Subject. The subject of this research is limited to identifying the qualitative characteristics of the International Concept of Integrated Reporting. These characteristics should comply with the with the qualitative characteristics of information described in the Conceptual Integrated Reporting Framework but are based on the basic principles of integrated reporting and define its content. Purpose. The purpose of the study is to prove the necessity to harmonize the requirements to the integrated reporting information. This information is defined in the International Standard of Integrated Reporting as basic principles. Meanwhile qualitative characteristics of information are of more dynamic nature and thus allow for consequent improvement of the information in question as the business accounting model which will form the content of integrated reporting is developed. Methodology. The methodology of the study of the qualitative characteristics of integrated reporting is based on the theory of Positive Economics, the theory of economic art, the theory of capital and the concept of sustainable development, which predetermine the information support of the processes of value creation when particular kinds of capitals of an organization are transformed in short, medium and long term periods. Results. In contrast to the qualitative characteristics of information set out in the Conceptual framework for financial reporting the article, when considering the qualitative characteristics of information in integrated reporting, focuses on the fact that the models of business accounting and integrated reporting are targeted on recording the results of the value creation over the time processes when particular kinds of capitals of an organization are transformed. This will require the new approaches to assessing the information, which should define the contents of an integrated report. The article attempts to convert the leading principles of integrated reporting into qualitative characteristics of information which may serve as a basis for making business accounting models of value creation and generating the integrated report. Conclusions. Qualitative characteristics of information in integrated reporting are more dynamic than the basic principles, which can and must be constantly refined and improved in the process of creating a model of business accounting and forming integrated reports on its basis.

Subject. Under conditions of economic stagnation and sanctions regime Russian companies are confronted with an especially acute problem of improving their efficiency as the major driver of attracting investments and mobilizing long-term funds. In this paper the implementation of internal audit system is considered as a tool to achieve the aforementioned goal. Purpose. The research objective is twofold: to assess the efficiency of internal audit in shareholder value creation and to reveal the determinants of the very existence of internal audit departments in companies’ organizational structure. Methodology. Empirical analysis of unbalanced panel data using fixed effects and random effects models as well as logit fixed effect models serves as a methodological basis for the research. The sample comprises data covering the 2005-2015 period for 125 publicly traded Russian companies representing non-financial sectors of economy. Results. The research results reveal that the existence of internal audit service in the company structure is positively related to shareholder value creation. Besides, a number of basic determinants of shareholder value are proved to be statistically significant. As for the analysis of the existence of internal audit service determinants, no statistically significant relation was found between the companies’ characteristics included in the model which, as may be supposed, could provide incentives for implementation of the internal audit service, and the actual existence of this service in company structure. Conclusions. The obtained results allow for the conclusion that the internal audit service can be considered as a value driver, enhancing the efficiency of business-processes and thus contributing to the attractiveness of companies for investors. The absence of statistically significant determinants of the establishment of internal audit service may indicate that currently in Russian publicly traded companies this decision is largely determined by personal intention of management to have such service in the firm structure.

Subject. In modern conditions the organization’s customer strategy must ensure the maximum long-term efficiency in the operational activity which makes the problem of improving analytical support of operational process management from strategic viewpoint extremely important. Purpose. The paper is of theoretical nature. It considers the possibility to use an applied strategic operational analysis developed by one of the authors in the study of strategic aspects of an organization’s operational activity. This analysis is based on operational element of a balanced scorecard. Methodology. The methodology of the research is based on the R. Kaplan and D. Norton Balanced Scorecard concept and conceptual foundations of the applied strategic analysis previously developed by one of the authors. Results. The article shows that the applied strategic operational analysis involves comparative assessment, variances diagnostics and forecast of the balanced scorecard operational element of an organization in terms of its strategic operational goals. This analysis covers the following matters: due and timely goods delivery, manufacturing costs and how well the products quality meets the customer’s requirements. The applied strategic operational analysis starts with the comparative assessment of indicators of timely goods delivery and completes with the forecast of the indicators measuring the compliance of the products quality with the customer’s requirements. The results can be applied in making long-, middle- and short-term managerial decisions about an operational activity of an organization. Conclusions. The authors conclude that the applied strategic operational analysis is a new and rather effective tool to research strategic aspects of an organization’s operational activity. It ensures the analytical support for the strategic operational management in the present-day economic environment.

