CORPORATE  FINANCE

Organization of cash pooling within the framework of the centralized cash flow management model: the case of the transport holding
Nikiforova A.N., Ph. D. in Economics, Associate Professor of the Department of Economics, Finance and Transport Management, Russian University of Transport, Moscow, e-mail: anna_zador@mail.ru
Author ID: 657992; SPIN-code: 1833-6535; ORCID: 0000-0002-3527-017X; Scopus Author ID: 57201466746; Web of Science Researcher ID: AAQ-6634-2021

Annotation. The conditions of economic sanctions and restrictions on access to financial markets encourage large corporations to search for new models of cash management in order to use intra-group sources of liquidity. The active development of cash management tools, in particular cash pooling, encourages the more detailed approach to the issues of evaluating its effectiveness and implementation into the financial management system, taking into account the specifics of the business processes of the company and its subsidiaries. This article presents the results of the comparative analysis of the system of intra-group financing and physical cash pooling on the example of the transport holding. The author proposed the criteria for selecting subsidiaries for inclusion in the cash pool, and in the current conditions, justified the priority of using a mixed cash flow management model with centralization of operations.
Keywords:  liquidity management, cash management, cash pooling.

References
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Object-oriented approach to budget planning and control of reducing the cost of production of an industrial enterprise
Mizikovsky I.E., Doctor of Economics, professor, head of «Accounting» of National research Nizhny Novgorod State University NI Lobachevsky, academician of the RAEN,e-mail: core090913@gmail.com
ORCID ID: 0000-0002-5094-5008; Scopus ID: 57215022345; Researcher ID: AAL-9673-2020; SPIN-code: 6345-3669; Author ID: 383262

Annotation. A permanent, balanced reduction in the cost of production of industrial enterprises requires updating existing and introducing new cost management tools. This postulate defined the purpose and objectives of the study – the formation of an information and instrumental space for budget planning (budgeting) and monitoring the implementation of planned indicators for reducing operating costs of enterprises in the real sector of the economy. The results of the research presented in the article were the development of an object-oriented approach to the estimated planning and control of reducing the cost of production; a methodology for using SNW analysis of detected deviations of actual from planned values of indicators. The institutionalization of these tools in the enterprise management system will create the necessary conditions for finding optimal solutions aimed at ensuring the rational use of the organization’s resources.
Keywords: estimated planning, control, cost, industrial enterprise, object-oriented approach, costs, cost reduction, SNW analysis.

References
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4. Kotlyachkov O.V., Ostaev G.Yа., Markovina K.V. Osobennosti metodiki ischisleniya sebestoimosti produkcii lesopitomnikov // CHasopis ekonomichnih reform / Uchrediteli: Skhіdnoukraїns’kij nacіonal’nij unіversitet іmenі Volodimira Dalya – Vostochnoukrainskij nacional’nyj universitet imeni Vladimira Dalya (Severodoneck). – 2016. – № 2 (22). – S. 41–49.
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Analysis of factors in the capital structure of science-intensive companies
Naumov A.Yu., graduate student of the Financial University under the Government of the Russian Federation, Department of Corporate Finance and Corporate Governance, Program: Economics and Finance of High-Tech Companies, e-mail: naymov_a00@mail.ru
ID РИНЦ: 95.29.166.35; ORCID: 0000-0001-7970-5625

Annotation. Based on the theories of capital structure, the article clarifies the factors of capital structure and formulates hypotheses of their influence on the capital structure of high technology companies. To confirm the hypotheses, an analysis was made of the impact on the level of financial leverage of such factors as internal and external innovations, liquidity and return on capital. The sample for analysis included data on the performance of Russian aircraft manufacturing companies for 2016–2020. The results of the study contribute to a deeper understanding of the factors affecting the level of financial leverage, and are recommended for use not only by the companies in the sample, but also by other knowledge-intensive and high-tech companies in emerging markets.
Keywords: capital structure, capital structure factors, knowledge-intensive companies.

References
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The impact of innovations on the transformation of the staff of companies in the face of a changing external environment
Budaeva Yu.Zh., Candidate of Economic Sciences, Associate Professor of the Department of Accounting, Audit and Taxation of the State University of Management, e-mail: u_budaeva@mail.ru
SPIN-code: 5403-6458; ORCID: 0000-0002-4828-604X; РИНЦ Author ID: 281083
Shubina T.V., Candidate of Economic Sciences, Associate Professor of the Department of Finance of Sustainable Development of the Plekhanov Russian University of Economics, e-mail: t.v.shubina@gmail.com
SPIN-code: 8410-6180; ORCID: 0000-0001-5506-4149; RSCI Author ID: 674775

Annotation. The article discusses current trends in personnel management, on the basis of which the needs for the transformation of the accountant profession are identified. The transition strategy from survival to prosperity highlights the main directions in which innovative processes in personnel management will take place. With the shift in emphasis towards the development of technology and the increasing use of individual characteristics of people to improve the efficiency of the company, the transformation of the accounting profession is inevitable. The introduction of new work formats, the need to increase the adaptability and creativity of staff, the introduction of non-standard methods of motivation, as well as the deepening of digitalization processes contribute to the emergence of new specialists with higher competencies to replace traditional accountants.
Keywords: innovations, uncertainty, transformation, functions, digitalization, efficiency.

