measuring and Managing the Value of Companies By McKinsey & Company Inc.», 5 ed. Hoboken: John Wiley & Sons, Inc.811 p.
8. Miles James A. and John R. Ezzell. 1980. «The Weighted Average Cost of Capital, Perfect Capital Markets, and Project Life: A Clarification», The Journal of Financial and Quantitative Analysis, Vol. 15, No. 3, pp. 719–730.
9. Modigliani Franco, and Merton H. Miller. 1958. «The Cost of Capital, Corporation Finance, and the Theory of Investment», American Economic Review, Vol. 48, Issue 3. pp. 261–297.
10. Modigliani Franco, Merton H. Miller.  1963. «Corporation Income Taxes and the Cost of Capital: A Correction», American Economic Review, Vol. 53, pp. 433–443.
11. Modigliani Franco. 1988. «MM – Past, Present, Future», Journal of Economic Per-spectives, Vol. 2, Issue 4. pp. 149–158.
12. Taggart Robert A., Jr. 1991. «Consistent Valuation and Cost of Capital Expressions with Corporate and Personal Taxes», Financial Management, Vol. 20, No. 3. pp. 8–20.



Optimizing  the  personnel number under the conditions of crisis expectations
Nabokov A.B., Phd Technical sciences, Leading Researcher, Project Manager of the company JSC «Strategy center», business coach
Abstract. The article discusses various approaches to reducing and optimizing the number of personnel which can be used by the company as under crisis conditions, as well as to increase staff effectiveness under the conditions of stable and growing markets. The advantages and disadvantages of different approaches to the optimization of personnel number are discussed. Special attention in the article is paid to the programs of cost reduction and loss minimization in accordance with Kaizen technologies, lean manufacturing, ISO 9000 standard, which practically do not cost anything to employers and are based on the use of creative potential and personnel initiative.
Keywords: optimizing the number of personnel in crisis, management efficiency of the company, downsizing, optimization of business and production processes, reduce costs and minimize losses, lean manufacturing, six sigma, optimization of organizational structure, involvement, motivation of staff in crisis.

1. Nabokov A. B., Lebedev V. N. System change management and performance of the Corporation in the conditions of crisis // Strategic management// 2015. №1, P. 2 - 8.
2. Robert S. Kaplan, David P. Norton. Balanced scorecard. From strategy to action. Publisher: Olympus-Business 2014, P. 314 
3. Performance management activity // Wikipedia: / performance Management
4.   Gary Cokins, "performance Management programmes in the public sector of the economy."//

How  to  stir  up  investment  activity  under contemporary  conditions
Popov G.P., Ex-banker, Independent Financial Consultant, Member of the National register of independent directors at Russian union of industrialists and businessmen, publicist
Abstract. In the article is told about the need of creation of a comprehensive program of activation of investment activity, which would include measures to increase the efficiency of state investments due to the restoration of bank engineering control and partial transition to a returnable basis, new sources of formation of investment capital and new forms of refinancing of the investment credits, a new approach to the state and commercial bond loans, restoration of tax benefits for the repayment of credits, stimulation of creation of open joint stock companies, creation of investment platforms for medium business and many other things, including administrative providing, personnel and contractual providing investment projects. 
Implementation of such propositions will allow to stir up, according to the author, investment activity and to improve work with investment projects.
Keywords: investment activity, the state investments, refinancing of the investment credits, bonded loans, tax privileges on the investment credits, coordination of external loan, investment procedures and mechanisms.



Controlled  foreign  companies  –  changes  in  taxation
Nefedova T.N., Head of Internal Audit Depatment of an international holding
Abstract. Changes in the taxation of controlled foreign companies and foreign organizations income included in the Tax Code of the Russian Federation and will become effective as of 01.01.2015. The amendments introduce new concepts, criteria and taxation, which for the Russian tax laws are new. Innovations have currently a conceptual approach, but a part of provisions has not yet been developed or the implementation mechanisms are missing, or probably will be corrected.
Keywords: controlled foreign company, offshore, taxation of controlled foreign  companies.

