Economics and management: problems, solutions. Volume XV. March 2019

CONTENTS

ECONOMIC POLICY

Malinovskaya N. V. The role of state regulation in the development of integrated reporting: international experience

INVESTMENT, FINANCIAL AND MANAGEMENT ANALYSIS

Efimova O. V. Development of financial analysis tools and its information support for the purpose of substantiating decisions
Chugumbaev R. R. Development of business analysis in the management of sustainable development of a company
Rozhnova OV Development of IFRS: problems and solutions in the context of digitalization
Druzhilovskaya T. Yu., Druzhilovskaya E. S. Analysis of current trends in the development of RAS: from RAS to FSBU
Samusenko S. A. Terminological voids in the concept of integrated reporting and ways to overcome them
Melnik M.V. Scorecard for integrated reporting
Kovalev A. Ye. The concept of interactive financial statements

ROLE OF STATE REGULATION IN THE DEVELOPMENT OF INTEGRATED REPORTING: INTERNATIONAL EXPERIENCE

author

N.V. MALINOVSKAYA

abstract

Based on the study of international practice of state regulation on sustainable development, the introduction of integrated reporting, the problem of the underdevelopment of the national infrastructure of integrated reporting is identified, which is a deterrent to the large-scale adoption by the Russian economic entities of the concept of integrated reporting. The relationship between the existence of a regulatory environment and the quality of public reporting and integrated reporting, in particular, is substantiated. The main requirements of government bodies for the disclosure of information on sustainable development issues adopted between 2009 and 2014 in leading European countries and the United States are systematized. The experience of Japan in creating a regulatory framework aimed at promoting dialogue between Japanese companies and investors towards the sustainable creation of corporate value through the disclosure of information in integrated reporting is considered. The conclusion is drawn on the need for urgent legislative consolidation of the concept of integrated reporting as the most relevant to the information needs of interested parties, which will bridge the gap in the field of public reporting, increase the information openness of Russian economic entities, and assess their contribution to financial stability and sustainable development of society.

keywords

integrated reporting; sustainable development; Corporate Governance Code the concept of development of public non-financial reporting, state regulation, national infrastructure of public reporting.

DEVELOPMENT OF A TOOL OF FINANCIAL ANALYSIS AND ITS INFORMATION SUPPORT FOR THE PURPOSES OF JUSTIFICATION OF DECISIONS

author

O. V. EFIMOVA

abstract

In today's business environment, information challenges are constantly emerging, which leads to a new understanding of the role of data and information technology as competitive advantages of organizations. Along with the data traditionally generated in the systems of accounting, management, statistical and other types of accounting, the process of making operational, investment and financial decisions should take into account no less significant information that arises both within the organization itself and outside it, in a structured or unstructured form. , online, in the form of images and voice recordings. The fact that at present, thanks to digital technologies, a huge amount of information about an organization is available to a wide range of users through various online sources, from data terminals and rating agencies to social networks, on the one hand, expands the possibilities of financial analysis, but, on the other , creates a number of problems for the users of this information, as well as for the company itself, since, unlike accounting (financial) statements, data generated outside the organization is often presented out of context. This leads to the emergence of global strategic risks - reputational, which can have an extreme impact on the financial position of the organization. A new understanding of the role of data and its processing technologies is, at the same time, a way of competing and fighting for the client, as well as increasing the reliability of evaluating investment and financial decisions based on the availability of relevant and complete information about how the organization creates its value. In this regard, a methodological and practical problem arises of integrating non-financial information into financial analysis procedures in order to improve the quality of analytical substantiation of investment and financial decisions. This article is devoted to the discussion of this problem and consideration of the possibilities and prospects for its solution.

keywords

financial analysis methodology, tools, financial analysis information base, investment decisions, digital technologies.

DEVELOPMENT OF BUSINESS ANALYSIS IN MANAGING SUSTAINABLE DEVELOPMENT OF THE COMPANY

author

R. R. CHUGUMBAEV

abstract

The current stage of development of society and the economy is characterized by increased requirements for the results of business functioning. This is due to the expansion of the circle of key stakeholders of the company. Their influence on the functioning and development of economic entities is increasing more and more, which puts companies in a position where it is necessary to implement systems for managing relationships with stakeholders. Now the success of economic entities depends not only on operational activities and its results, but also on the level of implementation of environmental, social and other requirements of stakeholders. The author reveals the problems of Russian companies' commitment to the principles of sustainable development. Moreover, the practice of introducing a business analysis system is considered as a solution to such problems. It is proved that systematic business analysis allows real transformation of the business into socially responsible functioning. The paper considers some key elements of a business analysis system as information and analytical support for the effective implementation of a sustainable development strategy. The business analysis system is able to ensure timely initiation, informed choice and effective implementation of sustainable development projects. The practical implementation of a systematic business analysis is complicated by the presence of some problems, the solution of which is seen in the consistent development of future research in the field of foresight analysis of the external environment and the requirements of interested parties, in the field of methodological approaches for an integrated assessment of their requirements, and other areas of accounting and analysis.

keywords

business analysis; stakeholder theory; sustainable development; corporate social responsibility, foresight analysis.

