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Building an integrated index to assess the likelihood of overstated financial results in financial statements

Dudin S.A. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( s.a.dudin@nsuem.ru )

Savel'eva M.Yu. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( avsa_2010@mail.ru )

Maksimenko I.N. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( maksimenko.i@list.ru )

Journal: Economic Analysis: Theory and Practice, #6, 2018

Importance Reliability and quality of financial statements guarantee the confidence of State structures, creditors, potential investors and other stakeholders of a company.
Objectives Our purpose is to discuss theoretical and methodological aspects of reliability of financial statements, build an indicator to reveal misstatements of financial results disclosed in accounting reports, define industry specifics in determining the indicators that characterize distortions in financial performance of companies.
Methods We offer a technique to estimate the probability of distortions in financial statements of companies involved in mining operations.
Results We built an integrated index to estimate the likelihood of misstated financial result in financial statements, i.e. its overstatement, for resource development companies. The paper proves that indicators characterizing distortions in financial statements of resource development companies do not coincide with indicators of construction companies.
Conclusions The test of the proposed approach enabled not only to unveil misstatements in the financial results of companies of two economic sectors, but also to define the amount of overstatements. Furthermore, the paper proves the presence of industry specifics in choosing the indicators that characterize the misstatements of companies.


Evaluating the quality of cash flow statement of Russian companies

Savel'eva M.Yu. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( avsa_2010@mail.ru )

Alekseev M.A. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( m.a.alekseev@nsuem.ru )

Dudin S.A. Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation ( s.a.dudin@nsuem.ru )

Journal: Economic Analysis: Theory and Practice, #4, 2017

Importance The importance of reliable, high-quality financial statements is hard to overestimate. Having accurate data about company results, internal and external users of financial statements get an efficient tool to assess its financial condition and generate long-term forecasts.
Objectives The purpose of the study is to discuss theoretical and methodological aspects of financial statements quality evaluation, review the issue of data reliability of cash flow statements presented by domestic companies.
Methods In the study, we applied the method of cash flow statement quality evaluation.
Results The paper presents our own technique to evaluate the reliability of cash flow statements. Using the technique, we analyzed the quality of cash flow statements in ten industries. We proved that virtually in all industries included in the sample, companies make gross errors when preparing their cash flow statements, which significantly affect the quality of stakeholders' decisions.
Conclusions and Relevance It is crucial to develop special analytical instruments for auditors and financial analysts to evaluate the reliability of financial reporting, including the statement of cash flow. The urgency of this task is driven by the extension of the scope of cash flow statement in the Russian practice, namely, its use as a register of company performance evaluation for all groups of stakeholders.


Evaluating the quality of cash flow statement of Russian companies

Savel'eva M.Yu. Novosibirsk State University of Economics and Management (NSUEM), Novosibirsk, Russian Federation ( avsa_2010@mail.ru )

Alekseev M.A. Novosibirsk State University of Economics and Management (NSUEM), Novosibirsk, Russian Federation ( m.a.alekseev@nsuem.ru )

Dudin S.A. Novosibirsk State University of Economics and Management (NSUEM), Novosibirsk, Russian Federation ( s.a.dudin@nsuem.ru )

Journal: International Accounting, #9, 2018

Importance The importance of reliable, high-quality financial statements is hard to overestimate. Having accurate data about company results, internal and external users of financial statements get an efficient tool to assess its financial condition and generate long-term forecasts.
Objectives The purpose of the study is to discuss theoretical and methodological aspects of financial statements quality evaluation, review the issue of data reliability of cash flow statements presented by domestic companies.
Methods For the study, we applied the method of cash flow statement quality evaluation.
Results The paper presents our own technique to evaluate the reliability of cash flow statements. Using the technique, we analyzed the quality of cash flow statements in ten industries. We proved that virtually in all industries included in the sample, companies make gross errors when preparing their cash flow statements, which significantly affect the quality of stakeholders' decisions.
Conclusions and Relevance It is crucial to develop special analytical instruments for auditors and financial analysts to evaluate the reliability of financial reporting, including the statement of cash flow. The urgency of this task is driven by the extension of the scope of cash flow statement in the Russian practice, namely, its use as a register of company performance evaluation for all groups of stakeholders.


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