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From Assessment of Organization's Financial Standing to Integrated Methodology for Analysis of Sustainable Development

Endovitskii D.A. Voronezh State University, Voronezh, Russian Federation ( eda@vsu.ru )

Lyubushin N.P. Voronezh State University, Voronezh, Russian Federation ( lubushinnp@mail.ru )

Babicheva N.E. Voronezh State University, Voronezh, Russian Federation ( sigaeva@mail.ru )

Kupryushina O.M. Voronezh State University, Voronezh, Russian Federation ( olgakupryushina@umc.vsu.ru )

Journal: Digest Finance, #2, 2017

Importance The issue of sustainable development and sustainable growth of social product has been discussed by the international professional community since the second half of the 20th century. Nowadays, there is a need to develop key indicators characterizing both financial standing and sustainable development of organizations, and a methodology for their assessment.
Objectives The aim of the study is to review the problems related to the assessment of financial condition and analysis of sustainable development of organizations.
Methods The study draws upon general scientific principles and research methods, namely, analysis and synthesis, induction and deduction, grouping, comparison, abstraction, generalization, analogy, and modeling.
Results Sustainable development can be viewed as a process and as a state. As a process, the sustainable development of the organization has a time period, during which its characteristics change. The principal characteristic is a relative share of intensive factors in the revenue for the considered type of resources. It served as a classification criterion for evaluation of processes according to the golden ratio principle. We identify absolute, stable, unstable, and crisis types of sustainable development.
Conclusions and Relevance The analysis of organizations' operations is impeded by the lack of legal framework and available averaged values of indicators characterizing the financial condition by type of economic activity. It is important to develop analytical procedures that measure all types of capital of integrated reporting, the interactions between them, and the value of the entire business.


Continuous and sustainable development of economic systems and the law of cyclic development

Babicheva N.E. Voronezh State University, Voronezh, Russian Federation ( sigaeva@mail.ru )

Lyubushin N.P. Voronezh State University, Voronezh, Russian Federation ( lubushinnp@mail.ru )

Lylov A.I. Voronezh State University, Voronezh, Russian Federation ( lylov-vsu@rambler.ru )

Gurtovaya I.N. Federal Tax Service Training Institute, Nizhny Novgorod, Russian Federation ( cpp604@sinn.ru )

Journal: Finance and Credit, #1, 2017

Subject The article investigates the concepts of going concern and sustainable development of economic systems and the impact of the law of cyclic development on the specified concepts.
Objectives The purpose of the study is to compare domestic and foreign approaches to the interpretation of the going concern concept, quantify the sustainable development and justify the need for considering the law of cyclic development in the continuity of operations and sustainable development of economic systems.
Methods The study employs general scientific principles and methods of research, like grouping and comparison, abstraction, generalization, analogy, and modeling.
Results The content of the going concern concept stated in the standards of business continuity management differs from that in accounting and auditing regulations. The developed technique for financial stability evaluation rests on unified methodological basis and on the interrelation of the type of economic development and financial stability, risk associated with the use of resources and life cycle phases of the organization at the production stage. Economic systems develop according to the life cycle model, where changes in the parameters of sustainable development depend on the life cycle phase.
Conclusions The concepts of going concern, sustainable development, and the law of cyclic development come into conflict, requiring new approaches to forecasting the development of economic systems.


The Business Continuity Concept in the Assessment of Creditworthiness of Economic Agents

Babicheva N.E. Voronezh State University, Voronezh, Russian Federation ( sigaeva@mail.ru )

Lyubushin N.P. Voronezh State University, Voronezh, Russian Federation ( lubushinnp@mail.ru )

Kondrat'ev R.Yu. Lipetsk Branch of Financial University under Government of Russian Federation, Lipetsk, Russian Federation ( romario_80@inbox.ru )

Journal: Digest Finance, #1, 2018

Importance The article analyzes the existing contradictions in the implementation of the going concern principle and securing the creditworthiness.
Objectives The article presents our original comprehensive study of the business continuity concept in relation to creditworthiness of economic agents to synthesize two accounting concepts, i.e. the dynamic and static balance sheet.
Methods We employ general scientific principles and research methods, namely, a historical approach, analysis and synthesis, induction and deduction, grouping, comparison, abstraction, generalization, and analogy.
Results The paper proves the hypothesis that entity's creditworthiness is a complex accounting and analytical characteristic reflecting the continuity of operations. If the entity does not ensure its creditworthiness, it puts its business continuity at peril. Poor financial solvency leads to bankruptcy, and the economic entity may cease its operations.
Conclusions and Relevance The existing contradictions in the business continuity and creditworthiness assessment appeared in the 19th century. We suggest that the theory and practice of accounting and economic analysis should be developed by synthesizing both accounting concepts of dynamic and static balance sheet through integrated reporting. This will create an information pool to assess the entity's creditworthiness and solvency and subsequently identify and avert the continuity threat.


