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Balanced Scorecard: formation’s specific features for state and not-for-profit organizations

Krylov S.I. professor of chair «Accounting, Analysis and Economics of Labor», Ural State Federal University named after the first President of Russia B.N. Yeltsin ( 19016708@rambler.ru )

Journal: International Accounting, #31, 2011

The article is devoted to the consideration of formation’s specific features of Balanced Scorecard for state and not-for-profit organizations. Balanced Scorecard of state or not-for-profit organization must provide a concentration, a motivation and an accountability of its activity. In Balanced Scorecards of state and not-for-profit organizations indicators of customers element and indicators of training and personnel development element have a priority. In the case of necessity additional elements may be introduced in Balanced Scorecards of state and not-for-profit organizations, and standard Balanced Scorecard’s elements may be transformed depending on specific features of these organizations’ activity.


Technique aspects of analysis and forecasting of financial condition of industrial enterprise

Krylov S.I. professor of chair «the Accounting and the audit», Ural State Technical University - UPI named after the first President of Russia B.N. Yeltsin ( zali6770@yandex.ru )

Reshetnikova O.E. senior lecturer of chair «the Accounting and the audit», Ural State Technical University - UPI named after the first President of Russia B.N. Yeltsin ( buhfinuchet@mail.ru )

Journal: Financial Analytics: Science and Experience, #8, 2010

In given article authors consider a set of financial indicators, estimating in complex a financial condition of the industrial enterprise. The method of analysis and forecasting of a financial condition of the industrial enterprise developed by authors is characterized, allowing to define ways of its improvement financial conditions and accordingly increases of investment appeal, the analytical economic-mathematical model constructed on the basis of this method is short described and possibilities of its computerization are defined.


Strategic management of aviation technologies development: problems and modern decisions

Dutov Andrei V. PhD of Economics Sciences, General Director of Federal State Unitary Enterprise, the Krylovsky State Scientific Center, St. Petersburg ( dutovav@krylov.spb.ru )

Klochkov Vladislav V. Doctor of Economics Sciences, Leading Researcher of the Laboratory of Economic Dynamics and Control of Innovations, V.A. Trapeznikov Institute of Control Sciences of Russian Academy of Sciences ( vlad_klochkov@mail.ru )

Journal: Economic Analysis: Theory and Practice, #48, 2013

In the article the need to coordinate the directions of applied research in various branches of aviation science is proved. A formal approach to the evaluation of losses arising from weak coordination of various branches' of aviation industry technological development directions is suggested. An algorithm of aviation science applied research strategic planning using the Foresight methodology and systemic investigations is developed.


Analysis in the balanced scorecard: theoretical aspect

Krylov S.I. doctor of economic sciences, professor of chair the accounting and the audit, Ural state technical university named after the first President of Russia B.N. Yeltsin ( zali6770@yandex.ru )

Journal: Economic Analysis: Theory and Practice, #29, 2010

In the article treated are theoretical aspects of the Applied Strategic Analysis (ASA) Concept as a Balanced Scorecard (BSC) Research Tool, developed by the author. So, we define ASA as a new promising trend for scientific research and practical activity in the field of corporate management. The purpose of its development is to improve information facility to develop, justify and take strategic corporate decisions. The ASA concept results from the BSC concept extension as BSC determines a compound of analyzed data and a sequence of their analysis. ASA implies a comprehensive, complex BSC-based research of the strategic aspects of organization performance. It can be applied in the performance of any organization employing BSC.