References
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INVESTMENTS AND BUSINESS

Energy-saving behavior of households as a financial modeling object
Burganov R.A., doctor of economic Sciences, professor Kazan State Energy University, e-mail: burganov-r@mail.ru
SPIN-code: 1143-2027; РИНЦ Author ID: 282224; ORCID: 0000-0002-9957-8472

The reported study was funded by RFBR, project number 20-010-00099 «Theoretical and methodological approaches to the development of models of energy-saving behavior of households in a nature-like economy».

Annotation.  In In modern conditions, the study of financial modeling of the disclosure of the potential for energy savings at any level of management is in great demand. However, reasonable and effective scientific results in this area can be obtained only on the basis of the choice of theoretical and methodological approaches to it, depending on the type of economic development and the competent
allocation of types of behavior of economic entities. This work is devoted to the consideration of the possibilities of using financial modeling in the field of energy conservation of any kind through the implementation of the behavioral properties of households.
The article systematizes theoretical and methodological approaches to the development of models of energy-saving behavior of households in the process of establishing a nature-like economy, considers the content and evaluation of specific methodological methods of financial modeling by types of household behavior in energy consumption (normative, technical and technological, moral and educational, market, consumer, production, situational (event) types of behavior). Organizing and self-organizing types of behavior are highlighted, without which the energy-saving effect of events in the future will not be achieved. Also, for the preparation of financial models, comparative indicators for calculating the effectiveness of the implementation of behavioral types of households in energy conservation are roposed.
Keywords: Energy, household energy consumption, energy saving, financial modeling, households.

References
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Uncertainty and risks of the regional investment policy transformation
Matveev V.V., Candidate of Economic Sciences, Associate Professor of the Department of Economics and Economic Security of the Central Russian Institute of Management – a branch of the RANEPA, e-mail: vvmatveev@list.ru
SPIN-code: 4750-3661; ORCID: 0000-0003-0785-2751; Researcher ID: AGZ-3892-2022; Scopus ID: 57193747802; РИНЦ Author ID: 725367
Shalaev I.A., Candidate of Economic Sciences, Associate Professor of the Department of Economics and Economic Security of the Central Russian Institute of Management – a branch of the RANEPA, e-mail: viper18111988@yandex.ru
SPIN-code: 5734-6048; ORCID: 0000-0003-0646-5506; Scopus ID: 57202502174; РИНЦ Author ID: 761770

Annotation.  At present, both at the federal and regional levels, the national economy is competing to attract investment capital – the basis for creating new jobs, filling budget systems and, ultimately, ensuring the socio-economic well-being of the inhabitants of our country. To this end, various instruments of state support for business structures engaged in investment activities are being successfully developed at the federal level, and at the regional level – effectively implemented.
However, in practice, the implementation of such instruments is associated with many strategic risks that can lead to an imbalance in the national economy. In this regard, the article is devoted to the identification and identification of such risks for the purpose of subsequent leveling.
Keywords: investment policy, improvement of the investment climate, support measures, municipal economic zones.

