Contents of N6/2015

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Contents of №6' 2015


Engineering  methods  of  calculation  and  control financial  status  of  the  university
Tkach V.I., Doctor of Economics, Professor, Head of the Department of Accounting and Audit The Federal State Budget Institution «Rostov State University of Civil Engineering (RGSU)»
Tkach V.S., Postgraduate Student, Chair of Accounting and Audit The Federal State Budget Institution «Rostov State University of Civil Engineering (RGSU)»
Berdnik J.A., Graduate Student, Department of Accounting and Audit The Federal State Budget institution «Rostov State University of Civil Engineering (RGSU)»

Abstract. The article discusses the methodology of accounting for and control of the financial status of a higher education institution in engineering management. A higher education institution standard “Engineering methods of financial state management” is proposed. A qualimetry of higher education institution management is proposed. A comparative analysis of traditional and engineering methods of financial management of a higher education institution. A system of engineering management of the budget process is characterized.
Keywords: intellectual capital, engineering tools, qualitative characteristics of traditional and engineering methods, reserve system, active, passive, neutral zone financial risk, synergistic effect, the budget process, structural, behavioral, consumer capital.

1. Grafova T. O. System resource of intellectual capital management: monograph. Rostov-on-don: SFU, 2010. 450 S.
2. Kapelyushnikov R. how Much human capital in Russia//problems of Economics. 2013. No. 1.With 27-47.
3. Kuznetsova E. V. Structured chart of accounts as the information field of management of economic processes: monograph. Rostov-on-don: SFU, 2009. 196 C.
4. Rudenko N. P. Building immunization derivative balance sheet//International model financial accounting: concept, theory and practice. Rostov n/D: RSSU, 2006
5. Rusina E. Yu. Analysis and control of financial status using tools such as accounting engineering: monograph. Rostov-on-don: Rostov state construction University, 2013. 195 C.
6. Certificate No. 2010611201. Management of backup system and risk (based on the sections of the chart of accounts). The copyright holder and author: E. V. Kuznetsova. 10.09.2010. The Federal service for intellectual property, patents and trademarks.
7. Stewart, T. A. Intellectual capital. A new source of wealth of the organization; per. s angl. V. Nozdryov. M.: Generation, 2007. 368 p.
8. Tkach V. I., M. V. Shumeiko Engineering accounting theory: Qualitative textbook. Basics: LLC "Atomicity", 2013. 460 S.
9. Tkach V. I., Grafova T. O., M. V. Shumeiko, Rudenko N. P. Accounting engineering: concept, theory and practice: monograph; Growth. the state economy. University "RINH". – Rostov-n/a, 2009. - 144 p.
10. Tkach V. I., Kolah O. I. Theory, system and model engineering network accounting. Basics: LLC "Azov Print", 2014. 188 C.
11. Tkach V. I., Kuznetsova E. V. Flying blind: the economic management and accounting in Russia//EKO. 2011. No. 3. p. 137-149.
12. Tkach V. S. Behavioral account of human capital: monograph/RGSU. – Rostov n/D, 2014. - 44 c.
13. Shumeyko M. V. Engineering accounting theory: a monograph. Rostov-on-don: LLC "Azov Print", 2013. 92 p.
14. Shumeyko M. V., Kuznetsova E. V., Tkach, I. M. the Concepts and methodology of accounting and engineering. Monograph. – Rostov-on-don: Rostov state construction University, 2008. – 188 p.
15. Mathews M.R.  Mega-Accounting and Reporting. A Proposal for Further Development // International Review of Business Research Papers Vol. 5. № 2. March, 2009. Pp. 329–339.
16. Paul F., Williams, J. Gregory Jenkins, Laura Ingraham. The winnowing away of behavioral accounting research in the US: The process for anointing academic elites!
17. The order of the Government of the Russian Federation of 29 December 2014 No. 2765 – R, approving the concept of the Federal target program of education development for 2016 – 2020.

