Economy Business Banks №5(43)





Alexey N. Zubets

Doctor of Economics, Associate Professor, Director of the Institute of Socio-economic research, Financial University under the Government of the Russian Federation, Moscow, Russia.


Alexey V. Novikov

Doctor of Social sciences, Professor of the Department of Sociology, history and philosophy, Financial University under the Government of the Russian Federation, Moscow, Russia.


Pavel S. Seleznev

Doctor of Political science, Associate Professor, Department of Political science and mass communications, Financial University under the Government of the Russian Federation, Moscow, Russia.


Life quality aspects: assessment of the quality of medical care by the Russian population


Subject / Topic The research of the life quality of the Russian population, including quality of medical care, is connected with the issue of realistic assessment of the Russian population’s quality of life and quality of medical care in Russia. Various theoretical and methodological approaches made it possible to choose the most optimal research methodology and methods, to define a system of indicators for digital assessment of the quality of life and quality of medical care in Russia. The authors have developed a system of criteria, objective and subjective indicators for assessing the real state of the quality of medical care in Russia, as well as have worked out practical recommendations for improving the quality of medical services for the population.

Goals/Objectives To evaluate the quality of medical services in Russia based on a survey of the opinion of the Russian population.

Methodology The methodology of the empirical level based on the application of general scientific research methods: analysis and synthesis, induction and deduction, abstraction and concretization, population survey.

Conclusions and Relevance The study of the opinion of the Russian population on the quality of medical services in Russia was performed. A system of criteria, indicators, and methods for digital evaluation of the opinion of the Russian population on the quality of medical services has been developed.

Key words: quality of life, quality of medical care; life expectancy; availability of high-quality medical care for the population, responsiveness of the Russian healthcare system to the expectations of the population.


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Alexander S. Rodionov

PhD in Technical Sciences, Professor, Academician of the International Academy of Informatization, Professor of the Department of Risk Analysis and Economic Security, Director of Scientific and Information Consulting Center of safe life and work, Financial University under the Government of the Russian Federation, Moscow, Russian Federation, President of Graduate School MВА «IntegraL» (Corporate University).


Digital economy development in Russia


Subject/Topic Humanistic values with a technocratic approach to designing the future / Aporia of digitalization drivers.

Social engineering of the world structure, world order and worldview stimulates scientific and technological progress as a large-scale digitization of business entities, life and work (L&W) of the population as a whole. Maximizing profit, as a key success factor (KFU), the “technocrats” of the economy, using mathematical formulas and computed tomography of its clusters, forget about the importance of social and biological harmony in a person. A possible outcome is the deprivation of the possibility of sensory perception of the world of L&W in the “concentration digital camp”.

Goals / Objectives From the perspective of the Theory of Constraints (TOC), to analyze and evaluate the current trends of digitalization in the global economy.

Methodology Phenomenological analysis, dialectics, trialektics, synergetics of natural science at the junction with the humanities, methods of similarity, divergent and convergent thinking, induction and deduction.

Conclusions and Relevance The basic provisions of the author’s paradigm of normal life and work (NLW) are described. It is proposed to consider any deviation from the normal L&W as an emergency. It is recommended to assess emergencies in risk units (acceptable, unacceptable). A rule has been introduced for normalizing emergencies by the cause-effect criterion.

Keywords: normal life and work, digitalization.


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Rodionov, Kupriyanova (2019) – Rodionov A.S., Kupriyanova L.M. The risks of capitalization: scenario planning // Economy. Business. Banks. [Riski intellektualizatsii kapitala: stsenarnoe planirovanie //Ekonomika. Biznes. Banki.] 2019, No. 7 (33). p. 19-37

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Larisa G. Chuvakhina

PhD in economic sciences, Associate Professor of the Department of World Economy and World Finance, Financial University under the Government of the Russian Federation, Moscow. E-mail:


The legal structure of the US Federal reserve


Subject / Topic The Federal Reserve System (FRS) is the main financial institution in the United States. The legal basis for the formation of the US Federal Reserve is the Federal Reserve Act adopted in December 1913. The establishment of the Fed meant the creation of a coalition of large banks, owners in each of the twelve regional reserve districts. The functioning of the Fed occurs in conditions of regional decentralization. The structure of the US Federal Reserve distinguishes: Board of Governors; Federal Reserve Banks; Federal Open Market Committee; Advisory bodies.

