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Framework agreement and the part it plays in the protection of legal interests and rights of the time bargain members

Pokrovskaya O.S. leading specialist of the Department of Currency control and trade finance JSC joint-stock bank «Volgaprombank»

Journal: Finance and Credit, #6, 2009

Framework agreement is one of the most important defense mechanism of the derivatives; its reduction to practice is of vital significance for the creation of the domestic derivative market meeting all the world standards.
     Owing thereto among the most important research guidelines there are critical rethinking of the world experience of framework agreements execution and studying legal and infrastructural readiness of the Russian financial market.


Tax incentives for small and medium-sized business R&D

Viktorova N.G. Peter the Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation ( viktorova_ng@spbstu.ru )

Vylkova E.S. North-West Institute of Management, Branch of Russian Presidential Academy of National Economy and Public Administration, St. Petersburg, Russian Federation ( vylkovaelena@mail.ru )

Pokrovskaya N.V. Saint Petersburg State University, St. Petersburg, Russian Federation ( n.pokrovskaia@spbu.ru )

Journal: Finance and Credit, #2, 2019

Subject Small and medium-sized enterprises play a special role in high-tech product manufacture and promotion. Therefore, additional tax incentives for small and medium-sized innovative enterprises should be an important area of government regulation.
Objectives The study aims to investigate tax regulation of R&D in Russia and foreign countries, focusing on special conditions for small and medium-sized high-tech businesses.
Methods In the course of the study, we reveal special conditions for small and medium-sized innovative businesses. Based on OECD statistics, we analyze the level of tax incentives for R&D.
Results The paper identifies countries that apply tax incentives or direct funding for R&D. The State support to innovation is high enough in all of them, though developed countries do not have a single approach to incentives for knowledge-intensive SMEs. In Russia, the businesses conducting research and development also have government support. However, the values of 1-B index that characterizes the tax subsidy rate are low. This points to the lack of priorities for high-tech SMEs.
Conclusions More significant tax incentives for small and medium-sized enterprises will have a beneficial impact on innovation growth in Russia.


Special features of Islamic taxation in the modern financial system

L'vova N.A. Saint Petersburg State University, St. Petersburg, Russian Federation ( lvova_n .a.@mail.ru )

Pokrovskaya N.V. Saint Petersburg State University, St. Petersburg, Russian Federation ( nvpokrovskaia@gmail.com )

Journal: Finance and Credit, #8, 2015

Importance Islamic finance is a significant phenomenon of the modern financial world. The Islamic financial system is rapidly developing. However, the majority of studies on the corresponding subject deal with Islamic financial intermediaries, markets and instruments, whereas the role of public finance is often underestimated.
     Objectives The article addresses the fundamentals of Islamic taxation and covers three key questions: 1) peculiarities of Islamic taxes in comparison with conventional taxes; 2) special features of Islamic taxation organization; 3) the specifics of Islamic taxation in the context of the Islamic financial system.
     Methods The logic of the research is determined by the special features of Islamic finance: the priority importance of the ethical economic management principles. Thus, we pay attention not only to financial, but also to social and cultural aspects of the studied problems. When assessing the financial features of Islamic taxation, we have been guided by the concept of functional and structural finance.
     Results Islamic taxation is one of the most important institutions of the Islamic financial system. The list of Islamic taxes is fiercely debated for compliance with the Quran and the nature of tax requirements. Mobilization and redistribution of the raised funds within Islamic taxation are less fiscal than religious. Islamic taxes combine traditional imposing and innovative levying.
     Conclusions and Relevance The Islamic taxes are not directly related to the existence of the State. In many countries, including Russia, the zakah is collected and distributed by non-governmental organizations. Remarkably, they are often more efficient than corresponding State structures. We also come to conclusion that Islamic taxation is an important precondition to overcome social inequality.


Valuation of deferred tax assets and deferred tax liabilities

Pokrovskaya N.V. Saint-Petersburg State University, St. Petersburg, Russian Federation ( nvpokrovskaia@gmail.com )

Antonets E.A. OOO Intellektual'nyi konsalting, St. Petersburg, Russian Federation ( E.Antonets@avg.ru )

