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Enterprise risk management: A methodological aspect

Serebryakova T.Yu. Cheboksary Institute of Cooperation, Branch of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation ( tserebryakova@rucoop.ru )

Journal: International accounting, #5, 2017

Subject The article considers the existing concepts of risk management and its linkage and interaction with the internal control.
Objectives The article aims to develop approaches to organization of accounting and analysis of risks, determine the position of risk management in the system of management and control.
Methods For the study, I used scientific methods of cognition: a systems approach, logical generalization, analysis, synthesis, and hypothesis.
Results Assessment of the available methods of risk management and internal controls (COSO, FERMA, ISO, etc.) shows that the COSO models of internal control and risk management, focused on process risk management and control, describe them most consistently. At the same time, they do not completely take into account the priority of internal control in relation to the risks. There are contradictions in the documents on the question of priority of risk and control. All this can enter into a discussion.
Conclusions and Relevance The study leads to the conclusion of the internal control priority over risk, as a process that is an integral part of management. I propose the idea of risk management belonging to control process only, within which it exists. As well, I conclude that it would be pointless to consider risk management as an independent management system. This conclusion allows considering risks within each of the management process at the level of the head of the process.


On the impact of IFRS on results of financial analysis of organizations

Gordeeva O.G. Cheboksary Cooperative Institute (Branch) of Russian University of Cooperation, Cheboksary, Russian Federation ( gog3@yandex.ru )

Serebryakova T.Yu. Cheboksary Cooperative Institute (Branch) of Russian University of Cooperation, Cheboksary, Russian Federation ( tserebryakova@rucoop.ru )

Journal: International accounting, #22, 2017

Importance The main disadvantage of IFRS is in subjectivity of estimates of assets and liabilities. Methods of financial analysis, and especially the permissible values of key indicators are determined in relation to financial statements generated under IFRS. However, in our country, these indicators for various purposes, including bankruptcy proceedings, are determined based on financial statements prepared under Russian Accounting Standards. The findings show that restatement of financial statements does not change conclusions about financial condition of the organization. Further investigation reveals the validity of these conclusions.
Objectives We use the data of Russian companies preparing their IFRS-based financial statements on the basis of transformation of their RAS-based financial statements to find the extent of difference in figures characterizing the financial standing of these companies under the said reporting formats.
Methods The study draws on general scientific methods, like systems approach, logical generalization, analysis, synthesis and hypothesis.
Results In the presence of material differences in financial indicators, the results of ratio analysis of financial statements prepared under RAS and IFRS enable to make the same conclusions about the financial standing.
Conclusions and Relevance The findings help focus on improving the criteria for evaluating the financial condition of domestic companies for various purposes, regardless of International Financial Reporting Standards.


On the impact of IFRS on results of financial analysis of organizations

Gordeeva O.G. Cheboksary Cooperative Institute (Branch) of Russian University of Cooperation, Cheboksary, Russian Federation ( gog3@yandex.ru )

Serebryakova T.Yu. Cheboksary Cooperative Institute (Branch) of Russian University of Cooperation, Cheboksary, Russian Federation ( tserebryakova@rucoop.ru )

Journal: Economic Analysis: Theory and Practice, #5, 2017

Importance The main disadvantage of IFRS is in subjectivity of estimates of assets and liabilities. Methods of financial analysis, and especially the permissible values of key indicators are determined in relation to financial statements generated under IFRS. However, in our country, these indicators for various purposes, including bankruptcy proceedings, are determined based on financial statements prepared under Russian Accounting Standards. The findings show that restatement of financial statements does not change conclusions about financial condition of the organization. Further investigation reveals the validity of these conclusions.
Objectives We use the data of Russian companies preparing their IFRS-based financial statements on the basis of transformation of their RAS-based financial statements to find the extent of difference in figures characterizing the financial standing of these companies under the said reporting formats.
Methods The study draws on general scientific methods, like systems approach, logical generalization, analysis, synthesis and hypothesis.
Results In the presence of material differences in financial indicators, the results of ratio analysis of financial statements prepared under RAS and IFRS enable to make the same conclusions about the financial standing.
Conclusions and Relevance The findings help focus on improving the criteria for evaluating the financial condition of domestic companies for various purposes, regardless of International Financial Reporting Standards.


