CORPORATE  FINANCE

Anomalies in the IPO market – repeating the past
Semenkova E.V., Doctor of Economics sciences, Professor of the Department «Financial Markets» ScD (Economics), Professor of the basic Department «Economic and legal expertise» of the Union of forensic experts « Expert Council», Plekhanov Russian University of Economics, e-mail: reufinmarkets@gmail.com
SPIN-код: 6807-9921, AuthorID: 791843

Annotation. The article discusses the patterns of stock price movement in the IPO process and the features of the organization of the primary market, analysis of the IPO in the context of global trends was carried out, traps that lie in wait for an investor in the IPO market were identified in the case of OZON company.
Keywords: Initial public offering IPO, shares, primary market, speculative transactions, market trends.

References
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2. RUDASOV.RU [Elektronnyj resurs]. URL: rudasov.ru/news-705740-ozon-planiruet-provesti-ipo-na-birge-nasdaq.html
3. Semenkova Ye.V., Omran Chadi. Bond market efficiency and volatility: evidence from Russia // Humanities & Social Sciences Reviews. – 2019. – Vol. 7. – No. 4. – Pp. 1389–1397 [Elektronnyj resurs]. URL: giapjournals.com/hssr/article/view/1747
4. Semenkova Ye.V. Operatsii s tsennymi bumagami. – M.: Izd. dom «Delo», 2014. – Ser. «Obrazovatel’nyye innovatsii». – S. 485.
5. Gusev A.A., Gibadullin E.I. Vliyaniye likvidnosti finansovogo rynka na stoimost’ kompaniy // Finansovyy menedzhment. – 2020. – № 6. – S 46–52.
6. Sizova D.A., Sizova T.V., Ivanova Ya.Ya. Rol’ natsional’nykh i mezhdunarodnykh sindikatov anderrayterov v protsesse privlecheniya kapitala // Finansovyy menedzhment. – 2020. – № 1. – S. 31–38.
7. Semenkova Ye.V., Semenova G.N. Sozdaniye doveritel’noy sredy na finansovom rynke // Finansy, den’gi, investitsii. – 2019. – № 2 (70). – S. 3–7.
8.  Finam: ofitsial’nyy sayt kholdinga «Finam» [Elektronnyj resurs]. URL: finam.ru (data obrashcheniya: 04.12. 2020).

Social capital management based on the concept of business value growth
Stanislavchik E.N., PhD in Economics, Associate Professor of the Department of Economics Engineering Belarusian National Technical University, 220013, Minsk, Independence Avenue, 65, e-mail: e.stanis@rambler.ru
SPIN-Code 3476-9320, Author ID 751271

Annotation. The article presents an original study of the category of social capital with the incorporation of this concept into the «architecture of business value» and the derivation of the «equation of business value». The author’s hypothesis is that the formation of goodwill of a company as a component of its value is directly related to the amount of social capital, which, when a business is sold, can collapse, disappear, i. e. sublimate as defined by the author. This is related to both the theoretical problems of determining the price of social capital and the optimal architecture of the business value, as well as the practical aspects of measuring the return on social capital and its components for building an appropriate of motivation systems for personnel.
Keywords:  social capital, the architecture of the business value, the formula of the business value, goodwill, economic value added, social equity, cost of social capital, the  efficiency/rates of social capital, sublimation, financial bubbles, mergers and acquisitions, decision matrix, corporate culture.