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1. Byudzhetny`j kodeks Rossijskoj Federacii ot 31.07.1998 № 145-FZ [E`lektronny`j resurs] // Garant.ru. – Rezhim dostupa: base.garant.ru/12112604/134df926347d321d8dc82c9551519f33/ (data obrashheniya: 19.03.2022).
2. Federal`ny`j zakon ot 01.04.2020 № 69-FZ «O zashhite i pooshhrenii kapitalovlozhenij v Rossijskoj Federacii» [E`lektronny`j resurs] // Konsul`tantPlyus. – Rezhim dostupa: consultant.ru/document/cons_doc_LAW_349045/ (data obrashheniya: 19.03.2022).
3. Federal`ny`j zakon ot 22.07.2005 № 116-FZ «Ob osoby`x e`konomicheskix zonax v Rossijskoj Federacii» [E`lektronny`j resurs] // Garant.ru. – Rezhim dostupa: base.garant.ru/12141177/ (data obrashheniya: 19.03.2022).
4. Postanovlenie Pravitel`stva RF ot 14.07.2021 № 1189 «Ob utverzhdenii Pravil otbora infrastrukturny`x proektov, istochnikom finansovogo obespecheniya rasxodov na realizaciyu kotory`x yavlyayutsya byudzhetny`e kredity` iz federal`nogo byudzheta byudzhetam sub``ektov Rossijskoj Federacii na finansovoe obespechenie realizacii infrastrukturny`x proektov, i o vnesenii izmenenij v Polozhenie o Pravitel`stvennoj komissii po regional`nomu razvitiyu v Rossijskoj Federacii» [E`lektronny`j resurs] // Garant.ru. – Rezhim dostupa: garant.ru/products/ipo/prime/doc/401437766/ (data obrashheniya: 19.03.2022).
5. Postanovlenie Pravitel`stva RF ot 14.07.2021 № 1190 «Ob utverzhdenii Pravil predostavleniya, ispol`zovaniya i vozvrata sub``ektami Rossijskoj Federacii byudzhetny`x kreditov, poluchenny`x iz federal`nogo byudzheta na finansovoe obespechenie realizacii infrastrukturny`x proektov» [E`lektronny`j resurs] // Garant.ru. – Rezhim dostupa: garant.ru/products/ipo/prime/doc/401437790/(data obrashheniya: 19.03.2022).
6. Postanovlenie Pravitel`stva RF ot 19.10.2020 № 1704 «Ob utverzhdenii Pravil opredeleniya novy`x investicionny`x proektov, v celyax realizacii kotory`x sredstva byudzheta sub``ekta Rossijskoj Federacii, vy`svobozhdaemy`e v rezul`tate snizheniya ob``ema pogasheniya zadolzhennosti sub``ekta Rossijskoj Federacii pered Rossijskoj Federaciej po byudzhetny`m kreditam, podlezhat napravleniyu na osushhestvlenie sub``ektom Rossijskoj Federacii byudzhetny`x investicij v ob``ekty` infrastruktury`» [E`lektronny`j resurs] // Garant.ru. – Rezhim dostupa: garant.ru/products/ipo/prime/doc/74708324/ (data obrashheniya: 19.03.2022).
7. Postanovlenie Pravitel`stva RF ot 19.10.2020 № 1705 «Ob utverzhdenii Pravil spisaniya zadolzhennosti sub``ekta Rossijskoj Federacii pered Rossijskoj Federaciej po byudzhetny`m kreditam i perechnya podlezhashhix zachisleniyu v federal`ny`j byudzhet nalogovy`x doxodov ot realizacii novy`x investicionny`x proektov, v ob``eme fakticheskogo postupleniya kotory`x Pravitel`stvo Rossijskoj Federacii vprave spisat` zadolzhennost` sub``ektov Rossijskoj Federacii po byudzhetny`m kreditam» [E`lektronny`j resurs] // Garant.ru. – Rezhim dostupa: garant.ru/products/ipo/prime/doc/74708332/ (data obrashheniya: 19.03.2022).

Assessing the logistics potential of airlines
Levkina E.V., Candidate of Economic Sciences, Associate Professor of the Department of «Economics & management», Far Eastern Federal University, e-mail: a553330@mail.ru
SPIN-code: 3607–2397; Author ID: 723305; Researcher ID: N-7317–2017; ORCID: 0000-0001-7764-251Х; Scopus ID: 57200571457
Guzenko A.G., Candidate of Technical Sciences, Associate Professor of the Department of Mathematics and Modeling, Vladivostok State University of Economics and Service,e-mail: zavoiko2@bk.ru
SPIN-code: 6181–9444; Author ID: 305471; ORCID: 0000-0001-5768-0957
Loksha A.V., Candidate of Philology, Associate Professor of the Department of Marketing and traiding, Vladivostok State University of Economics and Service,e-mail: Anna.Loksha@vvsu.ru
SPIN-code: 7934–5386; Author ID: 643411; ORCID: 0000-0003-2002-2402

Annotation.  Despite the available scientific studies, the problem of assessing the logistics potential at the level of the aviation industry has not yet been finally solved. Many provisions of a general methodological and conceptual nature regarding the definitions of the category «logistics potential» also require further study. Methods of regulation and management of the logistics potential of enterprises in the civil aviation industry are not given due attention in the existing methodological developments and literature. The high scientific and practical significance of the noted problems determines their relevance and the range of tasks considered in the study.
The object of the study is the logistics potential of the airline.
The subject of the study is the tools and methods for assessing the logistics potential of the airline.
The purpose of the work is to formalize the methodology for assessing the logistics potential of airlines and further testing it on the example of a specific airline.
Hypothesis: it is assumed that the development of a methodology for assessing the airline’s logistics enterprise will allow us to develop the most effective ways of further functioning of the enterprise as a logistics system, realizing to a greater extent its logistics potential.
The scientific and methodological basis of the work was legislative and other regulatory acts, the work of domestic scientists and specialists in the study of the logistics potential of transport companies, as well as works on economics, finance, logistics.
Keywords: logistics, logistics potential, logistics infrastructure, methodology, algorithm, warehouse element, logistics system.