IFRS DEVELOPMENT: PROBLEMS AND WAYS OF THEIR SOLUTION IN THE CONDITIONS OF DIGITALIZATION

author

O. V. ROZHNOVA

abstract

Relevance. The change in all ideas about the economic activity customary in the twentieth century occurred almost instantly by the standards of history. The advent of the Internet, computerization, and mobile communications have had a revolutionary impact on all economic, financial, and production processes, changing the way that has taken shape over centuries. The wave of digitalization has been even stronger and has led to phenomena and events that previously seemed impossible or paradoxical. The emergence of virtual economics, virtual communications, virtual work, robotics, artificial intelligence, sensor technologies, Blockchain technologies, Big data, XBRL and other new technologies have led to the need to change the approach to accounting. The boundaries of its constituent areas, such as financial accounting and financial reporting, management accounting and management reporting, have become more blurred, and even more so, their initial and outgoing information, now non-financial reporting (characterized by different content and presentation forms) can be safely attributed to the accounting sphere. The process of obtaining the source data for accounting has become somewhat easier and faster, but somewhat more complicated and more responsible. Reporting requires reliability and satisfaction of the increased information requests of stakeholders, the number of which has increased significantly. In addition, their assessment of the usefulness of reporting information has also changed. Companies began to urgently need to gain user confidence, and to improve the quality of their reporting. All innovative technologies in the real sector of the economy, and in the virtual one, to which the information sector can be attributed, carry not only positive opportunities for successful development for economic entities, but also high risks. The accounting sector, experiencing the impact of, for example, digitalization (not only directly, but also indirectly, through the influence of digital technologies on the real activities of companies) also received a chance for a scientific and practical breakthrough, but also experienced and continues to experience many risks caused by progress . A number of factors affect, for example, the development of such an important component of the accounting sphere as IFRS, which leads to the emergence of many problems, of a general and private nature. The IFRS system, in the context of globalization, plays a special role, allowing enterprises and countries to become full and active participants in world processes. Therefore, the state of IFRS and its ongoing and further change requires a universal and constant study, because the rules of international standards ultimately affect the economies of individual states and the world as a whole. The article is devoted to the study of the problems of development of IFRS in the context of radical changes caused by digitalization and other innovative technologies of our time. The study was conducted for the traditional scientific conference in memory of Sarah Bentsionovna Bargolts “Standardization of accounting and control and analytical processes”, organized by the Department of Accounting, Analysis and Audit of the Financial University under the Government of the Russian Federation in 2019. Methods The article used the following methods of scientific research - analysis, synthesis, induction, deduction, systems approach, comparison, generalization. Results. The main conclusions of the article are as follows: based on the analysis of the development of IFRS, the important groups of factors that caused it were identified - changes in the economy, changes in user requirements, the development of non-financial reporting. The classification of the development problems of IFRS due to these groups of factors was classified into generalized and particular. It was proposed to refer to generalized problems as inconsistency of information content of financial statements prepared according to any existing standards, incl. and IFRS, user expectations; irrelevance of financial statements; the complexity of online audit reporting; limited information about the company financial information. Within the generalized problems, particular problems are highlighted, which makes it possible to obtain a detailed real situation of the state of IFRS. The decisions taken on the identified problems are analyzed, the main changes to IFRS in the XNUMXst century are presented, including substantiated the significant impact of the modernization of the concept of IFRS on their future. Further directions for the development of IFRS in the context of digitalization are proposed: two areas are identified that allow adapting the rules of standards to solve the problem of increasing the relevance and reliability of reporting information - a wide practical check of the rules and innovative methodological and methodological ideas; justified the use of a single data model. Perspectives. The results obtained do not conflict radically with the conclusions of other scientists, but expand and detail the approaches already proposed and, in some cases, put emphasis differently. The article proposes to continue the study in the direction of creating common reporting standards (financial, managerial, non-financial) and a single information model for economic entities.

keywords

financial reporting, financial accounting, International Financial Reporting Standards (IFRS), IFRS issues, digitalization of accounting, the conceptual framework of IFRS.

