|
CORPORATE FINANCE
The specific methodology of financial management in small business
Filobokova L.Y., Dr. Sc. (Econ), Professor of the Chair of Business Innovation, N.E. Bauman MSTU Abstract. Development and validation of methodology of financial management, taking into account the specificities of small business, considered as a system, object and subject of management, considered as a subject of scientific research with a high degree of actualization in the context of the tasks for the development of the national economy, which are imposed on small business. Under the conditions of distinctive features of small business that should be taken into account when developing a methodology of financial management, the development and subsequent implementation of exposure control measures based on a competitive concrete scientific
method of a dialectical-materialist methodology of the system approach that has scientific importance. The justification of the methodology of financial management taking into account a systemic approach and the characteristics of small business is the subject of this article.
Keyword: small enterprises, methodology financial management.
References:
1. Federal law no 209-FZ of 24.07.2007г. «On development of small and medium businesses in the Russian Federation»
2. The strategy of innovative development of the Russian Federation for the period until 2020, approved by decree of the Government of the Russian Federation from December 8, 2011 № 2227-R.
3. J. K. van Horne "Financial management" -M 12th ed. - M: "I.D. Williams", 2008.
4. Kovalev V. V. Introduction to financial management.- M.: Finance and statistics, 2012
5. Lyubushin a N, Leshcheva V.B. have been, Diacov V.G. "Analysis of financial-economic activity"- M:UNITY-DANA, 2004
6. Systems theory and systems analysis in management of organizations.- Under the editorship of V. N. Volkova and A. A. Emelyanov.- Moscow: finances and statistics", 2006
Management of mutual settlements
Shestakova E.V., Phd Law, CEO “Aktualnyi management” Ltd.
Abstract. During the heyday of any company, many managers do not consider the money and run mutual settlements. Companies are trying to direct as many forces as possible to the production development, getting new orders, fixed assets and intangible assets purchasing. Positive trends in the economy, GDP increase and the development of new directions allow to spare. But in a crisis companies often need to spare on everything and carefully manage mutual settlements in order to avoid cash shortages, bankruptcies and other negative consequences.
Keywords: settlements, intangible assets, payments to contractors, Payroll, payments to the founders.
References:
1. Civil Code of the Russian Federation (part one) of 30.11.1994 N 51-FZ (ed. By 04.06.2015)
2. The Civil Code of the Russian Federation (Part Two) "from 26.01.1996 N 14-FZ (ed. By 06.04.2015, as amended. From 7.4.2015)
3. The Tax Code of the Russian Federation (Part Two) "from 05.08.2000 N 117-FZ (ed. By 06.04.2015)
4. Labour Code of the Russian Federation "of 30.12.2001 N 197-FZ (ed. By 04.06.2015)
INVESTMENTS AND BUSINESS
Current state of the investment process in the member countries of the EEU: steps towards legislation harmonization
Gubanov R.S., Phd Economics, Senior Researcher, Federal State Budgetary Institution «Scientific Research Institute of Finance», Methodist Regional State Budgetary Educational Institute of Secondary Professional Education «Ryazan College of technology»
Abstract. The article deals with the essence of the investment process in the member countries of the EEU. Highlights the advantages and disadvantages of investment projects implemented in member countries of the EEU. Statistical data characterizing the investment process in the member countries of the EEU is given. Ways of further development of investment relations in the EEU with regard to the harmonization of existing national legislation are determined.
Keywords: investments, investment process, the Eurasian economic Union, harmonization, legislation.
References:
1. The Treaty on the Eurasian economic Union in Astana may 29, 2014)
2. Eremin S. L., Balsamina Y. international experience of regulation of small and medium enterprises // IVF№ 8 (482). – 2014. – S. 113.
3. Igolkina L. M. Formation of the economic conditions for the development of state-private partnership in Russia // Economics and management No. 12(98) 2013. – P. 39
4. Igonina L. L. Investment: Proc. the manual/ Under the editorship of Dr. Ekon. Sciences, Professor V. A. Slepov. — M.: Yurist, 2002. – 480 C.
5. Knobel A. Eurasian economic Union: prospects for development and possible obstacles // Voprosyekonomiki, No. 3. – 2015. – P. 87.