Evaluation  of  new  types  of  risks  in  financial  management
Shestakova E.V., PhD Law, CEO LLC “Aktualnyi menedzment”

Abstract. Business relations are not static, some companies suffer fiasco, some, on the contrary, under crisis conditions break forth. To be successful you need to feel the latest trends, successfully orient in the latest trends and build a company conception according to the latest risks.
Keywords: financial risks, non-financial risks, the key rate of the Central Bank of the Russian Federation, tax risks, holdings.

4. The Tax Code of the Russian Federation (Part Two) "from 05.08.2000 N 117-FZ (ed. By 06.29.2015)
5. The Civil Code of the Russian Federation (Part One) "from 30.11.1994 N 51-FZ (ed. by 07.13.2015)

Theoretical  aspects  of  the  application  of  formalized  methods of  forecasting  financial  results
Grishchenko Y.I., Ph.D., assistant professor of “Financial Management” Financial University under the Government of the Russian Federation Moscow, Russian Federation

Abstract. Forecasting of activity financial results of an organization is a multifaceted process. In this article are disclosed the main formalized methods of financial results forecasting.
Keywords: forecasting methods, financial results, extrapolation.

1. Sokolova OV Finance, money, loan; Textbook / Ed. OV Sokolova. - M .; Lawyer, 2010. - 784 p.
2. Zemitani G. Methods of forecasting the financial condition of the organization. [Electronic resource]. URL:
3. Shakirov AA, Iogolevich EV Review of methods of forecasting the financial condition of enterprises and the results of the implementation of investment projects. [Electronic resource]. URL //> konfer27 / 677.pdf
4. Prediction of the enterprise. [Electronic resource]. URL:

Methodical  aspects   of  calculation of just value of an enterprise
Abduraupov R.R., Senior Lecturer of Tashkent State University of Economics, Tashkent, Uzbekistan

Abstract. World financial and economic crisis of 2008–2010 demonstrated that financial stability (sustainability) of companies depends on the financial management policies that were adopted by them. The financial policies are based on the goals of management. The commonly accepted goals that appear in publications of the developed countries are increasing the wealth of owners of the companies by maximization of their fundamental value or market value. Our paper critically observes the implementation of those values in making investment or managerial decisions. It gives the author’s definition of financial management and revised method of calculating real value of a company. There is also proposed a method of calculating the just value of a company.
Keywords: financial management, value of a company, fundamental value, market capitalization, real value, just value.

1. Kudina M.V. Forming a Company's Value: Theoretical and Methodological Aspects // Dissertation to seek a scientific degree of doctor in economic sciences. Moscow: Moscow State University named after M.V. Lomonosov, 2010. – 394 p.
2. Ehrhardt M.C., Brigham E.F. Financial Management: Theory and Practice. Thirteenth Edition. South-Western Cengage Learning, 2011. – 1186 p.
3. Hawawini G., Viallet C. Finance for Executives: Managing for Value Creation. – Fourth Edition. South-Western Cengage Learning, 2010. – 672 p.
4. Shokhazamiy Sh., Abduraupov R. The Value Approach to Managing Policies of Financial Management of Public Companies // Economics and Innovation Technologies ( – Tashkent, 2014.Vol. 5.
5. Application to Uzbekistan National Standards of Property Valuation No. 9 "Business Valuation". Approved by the Resolution of the State Property Committee on 14.06.2006 No. 01/19-22, registered at the Ministry of Justice on 24.07.2006 No. 1607.
6. Order of the Minister of Finance of the Republic of Uzbekistan "On Approval of the Financial Statements and the Rules for Their Completion" on December 27, 2002 No. 140. Bulletin of Normative Acts of Ministries, State Committees and Departments of the Republic of Uzbekistan, 2003, No. 1-2; 2003, No. 21-22; Collection of Laws of the Republic of Uzbekistan, 2004, No. 51, art. 519; 2005, No. 19-20, art. 145; 2007, No. 21, art. 218; 2012, №41-42, art. 489.
7. Benninga S. Financial Modeling. Third Edition. The MIT Press, 2008. – 1168 p. (39-95 pp.).
8. Booth L., Aivazian V., Demirguc-Kunt A., Maksimovic V. Capital structure in developing countries // Journal of Finance. – 2001, Vol. 56, pp. 87-130. 
9. Encyclopedia of Business. [E-source] URL:
10. Entrepreneur. [E-source] URL:
11. Higgins R.C. Analysis for Financial Management, 2-nd ed. Richard D. Irwin, Inc., 1989. p. 186.
12. DuPont Model. [E-source] URL:
13. Fisher I. Appreciation and Interest // American Economic Association. Vol XI. No. 4. 1896. pp 331-442.
14. Sun Yixiao, Phillips P.C.B. Understanding the Fisher Equation // Discussion Paper. University of California. – 2004, 27 p.
15. ShokhazamiySh., AbduraupovR., Akbarov M. Models of Geometric Representation and Analysis of Just Value of Property in 2D and 3D Formats // Information Management and Business Review. Volume 5 (5). Malaysia, 2014, pp. 234-238.
16. Shokhazamiy Sh., Abduraupov R. Methodics of Quantitative Estimation of Just Value of a Company // The Twenty Eighths International Plekhanov Readings – Moscow, 2015.
17. Shokhazamiy Sh., Abduraupov R. Determinants and Methodology of Just Value Management of Public Companies // The International Journal of Management Science and Business Administration, Vol. 2, No. 1. – Zagreb, 2015. pp. 7-19.