The going concern concept in the assessment of creditworthiness of economic entities

Babicheva N.E. Voronezh State University, Voronezh, Russian Federation ( sigaeva@mail.ru )

Lyubushin N.P. Voronezh State University, Voronezh, Russian Federation ( lubushinnp@mail.ru )

Kondrat'ev R.Yu. Lipetsk Branch of Financial University under Government of Russian Federation, Lipetsk, Russian Federation ( romario_80@inbox.ru )

Journal: Regional Economics: Theory and Practice, #1, 2018

Subject The article analyzes the existing contradictions in the implementation of the going concern principle and securing the creditworthiness.
Objectives The aim is to provide a unique comprehensive study of the going concern concept in relation to creditworthiness of economic entities to synthesize two accounting concepts, i.e. the dynamic and static balance sheet.
Methods We employ general scientific principles and research methods, namely, a historical approach, analysis and synthesis, induction and deduction, grouping, comparison, abstraction, generalization, and analogy.
Results The paper proves the hypothesis that entity's creditworthiness is a complex accounting and analytical characteristic reflecting the continuity of operations. If the entity does not ensure its creditworthiness, there exists a threat to its going concern. The lack of financial solvency leads to bankruptcy, and the economic entity may cease its operations.
Conclusions The existing contradictions in the going concern and creditworthiness assessment appeared in the 19th century. We suggest that the development of the theory and practice of accounting and economic analysis should now move towards the synthesis of accounting concepts of dynamic and static balance sheet through integrated reporting. This will enable to create information basis to reveal and prevent threats to going concern by assessment of creditworthiness and solvency of entities.


Economic analysis of business entities' sustainable development under cyclicality

Lyubushin N.P. Voronezh State University, Voronezh, Russian Federation ( lubushinnp@mail.ru )

Babicheva N.E. Voronezh State University, Voronezh, Russian Federation ( sigaeva@mail.ru )

Lylov A.I. Voronezh State University, Voronezh, Russian Federation ( lylov-vsu@rambler.ru )

Journal: Economic Analysis: Theory and Practice, #1, 2018

Importance The development of economic systems influenced by the law of cyclical development cannot be supported by permanent growth rate of target indicators thus ensuring a transition to a new level of development and business continuity. The article explores this contradiction.
Objectives The purpose is to clarify conditions, which will facilitate the modeling of processes under investigation with regard to resource conservation and the law of cyclic development. This will enable to develop models considering the impact of the law of cyclic development on going concern, resource conservation and sustainable development of economic systems.
Methods The study draws on analysis and synthesis, grouping and comparison, abstraction, generalization, analogy, and modeling.
Results The study shows that a succession of stages and phases of life cycle in the synchronized interaction of production capital, financial capital and institutional environment provides for implementation of the law of cyclic development, the concept of sustainable development and going concern. We developed models, which consider the impact of the law of cyclic development on business continuity, resource conservation and sustainable development of economic systems.
Conclusions Economic systems cannot develop under constant economic growth. According to the law of cyclic development, the sustainable development of economic systems can be achieved at each stage of life cycle only on condition of synchronization of interaction between industrial capital, financial capital and institutional environment.


Sustainable development: Evaluation, analysis, forecasting

Lyubushin N.P. Voronezh State University, Voronezh, Russian Federation ( lubushinnp@mail.ru )

Babicheva N.E. Voronezh State University, Voronezh, Russian Federation ( sigaeva@mail.ru )

Konyshkov A.S. Atos, Moscow, Russian Federation ( alexey.konyshkov@atos.net )

Journal: Economic Analysis: Theory and Practice, #12, 2017

Importance The article considers methods, rules, evaluation techniques, analysis of and forecasting the sustainable development of economic systems.
Objectives The study aims to work out an integrated assessment methodology for sustainable development of economic systems.
Methods The methodology of the study draws on general scientific principles and research techniques, like analysis, synthesis, grouping, comparison, abstraction, generalization, analogy, and modeling.
Results We define sustainable development and the invariant that characterizes it. The paper presents an integrated methodology for assessing the sustainable development of economic systems at different hierarchical levels. It enables to link resource efficiency with the type of production development, financial stability, risk level, assessment of financial condition and sustainable development. The algorithm used in the economic analysis in the calculation of changes in material cost under a factor model of additive type illustrates the complexity and diversity of the conducted factor analysis, depending on the degree of decomposition of factors characterizing the energy intensity.
Conclusions In the context of limited resources, the need to reduce material and energy intensity of GDP and to enhance energy efficiency, the given additive model should be expanded towards incorporation of social and environmental factors.


