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Foreign contracts accounting with signs of production activity hedging under IFRS

Kuz'min A.Iu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: International Accounting, #18, 2014

The article discusses situation of hedging of not available primary commodities in non-standard prices as a result of production activity that does not allow applying of special hedge accounting procedures under IFRS. Within the given context the author describes accounting procedure based on component-wise fair accumulated depreciation of forward type currency and commodity components.

The financial policy in the conditions of two business cycles: the analysis of the japanese experience

Kuz’min D.V. candidate of economic sciences, professor of the chair theory and practice of interaction between business and power, State University High School of economic ( )

Journal: Finance and Credit, #31, 2010

The analysis of a financial policy of Japan is actual because development of financial crisis in the country, the last century which has begun in the late eighties, is similar to a picture of world crisis 2007-09 and can be the standard for comparison and forecasting.
     Article is devoted the analysis of features of the financial model which generated in Japan to the beginning of present world financial crisis and have affected its current in the country, the basic directions of a financial policy in 2008 2009 and problems of its realization.

Accounting of domestic bonds: international standards

Kuz'min A.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: International Accounting, #33, 2015

Importance Issue of domestic bonds and Eurobonds is often stipulated in issuing documents that permit both the issuer and holder of securities to perform activities contradicting the other party’s interests.
     Methods When devising tools for accounting and evaluating bond-secured loans and formulating methodological recommendations, I applied systems, dynamic and situation analyses, financial mathematics models, chart interpretation of information and procedures.
     Results The article presents accounting and valuation tools for domestic and corporate bond-secured loans in repo transactions with a part of issued securities and investors’ sale of bonds to the issuers when the offering is completed.
     Conclusions and Relevance The research results in scientific and applied tools that include process models, accounting and valuation procedures and algorithms, which accountants of financial and nonfinancial institutions may use to address financial reporting issues in line with IFRS.

The concept of innovative capacity management system

Kuz'min S.A. Plekhanov Russian University of Economics (PRUE), Moscow, Russian Federation ( )

Journal: Economic Analysis: Theory and Practice, #12, 2019

Subject The article addresses the concept of innovative capacity management system.
Objectives The purpose of the study is to define the essence of the Innovative Capacity Management System category by refining the definitions of Innovative Capacity, Management System, and Innovative Capacity Management.
Methods The results of scientific research contained in the publications of Russian and foreign scientists served as theoretical and methodological basis of the study. I employed systems and integrated approaches, methods of logical, structural, comparative, and categorical data analysis.
Results I offer a classification of definitions of the innovative capacity concept based on two aspects. The paper presents two approaches: a resource-based approach, implying that the management of innovative capacity is primarily about efficient use of resources, and a condition-forming approach, which focuses on the management of innovative capacity as a way to establish conditions for creating, developing and promoting innovation, as well as for conducting a targeted innovation policy at the enterprise.
Conclusions The proposed approaches can be used for formulating own definitions depending on the purpose of the study, and for developing a theoretical basis in determining the factors affecting the management system of innovative capacity.

Accounting for price and exchange differences of bonds according to IFRS requirements

Kuz'min A.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: International Accounting, #4, 2017

Importance The article addresses methodological aspects of measurement and accounting for cumulative results of revaluation of foreign currency bonds arising from the requirements of international financial reporting standards IAS 39, IFRS 7, IFRS 9 and IAS 21.
Objectives The aim of the study is to develop an algorithm and measurement tools for foreign currency bond accounting, and provide recommendations for their practical application.
Methods The study employs system analysis, models of financial mathematics, situational and dynamic approaches, tabular interpretation of information and factual material.
Results I developed tools for international corporate bonds accounting and measurement. The measurement of financial result of the financial instrument revaluation for the purpose of financial statements preparation is based on the algorithm from the standpoint of accounting process involving a currency component and uncertainty of the goals of ownership.
Conclusions Scientific and practical significance of the study is determined by the development of applied scientific tools, including accounting and valuation algorithms and procedures, process models that can be used in practical work of accounting departments of financial and non-financial institutions when preparing IFRS-based financial statements.

Russian Ruble exchange rate and the monetary policy: some results of 2014-2015

Kuz'min A.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: Finance and Credit, #39, 2015

Importance The foreign exchange rate is a focal point of currency and monetary policies. It is reasonable to study the mid-term equilibrium trends in the Ruble rate and its critical and fundamental determinants by examining cash flows in Russia's balance of payments.
     Methods As part of my conceptual approach to modeling the international flows equilibrium exchange rate (IFEER), I examine how the Ruble exchange rate fluctuates in the presented system of fundamental endogenous and exogenous factors in the mid-run. I propose a method for configuring inner parameters of the model so to regulate the exchange rate at the macroeconomic level. For configuring purposes, I used the least square method implying standards of values under study.
     Results Based on the modeling results, I analyzed trends in the Ruble nominal exchange rate within 2013-2015 and determined the main reason for a drop in the US/RUB exchange rate within the period from December 2013 through February 2015. In the said period, a growth in consumer prices also influenced the result. I also should mention that a short-term drop in the real GDP had a very low effect.
     Conclusions and Relevance The research presents scientific novelty as it devises models, algorithms, and recommendations, which may prove useful to address macroeconomic regulation issues.

