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CORPORATE FINANCE
Financial outsourcing as instrument of crisis management by the enterprise
Gordina V.V., Candidate of Economic Sciences, associate professor “Finance, monetary circulation, credit and banks” Oryol state university of I.S. Turgenev, e-mail: gorvik@inbox.ru
Annotation. In article expediency of use of financial outsourcing as instrument of the crisis management allowing to increase quality of financial management and by that to improve a financial condition of the enterprise is considered. The problems interfering use of financial outsourcing are revealed, criteria of making decision on transfer of financial functions on outsourcing are offered, offers on an assessment of results of outsourcing at crisis management are developed.
Keywords: financial outsourcing, enterprise, financial management, financial functions, crisis management.
References
1. Laktionova O.E. Finansovyi autsorsing v upravlenii korporativnymi finansami, preimushchestva i nedostatki // Rossiiskoe predprinimatel’stvo, 2014. № 23. S. 12-23.
2. Overview of the market of the leading Russian companies and groups in the area of outsourcing of the accounting functions [Electronic resource]. URL: raexpert.ru/docbank/c88/d90/71c/a8537b86c3d96da67c8352f.pdf
3. Paramonov A.V., Kharakoz Yu.K. Bukhgalterskii autsorsing i konsalting – 2013. Reiting kompanii // Auditor, 2014. № 10. S. 36-41.
4. Zakharova N. Kak otsenit' ekonomicheskuyu tselesoobraznost' peredachi funktsii finansovogo departamenta na autsorsing // Material iz FSS «Sistema Finansovyi Direktor» [Elektronnyi resurs]. URL:1fd.ru/#/document/178/1020/lis2/?of=copy-6dbf1c9d66
5. Zakharova N. Kakie funktsii finansovoi sluzhby mozhno peredat’ autsorsingovoi kompanii // Material iz FSS «Sistema Finansovyi Direktor» [Elektronnyi resurs]. URL:
1fd.ru/#/document/177/764/dfasxzar69/?of=copy-446202edb8
6. Sait kompanii «FAKTORing PRO» factoringpro.ru/index.php/new-client-factoring
7. Sait «ATRIS Konsalt» atrisconsult.ru/services/support/finance-outsourcing/
Monitoring of financial equilibrium as a component of economic security
Stanislavchik E.N., PhD in Economics, docent, Institute of Management of the Moscow City Pedagogical University
Annotation. The article deals with the financial terms of economic security. It underlined the financial equilibrium of monitoring for the successful development of the enterprise / organization / business. Detected ranovesiya financial foundation and its components. Examples of calculation of the main parameters of financial stability, liquidity and profitability of the reporting of actual companies. The novelty lies in the author’s interpretation and systematization of the existing definitions with clear lines of strategic and tactical level decision-making.
Keywords: economic security, strategy and tactics of financial security management, monitoring of financial equilibrium, financial stability, liquidity and profitability.
References
1. Stanislavchik E.N. Finansovyj menedzhment. – M .: «Delo i Servis» – 2016.
2. Van Horne J.C. Osnovy upravlenija finansami – M .: «Finansy i Statistika», 1997.
3. Drucker P. Effectivnyj menedzhment. Economicheskie problemy i optimalnyje reshenija. – M.: FAIR PRESS, 1998.
4. Stanislavchik E., Shumskaya N. Obespechenie finansovogo ravnovesija kak taktika upravlenija kompaniej // Problemy theorii i praktiki upravlenija, № 12, 2006. – S. 43–51.
5. Stanislavchik E.N. Finansovye instrumenty upravlenija riskom v investizionnom projektirovanii – M.: «Delo i Servis», 2016.
Key indicators of estimation the financial condidtion of the compamy during the crisis
Shestakova E.V., Candidate of Legal Sciences, General director LLC Actual management
Annotation. During the crisis period, the questions of financial indicators and evaluation of the company's work comes foreground. Why? The answer is obvious for everybody. In order to «keep afloat», effectively lead the company during the crisis, manage cash flow, assets and liabilities of the company, as well as other indicators, it is very important for the post-crisis period.