References
1. Druker P.F. Effektivnoe upravlenie predpriyatiem. – M.: Vil’yams, 2012. – S.125.
2. Ivashkovskaya I.V. Finansovye izmereniya korporativnyh strategij. – M.: INFRA-M, 2008. – S. 79.
3. The Organisation for Economic Cooperation and Development (OECD) [Elektronnyy resurs]. URL: oecd.org/
4. Klinova M.V., Sidorova E.A. CHelovecheskij kapital v Evropejskom Soyuze: gosudarstvennyj i nadnacional’nyj konteksty // Voprosy ekonomiki. – 2012. – № 8. – 81 s.
5. Stanislavchik E.N. Mesto social’nogo kapitala v arhitekture stoimosti biznesa // Finansovyj menedzhment. – 2013. – № 4. – S.16–20.
6. Kovalev V.V., Kovalev Vit.V. Korporativnye finansy i chet: ponyatiya, algoritmy, pokazateli – M.: Prospekt; KNORUS, 2010 – S. 58.
7. Stanislavchik E.N. Popravki na sublimaciyu social’nogo kapitala v ocenke stoimosti biznesa // Finansovyj menedzhment. – 2014. – № 6.
8. Snook, Scott, Nitin Nohria and Rakesh Khurana, eds. The Handbook for Teaching Leadership: Knowing, Doing, and Being. Thousand Oaks, CA: SAGE Publications, 2012.
9. HARVARD BUSINESS SCHOOL [Elektronnyy resurs]. URL: hbs.edu/faculty/Pages/profile.aspx?facId=6523 (data obrashcheniya: 08.11.2020).
10. RAY & BERNDTSON. For The Best Returns On Leadership [Elektronnyy resurs]. URL: rayberndtson.com/(data obrashcheniya: 08.11.2020).
11. Stanislavchik E.N. Effektivna li deyatel’nost’ top-menedzherov? // Inzhener-Tekhnolog-Rabochij. – 2002. – № 6. – S. 26–27.

INVESTMENTS AND BUSINESS

Influence of government regulation on the development of alternative sources of online financing
Borisova O.V., Ph. D., associate professor of Department public finance, Financial University, Russian Federation, e-mail: jalo-jalo@mail.ru
SPIN-код: 5297-3667; ORCID 0000-0002-7889-2745; ResearcherID: AAW-9161-2020;
Scopus ID 57191410077

Annotation. The changing economic situation has stimulated the development of alternative online financing. The study proves that the emergence of companies with new business models is associated with tougher government regulation, a reduction in bank lending, and the development of technology and technology. In the future, companies providing alternative online financing will transform, which will increase their diversity in the market and reduce the degree of government regulation.
Keywords: alternative online financing, sources of financing, government regulation.

References
1. GuznovA.G. Regulirovanie, kontrol’ i nadzor na finansovom rynke v Rossijskoj Federacii: ucheb. posobie dlya vuzov/A.G. Guznov, T.E. Rozhdestvenskaya. – 2-e izd., ispr. i dop. – M.: Izd-vo «YUrajt», 2020. – 500 s. – (Vysshee obrazovanie). – ISBN 978-5-534-09973-7. – (Tekst: elektronnyj) EBS Yurajt [sajt]. – URL: urait.ru/bcode/452365 (data obrashcheniya: 04.11.2020).
2. Badylevich R.V., Verbinenko E.A. Podhody k postroeniyu sistemy finansovogo regulirovaniya razvitiya regionov Severa na osnove ocenki finansovogo potenciala. – Apatity: Institut ekonomicheskih problem im. G.P. Luzina Kol’skogo nauchnogo centra RAN, 2019. – 144 s.
3. Solov’eva S.V. Analiz sovremennoj politiki Central’nogo banka Rossijskoj Federacii // Regional’nye problemy preobrazovaniya ekonomiki. – 2014. – № 14. – S. 91–98.
4. Banki nachali zakryvat’sya sami [Elektronnyj resurs]. URL: expert.ru/2020/08/24/banki-nachali-zakryivatsya-sami/(data obrashcheniya: 15.11.2020).
5. Struktura kreditnyh portfelej [Elektronnyj resurs]. URL: raexpert.ru/researches/banks/retail/part2/(data obrashcheniya: 04.11.2020).
6. Korovkina N.I.  Al’ternativnye istochniki finansirovaniya deyatel’nosti mashinostroitel’nogo predpriyatiya // Izvestiya Tul. gos. un-ta. Ekonomicheskie i yuridicheskie nauki. – 2019. – № 1–1. – S. 54–60.
7. Shal’neva M.S., Cickiev M.M. Kraudinvesting kak al’ternativnyj istochnik finansirovaniya kommercheskih organizacij//Ekonomika i biznes: teoriya i praktika. –2019. – № 6–2. – S. 169–173.
8. Ziegler T., Shneor R., Wenzlaff K., Odorović A., Johanson D., Hao R., Ryll L. Shifting Paradigms the 4th European Alternative Finance Benchmarking Report. – 2019 [Electronic resource]. URL: researchgate.net/publication/332418059_SHIFTING_ PARADIGMS_THE_4_TH_ EUROPEAN_ALTERNATIVE_FINANCE_BENCHMARKING_REPORT (data obrashcheniya: 04.11.2020).
9. Ziegler T., Reedy E.J., Zhang B.Z., Kroszner R.S., Le A., Garvey K. Hitting Stride. 2017 THE AMERICAS ALTERNATIVE FINANCE INDUSTRY REPORT [Electronic resource]. URL: jbs.cam.ac.uk/wp-content/uploads/2020/08/2017–06-americas-alternative-finance-industry-report.pdf (data obrashcheniya: 04.11.2020).
10. Global Alternative Finance Market Benchmarking The Report/Cambridge Centre for Alternative Finance [Electronic resource]. URL: jbs.cam.ac.uk/wp-content/uploads/2020/08/2020–04–22-ccaf-global-alternative-finance-market-benchmarking-report.pdf (data obrashcheniya: 04.11.2020).
11. Kurs na fintekh: perspektivy razvitiya rynka v Rossii [Elektronnyj resurs]. URL: ru.investinrussia.com/data/files/sectors/EY-focus-on-fintech-russian-market.pdf (data obrashcheniya: 04.11.2020).
12. Obzor bankovskogo sektora Rossijskoj Federacii (internet-versiya) [Elektronnyj resurs]. URL: cbr.ru/banking_sector/statistics/(data obrashcheniya: 04.11.2020).
13. CB: rossijskij rynok kraudfandinga sokratilsya na 42% za devyat’ mesyacev 2019 goda – do 5,2 mlrd rublej [Elektronnyj resurs]. URL: vc.ru/finance/93100-cb-rossiyskiy-rynok-kraudfandinga-sokratilsya-na-42-za-devyat-mesyacev-2019-goda-do-5–2-mlrd-rubley (data obrashcheniya: 04.11.2020).

