The article is divided into two parts. The first part provides the philosophical interpretation of the role and place of accounting in economics. Accounting as an economic science cannot exist in isolation from economic theory. To justify this thesis the first part of the article describes the concept of a constructive obligation based on a positive theory. The second part of the article considers two more concepts: the concept of consolidated financial statements and the concept of integrated reporting using the theory of economic art. The objective of the research is to prove that accounting is a dynamically developing science based on the formation of new concepts and refinement of the existing ones. The significance of the research for accounting science can be defined as follows: 1. The above concepts allow us to consider an organization not as an “isolated cell”, but as a “cell of market economy” in the whole variety of market relations. 2. The concept of consolidated accounting makes it possible to reflect the market relations of a consolidated group of enterprises. 3. The concept of business accounting and integrated reporting constitutes an information system for a business model of creating value and capital gains processes, the model which reflects the measurement of changes in the results of the use of capital.

The scientific research relevance is conditioned by the necessity of the in-depth analysis of business-cycle results at each stage of the capital turnover in order to find effective ways out of recession and provide gradual and systematic stimulus to economic growth from a particular organization to the national economy as a whole. Research methods: general scientific method of knowledge, analysis, synthesis, induction, deduction, scientific abstraction, simulation, comparing, reasoning by analogy, a systematic approach. In our research the authors consider a new object of accounting (value added) in the context of the stages of capital turnover. The proposed accounting and analysis method based on the value added makes it possible to track its formation and movement along the entire chain of capital transformation and in relation to its monetary backing. Results and their novelty: we have developed the system of business process efficiency indicators based on value added in conjugation with stages of capital transformation, in the context of real monetary backing from the perspective of a differentiated approach to “filling” economic turnover indicators for the management’s purposes at the micro and macro level, which significantly expands the information base of financial management and enables us to establish convergence in the financial flows management at various economic managements levels.

This paper provides a review of the literature about the impact of non-financial reporting (NFR) on the market to book ratio and empirical research based on the comparison of the companies that issued the reports according to the General Reporting Initiative (GRI) standards in 2004-2014 with the companies which published only financial statements. The sample is drawn from the companies based in Brazil, Russia, India, China and South Africa (BRICS). Financial data were taken from the Compustat database, the list of companies producing non-financial statements has been obtained from the GRI website. Using the latest version of the Olson’s model it has been revealed that the issue of a report in accordance with the GRI guidelines has a positive significant effect during that year and the year after the release. Also, there have been identified some sectors for which the publication of such statements is significant.

The fixed assets are among the most frequent types of assets of any enterprise, regardless of its industry sector, form of ownership, management and organizational-legal forms. The emergence of Provisions in the accounting of some objects raises a number of questions regarding their application, since regarding accounting as such, is not mentioned there at all, so this is becoming the reason of misunderstanding of their implementation in the domestic practice. Similar problems the accountants faced after the introduction of Chapter 25 of the Tax code of the Russian Federation, “Tax on profit of the organizations”. The Chapter established the rules of accounting for the purposes of calculating the tax base for tax on profit (tax accounting). The discrepancies which occurred as a result, as shown in the article, have no economic justification. Starting from 2011, many businesses ceased to create reserves for capital repair of their fixed assets, due to the fact that this year their establishment was abolished for accounting purposes, in accordance with the rules adopted by the PBU8/2010 “Estimated liabilities, contingent liabilities and contingent assets”, but for tax accounting purposes the formation of such reserves is still maintained. The situation was explained neither by accounting experts nor by tax experts.

The article describes a methodology of precision financial and production management of balanced development of industrial corporations and its practical applications. The methodology is based on the concept of enterprise equilibrium developed by Nobel Prize laureate John R. Hicks. This concept makes a foundation of industrial corporate management in Western countries. The methodology ensures the efficient management of financial and industrial growth of industrial corporations. The concept of enterprise equilibrium is based on a model of a balanced enterprise development. This model provides the logic for optimal formation of financial and industrial ratios of an enterprise, i. e. ratios between such parameters as: • expenses, revenue and profits, as well as investment; • capacity, performance, and output. The model together with the methodology based on it makes it possible to achieve the optimal, firstly the leading rates of financial and industrial growth. In particular it ensures the maximization of capital of industrial corporations.

Dr. Yaroslav Sokolov was known as a distinguished accounting historian with smooth, powerful and instructive expression which had a great impact on new generations’ interests in accounting history research. He had opinions on how management accounting should be done by approaching it via accounting’s theoretical and applied aspects. This paper examines the expectations of western countries of accounting in the face of economic globalization after the Second World War in the light of his thoughts. Thus, the paper analyses how accounting in the socialist order was addressed in the World Accountants Congresses and World Accounting Historians Congresses. Findings indicate that the socialist order accounting applications are known to be placed with very important status in the history of the double-entry bookkeeping method. The socialist order has enabled the double-entry bookkeeping method’s history to be formed.

Lease of a property, plant and equipment under the conditions of market economy is a common form of the commercial relations. Many industrial enterprises which have real estate objects on their balance along with their core business are engaged in the so-called non-core types of activities - lease their rooms to other businesses for different purposes, like production, office, warehouses. For the organizations which don’t have the opportunity to purchase the property which is necessary for conducting economic activity, leasing property is one of the best solutions for them in such a situation. At the same time the organizations that present their reporting in the format of the IFRS are currently providing and disclosing in their financial reporting all the information regarding rent and leasing transactions according to the IAS17 “Lease”. On the 11th of August, 2016 the translation of the new standard of the IFRS16 “Lease” was published on the website of the Ministry of Finance of the Russian Federation. The organizations are obliged to apply this new standard starting from the first of January 2019. Therefore the new features and peculiarities of accounting of lease according to the existing IFRS and the expected changes are of interest both to accountants and to managers of the Russian organizations. The following methods of a research were applied in the article: observation, analysis and synthesis. The information presented in the article can be applied in practical work of accounts departments of the organizations, and also in the educational process in higher educational institutions.

The article is dedicated to the detailed analysis of the current international practice of accounting of loyalty programs in compliance with the adopted International standard (IFRS) 15 “Revenue from Contracts with Customers”. The article contains a detailed analysis of the revenue accounting according to the IFRS15 international standard. The analysis includes a focus on particularly complex aspects of accounting. The author considers the order of keeping accounting (IFRS) of individual items of revenue in compliance with the newly adopted standard. The article also considers the order of accounting (IFRS) of the loyalty programs. The author focuses on the most complex aspects of accounting that the companies face in practice. The article also provides practical examples of the loyalty programs accounting, which are especially difficult in practice, and offers solutions to the arising problems.