Keywords: balance, the ratio of assets and liabilities, financial stability, IFRS indicators, return on assets, depreciation of fixed assets.
References
1. Statement about the main requirements to the content of the feasibility study of the need for the creation of free warehouses, and also the need for the creation of free custom zones and the implementation of local projects on their territory [approved by the Russian Ministry of Economy № SA-693, GTK RF № 01-23/28135 of 02.11.1999).
2. Prikaz Rosimuschestva ot 21.01.2016 № 12 Ob utverzdenii Metodicheskih rekomendacii po organizacii i provedeniju objazatelnogo audita finansovoi (buhgalterskoi) otchetnosti
3. Godovoi otchet 2015 pod red V.I. Mescherjakova. Mezdunarodnoje agentstvo buhgalterskoi informacii, Moskva 2015, 784 s.
4. Novashina T.S., Karpunin V.I., Lednev V.A. Economika i finansy predprijatija: uchebnik pod red T.S. Novashinoi, 2-e izd, pererab i dopoln. M. Moskovskii finansovo-promyshlennyi universitet Sinergija, 2014, 352 s.
MANAGEMENT OF THE FINANCE OF THE PUBLIC COMPANIES
The management of the capital structure in the russian oil companies
Arnautov I.Е, Master financial faculty Plekhanov economic university, a graduate student
Gaidar institut economic policity
Semenkova E.V., Doctor of Economics, professor, Department of “risk management, insurance and securities” Plekhanov economic university
Annotation. Russian oil companies have slowed their development due to limited access to foreign borrowing capital. This reason for which companies should pay attention to the possibility of further growth at the expense of its own funds, but equity inflows always little used in the Russian oil industry. In this connection, improving the quality of work and relationships with shareholders, it may become a new principle to increase their price in the market.
Keywords: oil, mining, the company’s value, capital structure, the weighted average cost of capital (WACC), profits, dividends, free float shares, capital expenditures.
References
1. Letters to the shareholders of «Berkshire Hathaway» by Warren Buffet for the year 2013.
2. Operational summary of the CDU TEK concerning oil production for the year 2015.
3. Fisher F., Henkel R., Zehner Dj. Dimamicheskaia structura kapitala: teoria i testi // Journal Finance. – 1989. – № 1. – С. 19–40.
4. Miller M., Modeliani F. Dividendnaia politica, rost i ocenka akcii // Journal Biznes. – 1961. – № 4. – C. 411–433.
5. Data of the Moscow Stock Exchange about the share of securities in free float on the market.
6. Issledovania Bank of America Merrill Lynch o sebestoimosti dobichi neftianikh kompanii rbc.ru/business/13/01/2016/5694fb659a79471c576b43f5
7. Beiker M., Vugler Dj. Vremia rinka i struktura kapitala // Journal Finance. – 2002. – № 57. – С. 3.
8. Maiers S., Mailuf N. Korporativnoe finansirovanie i investicionnie reshenia, ili kogda u firmi est informacia, kotoroi ne imeiut investori // Journal Financovoi ekonomiki. – 1984. – № 13.
9. Consolidated financial statements of JSC «Rosneft», PJSC «Lukoil», JSC «Surgutneftegaz».
10. Consolidated financial statements of «ConocoPhilips», ENI S.p.A., «ExxonMobil»
11. Information from IFRS reporting for the Ist quarter 2016 JSC «Rosneft»
Evaluation of the impact of higher dividend yield companies with state participation in the share capital
Maksimenko Oksana, Postgraduate student, Institute of Economics and Finance, Federal State Budget Educational Institution of Higher Education «Syktyvkar State University named after Pitirim Sorokin»
Annotation. The paper evaluated the feasibility of increasing the dividend payout ratio companies with state participation in the capital to ensure the replenishment of a profitable part of the federal budget. The research was partially established relationship between the ratio of the dividend yield and market capitalization of these companies on the basis of economic and mathematical modeling. Forecast market value of the companies was carried out with state participation in the capital with the growth rate of the dividend payout ratio, calculated on the basis of statements of RAS and IFRS, and concluded that the increase in the dividend payout ratio would adversely affect the capitalization of the companies.