Assessment of the main options for informal financing of entrepreneurial activity: gender aspect
Pinkovetskaia Ju. S., Candidate of Economics, Associate Professor department of Economic Analysis and State Management Ulyanovsk State University, e-mail: judy54@yandex.ru
SPIN-код: 5784-7881; ORCID 0000-0002-8224-9031;
Researcher ID D-3051-2017; Scopus ID 57192312196

Annotation. The purpose of the paper is to evaluate indicators that characterize the proportion of women and men who invest in entrepreneurial activities, their relatives, colleagues and friends and acquaintances in the total number of women investors and men investors. The calculations were based on empirical data provided in the Global Entrepreneurship мonitoring project for fifty-nine countries.
Keywords: entrepreneurship, informal investment, women investors, men investors, global entrepreneurship monitoring, small and medium enterprises, normal distribution functions.

References
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CONTROL BY THE FINANCE OF BANKS AND INSURANCE COMPANIES

Modern aspects of activities to counteract the legalization (laundering) of proceeds from crime as a key area of ensuring the internal security of commercial banks
Shalaev I.A., candidate of economic Sciences, associate Professor, associate Professor of Economics and economic security, Central Russian Institute of management – branch of Ranepa under the President of the Russian Federation», e-mail: viper18111988@yandex.ru
SPIN-код: 5734-6048, AuthorID: 761770, Scopus ID: 57202502174,
ORCID: 0000-0003-0646-5506
Sviridonova Ju.A., 5rd year student of the specialty «Economic security» Central Russian Institute of management – branch of Ranepa under the President of the Russian Federation», e-mail: yuliya.sviridonova.98@mail.ru
Annotation. This paper is devoted to the study of the main provisions of the organization of commercial banks ‘ activities to counteract the legalization (laundering) of proceeds from crime as a way to ensure their internal security. In the process of studying the main aspects of the organization of anti-legalization activities, attention was paid to both the key features of AML/CFT activities and modern aspects of the organization of anti-legalization activities. The main attention in this study is focused on the analysis of the current state of the organization of this activity, identifying problematic aspects and formulating possible ways to improve it, which are associated not only with internal optimization of activities, but also with the improvement of external factors.
Keywords: economic security, internal security of banks, legalization of criminal proceeds, counteraction to legalization.