6. Matytsin M. V. the Role of public-private partnerships in economic development model of the national economy // Economics and management No. 12 (98). – 2013 – P. 16
7. Safarov A. M. Bank the mechanisms of integration processes in the Eurasian Union // Banking No. 12. – 2014. – P. 49.
8. Khazanovich E. S. Investments: textbook / E. S. Khazanovich. – M.: KNORUS. – 2011. – 320 p.
9. http://www.scienceforum.ru/2013/182/1995
10. http://www.eabr.org/general/upload/Heyfec_Boris_Aktualnye_problemy_investicionnogo_sotrudnichestva....pdf
11. http://www.rg.ru/gazeta/biznes/2015/01/13.html
Relationship between the investment climate of a country аnd the innovation activity of organizations under the conditions of sanctions
Borisova O.V., Phd Economics, Associate Professor, Institute of Advanced Training and Retraining, The Peoples’ Friendship University of Russia
Abstract. This article examines the relationship between the investment climate and the innovation activity of organizations. Based on the study a conclusion is drawn about the key role of innovations under the conditions of sanctions to stimulate the investment attractiveness of a country for foreign investors.
Keywords: investment climate, investment activity, factors affecting the investment climate, the impact of sanctions on the investment climate.
References:
1.Borisova О. Investment Climate in Russia: Status and Assessment. // Audit and Financial Analysis. 2015. - №1. – с. 288-295.
2. Govorov А. Attractive investment climate in Russia in the forms and methods of its creation // Transportation business in Russia. 2009. № 8. pp. 5-7.
3. GorinаА. Course Russia on the innovative development of the economy [Text] / A. Gorinа, E. Dergounova // Young scientist. - 2013. - №9. -pp. 176-180.
4. Ivanova M. Concept of Investment Climate and its Impact on the Efficiency of Investment Partners Impact [text]. - Moscow: Russia. Acad. Reg. Service under the President of the Russian Federation, 2008.
5. Ignatova O.Trends in the global economy. - The evolution of scientific thought: collection of articles by the International Scientific and Practical Conference. CH.2.- Ufa: RIP BashSU, 2014.
6. Indicators of Innovation Activity, 2014 URL: http://www.hse.ru/data/2015/02/27/1091511625/001-472_Innov_14_U%20(1).pdf.
7. Innovation Activity - the Essence and Ways to Improve. URL: http://www.jourclub.ru/3/165.
8. Innovative Activity of Organizations. URL: http://www.gks.ru/free_doc/new_site/business/nauka/minnov-1.htm.
9. Kasyanenko TG Investment. - M.: Penguin Books, 2009. URL: http://бизнес-учебники.рф/book-investments/investitsionnyiy-klimat.html.
10. Ministry of Economic Development [electronic resource]: official website. - Mode of access: http://www.economy.gov.ru.
11. The Ministry of Finance has recognized the damage caused by sanctions for the Russian economy. RBC. URL: http://top.rbc.ru/economics/20/08/2014/943945.shtml.
12. Organization for Economic Cooperation and Development (OECD) [electronic resource]. Access: http://oecdru.org/databaae.html.
13. Tkachenko I. Investment [Text] / I. Tkachenko, N. Malyh - M .: Academia, 2009. – 240 p.
14. Fatkhutdinov R. Innovation Management. - St. Petersburg: St. Petersburg, 2005, p. 15.
15. Fetisov G. Methods for assessing the investment climate regions of Russia and ways to improve it [Electronic resource]. URL: http://www.elitarium.ru/2011/05/30/ocenka_investicionnogo_klimata.html.
16. ATKearney. URL:http://www.atkearney.com.
About relevance of development of export of medium business by the companies
Popov G.P., Ex-banker, Independent Financial Consultant, Member of the “National Register of Independent of Directors” in the RSPP, Publicist
Abstract. Under the conditions of ruble devaluation there is a possibility of export development, first of all by companies of the medium-size business sector, but because most of their number are newly created companies and new businesses, not having the necessary experience for entry to the world markets, state structures and regional commercial banks should provide assistance and help with financial instruments, as well as with administrative provision.
Keywords: state guarantees and insurance of export, bank consortia, bill operations, documentary calculations, international in a row, compensation transactions, export of agricultural products and international transit.
TAXES AND TAXATION
Formation and use of the rent resource income of the state: the Alaskan experience
Glazova E.S., PhD Economics, Leading Researcher at the Institute for World Economy and International Relations of RAS
Stepanova M.P., PhD Economics, Senior Researcher at the Institute for World Economy and International Relations of RAS
Abstract. In the article are considered the most important sources of state resource income formation on the example of the American state Alaska. The specificity of oil tax revenues in restricted and unrestricted state budgetary funds is shown, the distribution and use of oil incomes in the interest of the living and future generations. The traits of the unique model of democratic distribution of public wealth through the creation of the Alaskan Permanent Fund and the payment of the Alaskan oil dividend. The evolution of the application of oil taxes as an instrument of rent division between the state and oil extracting companies.