Managerial accounting for segment information as a part of integrated accounting

Serebryakova T.Yu. Cheboksary Cooperative Institute (Branch) of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation ( tserebryakova@rucoop.ru )

Kondrashova O.R. Cheboksary Cooperative Institute (Branch) of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation ( olga_kondrashova_74@mail.ru )

Journal: International accounting, #8, 2015

Subject The issues of managerial accounting development, its essence and relationship with financial accounting, and the integration of financial and management accounting have recently become increasingly important. Specialists are discussing the need, possibilities and methods of such integration.
     Objectives The objectives of the study are to identify the differences in understanding the managerial accounting; to justify the need for integrated accounting identification; to consider the segment reporting as an element of integrated accounting.
     Methods In this paper, we applied general scientific methods: a systems approach, logical synthesis, legal and linguistic analyses, and hypothesis.
     Results We found that, on the one hand, there are differences in understanding the managerial accounting. These differences concern the terminology and practical application. On the other hand, at present, given the development of information technology, it is possible to combine all accounting methodologies in the integrated accounting system. We have described a model for segment reporting as an element of integrated accounting.
     Conclusions and Relevance We conclude that the segmentation and segment reporting prescribed by International Financial Reporting Standards may not only be the object of management accounting, but also of integrated accounting. The paper includes a definition of integrated accounting and suggests some methods of segment accounting for organizations of consumer cooperation.


Internal control and controlling: concept-based specifics

Serebryakova T.Yu. Cheboksary Cooperative Institute, Branch of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation ( tserebryakova@rucoop.ru )

Kurtaeva O.Yu. Cheboksary Cooperative Institute, Branch of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation ( olkurt@list.ru )

Journal: International accounting, #26, 2015

Importance The variety of management and control strategies and the emergence of various terms like internal control, management accounting, and controlling necessitate the systematization of these concepts relative to one another.
     Objectives
The objectives of the study are to review the nature of controlling, management accounting, and internal control from the scientific and practical viewpoint within a scholarly dispute, and to systematize approaches to their definition and understanding their similarities and differences.
     Methods We applied a method of comparison to analyze the concepts of internal control, management accounting, and controlling, and to consider their nature, objectives, functions, objects, and subjects.
     Results The study shows similarities and differences of the three categories, i.e. internal control, management accounting, and controlling. There is no consensus about the functions of controlling and management accounting yet. We conclude on the identity of management accounting and controlling as integrated systems of performance management, taking into account the understanding of the meaning of the management accounting category, which exists in Russia. We believe management accounting is not a concept of management; it is rather an accounting concept of the supporting function of internal control and management. In any case, internal control takes an independent position of the self-supporting management function.
     Conclusions and Relevance Management and control are primary in relation to planning and accounting; therefore, any technologies of management or control, which include controlling and management accounting as they are understood in Russia, can hardly be called the systems of internal control.


International Standards on Auditing as an object of research

Serebryakova T.Yu. Cheboksary Cooperative Institute, Branch of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation ( tserebryakova@rucoop.ru )