The going concern concept in the assessment of creditworthiness of economic entities

Babicheva N.E. Voronezh State University, Voronezh, Russian Federation ( sigaeva@mail.ru )

Lyubushin N.P. Voronezh State University, Voronezh, Russian Federation ( lubushinnp@mail.ru )

Kondrat'ev R.Yu. Lipetsk Branch of Financial University under Government of Russian Federation, Lipetsk, Russian Federation ( romario_80@inbox.ru )

Journal: Economic Analysis: Theory and Practice, #10, 2017

Subject The article analyzes existing contradictions in the implementation of the going concern principle and securing the creditworthiness.
Objectives The aim is to provide a unique comprehensive study of the going concern concept in relation to creditworthiness of economic entities to synthesize two accounting concepts, i.e. the dynamic and static balance sheet.
Methods We employ general scientific principles and research methods, namely, a historical approach, analysis and synthesis, induction and deduction, grouping, comparison, abstraction, generalization, and analogy.
Results The paper proves the hypothesis that entity’s creditworthiness is a complex accounting and analytical characteristic reflecting the continuity of operations. If the entity does not ensure its creditworthiness, there exists a threat to its going concern. The lack of financial solvency leads to bankruptcy, and the economic entity may cease its operations.
Conclusions The existing contradictions in the going concern and creditworthiness assessment appeared in the 19th century. We suggest that the development of the theory and practice of accounting and economic analysis should now move towards the synthesis of accounting concepts of dynamic and static balance sheet through integrated reporting. This will enable to create information basis to reveal and prevent threats to going concern by assessment of creditworthiness and solvency of entities.


23(305) - 2016 June

Journal: Economic Analysis: Theory and Practice, #,


From the assessment of organization's financial standing to the integrated methodology for analysis of sustainable development

Endovitskii D.A. Voronezh State University, Voronezh, Russian Federation ( eda@vsu.ru )

Lyubushin N.P. Voronezh State University, Voronezh, Russian Federation ( lubushinnp@mail.ru )

Babicheva N.E. Voronezh State University, Voronezh, Russian Federation ( sigaeva@mail.ru )

Kupryushina O.M. Voronezh State University, Voronezh, Russian Federation ( olgakupryushina@umc.vsu.ru )

Journal: Economic Analysis: Theory and Practice, #12, 2016

Importance The issue of sustainable development and sustainable growth of social product has been discussed by the international professional community since the second half of the 20th century. Nowadays, there is a need to develop key indicators characterizing both financial standing and sustainable development of organizations, and a methodology for their assessment.
Objectives The aim of the study is to review problems related to assessment of financial condition and analysis of sustainable development of organizations.
Methods The study draws upon general scientific principles and research methods, namely, analysis and synthesis, induction and deduction, grouping, comparison, abstraction, generalization, analogy, and modeling.
Results Sustainable development can be viewed as a process and as a state. As a process, the sustainable development of the organization has a time period, during which its characteristics change. The principal characteristic is a relative share of intensive factors in the revenue for the considered type of resources. It served as a classification criterion for evaluation of processes according to the golden proportion principle. We identify absolute, stable, unstable, and crisis types of sustainable development.
Conclusions and Relevance The analysis of organizations' operations is impeded by the lack of legal framework and available averaged values of indicators characterizing the financial condition by type of economic activity. It is important to develop analytical procedures that measure all types of capital of integrated reporting, the relationship between them, and the value of the entire business.


The genesis of the law of cyclic development

Lyubushin N.P. Voronezh State University, Voronezh, Russian Federation ( lubushinnp@mail.ru )

Babicheva N.E. Voronezh State University, Voronezh, Russian Federation ( sigaeva@mail.ru )

Lylov A.I. Voronezh State University, Voronezh, Russian Federation ( lylov-vsu@rambler.ru )

Gurtovaya I.N. Federal Tax Service Training Institute, Nizhny Novgorod, Russian Federation ( cpp604@sinn.ru )

Journal: Finance and Credit, #48, 2016

Subject The article studies the law of cyclic development as a component of sustainable development and going concern.
Objectives The aim is to study the evolution of the theory of cycles, develop new theoretical approaches to assessment of the impact of the law of economic systems' continuity and sustainable development.
Methods We employ scientific principles and research methods, i.e. historical approach, analysis and synthesis, induction and deduction, grouping, comparison, abstraction, generalization, analogy, and modeling.
Results We assessed the efficiency of technological modes. The paper proves that none of macroeconomic schools can explain the most important factors of theories of economic growth and economic cycles within the framework of their theory. Cyclical development modeling can be performed, using the approaches developed within a resource-based economic analysis. At the present stage of financial and banking services development, such economic systems cannot be sustainable. The analysis of micro-economic indicators of Russian economy shows that the economy has a debt nature and has been in crisis since 2006.
Conclusions and Relevance Cyclic development is an important element of economic growth. New approaches are required to forecast the development of economic systems. The forecasting is implemented through creation of interrelated models that take into account the impact of the law of cyclic development on going concern, resource conservation and sustainable development of economic systems of different hierarchical levels.


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