Principles of accounting for internal bond issues: international standards

Kuz'min A.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: International Accounting, #12, 2015

Subject Under current conditions, Russian corporations and banks seek to expand both the types of corporate borrowings to diversify the entire financial resource base and sources of funding and the volume of borrowings in debt capital markets. Securities business in Russian and international stock exchanges entails toughening the requirements to reliability of information reported in financial statements during their preparation and auditing. First, the above applies to financial instruments in the form of borrowed capital, and debt securities, in particular. Therefore, it is crucial to improve science-based accounting and valuation tools when preparing financial statements under International Financial Reporting Standards.
In the study, I used quantitative finance models, complementary methodological approaches, like system, dynamic, and situational analyses, tabular interpretation of informational and procedural materials.
     Results I have developed an accounting and valuation procedure for debt securities with a complex and highly irregular structure of payments (in particular, internal corporate bond issues), based on amortized cost and effective interest methods.
     Conclusions and Relevance
The developed application-oriented tools include models, algorithms and recommendations. They may enhance the reliability of accounting and reporting information, and be useful for accounting departments of many organizations (financial and non-financial institutions), domestic debt market participants in the process of IFRS-based financial statements preparation.

Modeling short-term effects of trends in the foreign exchange rate through the IFEER concept

Kuz'min A.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: Finance and Credit, #6, 2019

Subject Mathematical methods are in active use for foreign exchange rate modeling. However, even classical scholars do not give account of short-term trends in foreign exchange rates and respective aspects sufficiently. It is necessary to consider fundamental factors of such trends.
Objectives The study models and investigates trends in the foreign exchange rates in two equal and mutually related economies through the lens of free floating. The trends are based on further development of my own concept for modeling foreign exchange rates through International Flows Equilibrium Exchange Rate (IFEER).
Methods The study relies upon fundamental methods of the economic theory, principles of national bookkeeping, classical methods of mathematical analysis and elements of economic and statistical analysis.
Results I mathematically formalized functional dependencies which, economically, have the natural functionality with respect to a set of key determinants for setting foreign exchange rates. Subsequently, I inferred the ultimate dependency of the foreign exchange rate as part of the a set of factors given there is a function of explosive changes in foreign exchange rates during the crisis period.
Conclusions and Relevance I examined how crisis phenomena influence the model in the foreign currency market in a short run. Based on the economic and mathematical modeling, I made conclusions on the nature of crisis disparity and quantified the impact of short-term effects of trends in the USD/RUB rate.

Methods of analysis of the effectiveness and intensity of share capital use

Kuz'min D.A. Russian Presidential Academy of National Economy and Public Administration, Moscow, Russian Federation ( )

Journal: Economic Analysis: Theory and Practice, #4, 2015

Importance Capital is a key and central category of economic theory. In the history of economic theory, there was not a clear interpretation of the concepts of capital; the process of its formation is still going on, which, in turn, is reflected in the development of methods of economic analysis. Foreign countries and Russia have no unity of understanding the essence of the share capital. In this regard, the Russian economic system lacks a clear methodological base on analysis of this indicator. All this leads to the relevance of the present work.
     Objectives The purpose of the paper is to come to a single shareholder entity and justify the result. Another purpose of the project is the study and the methodology for conducting analysis of the effectiveness and intensity of use of equity to establish a base for further research in the field of economics.
     Methods The paper presents a methodological sequence analysis of efficiency in the use of equity based on deterministic modeling of the profitability of equity capital and a number of critical factors. For the analysis, I used the financial statements data of JSC Severstal.
     Results The paper submits the basic provisions of the concept of equity analysis, and it describes methods for such an analysis.
     Conclusions and Relevance The results achieved in the development of methods of phased analysis of equity capital enable one to establish cause-and-effect relationships with different parameters of the organization that will help improve the quality of research in this area. The paper contains examples with brief conclusions on the performance of the index of the object of work.

Accounting for held-to-maturity debt financial investment under IFRS

Kuz'min A.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( )

Journal: International Accounting, #33, 2014

Importance Given that the domestic debt market continues growing in terms of transaction volume, the number of participants and varieties of financial instruments, as well as in terms of a number of related factors, such as an obligation of audit while organizing securities business in the Russian and international stock markets, I emphasize an increasing demand for reliable information disclosure in financial statements.
     Objectives First of all it concerns transactions with debt securities and necessitates a scientifically-based improvement of accounting instruments, prepared in compliance with the IFRS.
     Methods When developing accounting procedures and methodological recommendations for their application, I used various complementary methodological approaches, including a system approach in its subject-object and functional and structural aspects, as well as structural, dynamic and situational analyses, models of financial mathematics, and a tabular interpretation of informational and factual material.
     Results In the paper, I consider the accounting procedure for debt financial investments with a relatively complex irregular payments structure based on the concept of amortized cost under the effective interest method. In order to provide more complete analytical information for bond accounting, I propose to determine the cumulative amortized cost and to extract from it the net amortized cost taking into account the accrued coupon yield.
     Relevance The study is significant as it has developed application programming tools that include a procedure, models, algorithms, and recommendations. The worked-out provisions may serve as a means to solve the tasks of IFRS financial statements generation by both financial institutions like investment and finance companies, commercial banks, and non-financial firms, i.e. domestic debt market players.

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