Keywords: government resource revenue, resource taxes and royalties, government’s rent take, Alaska Permanent Fund, Oil Personal Dividend.
References:
1. Alaska Department of Revenue/Tax Division. 2013 Annual Report. P.10. Http://www.tax.alaska.gov/programs/
2. Alaska Department of Revenue/Tax Division. Revenue base. Oil severance taxes. Schedule B-2/ http://doa.alaska.gov/dof/reports/resource/fy10/Stat_B2.pdf
3. Alaska Oil Tax Cuts Veto Referendum, Ballot Measure 1(August 2014) – Ballotpedia. http://ballotpedia.org/Alaska_Oil_Tax_Cuts_Veto_Referendum,_Ballot_Measure_1_
4. Alaska Permanent Fund Corporation. 2014 Annual Report. Pp. 8, 22. http://www.apfc.org/_amiReportsArchive/APFC_2014.pdf
5. Alaska Permanent Fund. Financial History and Projections as of December 31, 2014. http://www.apfc.org/_amiReportsArchive/APFC_2014
6. Alaska Permanent Fund. Newspaper Insert. Tysons Corner Center. http://www.apfc.org/_a...
7. Goldsmith Scott. Alasksa’s Oil Production Tax: Comparing the Old and the New. University of Alaska Anchorage. Institute of Social and Economic Research (UAA ISER). May 2014. Цит. по: [Электронный ресурс]. URL: http://ballotpedia.org/Alaska_Oil_Tax_Cuts_Veto_Referendum,_Ballot_Measure_1_
8. Hartzog Alanna. Citizen Dividends and Oil Resource Rents. A Focus on Alaska, Norway and Nigeria. Доклад представлен на 30-й ежегодной конференции «Восточная экономическая ассоциация» (22–24 февр. 2004 г., Вашингтон, США) [Электронный ресурс]. URL: http://www.earthrights.net/docs/oilrent.html
9. National Association of State Budget Officers (http:/www.nasbo.org/). Цит по: Alaska state budget and finances – Ballotpedia. http:/ballotpedia.org/Alaska_state_budget_and_finances
10. Resource Development Council for Alaska, Inc. Alaska’s Oil and Gas Industry. P.3. http://www.akrdc.org/issues/oilgas/overview.html
11. State Revenue. Alaska Oil and Gas Association http://www.aoga.org/facts-and-figures/state-revenue
12. The Evolution of Alaska’s Oil Taxes // «The Alaska Journal of Commerce». July 10, 2014. Цит. по «Juneau Empire», Alaska’s Capital City Online Newspaper. http://juneauempire.com/state/2014-08-15/history-oil-wealth
13. The Role of the Oil and Gas Industry in Alaska’s Economy. Prepared by McDowell Group for Alaska Oil and Gas Association. May 2014 http://www.aoga.org/sites/default/files/news/aoga_final_report
14. Understanding Alaska’s Revenue. http://www.alaskabudget.com/revenue/
15. Widerquist Karl. The Alaska Model: a citizen’s income in practice. http://www.opendemocracy.net/ourkingdom/karl-widerquist/alaska-model-citizens
Theoretical and practical aspects of the institution of tax benefits on the example of the city of 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
Abstract. Tax benefits are an integral part of the tax system of the Russian Federation. They are used to support and promote socially important sectors of the economy, state enterprises and other economic entities in need of this support. In addition, tax benefits are also a mechanism for maintaining the economy and stimulating investment, affecting the vital functions of the state. Thus under the current conditions of the economy development there is a necessity to study the active mechanism of tax benefits provision.
Keywords: tax breaks, preferential treatment, the mechanism of the city.
