For national financial accounting, fair value is really a problem. The reasons for that are various. First, there is an opinion that assessment procedure is not accounting "case", we have appraisers for that. The entities do not hurry to estimate fair value independently not to violate the law on assessment. They do not do it for the reason that transition from estimates on original cost to estimates is at fair value quite reasonable and we accept from the point of view of improvement of quality characteristics of the reporting, and here the return transition is rather complicated, even, one may say, is impracticable. Often, estimates at fair value are considered as the instrument of a fraud, a manipulation financial results and the financial reporting in general. Besides, use of estimates at fair value increases expenses on creation of the financial reporting that not every entity is able to afford in the conditions of national business. Use of fair value can significantly influence indicators of activities of the entities, and not always positively. In addition, certainly, assessment at fair value is a professional judgment for which in most cases nobody wants to bear responsibility. Nevertheless, as we are headed for IFRS, we shall promote overcoming difficulties of use of fair value for the purpose of creation of IFRS reporting. There is a popular belief that the IFRS reporting are constructed on fair value. To some extent, this is true, but fair value is a multidimensional concept. For example, historical cost value of the asset purchased for money for date of transaction can be "fair" cost. The "fair" cost of the current receivables corresponding to recognition criteria an asset is the amount of its settlement. The "fair" cost of the obtained bank loan is the current (amortized) liability size for date of the financial reporting. However, this view of fair value is represented narrow-minded and can be sufficient unless for general idea about IFRS - the reporting, but cannot be used in the professional environment
The article is devoted to discussion of modern views
on management decisions. We have released several
bulk textbooks on the theory of decision-making.
This article discusses several key aspects of this
theory: a comparison of approaches to decisionmaking,
the pitfalls of voting, and the methodology
of decision-making, management responsibility. We
have considered a simple example of a problem of
decision-making in the management of the
organization: selection a model of a new car to run
into a series. Criteria for making a decision, which
put forward by the four experts-theorists,
contradicted each other. The Board of Directors
decided to issue a vote. We have considered the
"reefs" of voting. In the production and realization
of administrative decisions we distinguish four
levels. The first and most important level, which
determine the success or failure of administrative
activity is methodological. We discuss the levels of
production and realization of administrative
decisions. We give some examples where
methodological errors lead to wrong management
decisions. For example, a call to "maximum profit at
the lowest cost" is quite common in the speeches
and orders of a general nature. However, it is
mistaken. Practice of development, adoption and
implementation of solutions is based on a few basic
concepts: Who makes the decisions? The procedure
for preparation of the solution (the regulations).
Objectives. Resources. The risks and uncertainties.
Criteria for estimating decisions. The manager has
his responsibility for the decisions taken. Volition of
manager - the basis of management
The article describes the application of
probabilistic models to predict the gross regional
product. We have made a comparative analysis of
various stochastic models implemented in the
software package called StatGraphics 5.0 and
checked the quality of forecasting by the gross
regional product on the example of a notional
region
The HACCP system today is the main model of
quality management and safety of meat products in
domestic production. Evaluation, risk analysis and risk
management should be integrated into the corporate
governance process as one of the important
components, taking into account the relevant strategy,
tactics and operational implementation. It is important
to not only manage the risk, but also periodically
review the risk management measures such as the
prevention, reduction and compensation of damage.
The article examines the features of the
implementation and of the corporate risk management
in the meat processing plant
Features of intraeconomic economic relations, the
specifics of the management system at the enterprise
are determined by many factors. Judging by currently
known management concepts, we can say that
domestic enterprises often make a choice in favor of
downsizing, which is a short- or medium-term
survival strategy. The most promising in the context
of the regulation of intraeconomic economic relations
is the concept of reengineering. It is supplemented by
the principles of controlling. Aside from choosing an
effective management strategy, managers of
agricultural enterprises to maintain an acceptable
level of manageability and efficiency have to use
internal calculation, which provides freedom of
action and autonomy of structural units in
maintaining the integrity of the organization. Finding
ways to increase employee’s interest in the growth of
the financial results of the organization actively
conducted since the second half of the 20th century.
So, widespread limit-cheque form of control of
production costs, a model of wages as a residual,
remuneration from self-financing income etc.