Subject. The article deals with the current trend towards applying the risk-based approach to all managerial and control processes. It systemizes the basic models of risk management and their elements, analyzes the rules of risk accounting applied in tax and financial accounting and eventually concludes that existing standards of risk management do not contain requirements to risk accounting and that risk accounting for financial and tax accounting purposes does not take into consideration the tasks of risk management. Purpose. The objective of the research is to study the category of accounting as a tool of risk management in order to understand the importance and necessity of risk accounting in a special accounting system and to determine the main principles for such accounting. Methodology. The author uses general scientific methods of cognition: a systematic approach, logic synthesis, legal analysis, linguistic analysis, hypothesis. Results. To manage risk means to control it and take prompt actions. Control is not possible without taking into account the object of control and its special features. To account for risks it is necessary to build a system in which the object of accounting would be risks. Strictly speaking, risk by itself is not a financial indicator. In the system of financial accounting of risks the accounting object should be the anticipated consequences of risks, expressed in monetary terms. All accounting systems are based on the goals, events and indicators that are subject to monitoring. The same principles can be used as a foundation for a system of risk accounting in monetary terms, where the accounting unit would be positive and negative consequences of events that carry risk. Conclusions. It is necessary to create a special system of risk accounting based on the principles of modeling, balance generalization, evaluation and double entry. On the basis of risk management understanding and the author’s classification of the events involving risks the article makes proposals about the organization of risk accounting for risk management purposes.

Предмет. Формирование единой информационной среды и конвергенция учетных систем в условиях интернационализации мировой хозяйственной жизни предполагает, в частности, расширение сферы применения Международных стандартов финансовой отчетности (МСФО) и обеспечение возможности их применения на уровне нормативно-правового регулирования учета и отчетности различных стран. Для национальных учетных моделей с централизованным характером регламентации это касается, например, такого значимого регулирующего документа, как План счетов бухгалтерского учета. Поэтому вопрос трансформации Плана счетов для обеспечения учета в соответствии с требованиями МСФО приобретает особую актуальность. Цель. Целью статьи является оценка возможностей и направлений трансформации действующего в Российской Федерации Плана счетов бухгалтерского учета в условиях расширения сферы применения МСФО и развития корпоративной отчетности. Методология. В статье использованы методы сравнения, анализа, синтеза, обобщения, логического моделирования; на основе структурно-функционального и сравнительно-правового подходов выявлены особенности и недостатки действующего Плана счетов бухгалтерского учета и сформированы рекомендации по его совершенствованию. Результаты. Выработаны рекомендации по изменению архитектуры Плана счетов бухгалтерского учета в условиях имплементации МСФО и развития корпоративной отчетности. Выводы. В условиях движения национальной учетной системы в сторону сближения с МСФО (расширения круга субъектов, обязанных применять международные стандарты 1, а также разработки федеральных стандартов, сориентированных на логику международных 2) и постепенного развития корпоративной отчетности (интегрированной, отчетности устойчивого развития) целесообразна модернизация действующего Плана счетов бухгалтерского учета, обеспечивающего процедуру формирования отчетных данных и их качественные характеристики.

Subject. The subject of the research in this article are the results of intellectual activity, obtained during the implementation of research and development work under the state defense order. Purpose. The purpose of the research is to ensure the effective use of financial resources for the legal protection of the results of intellectual activity created within the framework of the state defense order abroad, in the interests of protection against unauthorized copying of domestic military products, increasing its competitiveness and export volumes. Methodology. The article uses the existing methodology for estimating the cost of licenses based on royalties, for the base of which the cost of a single sample of military products is accepted. Results. Within the framework of the article, an approach to choosing a rational variant of the allocation of financial resources for foreign patenting of the results of intellectual activity is proposed, which ensures the maximum revenue from the sale of licenses for granting the right to use the results of intellectual activity owned by the state and the production of weapons samples. Conclusions. The developed methodical approach has a practical focus, it also is consistent with domestic and international legislation in the field of intellectual property protection, it takes into consideration the organizational and economic aspects of the disposition of intellectual property rights created under the state defense order. The methodological provisions formulated in the article are aimed at increasing the level of legal protection of the results of intellectual activity contained in exported military products, intensifying innovation activity in the Russian Federation and increasing the flow of funds to the federal budget from the disposal of intellectual property owned by the state.

