Economy Buisness Banks №4(13)




Viktor G. Getman

PhD in Economics, Professor, Head of the Department‘ Accounting in commercial entities’ of the Finance University under the Government of the Russian Federation, Moscow (E-mail:

Legalization of capital of doubtful origins


The need for changes and additions to Federal Law on capital amnesty is disclosed in the article. The requirements for release from criminal and (or) administrative liability of presenters of declarations who made own capital formation delinquency are specified. A number of steps to activate processes of capital return to Russia are recommended.

Keywords: capital; sources of capital; presenter of declaration; nominal owner of capital; actual owner of capital; special-purpose declaration; guaranties for participants of capital amnesty programme; repatriation of property




Lyudmila M.Kupriyanova

PhD in economic sciences, Associate professor, Deputy Head of the Chair of “Economics Of intellectual property”, Associate professor of Department Of the “Economic analysis” of the Finance University Under the Government of the Russian Federation, Moscow (E-mail:

Tatyana V. Petrusevich

Senior lecturer Department of economic analysis, of the Finance University under the Government of the Russian Federation, Moscow (E-mail:

Modern problems and methods of business valuation


Importance The cost of business as one of the key criteria for assessing the financial condition, provides a comprehensive picture of the effectiveness of the organization’s management system. Cost management business – a modern tool to objectively arises according to the interests of owners and proprietors. The basic condition for the quality of the valuation is a methodological support. In the world of valuation methods used in practice, focused on various criteria that have certain advantages and disadvantages Objective. Methods The purpose of this article is to explore different approaches to determining the value of the enterprise; identify features of their use to enhance the effectiveness of current and strategic management decisions; The main directions in the field of business valuation, such as the income method, comparative and cost. Each method is evaluated from different perspectives are recognized opportunities and disadvantages of using it in the valuation. Conclusions and Relevance The study identified particular the practical application of different methods of business valuation. Use for Evaluation of indicators such as economic value added, or discounted cash flows brings certain results, and the appraiser have an opportunity to analyze the efficiency of the enterprise.

Keywords: business price, business valuation, business worth, value based management, profitable, cost-based, comparable approaches, сash flow.


Olga Iu. Gavel

PhD, Associate professor of the Economic analysis department of the Finance University Under the Government of the Russian Federation, Moscow (E-mail:

Strategical data analysis for realization adaptive business-model


This paper formulates proposals for the establishment of an effective system of strategic controlling to implement proactive business model in the company that requires adjustment of information-analytical system management support. All information about business terms and prospects as well about, affordability, productivity and effectiveness of business processes and value chains should be formed into ordered databases with an authorized access to necessary data for decision-makers on a real-time basis at the desired time. The technological and institutional barriers to the use of strategic data analysis at practical controlling were revealed and substantiated ways to overcome them.

Keywords: controlling; strategical analysis; business model; adaptive management.




Larisa S. Akeksandrova

professor, associate Professor of The Department of monetary and credit relation And monetary policy, of the Finance University under the Government of the Russian Federation, Moscow (E-mail:

Interaction of MFI with debt collection agencies


Importance In connection with the debt crisis the problem of interaction of credit institutions with debt collection agencies acquires recently more relevance. Objectives The task – to analyze the interaction between MFIs and debt collection agencies in Russia and abroad.

Methods The paper analyzed various aspects of the interaction of MFIs with dept collection agencies, determine the most effective ways to engage abroad. Conclusions and relevance The conclusion about the need to use foreign experience in the development of debt collection activities in the Russian Federation. This article covers the main problems and perspectives of cooperation of microfinance institutions with debt collection agencies, the feasibility of developing ethics recovery of arrears.