References
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2. Maksutova A.A. Kontrol’ za provedeniem somnitel’nyh operacij klientami kreditnyh organizacij i ocenka riska vovlecheniya kreditnyh organizacij v otmyvanie nezakonno poluchennyh dohodov//Problemy ekonomiki i yuridicheskoj praktiki. – 2018. – № 4 [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/kontrol-za-provedeniem-somnitelnyh-operatsiy-klientami-kreditnyh-organizatsiy-i-otsenka-riska-vovlecheniya-kreditnyh-organizatsiy-v (data obrashcheniya: 01.10.2020).
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5. Gladkova S.B. Vovlechenie kreditnyh organizacij v nezakonnye skhemy legalizacii dohodov // Nauch. vedomosti Belgor. gos. un-ta. Ser.: Ekonomika. Informatika. – 2019. – № 2 [Elektronnyj resurs]. URL: cyberleninka.ru/article/n/vovlechenie-kreditnyh-organizatsiy-v-nezakonnye-shemy-legalizatsii-dohodov (data obrashcheniya: 28.09.2020).
6. Shalaev I.A. Ocenka finansovoj bezopasnosti v sisteme protivodejstviya legalizacii (otmyvaniyu) dohodov, poluchennyh prestupnym putem [Elektronnyj resurs]. URL: elibrary.ru/download/elibrary_41381713_40341164.pdf (data obrashcheniya: 01.10.2020).

FINANCIAL MARKET

Prospects of «green» bonds in the Russian financial market
Lysenko D.O., senior specialist of «Greenatom», postgraduate student of the Department of Financial Management Plekhanov Russian University of Economics, Moscow, Russia, e-mail: darialysenko56@gmail.com
SPIN: 6257-0088

Annotation. The issues of development of corporate environmental responsibility are considered. The principles and advantages of issuing «green» bonds are given. The dynamics and structure of the green bonds market are estimated. The author’s algorithm for the issue of bonds is proposed. Analyzed three options for placing «green» bonds on the London Stock Exchange. The elements of the corporate environmental responsibility system in Russia are considered by the example of PJSC «MMC «Norilsk Nickel».
Keywords: green bonds, environmental responsibility, long-term financing, environmental projects.

References
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2. Porter M.E. & Van der Linde C. (1995). Green and competitive: ending the stalemate // Harvard business review, 73 (5), 120–134.
3. McGuire J.B., Sundgren A. and Schneeweis T. (1988), Corporate Social Responsibility and Firm Financial Performance // Academy of Management Journal, 31 (4), 854–872.
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6. Lysenko D.O. Razvitie dolgovyh finansovyh instrumentov effektivnogo upravleniya ekologicheskimi riskami kompanii // Cifrovizaciya rynochnyh otnoshenij: voprosy ekonomiki i prava: мaterialy Vseros. nauch.-prakt. konf. – 2020. – S. 72–78.
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9. Voluntary Process Guidelines for Issuing Green Bonds // Green Bond Principles. – June 2018  [Elektronnyj resurs]. URL: icmagroup.org/green-social-and-sustainability-bonds/green-bond-principles-gbp/(data obrashcheniya: 30.09.2020).
10. Lysenko D.O. Zelenye obligacii: istochnik finansirovaniya proektov Smart Nations // Shag v budushchee: iskusstvennyj intellekt i cifrovaya ekonomika: Smart Nations: ekonomika cifrovogo ravenstva: мaterialy III Mezhdunar. nauch. foruma. – M.: Gosudarstvennyj universitet upravleniya, 2020. – S. 38–44.
11. Fannie Mae recognized as largest issuer of green bonds // Proudgreenbuilding [Elektronnyj resurs]. URL: proudgreenbuilding.com/news/fannie-mae-recognized-as-largest-issuer-of-green-bonds/(data obrashcheniya: 30.09.2020).
12. Green project bonds [Elektronnyj resurs]. URL: cdn.brandfolder.io/3RTTK3BV/as/pqrec0–810d3k-e5e2uj/Green_Project_Bonds_Why_Project_Bonds_will_be_a_bigger_part_of_Australias_Infrastructure_Future.pdf (data obrashcheniya: 30.09.2020).
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14. Galanov V.A. Rynok cennyh bumag. Uchebnik. – M.: Infra-M, 2014. – S. 137–140.
15. Auditorskoe zaklyuchenie [Elektronnyj resurs]. URL: PAO «GMK «NorNikel’» 2015 g. nornickel.ru/upload/iblock/5e4/Otchet_PAO_GMK_NN_2015.pdf (data obrashcheniya: 30.09.2020).
16. Voskanyan R.O. Dolgovye instrumenty finansirovaniya strategii ustojchivogo razvitiya kompanii // Problemy ekonomiki i yuridicheskoj praktiki. – 2019. – № 2. – S. 80–83.
17. Voskanyan R.O. Tendencii razvitiya ekologicheskoj otvetstvennosti kompanij // Finansy i kredit. – 2019. – T. 25. – № 6. – S. 1454–1468.
18. Sektor ustojchivogo razvitiya [Elektronnyj resurs]. URL: moex.com/s3019 (data obrashcheniya: 30.09.2020).
19. Postanovlenie Pravitel’stva RF ot 30.04.2019 № 541 «Ob utverzhdenii Pravil predostavleniya subsidij iz federal’nogo byudzheta rossijskim organizaciyam na vozmeshchenie zatrat na vyplatu kuponnogo dohoda po obligaciyam, vypushchennym v ramkah realizacii investicionnyh proektov po vnedreniyu nailuchshih dostupnyh tekhnologij» [Elektronnyj resurs]. URL: consultant.ru/document/cons_doc_LAW_324112/(data obrashcheniya: 30.09.2020).
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Comparison of investment portfolio construction models
Smirnov A.E., graduate student of Finance Faculty Financial University under the government of the Russian Federation, Moscow, Russia, e-mail: 192691@edu.fa.ru
Scopus ID: 57205536235
Rebelsky N.M., Ph. D., associate Professor of the Department of «Financial markets and banks» of the Financial University under the government of the Russian Federation, e-mail: NRebelskiy@.fa.ru

