No 4 (2019)

Full Issue

FINANCIAL ASSETS ACCOUNTING IN COMMERCIAL ACTIVITY OF AZERBAIJAN COMPANIES

Abasov E.A.

Abstract

In the commercial activities of companies in Azerbaijan, operations with financial instruments are becoming increasingly important. The country has a Securities Committee; the Stock Exchange where the securities of commercial organizations are quoted has been created and now operates. To keep records of transactions and prepare financial statements for financial instruments, the corresponding regulatory and legal framework has been developed. At present, all socially significant and large formations, such as SOCAR, AZAL, AZERSUN, and others create such reports, based on International Standards (IFRS). Other commercial organizations apply national accounting standards (NAS). There is a slight conceptual and methodological difference between NAS and IFRS. The paper briefly describes the requirements of IFRS regarding the nature of financial instruments, in general, and financial assets, in particular, and outlines the basic principles and procedure for the recognition and derecognition of the financial asset. The author considers the methods of initial and subsequent evaluation of financial assets depending on the purpose of business models of companies. Using the illustrative examples, the author tested the methodology of synthetic accounting of financial assets measured based on the amortized cost, fair value through other comprehensive income and profit and loss. In general, in the context of improving international instruments for assets measuring and accounting, for the successful commercial activity of Azerbaijan companies, new approaches related to improving control over financial operations and checking their correlation with international standards are required.
Digital Economy & Innovations. 2019;(4):5-11
pages 5-11 views

SPECIAL ASPECTS OF SOCIAL AND ECONOMIC DEVELOPMENT OF SINGLE-INDUSTRY TOWNS OF THE REPUBLIC OF BASHKORTOSTAN

Arslanbaeva R.V.

Abstract

The problem of single-industry towns remains one of the most relevant and most complex due to the strong contrast between the levels of socio-economic development of single-industry municipalities. This phenomenon is especially typical for the Republic of Bashkortostan, where single-industry towns vary in population, the level of development of social infrastructure and industries. The paper considers the social and economic problems of the functioning of single-industry towns of the Republic of Bashkortostan identified basing on their current economic environment, as well as the tools and mechanisms of support to these municipalities. The author analyzes the modern criteria for classifying municipalities as single-industry towns. The analysis identified the criteria’s weak points: narrow criteria and rating formality. The author systematized the international and Russian experience in the field of managing the development of single-industry towns, identified the historical-genetic and civilizational features of the formation of monofunctional urban settlements systems and the features of urban development within the frames of various socio-economic systems. The author assessed the indicators of socio-economic development and the current level of single-industry towns’ competitiveness of the Republic of Bashkortostan and equivalent areas and determined the main characteristic features of the socio-economic development of single-industry towns. The study identified the causes, limitations, and factors influencing the existing values of indicators of socio-economic development of single-industry towns of the Republic of Bashkortostan and equivalent areas. The author developed the classification of single-industry towns, analyzed the standard of living of single-industry towns of the republic. This analysis is important for the process of implementing regional development models, solving the matters of employment, internal migration, training, and retraining. The author analyzed the introduction of new tools to support these territorial entities - the creation of the priority social and economic development areas, modernization of the existing industrial complex of municipalities with one city-forming enterprise.
Digital Economy & Innovations. 2019;(4):12-19
pages 12-19 views

THE IMPLEMENTATION OF THE REGULATING FUNCTION OF THE UNIFIED TAX ON IMPUTED INCOME USING THE EXAMPLE OF URBAN DISTRICTS OF THE REPUBLIC OF CRIMEA

Dobroskok O.V.