The  benefits  and  the  risks  of  investing  in  Russian  Federation сonservative  financial  instruments  (deposits,  bonds, currencies).  Why the Russian bond market is not interesting for the private investor?
Teplova T.V., Doctor of Economics, Professor, Head of the Laboratory of  Financial Markets Analysis (LAFR) Faculty of Economic Sciences of the Higher School of Economics, Professor of the Department of Finance NRU HSE
Sokolova T.V., Phd of Physico-Mathematical Sciences, LAFR Analyst, Faculty of Economic Sciences of the Higher School of Economics, Senior Lecturer of the Department of Theoretical Economics of NRU HSE

Abstract. The paper compares the possibility of saving and accumulating of funds by citizens of the Russian Federation through bank deposits, bonds and currencies. We present descriptive statistics on these conservative investment instruments (volume and profitability levels), regulative norms and the practice of taxation. Emphasis is put on obtaining a comparison of the benefits of real income (taking into account the current Russian tax rules and practices of tax regulation) and investment risks, which are defined as the risks of closing the investment position and liquidity risks. The paper raises the problem of identifying the causes of the weak participation of market investors to the domestic bond market (ruble bonds), which creates difficulties for companies to attract capital investment and reduces the choice of the citizens in the formation of independent pension plans and provisions in case of loss of employment, health, etc.
Keywords: deposits, bonds, currency, investment assets, investment risks, pension funds, rate of return, liquidity risk.

1. Ibragimova D.H., Cousina O.E., Current accounts and deposits of Russian households, Banking, 2014, №12, pp28-35
2. Ibragimova D.H. Savings behavior of Russians in 2009-2013, Banking, 2013, № 12. pp. 48-53.
3. Teplova T.V. Tax shield on personal investments, Financial Management, 2015, №2, pp 74-92
4. Pastor L. and Stambaugh R. (2003). Liquidity Risk and Stock Returns. Journal of Political Economy, Vol. 11, pp. 642–685.
5. Scheiber Thomas and Stix Helmut (2009). Euroization in Central, Eastern and Southeastern Europe – New Evidence On Its Extent and Some Evidence On Its Causes. Working Papers, Oesterreichische Nationalbank (Austrian Central Bank). No. 159. P. 41.
6. Foreign currency cash balances of banks - "Balance of foreign cash at the box office at the end of the reporting period"
7. The demand for foreign currency in the period:
8. The balance of payments of the Russian Federation in the analytical representation



Controlled  foreign  companies  –  what's  new
Nefedova T.N., Head of an Internal Audit Service of an International Holding

Abstract. Provisions in the part of taxation, aimed at combating offshore companies entered into force on 01.01.2015. Wherein for the past half-year it has already been amended by the Federal Law N85 FZ of 06.04.2015 and the Federal Law N150 FZ of 08.06.2015 However, the Russian Finance Ministry has already prepared another draft changes to the rules of controlled foreign companies. Draft amendments (hereinafter – the Draft Amendments to the Law № 376-FZ) was under public discussion till the 15.08.2015. Apart from “cosmetic’ amendments significant changes are considered.
Keywords: controlled foreign company, offshore, taxation of controlled foreign companies.