Balanced scorecard: integration into the financial reporting system

Krylov S.I. Ural Federal University named after the First President of Russia B.N. Yeltsin, Yekaterinburg, Russian Federation ( 19016708@rambler.ru )

Journal: International Accounting, #42, 2015

Importance In the current economic circumstances, corporate financial statements are an important source of information for taking managerial decisions, including strategic ones. Hence it gets more reasonable to integrate the balanced scorecard into the corporate financial reporting process.
     Objectives Drawing upon foreign expertise, I focus on the integration of the balanced scorecard into the corporate financial reporting process so to increase its information value and ensure effective management of the entity.
     Results The article demonstrates that the balanced scorecard helps improve conventional systems of internal reporting, without extending its volume. The balanced scorecard provides for the preparation of reports in special forms. The balanced scorecard-based system should timely furnish executives with meaningful information for managerial decisions, being sufficiently specified and understandable. The financial statements, which are based on the balanced scorecard, include two types of reports, i.e. documented strategy of the department and the strategy implementation report.
     Conclusions and Relevance I conclude that the balanced scorecard, if integrated into the corporate financial reporting, will help determine strategic goals of the entity more effectively, arrange activities needed to achieve the goals and promotes their successful implementation, thus enhancing the corporate governance system.


Balanced scorecard and information technologies

Krylov S.I. Ural Federal University named after First President of Russia B.N. Yeltsin, Yekaterinburg, Sverdlovsk Oblast, Russian Federation ( 19016708@rambler.ru )

Journal: International Accounting, #28, 2015

Subject In modern conditions, the practical implementation of the balanced scorecard concept is extremely difficult without information technology support. Therefore, the issue of developing the software for the balanced scorecard automation becomes increasingly important.
     Objectives Based on international experience, the study focuses on the use of appropriate information technologies to automate the balanced scorecard system. The purpose of the automation is to increase the efficiency and capabilities of the balanced scorecard as a tool for strategic management of the enterprise.
     Methods The methodology of the research draws on the concept of balanced scorecard introduced by R. Kaplan and D. Norton, and substantial requirements to the relevant software.
     Results The article shows that without any support through information technologies, the balanced scorecard concept is applicable to few projects only. The role of software in the balanced scorecard system implementation depends on the project type. The balanced scorecard automation for each particular company is subject to the company specifics. When selecting software for the balanced scorecard, the priority is the criterion of management logic implementation. When selecting information technology solutions to automate balanced scorecard, the structure-follows-strategy rule should work. Both foreign and domestic software developers provide products to support the balanced scorecard system.
     Conclusions The IT support to the balanced scorecard enables to improve the efficiency of the system's practical use.


Integrated Management Analysis of Innovation: A Conceptual and Methodological Framework

Krylov S.I. Ural Federal University named after the First President of Russia B.N. Yeltsin, Yekaterinburg, Russian Federation ( 19016708@rambler.ru )

Journal: Digest Finance, #4, 2018

Subject The contemporary market economy has no alternative but to go down an innovation development path, necessitating the research into the theory, methodology and methods of innovation in management analysis. This facilitates adequate and effective decisions concerning innovation management.
Objectives The research reviews a conceptual and methodological framework for integrated management analysis of innovation, which constitutes an absolutely new kind of management analysis revealing the robust information about the innovation-driven performance, untapped resources and opportunities for their mobilization.
Methods The methodological framework builds upon a conceptual approach to integrating innovative processes, conceptual basis of business-specific types of management analysis to study innovation, and the Balanced Scorecard concept (namely, its innovation component).
Results The integrated management analysis of innovation is showed to comprehensively study the formation of relevant resources, costing, outcome of innovation, and crucial processes relating to consumers and competitors. The set of indicators includes metrics of innovation, investment, competitive and market analysis, which may serve for examining the innovative performance from operational, tactical and strategic perspectives. The integrated management analysis of innovation comprises the assessment, evaluation and estimation of indicators.
Conclusions and Relevance The integrated management analysis of innovation is a fairly effective tool to supply the managing process with necessary information since it views innovation as a single construct.