Annotation: Investors all around the world have always been highly interested in portfolio asset allocation problem. Since the 50s of the 20th century, many mathematical models and approaches have been developed, but each of them has its own drawbacks. This task is complicated by the fact that for each individual the decision will be unique: everyone has different preferences and different attitudes towards the risk taken. Financial world is increasingly associated with information technology: the modern securities market cannot operate without automation. A huge number of daily investors’ transactions are processed by IT systems. At the same time, machine learning methods are now at the peak of their popularity and are used in wide variety of fields.
The purpose of the article is to compare the results of applying different portfolio construction methods – from classical Markowitz method to decision trees. The initial data are the quotes of some shares listed on the Moscow Exchange.
Keywords: portfolio construction, securities, machine learning, eigen portfolio, Markowitz model, Monte Carlo method.

References
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2. Hoerl A.E., Kennard R.W. Ridge Regression: Biased Estimation for Nonorthogonal Problems // Technometrics, 1070, 12:1, 55–67.
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Impact of financial technologies on the cost and efficiency of  stock exchanges: world experience and russian practice
Gusev A.A., Ph. D. in Economics, associate professor at the Department of corporate finance and corporate governance, Finance university under the government of the Russian Federation, Moscow city; business consultant, leading researcher, IBS, the Russian presidential academy of the national economy and public administration, e-mail: gusevaa@yandex.ru
Serebryakov V.V., 4 year undergraduate student, Department of corporate finance and corporate governance, Finance university under the government of the Russian Federation, Moscow city, e-mail: vlad.serebryakov@inbox.ru

Annotation. The article examines the degree of influence of financial technology development on the value and efficiency of global and Russian exchanges. The history of blockchain implementation in stock exchanges and advantages of this implementation are described. The main technological achievements in the implementation of blockchain technology are listed on the world stock exchanges and the Moscow exchange. The authors researched the dynamics of indices, market prices of shares and net profit of companies. It is proposed to consider the position in which FINTECH has a significant impact on the market value and efficiency of stock exchanges.
Keywords: FINTECH, blockchain, stock exchanges.