References
1. Levkina E.V., Sakharova L.A., Edelev D.A. Comprehensive assessment of investment attractiveness of regions (based on the example of the regions of the far east) // Revista Inclusiones (ISSN07194706-Chile-WoS).
2. Udalova Z.V. Metodika ocenki ekonomicheskoj effektivnosti transportno-logisticheskogo kompleksa/Z.V. Udalova // Nauchnoe obozrenie. – 2019. –№ 13. – S. 275–284.
3. Belyakova E.V. Ocenka logisticheskogo potenciala predpriyatiya raketno-kosmicheskoj otrasli na osnove indikatornogo metoda / E.V. Belyakova // Vestn. Sibir. gos. aerokosm. un-ta im. akad. M.F. Reshetneva. – 2019. – № 2. – S. 498–502.
4. Sirotkin A.A. Logisticheskij servis kak instrument povysheniya effektivnosti predpriyatij / A.A. Sirotkin  // Logisticheskie sistemy v global’noj ekonomike. – 2018. – № 8. – S. 223–226.
5. Kireeva O.F. Pokazateli ocenki logisticheskoj deyatel’nosti predpriyatij / O.F. Kireeva //Innovacionnaya deyatel’nost’ v promyshlennosti. – 2020. – № 2. – S. 104–106.
6. Kurshakova N.B. Obespechenie effektivnosti predpriyatij – uchastnikov transportno-logisticheskoj sistemy / N.B. Kurshakova // Logisticheskij audit transporta i cepej postavok: мater. III Mezhdunar.nauch.-prakt. konf. – Tyumen’, 2020. – S. 300–306.
7. Shmulevich T.V. O praktike primeneniya finansovo-logisticheskogo analiza / T.V. SHmulevich // Putevoditel’ predprinimatelya. – 2020. – № 1. – S. 86–96.
8. Levkina E.V., Gusev E.G. Ocenka finansovoj sostavlyayushchej effektivnosti funkcionirovaniya transportnoj otrasli Rossii // Azimut nauchnyh issledovanij: ekonomika i upravlenie. – 2019. – T. 8. – № 3 (28). – S. 160–162.
9. Volkova A.G. Optimizaciya logisticheskoj deyatel’nosti kompanij-perevozchikov / A.G. Volkova // Finansovyj vestnik. – 2020. – № 1. – S. 73–78.
10. Levkina E.V., Petrova N.I., Loksha A.V. Teoreticheskie i prakticheskie aspekty ocenki finansovogo sostoyaniya transportnyh kompanij Primorskogo kraya // Azimut nauchnyh issledovanij: ekonomika i upravlenie. – 2021. – T. 10. – № 2 (35). – S. 219–221.

Using real options methods in business valuation
Rebelsky N.M., PhD in Economics, Associate Professor, Department of Banking and Financial Markets, Financial University under the Government of the Russian Federation, e-mail: NRebelskiy@fa.ru
SPIN-code: 7982-8775; Author ID: 702648

Annotation. The article discusses new methods for estimating the value of a business based on the Black-Scholes real option cost model. On the basis of this model, practical calculations of the estimated value of the company are given using the example of PJSC Gazprom. Comparative characteristics of calculations using two methods within the framework of the income approach are given: real options and discounted cash flows (DCF). The above calculations made it possible to determine the fair value of Gazprom shares, which have further growth potential and investment attractiveness for participants in the securities market.
Keywords:  business valuation, income approach, real options, discounting, cash flows, fair value, rate of return, volatility, shares.

Reference
1. Damodaran A. Investitsionnaya otsenka: instrumenty i metody otsenki lyubykh aktivov / A. Damodaran – M.: Al’pina Biznes Buks, 2020. – 1341 s.
2. Yesipov V.Ye. Otsenka biznesa / V.Ye. Yesipov, G.A. Makhovikova, V.V. Terekhova – SPb.: Piter, 2019. – 464 s.
3. Bayev L.A. K voprosu o primenenii melkikh optsionov v otsenke i upravlenii investitsionnymi proyektami / L.A. Bayev, O.V. Yegorova, N.V. Pravdina // Vestnik YuUrGU. Ser.: Ekonomika i menedzhment. – 2015. – № 20 (196). – S. 42–47.
4. moex.com – оfitsial’nyy sayt Moskovskoy birzhi.
5. sberbank.ru – оfitsial’nyy sayt PAO «GAZPROM Rossii».
6. cbr.ru – оfitsial’nyy sayt Tsentral’nogo Banka RF.