References:
1. Tax Code of the Russian Federation [Electronic resource]. Access: www.consultant.ru
2. The law of Moscow on March 18, 2015 № 10 "On establishing the tax rates for taxpayers, first registered as individual entrepreneurs and switched to the simplified taxation system and (or) the patent system of taxation" [Electronic resource]. Access: http://www.garant.ru
3. The Law of Moscow of 01.04.2015 N 14 "On Amendments to Article 4 and 4.1 of the Law of the City of Moscow on November 5, 2003 N 64" On the property tax of organizations "[Electronic resource]. Mode of access: http: // www.garant.ru
4. Law of the City of Moscow of 09.07.2008 № 33 "On the transport tax" [Electronic resource]. Access: http://www.garant.ru
5. The Law of the City of Moscow of 24.11.2004 № 74 "On Land Tax" [Electronic resource]. Access: http://www.garant.ru
6. Law of the City of Moscow of 05.11.2003 № 64 "On the property tax of organizations [electronic resource]. Access: http://www.garant.ru
7. Law of the city of Moscow from 19.11.2014 № 51 «About the tax on personal property" [Electronic resource]. Access: http://www.garant.ru
8. Law of the City of Moscow of 05.03.2003 № 12 "On establishment of the profit tax rate for public organizations of disabled persons and organizations employing persons with disabilities" [Electronic resource]. Access: http://www.garant.ru
9. Panskov VG On tax incentives for the modernization of the Russian economy // Tax. 2013. № 12. C. 11 - 18;
10. Savina ON Evaluating the effectiveness of tax incentives in the modern practice of taxation // Tax. Moscow, 2014, № 9-10 (99-100). Pp 15-29.
11. BarulinSV, Makrushin AV. Tax policy in Russia: Monograph. - Saratov: Satellite, 2012. S.25-37.
12. Mayburov IA Tax incentives. Theory and Practice: a monograph for undergraduates / IA Mayburovetc .; ed. IA Mayburova, YB Ivanov. - M .: UNITY-DANA, 2014. - 487 p.
13. SavinaON, Zhazhin MA. Financial analytics // Scientific and practical information-analytical collection.- 2014. - № 31 (217). - S. 37 - 46.
14. Academic Dictionaries and encyclopedias. [Electronic resource]. URL: http://dic.academic.ru/dic.nsf/fin_enc/17018 (the date of circulation: 27.03.2014).
ACCOUNTING AND REPORTING
Methods of consolidated statement of financial position
Prodanova N.A., Doctor Economics, Professor Accounting Department G.V. Plekhanov REU
Seropyan V.D., Undergraduate student, Business Faculty, G.V. Plekhanov REU
Abstract. In this paper we describe the methodology of drawing up consolidated financial statements and an example is given of its implementation for the company JSC «Jupiter».
Keywords: consolidation, reporting methodology, the statement of financial position, Group, international standards.
References:
1. Federal Law of 27.07.2010 N 208-FZ (ed. By 23.07.2013) "On the consolidated financial statements"
2. International Financial Reporting Standard (IFRS) 10 "Consolidated Financial Statements"
3. International Accounting Standard (IAS) 28 "Investments in Associates and Joint Ventures"
4. International Accounting Standard (IAS) 36 "Impairment of Assets"
5. Sergei Zotov. Accounting for and reporting of business combination (consolidation). The journal "Current Accounts", December 2013
6. Consultant Plus. [Electronic resource] Access: www.consultant.ru
7. The Ministry of Finance of the Russian Federation. [Electronic resource] Access: www.minfin.ru
8. Buh.1S. Unrealized gains on intra-group transactions when consolidating. [Electronic resource] Access: http://buh.ru/
BANK FINANCE AND INSURANCE COMPANIES MANAGEMENT
Fundamentals of loans and credits practical modelling in Excel spreadsheets
Cheremushkin S.V., Ph.D. Economics, independent consultant
Abstract. The paper describes various types of credits and loans, their main terms and conditions, which are essential for making calculations of interest payments and debt amortization schedule. It discloses basic principles and techniques of building financial models in Excel for each of the main types of loans and credits. The most important calculations, assumptions and technical details are also explained. Recommendations on data validation, calculations check and model-testing issues are also given.
Keywords: loan, debt, financial modeling, loan amortization schedule, debt modeling, day count convention, loan repayment methods, loan types, negative amortization, deferment period, repayment holiday.
References:
1. Avon Jack. 2013. The Handbook of Financial Modelling: A Practical Approach to Creating and Implementing Valuation Projection Models, New York: Appress®. 484 p.
2. Spreadsheet Standards Review Board. 2013. Best Practice Spreadsheet Modeling Standards – Version 7.0. – Commentary & Examples, Melbourne: Best Practice Modelling. 279 p.