1. 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)"
2. The Federal Law of 06.04.2015 № 85-FZ "On Amendments to Article 219 of the Tax Code of the Russian Federation and Article 4 of the Federal Law" On Amendments to Parts One and Two of the Tax Code of the Russian Federation (tax profits of controlled foreign companies and income of foreign organizations) "
3. The Federal Law of 08.06.2015 № 150-P "On Amendments to Parts One and Two of the Tax Code of the Russian Federation and Article 3 of the Federal Law" On Amendments to Parts One and Two of the Tax Code of the Russian Federation (foreign profits tax-controlled companies and income of foreign organizations) "
4. The draft Federal Law "On Amendments to Parts One and Two of the Tax Code of the Russian Federation and the Federal Law of November 24, 2014 № 376-FZ" On Amendments to Parts One and Two of the Tax Code of the Russian Federation (tax profit of controlled foreign companies and incomes of foreign organizations) "
5. Order of the Russian Ministry of Finance 13.11.2007 N 108n "On approving the list of countries and territories that provide preferential tax treatment of taxation and (or) not requiring the disclosure of information on financial operations (offshore zones)"
6. "The agreement on the Eurasian economic Union was signed in, Astana 29.05.2014
7. Federal Law of 03.10.2014 № 279-FZ "On the ratification of the Treaty on the Eurasian Economic Union"
8. A letter from the Federal Tax Service of the Russian Federation 08.08.2007 № GI-6-26 / 636 @ "On the competent authorities confirming resident individuals and legal entities in the Republic of Belarus"
9. Agreement between the Government of the Russian Federation and the Government of the Republic of Belarus of 21.04.1995 "On avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and property"
10. Convention between the Government of the Russian Federation and the Government of the Republic of Kazakhstan dated 18.10.1996 "On avoidance of double taxation and prevention of tax evasion on income and capital"
11. Agreement between the Government of the Russian Federation and the Government of the Republic of Armenia from 28.12.1996 "On avoidance of double taxation on income and property"
12. IFRS 10 "Consolidated Financial Statements"
13. Convention between the Government of the Russian Federation and the Government of the United Kingdom of Great Britain and Northern Ireland of 15.02.1994 “On the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income and Capital Gains“
14. Letter to the Russian Finance Ministry of 21.01.2015 № 03-08-05 / 69519
15. Letter of the Federal Tax Service of Russia from 20.04.2015 № DG-4-3 / 6713 @ "On the direction of the recommendations on the implementation of the provisions of subparagraph 1 of paragraph 4 of Article 7 of the Tax Code of the Russian Federation
16. Letter to the Federal Tax Service of Russia from 25.05.2015 № DG-4-3 / 8798 @
17. Nefedova T.N. Controlled  foreign  companies  –  changes  in  taxation // Financial Management. – 2015. – № 3. – Pp. 100–119.


Accounting  for  the  reorganization  of  a  legal  entity: Russian  law  and  international  practice
Gurkin E.O., 5th-year Student of the Faculty of Business VPO “REU them. GV Plekhanov”
Prodanova N.A., Doctor of Economics, Professor Department of Accounting REU them. GV Plekhanov

Abstract. The article is devoted to the procedure of companies reorganization, making up statements according to the standards of financial reporting. The authors reveal the contents of IFRS (IFRS) 3 «Business Association» and define the stages, the passage of which will allow to correctly reflect in accounting and reporting the given procedure in accordance with the IFRS.
Keywords: international standard, business combination, reorganization, merger.