References
1. Vukolova E.G., Dan’shina E.I. Internet-trejding na rossijskom rynke cennyh bumag // Elektronnyj nauchno-metodicheskij zhurnal Omskogo GAU. – 2016. – № 4 (7) oktyabo’-dekabr’. – URL: e-journal.omgau.ru/index.php/2016-god/7/32-statya-2016–4/493–00238. – ISSN 2413.-4066
2. Fintekh: putevoditel’ po novejshim finansovym tekhnologiyam / Syuzan CHishti, YAnosh Barberis; per. s angl. – M.: Al’pina Pablisher, 2017.
3. Rabbani M.R., Khan S., Thalassinos E.I. FinTech, blockchain and Islamic finance: An extensive literature review / International Journal of Economics and Business Administration / Volume 8, Issue 2. – 2020. – Pp 65–86
4. Margackaya G.S. Tekhnologii blokchejn na fondovom rynke / R.V. Margackij // Vestnik Universiteta Turan. – 2019. – № 1 (81). – S. 87–92.
5. Volodin S.N. Blokchejn kak novyj instrument doveriya na fondovom rynke / M.A. Malenko // Valyutnoe regulirovanie. Valyutnyj kontrol’. – 2017. – № 9. – S. 66–71.
6. Geranio M. Fintech in the exchange industry: Potential for disruption? / Masaryk University Journal of Law and Technology / Volume 11, Issue 2. – 2017. – Pp 245–266.
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8. Media Alert 12 December 2019//asx.com.au URL: asx.com.au/documents/investor-relations/ASXParticipatesinDigitalAssetsSeriesCFundraisingDec19.pdf (data obrashcheniya: 05.10.2020).
9. KBW Nasdaq Financial Technology Index (KFTX)//new.nasdaq.com URL: indexes.nasdaqomx.com/Index/Overview/KFTX (data obrashcheniya: 05.10.2020).
10. Investing.com URL: investing.com (data obrashcheniya: 05.10.2020).
11. Macrotrends URL: macrotrends.net (data obrashcheniya: 05.10.2020).
12. ANNUAL REPORTS // London Stock Exchange Group URL: lseg.com/investor-relations/presentations-and-webcasts/annual-reports (data obrashcheniya: 05.10.2020).
13. Godovoj otchet 2017 // Moskovskaya birzha URL: report2017.moex.com/download/full-reports/ar_ru_annual-report_pages.pdf (data obrashcheniya: 05.10.2020).
14. Prezentacii dlya investorov // Moskovskaya birzha URL: moex.com/s865 (data obrashcheniya: 05.10.2020).
15. Fundamental’nyy analiz na rynke tsennykh bumag: uchebnik / kol. avtorov; pod red. Ye.V. Semenkovoy. – M.: RUSAYNS, 2017. – 274 p.

TAXES AND TAXATION

The impact of tax policy on efficiency business development in conditions of instability
Tagaverdieva D.S., Ph. D., associate professor of the department of economics GAOU VO «Dagestan state university of folk economy», е-mail: tagaverdieva@yandex.ru

Annotaion. The development of entrepreneurship in conditions of instability is quite a difficult task. In this situation, it is necessary to purposefully stimulate the development of entrepreneurship, which is possible on the basis of improving tax policy in General. The article outlines the priority areas of modern tax policy. A number of measures for the development and implementation of tax policy aimed at the development of entrepreneurship, as well as a system for assessing the impact of tax policy on the growth of entrepreneurship, are proposed.
Keywords: economic instability, tax policy, entrepreneurship.

References
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2. Pinskaya M.R. Mezhdunarodnoe nalogooblozhenie: мonografiya / M. R. Pinskaya V.P. Bauer, V.V. Vorozhihin i dr. – M.: Infra-M, 2018. – 352 c.
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4. Ministerstvo ekonomicheskogo razvitiya  Rossijskoj Federacii [Elektronnyj resurs]. URL: economy.gov.ru/(data obrashcheniya: 15.05.2020).
5.  Federal’naya nalogovaya sluzhba Rossijskoj Federacii [Elektronnyj resurs]. URL: nalog.ru/rn05/ (data obrashcheniya: 15.05.2020).

The effects of the exemption of financial services from vat
Abdullaev Z.A., doctor of philosophy economical sciences (PhD), acting associate professor of «Finance and Accounting» department of Tashkent State University of Economics (Tashkent city), е-mail: zafarjon1808@mail.ru
ORCID 0000-0002-4827-1040

Annotation. In the tax system, exemption from value added tax (VAT) on financial services is the standard approach to taxing financial services in the majority of countries. Whereby they pay nonrecoverable VAT on their inputs but do not charge VAT on their outputs. In this regard, this article discusses the issues of imposing the VAT on financial services. The article is devoted to the analysis of imposing the VAT on financial services from a theoretical and practical point of view Such methods as logical, monographic and comparative analysis have been widely used in the research. Based on the research results, it has been concluded that exempting financial services from the VAT will result in the mismatch between the expenses of the banking sector and the consumption of financial services, as well as a mismatch between tax cascades. Consequently, the VAT at a zero rate on loans can cause a decrease in the VAT revenues, but losses in these revenues are indemnified by an increase in bank profits. Exempting financial services from the VAT results in the violation of the essence of the VAT, makes this tax a direct tax on production and, in addition, raises the cost of financial services.
Keywords: bank, financial services, taxation, incentives, Value Added Tax.