Application of blockchain   technologies in internal control of logistics processes of oil and gas companies
Aliev K.A., Master student, Institute of Industrial Management, Economics and Trade Peter the Great St. Petersburg Polytechnic University, e-mail: aliev.ka@edu.spbstu.ru

Annotation. The study is devoted to the process of optimizing the accounting of logistics costs of oil and gas companies in Russia within the framework of internal control. The relevance of the study, which is caused by a dynamic and turbulent economic situation in the context of economic sanctions, is substantiated. The article analyzes the logistics costs of some Russian oil and gas companies. It is noted that logistics costs occupy a large share in the cost structure of oil and gas companies. The necessity of introducing new software products into the logistics cost accounting system based on existing problems is substantiated. For the first time in Russian practice, it is proposed to use blockchain technologies in accounting for the logistics costs of oil and gas companies. The article also describes the main features and benefits of introducing blockchain technologies into the logistics cost accounting system. It is mentioned that the risk-oriented approach is the basis for the formation of modern internal control systems.
Keywords: technology, blockchain, internal control, logistics, costs, oil and gas management.

References
1. Sergeev V.I., Kokurin D.I. Primenenie innovacionnoj tekhnologii «Blokchejn» v logistike i upravlenii cepyami postavok // Kreativnaya ekonomika. – 2018. – T. 12. – № 2. – S. 125–140.
2. Rastegaeva F.S., Perezhogin I.S. Transformaciya sistemy vnutrennego kontrolya kommercheskoj organizacii v usloviyah cifrovizacii ekonomiki // Kreativnaya ekonomika. – 2020. – T. 14. – № 6. – S. 1091–1104.
3. Tolchinskaya M.N. Risk-orientirovannyj podhod v organizacii sluzhby vnutrennego audita // Fun damental’nye issledovaniya. – 2015. – № 10–3. – S. 640–644.
4. Kozlova D.V., Pigarev D.Yu. Cifrovaya transformaciya neftegazovoj otrasli: bar’ery i puti ih preodoleniya // Gazovaya promyshlennost’. – 2020. – № 7. – S. 35.
5. Savin G.V. Teoreticheskie osnovy cifrovoj logistiki pri razvitii «smart-processov» // Vek kachestva. – 2021. – № 4. – S. 200–211.
6. Imangulova A.I., Osadchij E.A. Sovershenstvovanie sistemy vnutrennego kontrolya kak faktor povysheniya effektivnosti funkcionirovaniya sluzhby logistiki na predpriyatii // Ekonomika i menedzhment sistem upravleniya. – 2018. – T. 28. – № 2–3. – S. 360–366.
7. Shnajder O.V., Shnajder V.V., Gavrilov D.V. Mekhanizmy vnutrennego kontrolya logisticheskih zatrat ekonomicheskih sub’ektov // Azimut nauchnyh issledovanij: ekonomika i upravlenie. – 2020. – T. 9. – № 4 (33). – S. 416.
8. Morgunova Yu.N. Logisticheskie zatraty: problemy opredeleniya i ucheta // Vse dlya buhgaltera. – 2010. – № 9. – S. 26–30.
9. Azieva R. Blokchejn-tekhnologiya kak klyuchevoj element razvitiya neftegazovoj industrii // Othody i resursy. – 2020. – T. 7. – № 2. – S. 67.

TAXES AND TAXATION

Tax regulation of population income
Kalimbetov J.K., assistant of the Department of «Digital Technology and Economics» of the Nukus branch of the Tashkent University of Information Technology, Nukus city, е-mail: jannazar.kalimbetov@gmail.com
ORCID: 0000-0003-3663-6855

Annotation. This article discusses important aspects of the tax regulation of incomes of the population under the condition of income inequality and the theoretical basis for assessing the impact of income tax on the income of the population. Especially, the article deals with the use of progressive taxation scales as a tool for regulating income inequality. The study used such research methods as induction and deduction, logical, monographic and analysis. The article presents the author’s position on the basis of the results of research by economists on the tax regulation of incomes of the population and on the basis of the studies carried out, the relevant conclusions are drawn.
Keywords: taxation, personal income tax, tax rate, income of the population, income inequality.