Journal: International Accounting, #11, 2015

Importance When the cost method is used to measure the business value, the appraiser considers financial statements and adjusts assets and liabilities in line with their market value. Deferred tax assets and liabilities, more often than not, are used at their carrying amount. It may distort the appraisal results.
     Objectives The article investigates the effect of deferred taxes under the Russian generally accepted accounting principles (GAAP) on the business value. The research covers such issues as deferred taxes in the entity's financial statements as an illustration of the effective tax policies; differences between the carrying amount and market value of deferred taxes; measurement of the market value of deferred tax assets and deferred tax liabilities.
     Methods
Using the methods of critical and comparative analysis, we show the main paradoxes of using the carrying amount of deferred tax assets and liabilities in business valuation through the cost method. To substantiate our proposals on measuring the market value of deferred tax assets and liabilities, we apply analytical methods for implementing the highest and best use concept (HBU).
     Results In business appraisal, items of deferred tax assets and deferred tax liabilities are revalued on the basis of different approaches. Deferred tax assets should be adjusted in line with the future income tax saving as assessed. The appraiser chooses to exclude deferred tax liabilities out of borrowings or remeasure them in line with the present value of the future increase in income tax after the appraiser analyzes the origination of respective liabilities and qualifies it as typical.
     Conclusions and Relevance When items of deferred tax assets and liabilities are remeasured assuming that income tax will be paid in the future in line with HBU concept, it will make business valuation even more accurate in accordance with expectations of its would-be acquirers.


Financial analysis of insolvent companies: the role of financial and tax reporting

L'vova N.A. Saint Petersburg State University, Saint Petersburg, Russian Federation ( lvova_n.a@mail.ru )

Pokrovskaya N.V. Saint Petersburg State University, Saint Petersburg, Russian Federation ( nvpokrovskaia@gmail.com )

Journal: Financial Analytics: Science and Experience, #18, 2015

Importance Financial analysis of insolvent companies requires special methodological approaches that would take into account the specifics of bankruptcy legislation and the debtor's unfavorable position. Russia has the mandatory Rules that govern the analysis of business entities in receivership. The Rules emphasize the significant role of analyzing financial statements. The relevant methods are not free from weaknesses. They almost ignore analytical capabilities of tax reporting, thus determining the main subject of the research.
     Objectives The objective of the research is to substantiate recommendations on improvement of methodological approaches to analyzing insolvent businesses on the basis of their financial statements and tax returns.
     Methods The article reviews the specificity of analyzing the debtor in compliance with the effective Rules and relevant clauses of the Draft Federal Standard on Analysis of the debtor's financial position and results of its financial, operating and investments activities as part of bankruptcy procedures. The methodology of the research relies upon the theory of corporate financial analysis. The recommendations are substantiated with regard to scope of financial statements and tax returns.
     Results The research identifies the main issues and limitations relating to the application of the existing methodological recommendations. It also finds key areas for revising and supplementing them. In particular, we suggest setting up a system of financial coefficients that would arrange for applying forecast models of corporate financial standing. We present what results can be achieved through analysis of tax returns.
     Conclusions and Relevance Analysis of financial reporting is reasonable to perform concurrently with analysis of tax returns since it is important to evaluate the debtor's financial position. However, purposes, methods and procedures of the analysis should strictly correlate with information scope of those sources. Methodological requirements should not be too stringent. It is difficult to reach such balance. However, it is important to ensure the quality and efficiency of receivership.


Financial analysis of insolvent companies: the role of financial and tax reporting

L'vova N.A. Saint Petersburg State University, Saint Petersburg, Russian Federation ( lvova_n.a@mail.ru )

Pokrovskaya N.V. Saint Petersburg State University, Saint Petersburg, Russian Federation ( nvpokrovskaia@gmail.com )

Journal: International Accounting, #14, 2015

Importance Financial analysis of insolvent companies requires special methodological approaches that would take into account the specifics of bankruptcy legislation and the debtor's unfavorable position. Russia has the mandatory Rules that govern the analysis of business entities in receivership. The Rules emphasize the significant role of analyzing financial statements. The relevant methods are not free from weaknesses. They almost ignore analytical capabilities of tax reporting, thus determining the main subject of the research.
     Objectives The objective of the research is to substantiate recommendations on improvement of methodological approaches to analyzing insolvent businesses on the basis of their financial statements and tax returns.
     Methods The article reviews the specificity of analyzing the debtor in compliance with the effective Rules and relevant clauses of the Draft Federal Standard on Analysis of the debtor's financial position and results of its financial, operating and investments activities as part of bankruptcy procedures. The methodology of the research relies upon the theory of corporate financial analysis. The recommendations are substantiated with regard to scope of financial statements and tax returns.
     Results The research identifies the main issues and limitations relating to the application of the existing methodological recommendations. It also finds key areas for revising and supplementing them. In particular, we suggest setting up a system of financial coefficients that would arrange for applying forecast models of corporate financial standing. We present what results can be achieved through analysis of tax returns.
     Conclusions and Relevance Analysis of financial reporting is reasonable to perform concurrently with analysis of tax returns since it is important to evaluate the debtor's financial position. However, purposes, methods and procedures of the analysis should strictly correlate with information scope of those sources. Methodological requirements should not be too stringent. It is difficult to reach such balance. However, it is important to ensure the quality and efficiency of receivership.


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