Keywords: The DPR, shareholder value, the budget deficit, budget revenue, dividend policy, capitalization, privatization.
References
1. O formirovanii pozicii akcionera – Rossijskoj Federacii v akcionernyh obshhestvah, akcii kotoryh nahodjatsja v federal'noj sobstvennosti. Rasporjazhenie Pravitel'stva Rossiiskoi Federatsii ot 29.05.2006 № 774-r (red. ot 12.11.2012) [The formation position of the shareholder – the Russian Federation in the joint-stock companies, the shares of which are federal property.
Decree of the Russian Federation from 29.05.2006 № 774 – p] URL: consultant.ru/document/cons_doc_LAW_59277/ (accessed: 28.02.2016).
2. Badokina E.A., Shvecova I.N. [Factors of creating shareholder value in russian componies] // Korporativnoe upravlenie i innovacionnoe razvitie jekonomiki Severa: Vestnik Nauchno-issledovatel’skogo centra korporativnogo prava, upravlenija i venchurnogo investirovanija Syktyvkarskogo gosudarstvennogo universiteta. – 2015. – № 3. – C. 65–82. URL: vestnik-ku.ru/images/articles/2015/3/6.pdf (accessed: 28.11.2015).
3. Ministerstvo finansov Rossijskoj Federacii. Oficial’nyj sajt. [The Ministry of Finance. Official site.] URL: minfin.ru/ru/ (accessed: 14.01.2016).
4. PAO “Moskovskaja Birzha MMVB-RTS”. Oficial’nyj sajt. [Moscow Exchange MICEX – RTS”. Official site.] URL: moex.com/ (accessed: 11.01.2016).
5. Federal'noe agentstvo po upravleniju gosudarstvennym imushhestvom. Oficial'nyj sajt [The Federal Agency for State Property Management. Official site.] URL: https://rosim.ru/ (accessed: 03.02.2016).
INVESTMENTS AND BUSINESS
Inflation targeting: modern reassessment
Glazova E.S., PhD in economics, leading researcher at Primakov Institute of world economy and international relations of RAS
Stepanova M.P., PhD in economics, senior researcher at Primakov Institute of world economy and international relations of RAS
Annotation. The article deals with inflation targeting as current monetary policy framework in industrialized countries. The background and prerequisites of inflation targeting and flexible targeting as its dominant variant are given great attention. The performance of inflation targeting in numerous countries is detailed by the authors. The accomplishments of inflation targeting as well as its modern negative assessments, both moderate and radical, are analysed.
Keywords: inflation, deflation, monetary policy, antiinflationary policy, inflation targeting, the cost of inflation, inflation expectations.
Referenses
1. Allsopp Ch. Inflation Targeting and Asset Prices // Norges Bank 2009 Monetary Policy Conference “Inflation Targeting Twenty Years On”. Oslo, Norway. – 11–12 June 2009.
2. Beckworth D. Inflation Targeting. A Monetary Policy Regime Whose Time Has Come and Gone. Mercatus Center. George Mason University. – 2014.
3. Dincer N. & Eichengreen B. Central Bank Transparency: where, why and with what effects. – 2007.
4. Freedman Ch. and Laxton D. Why Inflation Targeting? IMF Working Paper. April 2009.
5. Hammond G. State-of-the-Art of Inflation Targeting. Centre for Central Banking Studies, Bank of England. Handbook No. 29. – February 2012 version.
6. King M. The End of Alchemy: Money, Banking and the Future of the Global Economy. Little, Brown Book Group. London. – 2016.
7. Levin A., Taylor J. Falling Behind the Curve. A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation // The Great Inflation: The Rebirth of Modern Central Banking. University of Chicago Press. – 2013.
8. Piketty Th. Le Capital au XXIe sicle. ditions du Seuil. Paris. – 2013.
9. Poole W., Rasche R., Wheelock D. The Great Inflation: Did the Shadow Know Better? NBER Working Paper No. 16910. – March 2011.
