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Homeowner associations: the challenging issues of accounting, internal controls and mechanisms for addressing them

Usacheva O.V. Siberian University of Consumer Cooperation, Novosibirsk, Russian Federation ( olesechka-nsk@yandex.ru )

Chistyakova O.A. Siberian University of Consumer Cooperation, Novosibirsk, Russian Federation ( chistiakowa.ol@yandex.ru )

Journal: International accounting, #31, 2015

Importance The article presents findings of the research into national standards and rules governing accounting practices in homeowner associations and internal control methods as an integral tool to improve the performance of any homeowner association.
     Objectives The research identifies the challenging issues in accounting methods and internal controls in homeowner associations.
     Methods Based on a critical comparative analysis, we study various aspects of accounting and internal controls, and propose our own methods to keep accounting records of payments in homeowner associations. The methods rely upon analytical accounting of payments and settlements with consumers of services. We also describe our own approach to internal control.
     Results
Having analyzed the legal and accounting legislative framework, we proved that special-purpose finance should be accounted for in detail, with consumer of services divided into members of the homeowner association and those who are not members. We examined scientific and applied researches of national scholars and summarized the existing approaches to setting up internal controls and proposed internal control methods specific to homeowner association.
     Conclusions and Relevance If practiced, the proposed internal control and accounting will allow increasing the quality of accounting procedures and transparency of information presented, thus satisfying needs of external and internal users.


Tax burden assessment concept as a factor of increasing the informative value of tax burden measure

Sal'kova O.S. Institute of Economics and Management, Kemerovo State University, Kemerovo, Russian Federation ( o_salkova_72@mail.ru )

Chistyakova D.O. Institute of Economics and Management, Kemerovo State University, Kemerovo, Russian Federation ( chistyakova7@yandex.ru )

Journal: Finance and credit, #22, 2017

Subject The article considers tax burden as an important indicator for financial management in macro and micro economics. Tax burden assessment will help identify potential financial risks and implement efficient tax planning.
Objectives The aim is to define the purpose of tax burden assessment based on the analysis of existing studies by different authors on the measure of tax burden.
Methods We applied general scientific methods, including comparison, grouping, analysis and synthesis of theoretical material. They enabled to obtain reliable and valid findings.
Results We offer our own definition of the purpose of the tax burden assessment concept, describe criteria for selecting the concept of tax burden assessment and characterize them. In addition, we highlight elements of the concept that consider its impact on selection and validity of the criterion of tax burden assessment. The findings may help select and develop methods to assess tax burden, which are aimed at making more informed management decisions in State and corporate tax planning, and identify opportunities to reduce the impact of taxes on financial condition of the organization.
Conclusions The concept of tax burden assessment determines the choice and validity of criteria to measure and assess tax burden, thus increasing the informative value of tax burden indicator, its application for enhancing the financial condition of economic entities.


An economic and mathematical model to calculate the insurance tariffs of partners

Chistyakova N.A. Plekhanov Russian University of Economics, Moscow, Russian Federation ( chistna@mail.ru )

Sukhorukova I.V. Plekhanov Russian University of Economics, Moscow, Russian Federation ( suhorukovaira@yandex.ru )

Journal: Finance and credit, #32, 2017

Subject The article addresses actuarial system of control and management in the sphere of risk insurance.
Objectives The purpose of the article is to provide methodological justification and develop an economic and mathematical model to calculate net rate of insurance coverage payment to a partner (living spouse) in the event of death of another partner (spouse) prior to his/her retirement age.
Methods We use the actuarial techniques of calculating insurance tariffs based on mathematical and simulation methods. The paper presents an economic and mathematical model to calculate insurance tariffs for personal life insurance, assuming that the insured are spouses and one of them is a beneficiary. The calculations rest on methods of the theory of probability, actuarial mathematics, numerical methods and methods of simulation modeling, when required.
Results We offer an analytical form of the rate of insurance coverage payment to a living partner in the event of death of another prior to his or her retirement age. It depends on interest rate, age of spouses, remaining time before pension, mortality rate, and maximum permissible age. We also calculated the probability of obtaining insurance coverage by each of the partners and the value of the contract (mathematical expectation of insurer's costs) at the contract date.
Conclusions The findings enable to obtain analytical forms for probability of joint project termination as a result of the other partner's actions, as well as for calculating insurance tariffs in the form of one-off payment.


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