Abstract

In the context of crisis management of the economy, one of the important tasks is the effective implementation of taxes regulating impact to stimulate entrepreneurial activity at the local level, and at the same time, to achieve high rates of indicators to replenish local budgets. The paper highlights the advantages and disadvantages of a special taxation regime - the unified tax on imputed income from the viewpoint of taxpayers. The author estimates the proceeds from the unified tax on imputed income in the tax and non-tax revenues in local budgets of the largest urban districts of the Republic of Crimea in 2017-2019 and determines the growth rate of the unified tax on imputed income for the specified period. The author carried out the analysis of the regulatory framework of local authorities of the largest urban districts of the Republic of Crimea and the city with federal status Sevastopol for 2017-2019. Using this data, the author analyzed the implementation of the regulating function of the unified tax on imputed income in the application of K2 correction factor by local governments, which is a part of the calculation of the amounts of the unified tax on imputed income and influences considerably the amount of unified tax paid. In the result of the research, the author identified urban districts of the Republic of Crimea that most fully implement the guiding function of the unified tax on imputed income by setting K2 correction factor depending on various factors determined by local self-government bodies: special features, seasonality of entrepreneurial activity, spheres of activity, wages of employees, etc. The study revealed the dependence of the choice of special taxation regime on the local special aspects of entrepreneurial activity. The author concluded as well about the possibility of further use of special taxation regime of the unified tax on imputed income in the taxation system of the Russian Federation.
Digital Economy & Innovations. 2019;(4):20-26
pages 20-26 views

SOLUTION OF THE PROBLEM ON THE FUNDS DISTRIBUTION FROM THE MEDICAL ORGANIZATION DEVELOPMENT FOUNDATION ANMONG ITS DEPARTMENTS THROUGH DYNAMIC PROGRAMMING METHODS

Kostyrin E.V.

Abstract

The paper presents the solution of the problem to distribute the fund amounts for the medical organization development among its departments. The author formulates R. Bellman equations and proposes the solution of the problem through the application of the dynamic programming methods using the capabilities of the MS Excel Solver Tool. The criterion for making a decision on investing funds of the medical organization development foundation into its departments is proved, and a mechanism of practical implementation of the task is shown on the example of one of the Moscow medical organizations. As a criterion, it is proposed to use the ratio of the share of the i-th doctor’ contributions in the reporting period to the development of a medical institution among all doctors making similar contributions to the average cost of providing one paid medical service by the i-th doctor. In this work the author proposes a new approach to solve the problem of distribution of investments - the emphasis is on the centers of responsibility which are the medical organization departments, and as a source of funding is the medical institution Development Fund, which volume depends on the performance of each employee. This approach facilitates the most effective redistribution of financial resources among the departments and provides funding for equipping the workplace of medical and non-medical personnel with high-tech hospital facilities, modern medicines, advanced training of medical personnel. Eventually, it involves all the personnel in the management of the medical organization and becomes an additional incentive to increase productivity. Using the author’s tools based on the methods of dynamic programming, R. Bellman’s equations and built-in tools of the MS Excel software makes it possible to automate the process of managerial decision-making.
Digital Economy & Innovations. 2019;(4):27-34
pages 27-34 views

THE FORMATION OF A COMPLEX OF MARKETING COMMUNICATIONS OF A UNIVERSITY BASED ON THE RESEARCH OF PREFERENCES OF EDUCATIONAL SERVICE CONSUMERS

Marochkina S.S., Shchetinina E.V.

Abstract

Modern scientific research emphasizes the rapidly increasing competition among educational organizations and the need to spread marketing processes to strengthen ties between organizations and their target audience. At the same time, experts in the field of marketing in education insist on the necessity to revise some marketing technologies and principles of marketing activities that have become traditional over the past few decades. In the authors’ opinion, in the conditions of the rapid development of technologies, new tools for the market promotion of products and services, including educational ones based on consumer preferences, should appear. The study was carried out at FSBEI HE Sochi State University. As a method of the research, the authors selected a formalized survey, and namely a survey of the first-year students, applicants, and their parents. The survey allowed identifying the information collecting media preferred for the educational services consumers and performing the comparative analysis of the studied preferences of the applicants, their parents, and first-year students. The authors determined the preferred communication tools of gathering information about a university general for applicants, parents and first-year students - the Internet, friends, relatives, and the events within the university territory. The study defined the differences in preferences: for parents, communication during parents’ meetings is important; for applicants and first-year students, the prospects and other promotional materials have sense. The results of the study allowed developing a complex of marketing communications for the promotion of educational services (using the example of FSBEI HE Sochi State University) that can be recommended to the universities.
Digital Economy & Innovations. 2019;(4):35-41
pages 35-41 views

THE COMBINATION OF OWN AND DEBT CAPITAL IN THE FINANCING OF CURRENT ASSETS OF AN ORGANIZATION ON THE BASIS OF A FINANCIAL MODEL

Rakhaev V.A.