Goals / Objectives The purpose of the study is to identify the characteristics of the organizational structure of the Fed, which serves as the central bank.

Methodology When writing the work, general and special research methods were used, including analysis, synthesis, generalization.

Conclusion and Relevance Today, the US Federal Reserve is not only the main financial institution in the United States, ensuring the development of the national banking system and maintaining the dominant position of the US dollar, but also the most powerful financial organization in the world, which is the basis of the global financial system, playing the role of a global central bank. The ongoing changes in the US economic policy, both internal and external, do not affect the position of the Fed, which remains stable and unchanged. In many respects, the reason for the stable activity of the US Federal Reserve exclusively in the American interests is explained by the features of the organizational structure of the Federal Reserve, the functions of its constituent elements.

Key words: banking system, Federal Reserve, Board of Governors, Federal Reserve Bank, advisory bodies, money issue, monitoring of banking activities.


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Ninа I. Golyshevа

PhD Econ., Associаte professor of the Depаrtаment of Accounting, аnаlysis аnd аudit, Finаnciаl University under the Government of the Russiаn Federаtion, Moscow. E-mаil: nigolyshevа@mа

Anastasiya V. Reut

2-nd year student of Mаsters Degree, Аccounting аnd Legal Support of Business, Finаnciаl University under the Government of the Russiаn Federаtion, Moscow. E-mаil:

Modern approaches to the organization and functioning of representative offices of foreign companies


Subject/Topic The article is devoted to the features and problems of representative offices of foreign legal entities operating in the Russian Federation.

Goals/Objectives The purpose of the research is to investigate modern approaches to the organization and functioning of representative offices of foreign companies. To achieve this goal, the following tasks were set: considerаtion of the theoretical aspects of foreign representative offices functioning; studying of the organization of accounting in representative offices of foreign legal entities, accounting for tax obligations, structure of reporting; problems identification and development of recommendations for improving the organization of activities, accounting and reporting in representative offices of foreign companies.

Methodology In this reseаrch such general scientific methods of cognition as analysis and synthesis, induction and deduction, comparison аnd integrаted аpproаch were applied.

Conclusions аnd Relevаnce Аs а result of the reseаrch, the features of  functioning of foreign representative offices in Russia, their advantages were studied. Рroblems associated with the implementation of activities, accounting and reporting were identified. Possible ways to tackle the challenges were considered and defined.

Keywords: separate division, foreign representative office, reporting structure, internal reporting, expenses of foreign representative office, electronic document processing, Head office.


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Gerel S. Sharmandzhieva

[/scBachelor of Economics, Financial adviser, Graduate student gr. BA18-1m, Business Analytics program, Department of Taxes, Audit and Business Analysis, Financial University under the Government of the Russian Federation, Moscow, Russia. E-mail:


Supervisor: Lyudmila M. Kupriyanova, Ph.D. in Economics, Associate professor, Deputy Head of the Department of Economics of Intellectual Property, Associate professor of the Department of Accounting, Analysis and Audit, Financial University under the Government of the Russian Federation, Moscow (E-mail:

Analysis of the consolidated reporting indicators for the purpose of taking the investment decision


Subject/Topic To solve a wide range of issues related to consolidation, a special analysis toolkit should be adapted to its specifics. This problem becomes even more important due to the necessity to make decisions regarding investments in the Group of Companies on the basis of the analysis, which is a common practice in the field of M&A transactions.