Journal: International accounting, #4, 2015

Importance In the light of the recent amendments to the Federal Law "On Audit activity" of December 30, 2008 № 307-FZ (hereinafter referred to as Law № 307-FZ) related to transition to International Standards on Auditing (ISA), and after their official publication, the issues associated with the study of the ISA are increasingly significant.
     Objectives The objectives of the study are to identify the strengths and weaknesses of the ISA and problematic issues that complicate their use in our country; to find the ways to overcome the problems.
     Methods For the study, I used general scientific methods of cognition: systems approach, logical generalization, legal and linguistic analyses, and hypothesis.
     Results I have found out that there are terminological inaccuracies and difficulties in the perception of the ISA provisions due to translation problems and mentality of practitioners. This will encumber the use of ISA at early stages. In addition, a complicating and, at the same time, positive factor is a detailed elaboration of the standards, which influenced their volume. I identified problems associated with auditees, which have been caused by differences in terminology in various national laws. This fact casts doubt on the adequacy of currently existing amendments to some laws regulating accounting, reporting and auditing.
     Conclusions and Relevance I conclude on the need for further work to solve the following problems: improving the style of both accounting and auditing standards; justifying a radically new doctrine of process control due to insufficient reliability of risk-oriented areas in audit; overcoming formal approaches to auditing and the methodology of audit as a process.


International standards on auditing as an object of research

Serebryakova T.Yu. Cheboksary Cooperative Institute, Branch of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation ( tserebryakova@rucoop.ru )

Journal: International accounting, #42, 2015

Importance In the light of the recent amendments to the Federal Law On Audit Activity of December 30, 2008 No. 307-FZ (hereinafter referred to as Law № 307-FZ) related to transition to International Standards on Auditing (ISA), and after their official publication, the issues associated with the study of the ISA are increasingly significant.
     Objectives The objectives of the study are to identify the strengths and weaknesses of the ISA and problematic issues that complicate their use in our country; to find the ways to overcome the problems.
     Methods For the study, I used general scientific methods of cognition: systems approach, logical generalization, legal and linguistic analyses, and hypothesis.
     Results I have found out that there are terminological inaccuracies and difficulties in the perception of the ISA provisions due to translation problems and mentality of practitioners. This will encumber the use of ISA at early stages. In addition, a complicating and, at the same time, positive factor is a detailed elaboration of the standards, which influenced their volume. I identified problems associated with auditees, which have been caused by differences in terminology in various national laws. This fact casts doubt on the adequacy of currently existing amendments to some laws regulating accounting, reporting and auditing.
     Conclusions and Relevance I conclude on the need for further work to solve the following problems: improving the style of both accounting and auditing standards; justifying a radically new doctrine of process control due to insufficient reliability of risk-oriented areas in audit; overcoming formal approaches to auditing and the methodology of audit as a process.


The impact of IFRS on results of the analysis of PAO Rostelecom financial position

Serebryakova T.Yu. Cheboksary Cooperative Institute, Branch of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation ( tserebryakova@rucoop.ru )

Gordeeva O.G. Cheboksary Cooperative Institute, Branch of Russian University of Cooperation, Cheboksary, Chuvash Republic, Russian Federation ( gog3@yandex.ru )

Journal: International accounting, #18, 2016

Importance The specifics of the current state of accounting is a transition from accounting principles that are based on historical cost to internationally recognized fair value accounting. However, not all assumptions of International Financial Reporting Standards (IFRS) enable to expressly and reasonably disclose information about financial standing of organizations in their financial statements. Fair value is not a completely objective indicator, therefore, there is a risk of misstatements. On the other hand, when revaluing assets and liabilities at fair value, both assets and liabilities change by equal values. So, from the financial analysis viewpoint, restatement under IFRS does not always alter conclusions about financial standing of organizations.
Objectives The study aims to compare indicators of financial standing of organization preparing its IFRS financial statements based on transformation of its financial statements prepared under Russian Accounting Standards (RAS) and check if these reporting formats differ from each other.
Methods The paper employs general scientific methods, i.e. systems approach, logical generalization, analysis, synthesis, and hypothesis.
Results The findings show that subject to the existence of substantial differences in financial indicators, the results of the coefficient analysis of financial statements prepared under RAS and IFRS do not have critical differences when we analyzed the reporting of Rostelecom.
Conclusions and Relevance It is necessary to get extended statistics for further generalizations. This will be a subject of our subsequent publications.


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