10. Svensson L. Flexible Inflation Targeting: Lessons from the Financial Crisis // Speech at the workshop: “Towards a New framework for monetary policy? Lessons from the Crisis.” De Nederlandsche Bank. Amsterdam. – 2009.
11. Takatoshi I. Great Inflation and Central Bank Independence in Japan // The Great Inflation: The Rebirth of Modern Central Banking. University of Chicago Press. – 2013.
12. The Great Inflation: The Rebirth of Modern Central Banking. Bordo M. and Orphanides A., editors. University of Chicago Press. – 2013.
13. World Bank, World Development Indicators, 2016
14. Glazova E.S., Stepanova M.P. Politika targetirovaniya inflyatsii: 20-letnii opyt primeneniya za rubezhom // Finansovyi menedzhment. – 2010. – № 2.
Resource-oriented economic analysis in strategic management small business
Filobokova L.Y., d.e.n., professor, Moscow state technical university. N. Uh. Bauman
Annotation. In modern conditions of managing small business the problem of strategic management is to ensure the efficient use of resources that matches the given vector of innovation-reproductive development of the national economy of Russia and increase its competitiveness. Resource-oriented economic analysis is the tool of management which provides not only qualitative and quantitative assessment of a causal relationship, but also monitoring the status of the system and its stability. Methodical approaches to resource-oriented analysis in the strategic management of small business and the focus of this article.
Keywords: small business, resource-based management and analysis.
References
1. Federalnyy zakon 209-FZ ot 24.07.2007 g. «O razvitii malogo i srednego predprinimatelstva Rossiyskoy Federatsii».
2. Armstrong C.E. & Shimizu K.A. Review of approaches to empirical research on the resource view of the firm //Journal of Management. – 2007. – № 33. – R. 959–986.
3. Rasporyazheniye Pravitelstva Rossiyskoy Federatsii ot 13.11.2009 № 1715-R «Ob energeticheskoy strategii Rossii na period do 2030 goda».
4. Korosteleva E.M. Resursno-oriyentirovannyy podkhod: analiz kriticheskikh otzyvov//Aktualnyye voprosy ekonomicheskikh nauk. – 2011. № 18 S.403–408.
5. Shumpeter Y. Teoriya ekonomicheskogo razvitiya. – M.: Progress. 1982.
6. Kondratyev N.D. Bolshiye tsikly konyunktury i teoriya predvideniya. Sost. Yu.V. Yakovets. – M.: Ekonomika. – 2002.
7. Kondratyev N.D. Problemy ekonomicheskoy dinamiki. – M.: Ekonomika. – 2004.
8. Menshikov S.M.. Klimenko L.A. Dlinnyye volny v ekonomike. – M.: Mezhdunarodnyye otnosheniya. – 1989.
9. Kovalev V.V. Finansovyy menedzhment: teoriya i praktika. – M.: Prospekt. 2014. – 1104 s.
10. Dzh. K. Van Khorn «Finansovyy menedzhment» – M. 12-e izd. – M.: "I.D. Viliams". 2008.
11. Brigkhem Yu.. Gapenski L. Finansovyy menedzhment / Per. s angl. V.V. Kovaleva. – SPb.: Ekon. shk.. 2009. – 668 s.
Monotowns: forecasts, investments, risks
Rykova I.N., Doctor of Economics The Academy of natural Sciences Head of the Sectorial Economy Center Federal state budgetary institution «Scientific research Institute of Finance»
Gubanov R.S., candidate of economic Sciences, senior researcher of the Sectorial Economy Center Federal state budgetary institution «Scientific research Institute of Finance»
Annotation. The article deals with the complex problems of functioning and development of territories of advancing socio-economic development of Russia. The centerpiece of the paper given to impacts on the activities of single-industry towns, their sustainability in the implementation of investment projects and financial plans. Determined investment role in the economy of single-industry towns, we study the problem of the financial losses arising from the implementation of projects in single-industry towns. Systematized the typical risks arising under the conditions of single-industry towns development.
Keywords: monotowns, monoterritorii, company towns, investing, investments, risks, financial risks.
References
1. Federal'nyj zakon ot 29.12.2014 № 473-FZ «O territorijah operezhajushhego social'no-jekonomicheskogo razvitija v Rossijskoj Federacii» // SPS Konsul'tantPljus.