Goals/Objectives The main goal of the work is to present an approach for studying the indicators of consolidated financial statements covering all aspects of the Group’s activities and explain the practical value of the analysis for a potential investor. The achievement of the goal is connected with the division of the analysis of indicators into several parts – the consolidated financial state, financial result, operating indicators and tax issues.

Methodology Without active communication with the potential subject of the transaction (in this case, with representatives of the Group of Companies), it is practically impossible to conduct a detailed analysis to obtain the necessary results. As a consequence, the possibility of implementing this communication is the main assumption of this approach.

Results The main result is the systematization of the analysis of consolidated reporting indicators to obtain conclusions on the basis of which a decision on investment is made.

Conclusions and Relevance Without proper systematization of this process or with the omission of the features related to consolidation issues, the analysis results may be distorted, as well as the investor’s opinion, and also may have a direct impact on the transaction price.

Keywords: consolidated financial statements, financial indicators, financial analysis, investment transactions, financial statements analysis, working capital, Group of companies.


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Barinov A.D. (2018) – Barinov A.D.  Ebitda in the tasks of analyzing the company’s financial results [Ebitda v zadachah analiza finansovyh rezul’tatov kompanii] // Bulletin of science and education – 2018. – №6 (42) – P. 45-50.

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Zhivotova Y.I., Anfinogenova E.O. (2019) – ZHivotova YU.I., Anfinogenova E.O. On the problems of identifying tax offenses related to labor payment [O problemah vyyavleniya nalogovyh pravonarushenij, svyazannyh s oplatoj truda] // IBR. – 2019. – №2 (35). – P. 44-48.

Korsakov M.N., Muzolev I.V. (2018) – Korsakov M.N., Muzolev I.V.  Due Diligence: concept, problems and prospects of development in Russia [Due Diligence: ponyatie, problemy i perspektivy razvitiya v Rossii] // Vestnik TIUiE. – 2018. – №2 (28). – P. 8-11.

Kukushkin P.A. (2018) – Kukushkin P.A. The essence and role of pre-investment analysis in mergers and acquisitions projects [Sushchnost’ i rol’ predynvesticionnogo analiza v proektah sliyanij i pogloshchenij] // Vestnik GUU. – 2018. – №6., – P. 136-139.

Kupriyanova L.M., Boldyrev A.N. (2015) – Kupriyanova L.M., Boldyrev A.N. Aassessment of the effectiveness of receivables management [Ocenka effektivnosti upravleniya debitorskoj zadolzhennost’yu] // The world of the new economy – 2015. –  №2. – P. 47-55.

Peredera Z.P., Pravikov O.V. (2019) – Peredera Z.P., Pravikov O.V Investment planning at the client level: key metrics. [Investicionnoe planirovanie na urovne klienta: klyuchevye metriki.] // Moscow economic journal – 2019. – №6. – P.378-383.

Rajimberdieva O. R. (2015) – Rajimberdieva O. R. The role and place of management accounting in enterprise management and its improvement [Rol’ i mesto upravlencheskogo ucheta v upravlenii predpriyatiem i ego sovershenstvovanie] // Young scientist. – 2015.- №10. – P. 775-777.

Strogonova V.O. (2018) – Strogonova V.O Financial and managerial accounting. Differences. [Finansovyj i upravlencheskij uchet. Otlichiya.] // Bulletin of modern research – 2018. – №11.4 (26). – P. 200-202.

Chirkova E. (2017) –  Chirkova E. How to evaluate business by analogy: Handbook on the use of comparative market coefficients [Kak ocenit’ biznes po analogii: Posobie po ispol’zovaniyu sravnitel’nyh rynochnyh koefficientov] / Elena Chirkova. – 4th ed.. – M.: Alpina Pablisher, 2017. – P. 15-16.