ANALYSIS OF CURRENT DEVELOPMENT TRENDS OF RAS: FROM PBU TO FSB

author

T. Yu. Druzhilovsky, E. S. Druzhilovsky

abstract

This article studies current trends in the development of the Russian regulatory accounting system. It has been determined that the main direction in this area is the transition from accounting provisions to federal accounting standards. The authors substantiated that this process should be accompanied by a significant change in the methodology of domestic accounting. The article analyzes the Program for the Development of Federal Accounting Standards for 2018 - 2020. The composition of the standards planned by this document is compared with the currently existing systems of regulations for accounting and international financial reporting standards (IFRS). As a result of the research, the authors proposed a set of federal accounting standards that are not included in the above Program, but which are necessary for the formation of an integrated Russian system of federal accounting standards. The article also recommends the sequence of implementation of the standards proposed by the authors. The authors pay special attention to the definition of the names of the recommended standards that allow the most accurate reflection of the content of these documents. Based on the studies, the article substantiates the main changes in the methodology of domestic accounting, which, according to the authors, should be made when the following are put into effect: the federal accounting standards planned by the above-mentioned Program, the projects of which are already prepared; Federal standards provided for by this Program, projects of which have not yet been developed; not included in this Program of federal standards proposed by the authors with the aim of forming an integrated system of Russian federal accounting standards.

keywords

federal accounting standards; accounting regulations; Standards Development Program; IFRS

TERMINOLOGICAL VACANCIES IN THE CONCEPT OF INTEGRATED REPORTING AND WAYS OF OVERCOMING THEM

author

S. A. SAMUSENKO

abstract

The dissemination of public non-financial reporting is a response to the challenges of the modern economy, in which traditional financial reporting formats are not able to provide the entire data set that users need. However, like any phenomenon that has arisen in practice, public non-financial reporting needs a theoretical rethinking and justification. The study, in particular, showed the presence of terminological voids in the definition of key concepts of value and capital. The aim of the work was to systematize the ideas about the nature and relationship of the concepts of value and capital in economic theories and theories of cost management, as well as stakeholder and shareholder theory, which formed the basis for the formation of financial and public non-financial reporting. The research used such methods of scientific research as analysis, synthesis, induction, deduction, comparison, generalization, as well as a systematic approach. It is shown that the concept of value-based management is focused on the theory of shareholders and for this reason is limitedly applicable in non-financial reporting that discloses the creation of value for all interested parties. The concept of value used in public non-financial reporting cannot be directly derived from economic theories because it assumes that value is measurable and can be created in the framework of public goods and public relations. The author presents the interpretation of the relationship between the concepts of value and capital, based on the labor theory of value and taking into account the assumptions of the theory of stakeholders. The problems that need further discussion are identified: the formation of a uniform concept of capital, the use of the concept of control in limiting the concept of company capital, the determination of the types of capital flows in the process of creating value.

keywords

integrated reporting; public non-financial reporting; sustainability reporting; corporate reporting; financial statements; cost; capital; accounting theory; stakeholder theory.

SYSTEM OF INDICATORS FOR INTEGRATED REPORTING

author

M.V. MELNIK

abstract

The article discusses the main areas of information expansion that are characteristic of new reporting formats of economic entities - reporting in the format of sustainable development and integrated reporting and more adequate to modern management requirements. The main trends of harmonization and integration of accounting, financial, managerial and statistical accounting, the organic relationship of control and accounting functions, analytical tools to identify risks and justify ways to minimize their adverse effects are substantiated. Proposals were made to build a system of indicators of non-financial reporting and the need to modernize a number of indicators of financial statements. The effect of changes in non-financial indicators on the methods of their measurement and reflection in the reporting of different types is shown. Formed proposals are based on the experience of Russia and foreign countries, prevailing in different periods of economic development.

keywords

Indicators, algorithms, measurement methods, non-financial reporting, capital characteristics, indicator structure.

CONCEPT OF INTERACTIVE ACCOUNTING REPORTING

author

A. E. KOVALEV

abstract

To date, financial reporting has gone through several stages of development. The current stage concerns the use of the XBRL standard for maintaining an electronic reporting form. Reporting in the Russian Federation is provided in accordance with the XML standard, which relates to the previous stage. The article discusses the trends associated with the development of financial reporting forms. According to the author, these trends lead to the fact that at the next stage of development after XBRL, reporting should be provided in the form of special databases - data storeframes of a special form: storefront aggregated credentials (WAUD). This direction will allow to realize when using reporting data all the advantages of a multidimensional data model and OLAP tools. The combination of WAUD and OLAP tools forms a multidimensional model of interactive financial reporting that opens up new rich opportunities for users to study the economy of an economic entity and removes the limitations associated with reporting at modern stages of development, including XML and XBRL. The use of interactive reporting based on a multidimensional data model eliminates the contradictions between information technology in the economic field and reporting as an element of the accounting method.

keywords

financial statements, financial reporting forms, XML, XBRL, OLAP, data showcase, aggregate credential showcase, Garthner analytic pyramid.