2. Forecast of the long term socio-economic development of the Russian Federation until 2030 (developed by the Ministry of the Economy) // SPS Konsul’tantPljus.
3. Vojshvillo I.E., Shahnazarjan G.Je. Makrojekonomicheskie riski dejatel'nosti mikrofinansovyh institutov i sposoby ih minimizacii // Nauchno-issledovatel'skij finansovyj institut. Finansovyj zhurnal № 4. – 2013. – S. 21–30.
4. Kuznecova O. Razlichija v privlekatel'nosti rossijskih regionov dlja otechestvennyh i inostrannyh investorov // Voprosy jekonomiki № 4. 2016. – S. 90.
5. Monogoroda: problemy i perspektivy razvitija / I.Sh. Davydova, A.M. Malyshkina i dr.; pod red. V.G. Timirjasova. – Kazan': Izd-vo «Poznanie» Instituta jekonomiki, upravlenija i prava, 2011. – 220 s.
6. Romanchenko O.V., Zozulja I.V. Osobennosti formirovanija bjudzhetov sub#ektov Rossijskoj Federacii // Transportnoe delo Rossii № 2. – 2015 – S. 67.
7. Rykova I.N. i dr. Povyshenie jeffektivnosti bjudzhetnoj politiki v sfere gosudarstvennoj podderzhki za schet realizacii kompleksnyh investicionnyh proektov na territorii Rossijskoj Federacii // Pod redakciej Rykovoj I.N. Nauchnyj doklad. – M.: Nauchno-issledovatel'skij finansovyj institut, 2016. – 64 s.
8. Sabancheva M.V., Mosina L.A. Problema monogorodov Rossii: teoreticheskie i prakticheskie aspekty reshenija // Gosudarstvennaja vlast' i mestnoe samoupravlenie № 12. – 2015. – S. 25.
9. Urumov T.R. Praktika upravlenija gosudarstvennym dolgom v uslovijah globalizacii // Nauchno-issledovatel'skij finansovyj institut. Finansovyj zhurnal № 4. – 2013. – S. 131.
10. Fedorenko I.N., Lebedeva E.N., Saenko S.V. Investicionno-innovacionnyj klimat Dal'nevostochnogo Federal'nogo okruga i perspektivy ego razvitija // Molodoj uchenyj. – Kazan', 2014. – № 2. – S. 557.
11. dfo.gov.ru/index.php?id=13&oid=5296
12. https://minec.gov-murman.ru/activities/devel_city/sub06/sub04/
TAXES AND TAXATION
On the necessity of the tax regulation of non-profit organizations
Grishchenko A.V., Certified auditor of the Russian Finance Ministry, Ph.D., Associate Professor, Department of Financial Management MGUU Moscow, Government CEO of ”Non-profit organizations in Russia”
Annotation. The current Russian system of regulating the activities of non-profit organizations in the tax area has evolved over the last twenty five years. Major changes have occurred under the influence of economic, political and social processes. The discussion about the need to provide tax incentives and the degree of preferential taxation of nonprofit organizations is conducted for a long time. In the article the author formulated approach to periodization of the tax system of regulation of non-profit organizations. A logic of the tax system of regulation of the nonprofit sector. As a result, the tax is determined tools and recommendations for its improvement.
Keywords: tax regulation, the non-profit sector, non-profit organizations, development tax control, administration.
References
1. Grishhenko A.V. Nalogovoe regulirovanie dejatel'nosti nekommercheskih organizacij: monografija / A.V. Grishhenko; pod nauchn. red. d.je.n., prof. L.I. Goncharenko. – M.: Finpress, 2016. – 272 s.
2. Panskov V.G. Nalogi i nalogovaja sistema RF (2-e izdanie): uchebnik / Panskov V.G. – M.: Finansy i statistika, 2008. – 496 s.
