The article considers the concept of broad understanding of audit as a strategic direction in development of the audit profession in an information society. The author provides the definition of audit of business as a key notion of the concept, justifies the development of such new future directions of audit as audit of intellectual property, audit of business processes performance and strategic audit. The article classifies and lists characteristic features of the services rendered nowadays by audit firms comparing them with the components of audit of business which is regarded as an innovative direction of audit. A conclusion is made about a consolidating role of definitions of audit of business. The above role results in innovative directions opposite to the conventional range of audit services as a vector of their strategic consolidation.

For the credible and realistic analysis of liquidity of assets, balance, solvency, diagnostics and forecasting of bankruptcy, as well as in anti-crisis management situations, the top necessity is the reliable assessment of assets. The cost of assets which is reflected in the account, credibility of an assessment of net assets define the possibilities of calculations to track liabilities and solvency. The article scrutinises the ways of achievement of a reliable assessment of assets in relation to their real price in case of their possible sale. By means of integration of the provisions RAS and IFRS, and by assessing their similarities and distinctions, the authors consider the possibilities of improvement of quality of information in accounting and the reporting. The article discloses different types of costs which exist according to the Russian and international standards of accounting and the reporting. Net assets are used in the estimation of cost of assets as well as the concepts of fair value. The order of formation of reliable cost at sale of the fixed assets is considered by a method of comparison; upon the purchase of the fixed assets with a payment delay - by a method of discounting; when receiving a loan - on the basis of an effective rate of interest and according to the sum of the actually received money; and in case of determination of cost of stocks - the calculation is according to the net sale price. The offered examples of an assessment of assets and liabilities can be used when choosing the ways of an assessment of the capital in accounting and the reporting, in the financial analysis, in the determination of net assets taking into account a fair assessment, in the diagnostics of bankruptcy and anti- crisis management, when planning and forecasting, when searching for the solutions to the problems of improvement of the quality of information for the economic analysis in the conditions of market uncertainty and variability of the prices. The article might be of interest for students, postgraduates, undergraduates, teachers, scientific and practical workers of the sphere of economy.

The whole range of issues connected with the assignment agreements are critically assessed in the article. Economic essence of this phenomenon is analyzed. Different methods of accounting for it are critically scrutinized in the article. The article investigates the approaches of different commercial courts to the case settlements regarding the lawfulness of creation of the reserves of bad debts and doubtful receivables in business transactions according to the assignment agreement by the commercial organizations. Most of the courts consider that there are no grounds for their formation. However, according to the author of the article, this approach is lawful only regarding the acquisition of the standard receivables. In cases with the purchase of unconventional receivables the price discounts obviously point at the fact that most likely they are bad debts. Taking into account the dual nature of the discounts, the new order of accounting for assignment agreements is provided.

The consolidated reporting is of great importance, both for the management of the company, and for the investors. To analyse financial and economic situation and the results of the performance of a group of organizations in general is more important, than to estimate the indicators of separate firms. The management of the groups which made the decision about the preparation of the consolidated reporting under IFRS (International Financial Reporting Standards) can face some methodological problems. These problems can be caused, for example, by insufficient qualification of some financial services, the judgments concerning the existence of control over the companies of that group, and also regarding the way of consolidation, technical difficulties when calculating goodwill and not controlling share. In order to solve the corresponding tasks at the initial stage, it is expedient to involve the specialists of auditor firms as at the staff of the company may not have the sufficient experience in the area of consolidation of financial statements. In the future, after all the necessary experience has been acquired and after all the staff of the company have got sufficient training on IFRS, they will be able to carry out the preparation of the consolidated reporting by their own.

High quality financial reporting must provide objective, complete and accurate accounting information. The analysis of trends prevailing in the international and domestic practice has shown that the main emphasis now is on explanatory information. This approach allows us not only to ease reporting forms, but also to disclose material information including information having qualitative rather than quantitative characteristics which may influence the users’ decisions. At the same time, the review of national practice of preparing notes to the financial statements allows us to single out a number of problems. First of all, they are connected with the lack of a unified legal approach to the form of notes’ presentation coupled with a certain ambiguity in making decisions about what material information to disclose. Accountant professional judgment allows us to neutralize the above mentioned inconsistencies and improve the quality of the financial information.

In the contemporary world of global competition, rapidly changing business environment, development of innovative products, solutions, technologies, the creation of a common information space of an economic entity which results from intellectualization of its activity has become a must. Management accounting system is an integral part of the information space of any modern organization. Management accounting information which is becoming increasingly complicated currently plays more and more important role in an enterprise’s economic activity and represents an important resource for making more educated effective management economic decisions. That is why it is relevant to study the issues of forming an organization’s information space, identify its components and relationship between them as well as define the role of management accounting subsystem in the information space of an organization. The authors suggest certain amendments to the competence model of a modern management accountant. They also offer a matrix for assessing the level of development of an organization’s information space and defining a strategy of its further improvement. This matrix combines two indicators: the level of information exchange within the organization and the level of its information culture.