Subject. The process of documentation permeates all stages of testing and allows you to collect the required number of auditing evidence of adequate quality to express a reasoned opinion on the outcome of the auditing. Purpose. This issue was thoroughly examined from the theoretical and practical positions of Russian and foreign authors, but basing on the analysis of international standards on auditing (ISA), the clarified definition of working documentation of the auditor is presented in the article, as well as the requirements for its structure, order, registration, grouping, and storing were systematized, for the purposes of internal and external quality control. Methodology. In accordance with ISA the key information was identified that must be contained in the auditing file at the pre-contractual stage, the stage of planning, gathering auditing evidence and forming conclusions on the results of the inspection, the necessity to group the current and permanent auditing files was justified. Results. The authors of this article analyzed the significant issues of the auditing and their reflection in the auditing documentation. The features of the formation of the auditing documentation in the validation of small farms were revealed. Conclusions. Methodological support of self-regulatory associations of auditors is required in the development of a unified approach to the formation of the working documentation that will assist in the improving of the quality of professional services; as well as streamlining the interaction of different auditing organizations in conducting joint projects, particularly in subcontracting; and it will also result in the reduction of claims from the external quality control for formal characteristics of the documentation.

Subject. The subject of this paper are the main prerequisites for the harmonization of Russian and Chinese national accounting systems, as well as the main difficulties of convergence based on IFRS. Purpose. The purpose of the article is theoretical and practical justification of the possibility of convergence of Russian and Chinese accounting systems by considering the basic prerequisites for their independent development, as well as an analysis of the problems of transition of the two systems to IFRS standards. Methodology. The systematization of information about the studied objects was carried out by comparing the features of the historical, economic, national and ethical development of the two countries, by appealing to the analysts of Russian and Chinese authors, as well as the practice of drawing up financial statements by Russian-Chinese joint ventures. Results. As a result of the analysis, the main historical and normative prerequisites for convergence of the accounting systems of the two countries have been singled out, the main difficulties in comparing accounting practices and mechanisms for drawing up and presenting financial statements have been disclosed, and recommendations have been made for their elimination. The path of “club convergence” is proposed, which takes into account the historical, ethical and mental features of the national accounting systems of Russia and China. Conclusions. As the study showed, at present there are various prerequisites for the development of the concept of regional accounting convergence between Russia and China and other countries, in order to form a methodological apparatus for comparing the main elements of reporting of joint Russian-Chinese firms, for the successful implementation of joint investment projects in the energy sector, the military industrial complex, construction of large-scale infrastructure facilities, as well as strengthening trade cooperation. The conclusions and recommendations made by the author can be used in the training programs of the Russian-Chinese export center.

Subject. The article is devoted to the problem of compelling sufficient data base system as a required element for effective and timely managerial decision process based on IFRS framework, statements and management accounting principles. Purpose. The purpose of a research is to identify and justify the processes of IFRS financial statements and managerial accounting principles harmonization. Objectives of the research are disclosure of theoretical basis of IFRS financial statements and managerial accounting principles; justification of increase in importance and request for qualitative, reliable and operative information for managerial and investment decisions in terms of economic entity`s business model transformation and volatility of external environment. Methodology. The research was based on the following theoretical and empirical methods: induction, deduction, classification and observation. The analysis of the approaches held in scientific literature discussions regarding different types of accounting integration was performed. Results. On the example of power industry companies in Russian Federation, the current practice trends of IFRS financial statements and managerial accounting principles harmonization were identified which proved the necessity of one more integration alternative occurrence - managerial accounting due to IFRS that definition and specific characteristics were coherently revealed. Apart from that, in the course of the research, type of the accounting “financial accounting due to IFRS” was detected. Its definition and foundation were stated in the article. Conclusions. The following trends were revealed as a result of research: the need for integrated information base; the shift in focus to IFRS and financial accounting methods because of the lack of managerial accounting regulated environment; companies` business model transformation; the need for managerial accounting due to IFRS. The researched integration alternative “managerial accounting due to IFRS” requires further development of methodological, organizational and practical recommendations to support the reporting and application of analysis tools.