References
1. Mirrlees J.A. An Exploration in the Theory of Optimum Income Taxation // Review of Economic Studies, Oxford University Press. – 1971. – Vol. 38 (2). – Pp. 175–208 [Elektronnyj resurs]. URL:
hassler-j.iies.su.se (data obrashcheniya: 02.02.2022).
2. King J. &  Carey M. Personal Finance: A Practical Approach. – Oxford University Press. – 2014 [Elektronnyj resurs]. URL: amazon.co.uk/Personal-Finance-Practical-Jane-King/dp/0199668833 (data obrashcheniya: 02.02.2022).
3. Callaghan G. & Fribbance I. Personal Finance, Palgrave Macmillan. – 2007. – Pp. 47–87.
4. Boskin M.J. Taxation, Saving and the Rate of Interest // Journal of Political Economy. – 1978. – Vol. 86 (2). – Pр. 3–27 [Elektronnyj resurs]. URL: researchgate.net/publication (data obrashcheniya: 02.02.2022).
5. Pechman J. and Okner B. Who Bears the Tax Burden? – Brookings. – 1974 [Elektronnyj resurs]. URL: amazon.com-finance. (data obrashcheniya: 02.02.2022).
6. Feldstein M. Incidence of a Capital Income Tax in a Growing Economy With Variable Savings Rates. – R.E. Stud., оctober l974b  [Elektronnyj resurs]. URL: researchgate.net/publication/5183899_Domestic_Savings_and_International_Capital_Flows/link/02bfe513751130e479000000/download (data obrashcheniya: 02.02.2022).
7.  Kosov M.E., Bondarenko N.O. Teorii proportsionalnogo i progressivnogo nalogooblozheniia: praktika primeneniia // Mezhdunarodnyi bukhgalterskii uchet. – 2018. – T. 21. – № 11. – S. 1267–1280 [Elektronnyi resurs]. URL: elibrary.ru. (data obrashcheniia: 02.02.2022).
8. Kolesov R.V. O kontseptsii regionalnoi finansovoi politiki Rossiiskoi Federatsii na srednesrochnuiu perspektivu (do 2021 g.) // Na puti k grazhdanskomu obshchestvu. – 2016. – № 4 [Elektronnyi resurs]. URL: es.rae.ru/goverment (data obrashcheniia: 20.02.2022).
9.  Kolesov R.V. Biudzhetno-investitsionnaia model ekonomicheskogo rosta regionov Rossii / R.V. Kolesov, K.Iu. Proskurnova // Finansovyi biznes. – 2017. – № 3 (188). – S. 3–7 [Elektronnyi resurs]. URL: elibrary.ru. (data obrashcheniia: 02.02.2022).
10. Radulova A. 2015. Personal finances. Faber V. Tarnovo, 20–25; Rosefsky R.S. 1999. Personal Finance (7th ed.). John Wiley and Sons Inc., 617–636. Radulova, 2011, pp. 59–64; Rosefsky, 1999, pp. 617–636.
11. Nalogovyi kodeks Respubliki Uzbekistan (nov. red.) [Elektronnyi resurs]. URL: lex.uz/docs/4674893 (data obrashcheniia: 02.02.2022).
12. [Elektronnyi resurs]. URL: review.uz/post/sokrashaya-tenevuyu-ekonomiku (data obrashcheniia: 02.02.2022).
13.  Kostyleva L.V. Nalogooblozhenie kak mekhanizm regulirovaniia neravenstva naseleniia // Ekonomicheskie i sotsialnye peremeny: fakty, tendentsii, prognoz. – 2011. – № 3. – S. 66–77.
14.  Tikhomirov R.O.  Progressivnoe nalogooblozhenie kak instrument regulirovaniia neravenstva v raspredelenii dokhodov // Belorus. gos. ekon. un-t. – 2019. – № 1 (99). – S. 85–92 [Elektronnyi resurs]. URL: elibrary.ru/item.asp?id=37199397 (data obrashcheniia: 02.02.2022).
15. Guillaud Elvire  &  Olckers Matthew  &  Zemmour Michaël. Four Levers of Redistribution: The Impact of Tax and Transfer Systems on Inequality Reduction // Review of Income and Wealth, International Association for Research in Income and Wealth. – 2020. – Vol. 66 (2). – Pp. 444–466 [Elektronnyj resurs]. URL: researchgate.net/publication/330360757 (data obrashcheniya: 02.02.2022).
16. Gaspar V. Inequality: Fiscal Policy Can Make the Difference. 2017 [Elektronnyj resurs]. URL: imf.org/external/russian/np/blog/ (data obrashcheniya: 02.02.2022).