1. Civil Code of the Russian Federation (Part Two) from 26.01.1996 № 14-FZ (the current version of 06.29.2015) // the Russian newspaper. - N 23. - 06.02.1996.- N 24. - 07.02.1996; N 25. - 08.02.1996; N 27. - 10.02.1996.
2. International Financial Reporting Standard (IFRS) 3 "Business Combinations" (effective on the territory of the Russian Federation Order of the RF Ministry of Finance 25.11.2011 N 160n)


Organizational  and  financial  aspects  of  captive  insurance  companies
Gubanov R.S., Phd Economics, Senior Researcher, Federal State Budgetary Institution «Scientific research Institute of Finance»

Abstract. The article discusses the development of insurance activity in the modern Russian financial system. It describes the objectives, conditions and features of the establishment and operation of captive insurance companies. It identifies areas of financial maintenance of activity of captive insurance companies. It illustrates the relationship of parent captive insurance company with affiliated persons.
Keywords: insurance, captive insurance company, captive insurance company, insurance market, financial aspects.

1. Balakireva V. Y. On the execution of the strategy of development of the insurance industry // Finance No. 7. – 2015 . – P.47.
2. Galanov V. A. Finance, money circulation and credit: textbook / V. A. Galanov. – M.: FORUM: INFRA-M, 2009. – 416 p.
3. Likes A. Y. Insurance in Russia: the nature and features of the present stage // Insurance case No. 6 (June). – 2015. – P. 19.
4. Filatov, O. K., Ryabova T. F., Minaeva E. V. Economics of enterprises (organizations): the Textbook. – 3-e Izd., revised and enlarged extra – M. Finance and statistics, 2005. – 512 P.
5. Tsyganov A. A. the Effects of globalization and integration processes in the insurance market of Russia // Insurance case number 7 July. – 2015. – P. 43.

Advanced  loan  models  in  excel  spreadsheets
Cheremushkin S.V., Ph.D. of Economics, Independent Consultant

Abstract. In financial models of development often there is a need to include loans and credits with complicated terms. This paper explains how to describe loan deferment period, calculate deferred interest and negative amortization, interest on deferred interest.
Building loan models can be a challenging exercise, because realistic financial models take into consideration actual dates of receipts and payments, and use day count convention in calculations. Another difficult task concerns the calculation of accrued interests for incomplete reporting periods. This implies that every period must be divided into two parts: the first one spans from the beginning of the current reporting period to the moment of payment and the second part lasts from the moment of payment to the end of the reporting period. The paper explains these issues in detail and provides practical examples of loan models.
Keywords: loan, debt, financial modeling, loan amortization schedule, debt modeling, day count convention, loan repayment methods, loan types, negative amortization, deferment period, repayment holiday.

1. Brown Patrick J. 1998 Bond Market Structures and Yield Calculations, London: International Securities Market Association. 96 p.
2. International Swaps and Derivatives Association, Inc. 2006. «2006 ISDA Definitions» ISDA: New York. 145 p. URL:
3. Informacionnoe pis'mo Prezidiuma Vysshego Arbitrazhnogo suda RF ot 13 sentjabrja 2011 goda № 146 «Obzor sudebnoj praktiki po nekotorym voprosam, svjazannym s primeneniemk bankam administrativnoj otvetstvennosti za narushenie zakonodatel'stva o zashhite prav potrebitelej pri zakljuchenii kreditnyh dogovorov» [Jelektronnyj resurs] // SPS Konsul'tantPljus. – URL:;base=LAW;n=120053
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7. Federal'nyj zakon ot 8 marta 2015 g. N 42-FZ «O vnesenii izmenenij v chast' pervuju Grazhdanskogo kodeksa Rossijskoj Federacii» [Jelektronnyjresurs] // SPSKonsul'tantPljus. – URL:;base=LAW;n=176165
8. Cheremushkin S.V. Osnovyprakticheskogomodelirovanijazajmovikreditov v Excel // Finansovyjmenedzhment, 2015. - № 4.

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