Shantrukova N.M. (2016) – Shantrukova N.M. Assessment of tax risks arising in organizations applying the simplified tax system [Ocenka nalogovyh riskov, voznikayushchih u organizacij, primenyayushchih uproshchennuyu sistemu nalogooblozheniya // Bulletin of the Ural Institute of Economics, management and law, 2016. – №1 (34). – P. 15-21

Shevchenko D.A. (2019) – Shevchenko D.A Effectiveness of digital marketing in virtual markets: review of existing approaches and methods [Effektivnost’ digital-marketinga na virtual’nyh rynkah: obzor sushchestvuyushchih podhodov i metodik] // Practical marketing. -2019. – №11 (273). – P.10-15.

Rulkov V.P. (2018) – Rulkov V.P.  Modeling strategies of mobile marketing for advertising campaigns with the model of CPI price formation on the basis of linear approximations / V.P. Rulkov // European science. – 2018. – №9 (41). – P. 20-26.


Marina A Kalinina

PhD in Economics, PhD, Associate Professor, Financial University under the Government of the Russian Federation, Moscow.


Nikita K. Kolesnichenko

2nd year student, Department of International economic relations, Financial University under the Government of the Russian Federation, Moscow. E-mail:

Consumer in a digital transformation


Subject/Topic Consumers are becoming more demanding and impatient. They want to get exactly what they expect from the manufacturer with minimal efforts instantly exactly in a moment when they want it. In reality not all the brands are ready for that.

Transformation towards digital economy is needed within all levels of decision making process considering latest technologies and new level of customer’s wants and demands. Customers nowadays have the same access to all kinds of resources, including information, as companies have.

Considering the level of digital customer maturity, companies nowadays are needed to revise marketing strategies and reorganize the business model of relationship with their customers.

Goals/Objectives The aim of this work is to determine the role of digitalization in the process of interaction between the manufacturer and the end user, identifying the features of digital transformation.

To achieve this goal, it is necessary to solve the following tasks: reveal the main features of digital transformation; analyze the model of consumer behavior in a digital economy; identify the main aspects of the impact of digital transformation on the business, new strategic decisions.

Methodology The implementation of the tasks is carried out through the use of domestic and foreign literature on this topic, using cabinet and field research (observation methodology in particular, examining customer’s behavior and their relationship with stakeholders). Methods of analysis, processing and generalization of information were also used.

In order to fulfill the task in depth, analysis of consumer behavior (from conventional to the digital, customer’s changing needs, wants and demands in new environment), as well as new business strategic decisions, adapted to the new realities, was performed.

Conclusion and Relevance Digital customer could be characterized by a number of totally different features. One of the most important – is convergence with the newest digital technologies. Using the latest technologies customer can set up different goals, can participate in company’s corporate life, especially those brands, which he is affiliated with.

Digital technologies allow customer to participate not only in production process, but also in marketing activities which leads to a new understanding of marketing. That’s a new challenge for a company and a new level of launching and managing marketing strategies.

Keywords: Digital-marketing, digitalization, digital transformation, customer’s digital maturity, marketing strategy, business digitalization.


The Boston Consulting Group,  report «Как достичь цифровой зрелости», 2018.

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Irina V. Osipova

Candidate of technical sciences, Professor, Department of Accounting, analysis and audit, Financial University under the Government of the Russian Federation, Moscow. E-mail:

Reflection of innovations in accounting and accounting (financial) statements


Subject / Topic The article discusses the issues of legislative regulation of accounting and disclosure of information on innovations in accounting (financial) statements (AFS). In this regard, the main Russian standards for the accounting methodology of intangible assets are considered, which include RAS 14/2007, RAS 17/02, the Civil Code of the Russian Federation, as well as IFRS, etc.

Goals / Objectives To consider the procedure for registration in accounting and assessment of the assets under consideration and the procedure for disclosing information in the AFS. To analyze the similarities and differences of modern standards of accounting for intangible assets, including innovations, to identify existing problems in accounting for intangible assets.

Methodology Analysis of Russian and foreign standards, the innovations indicated in them, methods for evaluating these assets and documents of AFS, which should disclose information about them.

Conclusions and Relevance At present, the biggest problem of Russian economic entities is the inability to buy necessary innovations, innovative technologies and products, and improved production methods. This cannot but affect the reduction in the creation of innovations and their use by economic entities.