BOOKKEEPING AND REPORTING

Methodological approaches to the construction of a management accounting and analysis system in the implementation of consulting projects
Gonchar E.A., Candidate of Economic Sciences, Associate Professor, Associate Professor of the Department of Economics and Finance of the Federal State Educational Institution «SUSU (NRU)», e-mail: goncharea@susu.ru
SPIN-code: 5770-4476; ORCID: 0000-0003-1678-536X
Gonchar V.E., Business consultant of the Group of Companies «Business Services», e-mail: ea@delovye-servisy.ru
ORCID: 0000-0003-0125-5286

Annotation. The article focuses on the methodological and practical aspects of the development of a management accounting system. The authors of the article – business consultants of the Business Services Group – presented their practically useful methodological solutions developed on the basis of the development of theory and generalization of their practical experience in performing management accounting consulting projects for enterprises and holdings of various industries, scales and complexity. The article focuses on the practical usefulness of management reporting, its difference from accounting; the procedure for developing a management accounting system with ghost comments on each stage is described. It also describes two possible models for the development of management accounting (simplified and extended models), provides explanations on their practical application. The presented methodology can be recommended to consulting companies carrying out projects on the development of a management accounting system, as well as to management and specialists of commercial organizations.
Keywords: management accounting, financial model, financial modeling, management consulting, management accounting system, management accounting development.

References
1. Druri Kolin.  Upravlencheskij uchet dlya biznes-reshenij: uchebnik dlya studentov vysshih uchebnyh zavedenij / K. Druri; per. s angl. V.N. Egorova. – M.: YUNITI, 2012. – X, 645 s.: il., tabl.; 25 sm. – Ser. «Zarubezhnyj uchebnik». – ISBN 5-238-00580-6.
2. Druri Kolin. Upravlencheskij i proizvodstvennyj uchet. Vvodnyj kurs: uchebnik dlya studentov vysshih uchebnyh zavedenij, obuchayushchihsya po special’nostyam ekonomiki i upravleniya (060000) / K. Druri; per. s angl. V.N. Egorova. – 5-e izd., pererab. i dop. – M.: YUNITI, 2012. – 719 [2] s.: il., tabl.; 20 sm. – Ser. «Zarubezhnyj uchebnik». – ISBN 5-238-00899-6.
3. Horngren Charl’z T. Upravlencheskij uchet / Ch. Horngren, Dzh. Foster, Sh. Datar; per. s angl. O.A. Pinus i dr. – 10-e izd. – M.: Piter, 2008. – 1008 s.: il., tabl. – Biznes-klass: BK. – ISBN 978-5-94723-174-8.
4. Apchyorch Alan. Upravlencheskij uchet: principy i praktika = Management accounting: principles & practice / Alan Apchyorch; per. s angl. I.A. Smirnovoj i dr. – M.: Finansy i statistika, 2002. – 950 [1] s.: il., tabl.; 25 sm. – ISBN 5-279-02251-9.
5. Sheremet A.D. Upravlencheskij uchet: uchebnik/A.D. SHeremet, O.E. Nikolaeva, S.I. Polyakova; pod red. A.D. Sheremeta. – 4-e izd., pererab. i dop. – M.: INFRA-M, 2009. – 429 s. – Vysshee obrazovanie. – ISBN 978-5-16-003451-5 [Elektronnyj resurs]. URL: znanium.com/catalog/product/144387 (data obrashcheniya: 26.12.2021). – Rezhim dostupa: po podpiske.
6. Il’ina A.V. Upravlencheskij uchet: ucheb. posobie / A.V. Il’ina, N.N. Ilysheva. – Ekaterinburg: Izd-vo Ural. un-ta, 2016. – 180 s.
7. Karpova T.P. Upravlencheskij uchet: uchebnik dlya vuzov / T.P. Karpova. – M.: YUNITI-DANA, 2017. – 351 c. – ISBN 5-238-00633-0 // Elektronno-bibliotechnaya sistema IPR BOOKS [Elektronnyj resurs]. URL: iprbookshop.ru/81580.html (data obrashcheniya: 29.12.2021). – Rezhim dostupa: dlya avtorizir. pol’zovatelej.
8. Vrublevskij N.D. Upravlencheskij uchet izderzhek proizvodstva: teoriya i praktika / N.D. Vrublevskij. – M.: Finansy i statistika, 2002. – 350 [1] s.: il., tabl.; 21 sm. – ISBN 5-279-02604-2.
9. Glushchenko A.V. Strategicheskij uchet: uchebnik i praktikum dlya bakalavriata, specialiteta i magistratury / A.V. Glushchenko, I.V. Yarkova. – M.: Izd-vo «Yurajt», 2017. – 240 s. – Ser.: Bakalavr. Specialist. Magistr.
10. Horuzhij Lyudmila Ivanovna. Problemy teorii, metodologii, metodiki i organizacii upravlencheskogo ucheta v sel’skom hozyajstve / L.I. Horuzhij. – M.: Finansy i statistika, 2004. – 495 [1] c.: il., tabl.; 21 sm. – ISBN 5-279-02821-5: 1000.
11. Vahrushina M.A. Buhgalterskij upravlencheskij uchet + ePrilozhenie: Testy: uchebnik / M.A. Vahrushina – M.: KnoRus, 2021. – 392 s. – ISBN 978-5-406-08775-6 [Elektronnyj resurs]. URL: book.ru/book/940985 (data obrashcheniya: 26.12.2021).
12. Kondrakov N.P. Buhgalterskij (finansovyj, upravlencheskij) uchet: uchebnik / N.P. Kondrakov. – M.: Prospekt, 2019. – 512 c.
13. Ivashkevich V.B. Buhgalterskij upravlencheskij uchet: uchebnik dlya studentov vuzov, obuchayushchihsya po special’nosti 060500 «Buhgalter: uchet, analiz i audit» / V.B. Ivashkevich. – M.: Ekonomist, 2006. – 618 s.: il., tabl.; 21 sm. – (Homo faber). – ISBN 5-98118-033-1.
14. Karpov A.E. Prakticheskie aspekty byudzhetirovaniya i upravlencheskogo ucheta. – M.: Moskva. – 83 s.: il.
15. Karpov A. Effektivnaya sistema byudzhetirovaniya i upravlencheskogo ucheta. Prakticheskie sovety i rekomendacii. bud-tech.ru / A. Karpov. – Izdatel’skie resheniya. – ISBN 978-5-44-837741-9.
16. Volkova O.N. Upravlencheskij uchet: uchebnik / O.N. Volkova. – M.: Prospekt, 2008. – 467 [1] s.: il., tabl.; 22 sm. – ISBN 978-5-482-01900-9.
17. Gushchina I.E. Upravlencheskij uchet: osnovy teorii i praktiki: ucheb. posobie dlya studentov vuzov / I.E. Gushchina, N.M. Balakireva. – M.: KNORUS, 2004 (Tver. poligr. komb. det. lit.). – 189 [1] s.: il., tabl.; 21 sm. – ISBN 5-94761-043-4.
18. Ivanov V.V. Upravlencheskij uchet dlya effektivnogo menedzhmenta / V.V. Ivanov, O.K. Han. – M.: INFRA-M, 2007. – 206 [1] s.: il., portr., tabl.; 24 sm. – Nacional’nye proekty. – ISBN 978-5-16-003072-2.
19. Shreder N.G. Upravlencheskij uchet: analiz tipichnyh oshibok / N.G. Shreder – M.: Zhurn. «Upr. personalom», 2005 (PIK VINITI). – 95 s.: tabl.; 20 sm. – (Sovremennyj upravlencheskij uchet: zhurn.; Spec. temat. vyp.). – ISBN 5-95630-040-X.