The balanced scorecard and applied strategic analysis in strategic financial management

Krylov S.I. Ural Federal University named after First President of Russia B.N. Yeltsin, Yekaterinburg, Sverdlovsk Region, Russian Federation ( 19016708@rambler.ru )

Journal: Economic Analysis: Theory and Practice, #21, 2015

Importance In modern conditions, the financial strategy of an entity should guarantee the achievement of its primary business goal, i.e. its owners' (shareholders') material well-being maximization over the long run. This makes relevant the issue of improving the accounting and analytical support to strategic financial management of organizations.
     Objectives The article is of theoretical and methodological nature, and deals with the possibility of using the balanced scorecard system and its derivative in the form of applied strategic analysis in the process of strategic financial management of organizations.
     Methods The basis of the methodology of the study is the balanced scorecard concept developed by R. Kaplan and D. Norton, and the conceptual framework for applied strategic analysis that I have developed earlier.
     Results
I show that using the balanced scorecard and applied strategic analysis in strategic financial management involves the formation of a financial component of the balanced scorecard system, and the analysis of its indicators. Financial indicators of the balanced scorecard evaluate the economic impact of undertaken actions, and reflect the adequacy of the financial strategy and its implementation to the overall development of the entity. The analysis of financial indicators of the balanced scorecard implies comprehensive and integrated study of strategic financial aspects of the entity's business operations, and consists of comparative evaluation, diagnostics of deviations, and forecasting the entity's financial figures.
     Conclusions and Relevance The introduction of the balanced scorecard and applied strategic analysis will increase the efficiency of strategic financial management of an entity under modern free market economy.


Balanced scorecard and applied strategic analysis in strategic financial management

Krylov S.I. Ural Federal University named after First President of Russia B.N. Yeltsin, Yekaterinburg, Russian Federation ( 19016708@rambler.ru )

Journal: Economic Analysis: Theory and Practice, #18, 2015

Importance In modern conditions the organization's financial strategy should help achieve a primary business goal, i.e. maximization of its owners' (shareholders') wealth in the long run. Therefore it is relevant to improve an accounting and analytical framework for strategic financial management.
     Objectives The article is of theoretical and methodological nature. It focuses on a possibility of using a balanced scorecard and applied strategic analysis derived from it in strategic financial management.
     Methods The methodology of the research is based on R. Kaplan and D. Norton's concept of the balanced scorecard and conceptual fundamental of the applied strategic analysis I developed earlier.
     Results
When using the balanced scorecard and applied strategic analysis in strategic financial management, a user forms a financial component of the balanced scorecard and analyzes indicators it includes. Balanced Scorecard's financial indicators estimate consequences of activities undertaken and reflect whether the financial strategy and its real implementation correlate as stipulated in the general corporate development plan. To reach a clear understanding of the strategic financial goals, it is advisable to apply no more than two indicators to each of the goals. An analysis of the indicators of the balanced scorecard implies a comprehensive, thorough examination of financial aspects of the entity's business operations and constitutes a comparative evaluation, variance diagnostics and forecast of a financial component.
     Conclusions and Relevance I conclude that, if introduced, the balanced scorecard and applied strategic analysis will make the strategic financial manegement more efficient in the modern market economy.


The basic tools of government regulation of the interaction between real and financial sectors of the economy of the Russian Federation

Krylov A.A. Russian Agricultural Bank, St. Petersburg, Russian Federation ( dronovoy@yandex.ru )

Makarova V.A. National Research University Higher School of Economics in St. Petersburg, St. Petersburg, Russian Federation ( vasilisa_m@mail.ru )

Journal: Finance and Credit, #6, 2016

Subject The article considers the most important government measures to regulate the real and financial sectors of the Russian economy, which intend to encourage the interaction of these sectors and overall business development in the country.
     Objectives The main objective is to analyze the adequacy and practicality of current government measures, and propose incentives for the synergy effect between the real and financial sectors under current tough economic situation to strengthen the country's economic potential.
     Methods We perform an analysis of existing government measures aimed at boosting the real and financial sectors of the Russian economy and their efficiency under the current macroeconomic conditions.
     Results We suggest seven possible steps to increase the interaction between the sectors to strengthen the country's economy.
     Conclusions and Relevance The findings show that not all measures are effective, and some of them are rarely used. For instance, government subsidies to enterprises through banks and lending to small and medium-sized enterprises (SMEs). Their application is limited in the first case due to red-tapism, and in the second case due to impossibility to realize SMEs lending on arm's length terms. The results of the research may be useful for State regulatory authorities to adjust the existing measures for boosting the real and financial sectors.


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