Keywords: Microfinance, arrears, debt collection agencies


Olga V. Zakharova

master of economy, senior teacher, Deputy Head of the Chair of Мonetary and credit relations and monetary policy, The Finance University under the Government of the Russian Federation, Moscow (Е-mail:

Problems and directions of development of microfinance sector of modern Russia


This article discusses a current state of microfinance market of Russia. The author analyzes its institutional component and legal base regulating activity of microfinance institutions. The author investigates the main problems, which are slowing down development of this market. In the result of the carried out research we suggest such directions of improvement of the market as development of microfinance institutions in regions, expansion of their interaction with banks, improvement of legal base.

Keywords: microfinance market, microfinance institutions, legislative and regulatory base, Bank of Russia


Irina E. Shaker

PhD, docent Monetary and credit relations And Monetary policy Department, Associate Professor Of Finance University under the Government Of the Russian Federation, Moscow Телефон:8 (985) 969 74 69

The social and economic order of a society for access to a payment infrastructure


In the article prospects of development of National payment system according to the Concept of long-term social and economic development of the Russian Federation for the period till 2020, with a view of maintenance social are considered, including financial safety of Russia which in the maximum degree can provide realisation of plans on social and economic development of the country and will help to generate an institutional and technological infrastructure of the market of the retail payment services intended for transfer of money resources including, the modern, competitive, is innovative-oriented financial infrastructure, allowing to give cheaply and comparable quality, the same financial services in all territory of the Russian Federation and to receive the standardised list of socially significant payment services in frameworks creation of a unified retail payment infrastructure (ЕРПИ).

Keywords: actuation of the Russian rouble in system CLS; joint settlement system (ОРС); a retail payment infrastructure; creation of National system of payment cards (НСПК)




Natalia E. Sokolinskaya

Candidate of economic science, Professor of Department of banking and Bank Management the Finance University under the Government of the Russian Federation, Moscow (E-mail:

Project financing: modern lines, problems and their decision


In article modern lines of a project financing, its similarity and differences from crediting are considered, advantages and shortcomings of a project financing, stages of financing and risks accompanying them, forms of participation of commercial banks in a project financing are analyzed, recommendations about formation of standards of a project financing depending on the available resources, a type of the financed project and a form of its realization are made.

Keywords: a project financing, technical progress, the predicted state, indicators of efficiency of financing, risks of financing




Natalya K. Muravitskaya

Auditor, Candidate of economic Sciences, Professor Of the Chair of “Accounting” of the Finance University under the Government of the Russian Federation, Moscow (E-mail:

Galina I. Korchinskaja

Auditor, candidate of economic Sciences, Assistant Professor at the Chair of “Accounting” of the Finance University under the Government of the Russian Federation, Moscow (E-mail:

The impact of certain elements of the accounting policy on the financial situation of the organization


This article describes the main elements of accounting policy and their influence on the formation of items of the accounting (financial) reporting, as well as on the indicators of financial situation of the economic entity. The role of the accounting policies as a tool for management of the organization, its compliance with the financial business development strategy is demonstrated. The purposes for which the formation of accounting policy is necessary are distinguished: reduction of complexity of accounting work; rationalization of cash flows; the convergence of accounting techniques and methods in the disclosure of the accounting (financial) reporting to IFRS; increasing the investment attractiveness. Elements of accounting policy of the organization are divided into three groups, depending on their effect on reporting indicators: causing changes; it does not change; it is impossible to make a clear assessment of the impact. The effect of the accounting policy methods to increase or decrease the values of the indicators of the economic entity financial situation is analyzed.

Keywords: accounting policy, the accounting (financial) reporting, financial indicators, economic entity, optimization of taxation, IFRS.


Nina I. Golysheva

Ph.D., Assistant professor of the Accounting, of the Finance University under the Government of the Russian Federation, Moscow (E-mail:

The problem of vat tax agents


The article discusses the features of the accounting of value added tax by tax agents. The concepts agent, tax agent and taxpayer. We study the rights and responsibilities of taxpayers and tax agents, their similarities and differences. The variants of the recognition of organizations and entrepreneurs by tax agents. Analyzes the case of the obligation to pay VAT. The method of determining the amount of value added tax by tax agents, especially when its calculation of advance payments and transferring funds to a foreign organization. The order of calculation and payment of VAT, controversial and ambiguous aspects of determining the taxable base, calculation and payment of tax in the budget. Particular attention is paid to the controversial points tax calculation when calculating non-monetary assets, cases are not taxes at a foreign organization.