References
1. [Elektronnyj resurs]. URL: tax.kpmg.us/services/indirect-tax/value-added-tax.html (data obrashcheniya: 21.12.2019).
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5. Goncharenko L.I. Nalog na dobavlennuiu stoimost i operatsii bankov po kreditovaniiu i finansirovaniiu ustupki prava trebovaniia//Finansy i kredit. Nalogooblozhenie. 2008. – № 40 (328). – S. 56–63.
6. Rousslang Donald J. «Should Financial Services Be Taxed Under a Consumption Tax? Probably», National Tax Journal, National Tax Association; National Tax Journal. 2002. – Vol. 55 (2). – Pp. 281–291.
7. Merrill Peter R. «VAT Treatment of the Financial Sector». Tax Analysts. – 2011. – Pp. 163–185, http:/taxanalysts.com/www/freefiles.nsf
8. Huizinga H. A European VAT on financial services? Economic Policy. 2002. – 17 (35). – Pp. 497–537.
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11. European Commission. Impact Assessment Accompanying the Document Proposal for a Council Directive on a Common System of Financial Transaction Tax and Amending Directive 2008/7/ EC. SEC (2011) 1102, final Vol. 6 (Annex 5). Brussels, Belgium.
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BOOKKEEPING AND REPORTING

Management of the risks of material misstatement of information in the accounting (financial) statements in order to ensure its reliability
Shcherbakova E.P., Candidate of Economic Sciences, associate professor, Department of accounting Rostov State University of Economics (RINH), Rostov-on-Don, Bolshaya Sadovaya St., 69, e-mail: kosh_ka@bk.ru
РИНЦ ID: 2269-7122

Annotation.  The article discusses the concept of reliability of accounting (financial) statements. The article presents a description of the main types of possible distortions in accounting (financial) statements that may arise within any commercial organization: material and immaterial, intentional and unintentional, technical and accounting, etc. The article also assesses the possibility of integrating a full-time unit into a company that performs the function of internal control as one of the most effective methods of ensuring the reliability of accounting (financial) reporting data. A description of the audit organization’s strategy of action is given as a method of preventing distortions of accounting (financial) statements in Russian commercial organizations.
Keywords: risk, reliability of accounting (financial) statements, distortion of accounting (financial) statements, internal control, Sarbanes–Oxley law.

References
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9. Mezhdunarodnyj standart audita 315 (peresmotrennyj) «Vyyavlenie i ocenka riskov sushchestvennogo iskazheniya posredstvom izucheniya organizacii i ee okruzheniya» (vveden v dejstvie prikazom Minfina Rossii ot 09.01.2019 № 2n) // SPS «Konsul’tantPlyus» (data obrashcheniya: 24.10.2020).
10. Mezhdunarodnyj standart audita 330 «Auditorskie procedury v otvet na ocenennye riski» (vveden v dejstvie prikazom Minfina Rossii ot 09.01.2019 № 2n) // SPS «Konsul’tantPlyus» (data obrashcheniya: 24.10.2020).
11. Mezhdunarodnyj standart audita 240 «Obyazannosti auditora v otnoshenii nedobrosovestnyh dejstvij pri provedenii audita finansovoj otchetnosti» (vveden v dejstvie prikazom Minfina Rossii ot 09.01.2019 № 2n) // SPS «Konsul’tantPlyus» (data obrashcheniya: 24.10.2020).
12. Mezhdunarodnyj standart audita 260 (peresmotrennyj) «Informacionnoe vzaimodejstvie s licami, otvechayushchimi za korporativnoe upravlenie» (vveden v dejstvie prikazom Minfina Rossii ot 09.01.2019 № 2n) // SPS «Konsul’tantPlyus» (data obrashcheniya: 24.10.2020).