1. "The tax code of the Russian Federation (part one)" in the edition of Federal law from 24.11.2014 No. 376-FZ "On amendments to parts one and two of the Tax code of the Russian Federation (regarding taxation of income of controlled foreign companies and income of foreign organizations)"
2. "The tax code of the Russian Federation (part two)" in the edition of Federal law from 24.11.2014 No. 376-FZ "On amendments to parts one and two of the Tax code of the Russian Federation (regarding taxation of income of controlled foreign companies and income of foreign organizations)"
3. The Federal law from 24.11.2014 No. 376-FZ "On amendments to parts one and two of the Tax code of the Russian Federation (regarding taxation of income of controlled foreign companies and income of foreign organizations)"
4. "The agreement on the Eurasian economic Union was signed in, Astana 29.05.2014
5. The draft Federal law № 599584-6 "On amendments to the criminal code of the Russian Federation"
6. The Federal law from 22.10.2014 No. 308-FZ "On amendments to the Criminal procedure code of the Russian Federation"
7. Federal law of 08.08.2001 № 129-FZ "On state registration of legal entities and individual entrepreneurs"
8. Letter of the Russian Finance Ministry on July 24, 2014 No. 03-08-05/36499

National  tax  systems  in  the  EU countries
Bobok V.S., Ph.D Economics, Senior Lecturer, Department of Economics of the Russian State Social University
Abstract. Tax leverages – a key element of government regulation. Great is their role in stimulating economic growth, changes in sectoral and territorial proportions, dimensions and spheres of private investment application for the development of small and medium-sized businesses. This article discusses the direct and indirect taxes rates in the EU.
Keywords: value added tax, tax on income from bank deposits and securities, as well as on corporate profits, tax rates of taxation, EU countries.

1. Report of Fiscal & Financial Committee. Brussels, 2008, p. 188.
2. Vollendung des Binnenmark / Weissluch der Kommissian. Brussel, kom (85) 310, S. 46.

Problems  and  perspectives  of  sale tax introduction  in  Moscow
Grishchenko A.V., Chief editor of “Non-profit organizations in Russia”, Certified Auditor Russian Ministry of Finance Ph.D., Associate Professor, Department of Financial Management MGUU Moscow Government
Chigrakova N.M., Post-graduate student of the MGUU Moscow Government, Accountant LLC “Terrafinans”
Abstract. Amendments introduction to the tax legislation always drive special attention from the taxpayers. At the end of the 2014 the Tax Code of the Russian Federation added a new chapter, which regulates the procedure for charging sales taxes. For taxpayers of sales taxes in Moscow the rate has already been approved. The introduction of a sales tax caused a sharp reaction from entrepreneurs and representatives of retail networks. The article analyzes the provisions of the new chapter of the Tax Code of the Russian Federation on sales tax gathering, identifies the main challenges that can face the future payers of the sales tax.
Keywords: trading fee, trading feepayers, kinds of trade, tradecollectionrates.

1. Tax Code of the Russian Federation (Part Two) from 05.08.2000 № 117-FZ (ed. By 12.29.2014) (rev. And ext., Joined. In force from 29.01.2015) // Consultant
2. Federal Law of 29.11.2014 № 382-FZ "On Amendments to Parts One and Two of the Tax Code of the Russian Federation"
3. Grishchenko AV, Chigrakova NM The problem of estimating the tax potential of the city of Moscow by the gross regional product. Financial management. – 2014. – № 3. – S. 62-68.
4. Sharonova EA Meet new local fee - sales (comment to the Law of 29.11.2014 № 382-FZ) / - AM: General Ledger. 2015. – № 3.



Crowdsourcing  in  banking  practice: the  nature,  benefits  and  opportunities
Gubanov R.S., Phd Economics, Senior Researcher of the Center for Industrial Economics of the Federal state budgetary institution "Scientific-research Financial Institute", Methodist Regional State Budgetary Educational Institution of Secondary Professional Education "Ryazan technological College"
Abstract. In the article, the essence of crowdsourcing and its role under the conditions of external shocks and threats to the development of the Russian banking system at the present stage is considered. Attention is focused on the implementation of crowdsourcing projects. Advantages of crowdsourcing and possibilities of its realization in the banking practice are noted. The examples illustrating application of concrete forms of realization of the mechanism of crowdsourcing are given.
Keywords: crowdsourcing, crowdsourcing project, financial banking system, bank, banking practice, financial support of banks.

1. Crowdsourcing: the stages of development // Oil paper No. 98 of on 12.12.2012
2. Lobanov S. Crowdsourcing: involving customers in the development and implementation of new technologies and systems // Banking technology No. 11 (226) – 2014. – P. 31.
3. Popovicheva, N. E., Goncharova, M. A. Crowdsourcing as an innovative technology development: practice of application // Regional Economics: theory and practice No. 35 (314). – 2013. – P.19.
4. Robin Stuart-Kotze, Performance: the Secrets of effective behavior / TRANS. angl. - M.: Alpina Publisher,  – 2012. –280 p. 
5. Revenkov P. V., Berdyugin A. Security of electronic banking: the service and the obligation of the Bank Finance and credit No. 8 (632) Feb. – 2015. – P. 6.
6. Tynecastle T. Sh.  Macroeconomic dynamics of development of the region // Finance and credit No. 9 (633) APR. – 2015. – P. 52.

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