Keywords: Tax agent, VAT, the place of realization, taxpayer, advance payment, the tax base, the procedure for calculating, withholding tax, amount of income, own funds, disputes, tax authorities, payment, monetary form, Non-cash, tax rate, mutual claims, currency settlements, ruble equivalent, collected taxes, estimated rate, netting.




Lyudmila M. Kupriyanova

PhD in economic sciences, Associate professor, Deputy Head of the Chair of “Economics of intellectual property”, Associate professor of Department of the “Economic analysis” The Finance University under the Government of the Russian Federation, Moscow (Е-mail:

Global rating foreign universities


The article is devoted to global ratings of foreign universities, popular methods for evaluating universities and teaching, that justifies an increase in the importance of human capital in the economic development of the country. Globalization, as a powerful impetus for the development of inter-university cooperation and academic mobility, has defined a new direction of development of higher education by matching levels of quality and quality of scientific-educational activity of universities around the world. Explored notions of quality education, research, internationalization, academic reputation, etc.; indicators: Professional and academic success staff, students and alumni of the University; rating methodology based on academic reputation, the reputation among employers, faculty ratios among the students in the universities, governmental organizations validating sources. Conclusion on the significance of evaluation criteria, such as Citation Index based on database Web of Science by Thomson Reuters, Scopus from company Elsevier. Methodology for determining the ranking of each University is based on its original system of evaluation, score ranking approaches confirmed that major international universities ranking parameter is the number of scientific publications, other ratings are focused on measuring resource indicator.

Keywords: national rankings, vector of development, human capital, evaluation criteria, international ranking, the quality of education, the level of scientific research, internationalization, academic reputation, experts, Shanghai ranking, rating methodology, rating movement, demand, citation index, ranking of universities, parameters for international rankings.




Meri A. Grigoryan

Financial University Under the Government of the Russian Federation, Moscow (Email:

Ketevan K. Sirbiladze

Financial University Under the Government of the Russian Federation, Moscow (Email:

Refinancing of credit institutions as an instrument of regulation liquidity of banking system the global turbulence


Importance Problems of refinancing of credit institutions, in order to regulate the liquidity of the banking system, has become even more urgent in the conditions of global turbulence. The subject of the study is refinancing of credit institutions today. Objectives Intention of our research is the study of the role of the refinancing of credit institutions as an instrument to regulate the liquidity of the banking system in conditions of global turbulence. The objectives of the study are: consideration of general information about the refinancing of credit institutions; study of the disadvantages associated with the discount rate; the proposal ourselves elimination these disadvantages; summing results and conclusions based on the study; solution of the problems highlighted in the article. Methods Research methods in our work are: theoretical analysis and synthesis, induction and deduction, comparison and classification. Results Productivity of the policy of refinancing rate depends on the inflow of foreign capital, but interest rate does not always determine the movement of capital in conditions of instability. If interest rates fall to revitalize the environment, it adversely affects the balance of payments, and causes outflow of capital. If a country’s economy is in a state of stagnation then raising the bank rate in order to improve the balance of payments adversely affects the economy. Conclusions and Relevance We concluded that under the conditions of the global turbulence, unfortunately, the effectiveness of the policy of discount rate of credit institutions has decreased. But reduction interest rates, despite the negative balance of payments and outflow of capital, has a positive effect on the recovery situation.

Keywords: banking system, global turbulence, monetary policy, monetary policy instruments, bank rate, refinancing, the Central Bank of the Russian Federation, the economy