FINANCIAL MARKET

Verification issues «green» financial instruments
Zambrovskaya T.A., Candidate of Economic Sciences, Deputy Head of the Inspectorate of the Chamber of Control and Accounts of Moscow, e-mail: insp1@mail.ru
SPIN-code: 8622-9490
Grishchenko A.V., doctor of economics, certified auditor of the Russian Ministry of Finance, head of a private expert Bureau, e-mail: grishchenko7@gmail.com
SPIN-code: 8736-3619; ID РИНЦ: 304358; ORCID: 0000-0003-3923-1247
Grishchenko Yu.I., Candidate of Economic Sciences, Associate Professor, Deputy Head of the Department of Financial and Investment Management of the Financial University under the Government of the Russian Federation, e-mail: pochta2807@gmail.com
SPIN-code: 4877-5335; ID РИНЦ: 304395; ORCID: 0000-0003-2238-6170

Annotation. The emergence of a national standard for «green» financing launches the market for financing environmentally oriented projects in Russia, and also opens up potential access to the international green bond market for Russian companies, the volume of which reached 859 billion dollars in 2021. In Russia, the volume of the environmental borrowing market may reach 3 trillion by 2030. rubles’. Increasing attention is being paid to the issues of achieving the Sustainable Development Goals, first of all, it concerns the introduction of requirements for responsible investment based on consideration of environmental risk factors. The article will assess the problems of verification of «green» financial instruments, as well as suggest ways to improve this mechanism.
Keywords: sustainable development, ESG, verification, approaches, implementations, financial instruments, issue, bonds, environmental aspect, «green» bonds.

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