The analyzed standards of accounting for intangible assets have serious discrepancies, which lead to the formation of incomplete information on intangible assets, including innovations, in accounting and AFS.

Keywords: intangible assets, innovations, legal regulation, RAS 14/2007, RAS 17/02, Civil Code, international financial reporting standards IAS 38 “Intangible assets”, accounting (financial) statements.



Belokon A.A. (2020) – Belokon A.A. Annual report. Disclosure of information on innovations and modernization of production. [Godovoj otchet. Raskrytie informacii ob innovaciyah i modernizacii proizvodstva.] – Moscow – 2020 –

Basova A.V. (2016) – Basova A.V.  Development of accounting and analytical support for innovative processes in the management accounting system. [Razvitie uchetno-analiticheskogo obespecheniya innovacionnyh processov v sisteme upravlencheskogo ucheta.] // News of universities. Investments. Building. Immovable property. [Izvestiya vuzov. Investicii. Stroitel’stvo. Nedvizhimost’] – No. 1 (16) – M. : 2016 – p. 11-19.

Rubtsova E.M. (2015) – Rubtsova E.M. Reflection of innovative activity costs in accounting [Otrazhenie zatrat na innovacionnuyu deyatel’nost’ na schetah buhgalterskogo ucheta] // International Accounting [Mezhdunarodnyj buhgalterskij uchet] – No. 19 (361) – M., 2015 – p. 2-13

Rubtsova E.M. (2015) – Rubtsova E.M. RAS 17/02 Cost accounting for research, development and technological work: application boundaries [PBU 17/02 Uchet raskhodov na nauchno-issledovatel’skie, opytno-konstruktorskie i tekhnologicheskie raboty: granicy primeneniya] // Economics of Entrepreneurship [Ekonomika predprinimatel’stvo] – No. 1 – M .: 2015- p. 500-508

Suldina E.S. (2019) – Suldina E.S.  Problems of accounting for innovation costs [Problemy ucheta zatrat na innovacionnuyu deyatel’nost’.] // Economic sciences [Ekonomicheskie nauki] – No. 1/4 – M .: 2019 – p. 1-4

Abubakirova K.N. (2012) – Abubakirova K.N. Cost accounting for innovative activities: author. Dis.cand. econ. sciences: 08.00.12 [Uchet zatrat na innovacionnuyu deyatel’nost’: avtoref. Dis.kand. ekon. Nauk: 08.00.12]. – Nizhny Novgorod, 2012. -p. 1-25

Neyelova N.V. (2014) – Neyelova N.V. Costs of innovation in the accounting and statistical reporting of organizations [Zatraty  na innovacii v buhgalterskoj i statisticheskoj otchetnosti organizacij] // International Accounting [Mezhdunarodnyj buhgalterskij uchet] – No. 33 (327) – M .: 2014 – pp. 43-54.

Plaskova N.S., Polyanskaya T.A., Samusenko A.S. (2017) – Plaskova N.S., Polyanskaya T.A., Samusenko A.S.  Improvement of cost accounting for innovative activities of organizations [Sovershenstvovanie ucheta zatrat na innovacionnuyu deyatel’nost’ organizacii] // Accounting. Analysis. Audit [Uchet. Analiz. Audit] – No. 6 – M.: 2017 – pp. 76-85

Kargina T.S., Parshutkina V.V. (2018) – Kargina T.S., Parshutkina V.V.  Cost accounting for innovation [Parshutkina. Uchet zatrat na innovacionnuyu deyatel’nost’] // Economic sciences [Ekonomicheskie nauki] – No. 1/5 – Moscow: 2018 – p. 1-5

Kupriyanova, Osipova (2017) – Kupriyanova L.M., Osipova I.V. The balance sheet is the most important source of information. International accounting. 2017. No. 22. P. 40.