3. Gorskij I.V. Nalogi v rynochnojjekonomike. M.: Strahovoesoobshhestvo "Ankish", 1992. – C. 58.
4. Panskov V.G. O nekotoryh problemnyh voprosah ponjatijnogo apparata v teorii nalogooblozhenija // Izvestija Irkutskoj gosudarstvennojj ekonomicheskoj akademii. 2015. T. 25. № 3. S. 450–456.
5. Masgrejv R. Gosudarstvennye finansy: teorija i praktika / R.A. Masgrejv, P.B. Masgrejv. – M.: Biznes-Atlas, 2009. – 716 s.
6. Grishhenko A.V. Nalogovoe stimulirovanie blagotvoritel'nyh organizacij i zhertvovatelej. Nalogovaja politikaipraktika. № 8. 2014.
7. Monakov S.V. Instrumenty nalogovogo stimulirovanija innovacionnoj dejatel'nosti v Rossii: struktura, jeffektivnost', napravlenija razvitija. Vestnik Altajskoj nauki. 2013. № 3.C. 217.
8. Grishhenko A.V. Nalogovye preferencii tret'emu sektoruj ekonomiki. // Vestnik Finansovogo universiteta. – 2013. № 6 (78). – S. 140.
BOOKKEEPING AND REPORTING
Long-term contracts revenue recognition under ifrs 15: the example of a construction firm
Cheremushkin S.V., Ph.D. in Economics
Annotation. It’s impossible to understand financial statements without knowing principles, rules, methods and guidelines of accounting. The economists who develop financial models must take into account and apply at least the most significant requirements of accounting standards. This paper addresses fundamental issues concerning the recognition of revenue on long-term contracts under new revenue recognition standard IFRS 15. The main accent is on construction contracts. For long-term contracts entities should recognize revenue over time as long as performance obligations are satisfied, or at a point in time, usually after the full completion of the contract. The paper provides examples of financial models in which revenue is calculated in accordance with main IFRS 15 requirements.
Keywords: revenue, construction contract, overbillings, underbillings, IFRS, performance obligation, percentage-of-completion method, completed-contract method, construction in progress.
References
1. Mezhdunarodnyj standart finansovoj otchetnosti (IAS) 11 «Dogovory na stroitel'stvo» (vveden v dejstvie na territorii Rossijskoj Federacii Prikazom Minfina Rossii ot 28.12.2015 № 217n)
[Jelektronnyj resurs] // SPS Konsul'tantPljus. – URL: base.consultant.ru/cons/cgi/online.cgi?req=doc&base=LAW&n=193536&fld=134&from=123289-0&rnd=208093.3408934830326298&
2. Mezhdunarodnyj standart finansovoj otchetnosti (IFRS) 15 «Vyruchka po dogovoram s pokupateljami» (vveden v dejstvie na territorii Rossijskoj Federacii Prikazom Minfina Rossii ot 21.01.2015 № 9n) [Jelektronnyj resurs] // SPS Konsul'tantPljus. – URL: consultant.ru/document/cons_doc_LAW_175324/
3. Prikaz Minfina Rossii ot 24.10.2008 № 116n (red. ot 06.04.2015) «Ob utverzhdenii Polozhenija po buhgalterskomu uchetu «Uchet dogovorov stroitel'nogo podrjada» (PBU 2/2008) [Jelektronnyj resurs] // SPS Konsul'tantPljus. – URL: consultant.ru/document/cons_doc_LAW_82067/
4. Ernst & Young. 2015. “Applying IFRS in Engineering and Construction: The New Revenue Recognition Standard,” [Online] URL: ey.com/Publication/vwLUAssets/Applying_IFRS_ in_Engineering_and_Construction:_The_new_revenue_recognition_standard./$File/Applying-Rev-Construction-July2015.pdf
5. Halpin, Daniel W., Bolivar A. Senior. 2009. Financial Management and Accounting Fundamentals for Construction. Hoboken: John Wiley & Sons, Inc. 311 p.
6. Peterson, Steven J. 2009. Construction Accounting and Financial Management. 2nd ed. Upper Saddle River: Pearson Education, Inc. 601 p.
7. Spiceland, J. Davidetal. 2016. Intermediate Accounting. 8th ed. NewYork: McGraw-Hill Education. 1473 p.
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