Abstract

The paper deals with the issue of combination of own and debt capital in the financing of working assets of an organization. The author considered the existing scientific approaches to this problem. There are no reasonable criteria for the choice of the sources of working financing in the theory and practice of lending. In this regard, the development of scientific methods to justify the feasibility of attracting loans for working capital is relevant. The author justifies the technique of calculating the elements of net working capital based on the value of base indicator and the change in the time of turnover. The paper presents the technique of calculating the index of the time of working capital turnover and short-term liabilities making up the net working capital: accounts receivable, accounts payable, inventories, and value-added tax. The author studied the technique of calculating the need for working capital by two methods: based on the marginal profit and leverage and based on the sustainable growth model in terms of long-term loans and non-current assets. The ratio of net working capital and own working capital depending on the time of turnover and the rate of change in the base indicator and the terms of settlements with counterparties are considered. Based on the financial model, the author studied the dependences between own working capital and net working capital and their impact on the need for loans. Using an illustrative example, the author calculated own working capital for the crediting period. Attracting loans for working assets is advisable in case of the lack of net profit for additional financing. The external financing can ensure the growth of assets resulting from the required increase in sales. Changes in the terms and conditions of settlements with counterparties may also cause the need for lending.
Digital Economy & Innovations. 2019;(4):42-48
pages 42-48 views

THE ECONOMETRIC MODEL OF THE BANK LENDING INFLUENCE ON THE LONG-TERM GROWTH RATE OF THE RUSSIAN ECONOMY

Tali M.M., Ivanov D.Y.

Abstract

Globalization trends, liberalization, and the recent financial crisis have attracted interest in the importance of bank credit and its impact on economic growth. In this context, the paper analyzes the role of commercial bank lending in economic growth in Russia, focusing on the cause-effect relationship between commercial bank credit and economic growth. The paper presents the statistical relationship between lending volumes and the growth rate of the Russian economy. Based on the recommendations of domestic and foreign literature on economic theory, the authors identified the financial indicators as the factors of economic growth: the volume of loans issued to individuals and legal entities, the real interest rate on loans, the dynamics of GDP and money supply (М2). The authors carried out data analysis to determine whether the domestic loans issued by banks had an impact on economic growth. Annual data, including 2012-2018, were used. As a result of the analysis of panel data, it was proved that loans generated by the banking sector influenced economic growth. The data obtained indicate that the increase in loans from commercial banks to the private sector directly influences the real incomes of the population. At the same time, the analysis of the series of dynamics of indicators confirms that the impact of lending on GDP growth and money supply during periods of shrinking financing of government programs is more effective than during the soft monetary policy periods.
Digital Economy & Innovations. 2019;(4):49-54
pages 49-54 views

FACTORS OF INTERSECTORAL ACTIVITY OF RURAL ECONOMY IN THE ASPECT OF TECHNICAL SUPPORT

Kholodov O.A.

Abstract

Innovative development of the agro-industrial complex requires technical modernization of the industry. That is why the issues of updating the machine and tractor fleet, increasing the level of mechanization of agro-industrial production are important. The paper analyzes the structure of machinery in the agricultural sector of Russia and the frequency of its renewal over the past 27 years. The conducted research has revealed the negative dynamics of technical support of the agricultural economy. The subject of the study is the process of technical modernization of the industry and the factors influencing it. The author is using economic and mathematical methods, in particular, regression modeling, as the tools of the problem analysis. The main research is carried out on the example of the Rostov region as one of the leaders of agricultural production in Russia characterized by a high level of renewal of machine and tractor fleet in the rural economy. The results of economic and statistical analysis have identified the factors affecting the level of acquisition of technical equipment in the agricultural sector. The main factors influencing the purchase of agricultural machinery are the following: indexation of the price of agricultural machinery, profitability of production, the price per a ton of wheat, the size of state support for equipment (all levels), net profit per 100 hectares of arable land, ruble exchange rate against dollar, and the yield of grain crops. As a result of the regression analysis, the authors have developed an economic and mathematical model that determines the degree of influence of each factor on the process of technical renewal of agricultural equipment in the Rostov Region. Evaluation of the reliability quality of the obtained model demonstrates a significant relationship between the volume of agricultural machinery acquisition and the yield of grain crops. Using the tools of economic and mathematical modeling, the author proves that state support does not affect the modernization of the industry.
Digital Economy & Innovations. 2019;(4):55-61
pages 55-61 views

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