The article continues the discussion on issues of development, perfection and practical application of professional standards. Raised the question interconnected updating professional standard “Accountant” and educational programs for preparation accounting staff. It critically discusses taken now the main approaches to the evaluation of proposals for changes in professional standards and proposes measures to improve the adequacy of the provisions of the standard “resume” the requirements of employers and the real needs of the practice of economic work. It proved the feasibility of a broad interpretation of the role and functions of the accountant in this standard, as well as the inability to meet the requirement of the universal applicability of labor accounting functions for all organizations, regardless of their scale of operation and organizational legal form. The necessity to ensure compliance with the standard set forth in the “Accountant” qualification requirements and are able to ensure their educational programs.

The article justifies the necessity of harmonization of professional and educational standards basing on the development of collaboration forms of the employers and the staff and faculties of the universities. The article points out the importance of monitoring of professional standards as an integral stage in the development of professional standards which allows to identify strengths and weaknesses of the proposed standards as well as the contradictions and discrepancies of separate sections of the standards with the normative documents which regulate accounting and controlling processes, and with each other. A close examination was devoted to the analysis of the contents of the two most closely connected professional standards - internal control and internal auditing. The article clarifies their common positions, evident differences and discrepancies which are possible to eliminate during their final editing. The article also shows the peculiarities of the development organization of the professional standards and to what extent it is adequate to differentiate them according to the entities of different specialization, organizational and legal forms and those which implement different development strategies. The article systematizes and compares the unified, labour functions and labour actions, it identifies the differences and similarities, and it also reveals a certain repetition of the proposed functions. The article highlights the importance of cooperation and collaboration of the standards in question within the system of control over the economic entities. A separate attention is devoted to the conformity of the requirements applied to the qualification of the control specialists and the areas of their preparation in the universities on different levels (bachelors, masters, postgraduates) as well as within the system professional education. The article describes the ways of its further improvement, specification, and differentiation of the necessary additions and changes for its further harmonization and elimination of the repetition which will allow to enhance the efficiency and effectiveness of their usage.

Manufacturing expenses of an economic entity determine the production costs. In its turn such indicator as production costs directly reflects the essence of the economic phenomena, provides a clear understanding of the production process and reflects the laws of movement of production capital. The main scientific idea of the article is to justify the economic need and possibility to use systematic models of cost control in the processing industry of Mongolia. The basic elements of this model are as follows: Standard Cost cost accounting method in assembly-line production and Target costing method of operational accounting in flexible manufacturing systems using management models in functional cost accounting. The subject of the research is a systematic model of cost control at tanneries of Mongolia formed in the framework of management accounting, which corresponds to the special trends in national accounting development. The objectives of the article include the author’s comprehensive study of the problem of cost control in Mongolia as well as development and practical testing of a qualitatively new methodological approach to the formation of production costs and to this indicator control at the major enterprises of Mongolia. While researching the issues of cost control the authors use the methods of strategic planning and accounting, logical, system and management analysis. The main scientific result of the research is the authors’ hypothesis realized in the model of production cost control. This model reflects the history and economic heritage of Mongolia and is based on the regional systems of management accounting. The information component of the model could become the core element of the general theory of management and marketing. The authors conclude that the directions of cost control development in the long run in Mongolia should be based on management models in functional cost accounting and follow such directions as cost calculation by the method ABC in assembly-line production and use of methods of operational cost accounting such as Kaizen and Target costing in flexible manufacturing systems.

Nowadays, the turbulent business environment requires new approaches which are essential to the management of economic entities with a view of the long-term coordination. Process orientation is the horizontal management, which is based on the allocation of the aggregate business processes that focus on the result. The relevance of this article is justified by the fact that for more effective management of the economic entity and for the full use of its potential, it is necessary to develop a certain strategy. The articles displayed and highlighted controlling as the most important instrument in providing management with the necessary analytical information in order to make strategic decisions. From the point of view of strategic management schools, the methodological platform of analytical process of strategy development has been formalized. Options of strategies for the economic entities of the construction industry have been disclosed. The main attention is paid to the strategic analysis as one of the most effective ways to strategy development.

The turnover of package takes a special place in the activities of commercial enterprises. Despite the fact that current Russian rules for package accounting are detailed enough, in practice there are still a lot of questions and disputes, related to its identification, classification and recording its purchase, production, cleaning, repairing, recycling and so on. Difficulties also arise in accounting of returnable and deposit paid package. IFRSs requirements result in new inconsistencies. The authors try to carry out a comprehensive analysis of the requirements of the existing national regulatory framework, governing the procedure for recording packaging operations in the accounts, current practices of package accounting in trade organizations, as well as of IFRS statements in order to systemize the existing accounting methods and techniques for different types of package.

This article is devoted to the history of development of the higher accounting education in Primorsky Territory: starting from the creation of the Vladivostok branch of the Moscow institute of a national economy of G.V. Plekhanov and up to the creation of the joint chair of accounting, the analysis and auditing of the School of Economics and Management of the Far Eastern Federal University. The article considers how the purposes of educational programs changed through the years depending on the requirements of the economy, and which tasks are defined for the perspective. The article states historical milestones of the development of the accounting chair, since 1964 and until present, the formations of scientific and pedagogical faculties during this period, when the first head of that chair was Ivan Fyodorovich Machnev, an outstanding scientist and organizer. The authors paid special attention to the perspectives of implementation of the new educational programs for the bachelor degree and master degree, which were developed by the chair according to the educational standards that are independently set by the Far Eastern Federal University, and are oriented at modern business community requests and recommendations of the International Federation of Accountants in the field of accounting education and the experience of implementation of similar programs at leading universities of Asian-Pacific region.