3. Swan Jonathan. 2008. Practical Financial Modelling: A Guide to Current Practice, 2nd ed. Oxford: Elsevier. 282 p.
Influence of labour productivity on return on assets and return on equity in banks, operating on the Russian market
Prosvirkina E.Y., Teacher of the National Research University “Higher School of Economics"
Prosvirkin N.Y., PhD Economics, Associate Professor of the National Research University S.P.Korolev Samara State Aerospace University”
Abstract. This article is devoted to the analysis of the influence of labor productivity (P) on the return on assets (ROA) and return on the equity (ROE) in banks, operating in Russia. Based on the data analysis for 200 banks, operating in Russia, is calculated labour productivity, investments in human capital profitability, assets profitability and capital profitability. In the program (STATA) was performed a multifactor regression analysis, which confirmed that, despite the positive influence of labour productivity on (ROA) and (ROE) in a bank, this influence is insignificant.
Keywords: labour productivity, return on assets, return on equity, banking industry.
References:
1. Klemina T.N. Upravlenie chelovecheskimi resursami I rezultati deyatelnosti organizacii: teoreticheskie debate I empiricheskie issledovaniya// Rossiiskii zhurnal menedzhmenta, 2008, T.6, № 3, s. 51-58.
2. Prosvirkina E.Y. Ocenka proizvoditelnosti v rossiskom bankovskom sektore// Rossiiskoe predprinimatelstvo. 2014. 2014. № 1(247), s. 70-77.
3. Prosvirkina E.Y. Rentabelnost investicii v chelovecheskii capital kak instrument ocenki effektivnosti ypravleniya chelovecheskimi resursami v bankovskom sektore // Menedzhment v Rossii I za rubezhom. 2014. № 5, s. 104-109.
4. Spravochnik po kreditnym organizaciyam [Elektronnyi resurs] // Oficialnii sait Centralnogo Banka Rossiiskoi Federacii, 2014. – Regim dostupa: http://cbr.ru/credit/main.asp
5. Baltagi B.H. Econometric Analysis of Panel Data. Chichester, UK: Wiley, 2013.
6. Orlando C.R., Nancy B.J. Strategic Human Resources Management Effectiveness and Firm Performance // International Journal of Human Resources Management, 2001, Vol. 12(2), pp. 299–310.
7. Prosvirkina E.Y. Corporate Values, Codes of Ethics, and Performance of Russian Top Banks / in: International Conference Proceedings of PSRC. Dubai, 2012. P. 90–93.
8. Rosemond B., Lartey E. The Effect of Human Resource Management Practices on Corporate Performance: A Study of Graphic Communications Group Limited // International Business Research, 2011, Vol. 4, No. 1, p. 271.
9. Soomro R.B., Gilal R.G., Jatoi M.M. Examining the Impact of Human Resources Management (HRM) Practices on Employees’ Performance. A Case Study of Pakistan Commercial Banking Sector // Interdisciplinary Journal of Contemporary Research in Business, 2011, Vol. 3(1), pp. 865–878.
10. Umasankar M. Employee Perception towards Effectiveness of Human Resource Practices followed in Commercial Banks in Erode District, Tamin // European Journal of Social Sciences, 2012, Vol. 29(3), pp. 443–449.
ACTUAL THEME
Accounts of individuals abroad: the strengthening of state control
Nefedova T.N., Head of internal audit department of an international holding
Abstract. From 01.01.2015 entered into force amendments, not attracting attention with the following wording «in part 7 of Federal law No. 173-FZ the words «individuals-residents» delete», which make a significant change for individuals having accounts abroad. This change was made in the article 12 of the Federal № 173-FZ from the 10.12.2003 «On currency regulation and currency control» remained completely unnoticed in July 2014.
Keywords: currency control, accounts of natural persons in foreign banks.
References:
1. Federal law dated 10.12.2003 № 173-FZ "On currency regulation and currency control" (as amended. and additional, Preface. in force from 01.01.2015).
2. Federal law No. 218-FZ of 21.07.2014 G. "On amendments to certain legislative acts of the Russian Federation"
3. Letter of the FTS of Russia from 11.05.2012 No. AU-4-2/7654.
4. The RF Government decree of 28 December 2005 No. 819 "On approval of the rules for the submission of residents to the tax authorities reports on the flow of funds accounts (deposits) in banks outside the territory of the Russian Federation".
5. Letter of the Federal tax service No. OA-3-17/2962 from 03.09.2014 "About the possibility of salarypayments to non-residents in rubles".
6. The letter of the Ministry of Russia dated 11.09.2012 No. 7695/des.
7. Bank of Russia letter from 07.08.2014 No. 12-1-4/1871 "On the application of the currency legislation".
8. Tax code of the Russian Federation (part two) from 05.08.00 No. 117-FZ.
|