However, in 1990 the accumulated experience of
mutually beneficial internal relationships in many
households in the country were lost, this has a
negative impact on their financial condition. They are
currently going through a revival, especially in the
framework of large-scale agricultural production in
the form of organizational economic mechanism. In
the implementation, it is necessary to consider the
state of the national economy and the level of
development of the enterprise itself. It is necessary to
distinguish clearly the economic space between the
structural units of the organization, to ensure
transparency in implementation of management
functions and to eliminate the causes of potential corrupt practices from the leaders. Only then, the
goal of on-farm calculation – sustainable functioning
of agricultural enterprises in conditions of
competition, – will be completed
Practice shows that the state support in our AIC comes to the wrong addressees. Helping big agricultural businesses at the expense of other participants, which often are inherently more efficient and competitive, still makes the position of the existing system of state support very problematic. More correctly in this situation would be to increase help for small- and medium-sized businesses, which are often created from scratch without any support, and, therefore, are more motivated to efficiency and growth. For example, small farms are producing up to 40% of the total agricultural production, but receive only about 10% of the state support allocated to agriculture. This imbalance distorts the competitive environment and hides great injustice of the entire agricultural policy. This is the main reason for incomplete implementation of the reserves in the segment of small businesses. This has a great negative impact on the key units of crediting and selling of small agribusiness forms (SAF). The authors propose restructuring the general support of regional agriculture by blocks of crop production and small agricultural economy in benefit of the SAF due to the possibilities of state support of crop production in the ratio of 2:1, that is to leave the crop to 66.7%, and for the SAF to 33.3%. Under this scheme, small forms over the next 5 years will receive 14.2 billion rubles instead of the planned 6.4 billion. This decision will contribute to the emerging of a healthy competitive environment in the domestic agricultural market and increase the faith of the owners of small businesses in possibilities of their growth and weakening of the principles of cooperation
The article gives a detailed analysis of foreign and mutual trade of the Eurasian economic Union as the main indicator of development integration. It is dealt with the amount and structure of foreign and mutual trade of the participating countries. Attempts are made to formulate and predict the main trends of development trade relations. Conclusions are drawn that Russia prejudges integration cooperation, because it is the leader in most economic indicators within the integration group
In the years 2014-2016 under the influence of the
sanctions against Russia, the arrangement of the
funding base had been carried out mainly from the
internal sources, which are from the funds of the
Central Bank of the Russian Federation, the funds of
organizations and the population savings. This article
examines the Central Bank’s rates of lending in the
period of 2014-2016; it studies the impact of the
lending rates from the financial regulator on the finance
result of the banks. The article contains the
analysis of the funds raised by credit companies from
legal entities and individuals. Due to the lack of access
to the resources of the world market’s loanable
funds and, as the result of it, the shortages of funding,
Russian banks were forced to function using the fund
deposits of individuals. Next, the article unfolds the
analysis of the current environment and the prospects
of borrowing on the foreign market in the conditions
of sanctioning. In may 2016 Russia returned as a
sovereign borrower to the international debt market.
It has been noted that in the case of the situation remaining
calm on the geopolitical arena, the conditions
of external funding for Russian banks are going
to improve. On the other hand, the prompt and optimal
way out of the present conditions is seen in the
development of the innovative environment, which is
impossible without venture capital financing
Currently, we experience particular problems of development of agriculture in conditions of import substitution and export. The industry needs active support from the government due to the specific features, which are typical to this sector of the economy, and necessary for the effective functioning and dynamic development, and maintaining a high level of competitiveness. Government support has to provide favorable conditions for functioning of domestic producers to stimulate the production of high quality products, and to increase the competitiveness of agricultural products and services in both domestic and foreign markets. In this article, factors have been revealed, which lead to the need of agricultural production state support The main directions of financing of the agro-industrial complex were established within the framework of the state program for the development of agriculture and regulation of markets for agricultural products, raw materials and food for 2013-2020; the rules for granting and distribution of subsidies from the Federal budget to constituent entities of the Russian Federation; the structure of government subsidies to farmers in different regions, and also considered a new loan product with a low interest rate, which is adjusted individually for each borrower
The article is devoted to hedging as one of the optimum methods of all methods of currency risk management. Theoretical and methodological aspects of the method of hedging were examined and we also defined the role of financial derivatives in the foreign exchange market. The classification of key derivatives risk management is examined. Concepts of contango and backwardation are considered, and the scheme of the correlation of spot and futures prices is provided. An analysis is conducted for the basic hedging strategies market derivatives currency. Dynamics of the dollar against the ruble over the past few years is detailed. The article notes that in connection with the crisis phenomena in world economy the problem of high volatility in markets has gained prominence. Various aspects of the impact of changes in foreign exchange rates on the operations of Russian companies are analyzed. The importance of considering the hedging transactions and the need to comply with the requirements of International financial reporting standards (IFRS) in order to prosperous insurance risks is emphasized. The article reveals hedging of currency risks in Russia with the help of financial market instruments. The practical examples of these methods using financial derivatives are given. Problems are investigated and the future prospects of development of the derivatives market in Russia are proposed