Kupriyanova, Osipova (2016) – Kupriyanova L.M., Osipova I.V. Functions of the consolidated financial statements of the insurer. Economy. Business. Banks 2016. No. S6. S. 155-171.

Kupriyanova, Osipova (2015) – Kupriyanova L.M., Osipova I.V. The balance sheet is the most important source of information for evaluating business development. Accounting in publishing and printing. 2015. No 3 (175). S. 11-23.


Suzana L.Balova

Ph.D (Economics), Associate professor, Department of Management, Financial University under the Government of the Russian Federation, Moscow, Russian Federation


Modern tools of marketing communications in the insurance market


Subject/Topic Research of modern marketing communication tools in the developing digital environment.

Objective The purpose of the research is to substantiate theoretical provisions and practical recommendations on the use of elements of integrated marketing communications by insurance companies, taking into account changes in the digital space and the specifics of the insurance market development.

Goal To study the changes in the marketing environment factors that affect the concept of promotion in the insurance company; to diagnose the current state of the insurance sector for determination of the need to use traditional and digital tools of integrated marketing communications; to justify the role of social networks and ecosystems as new methods of promotion of insurance products and services in the digital space.

Methodology The methodological basis of this research is the scientific works of domestic and foreign scientists, legislative acts regulating insurance activities in the Russian Federation, scientific monographs, dissertations, articles in periodicals.

Conclusions and Relevance In the context of changes in the insurance market, approaches to implementing integrated marketing communications are based on a flexible combination of traditional and digital promotion tools. The formation of the digital space leads to new promotion formats for insurance products and services, such as social networks and ecosystems.

Keywords: digital environment, digital technologies, integrated marketing communications, social networks, ecosystem


RBK: 2020/5e8dad639a79470de70eba55

RIA (Universal rating agency) [universal’noe rejtingovoe agentstvo]

Blekuell R. Consumers behavior [Povedenie potrebitelej] / R. Blekuell, P. Miniard, Dzh. Endzhel. SPb., 2007 p. 239-240.

American Marketing Association; AMA [Amerikanskaya Associaciya Marketinga]

2019 Report AKAR (Association of Communication Agencies of Russia) [Associaciya Kommunikacionnyh Agentstv Rossii]

Rating MediaIndex [Rejting MediaIndeks]

Social networks in 2018: global research [Social’nye seti v 2018 godu: global’noe issledovanie]. WebCanape, Moscow, LLC «Twins» 2008–2019. URL: https://www.web– business/socialnye–seti–v–2018– godu–globalnoe–issledovanie/

What is CMS? // Twilight CMS. Content management system  [Sistema upravleniya sajtom], information reference portal, Moscow, 2003–2019. URL:

StatCounter populyarnye-soczseti-v-rossii-za-2019-2020-god/

Digital 2020: global review of trends and figures for 2019 from We Are Social and Hootsuite

Research and analysis of the sales market through social networks [Issledovanie i analiz rynka prodazh cherez socseti]

Website or social networks: what Russian business chooses to communicate with clients [Sajt ili socseti: chto vybiraet rossijskij biznes dlya obshcheniya s klientami]

The ecosystem trend as a business collaboration in the banking sector. [Trend na ekosistemu kak biznes-kollaboraciyu v bankovskom sektore]. Economy and entrepreneurship 2019. № 5 (106). p. 922-924.


Ekaterina M. Mikhailu

the Faculty of International Economic Relations, Financial University under the Government of the Russian Federation, Moscow.


Scientific supervisor – Marina A. Kalinina, PhD in Economics, Associate Professor, Financial University under the Government of the Russian Federation, Moscow.


Global marketing trend: islamic marketing


Subject/Topic The author examines the modern aspects of Islamic marketing in the world and the reasons of its origin and development.

Goals/Objectives To consider the differences between traditional and Islamic marketing, review the marketing mix of Islamic marketing, and analyze consumer behavior from the point of view of Islamic marketing.

Methodology Analysis of scientific, practical and educational publications, review of primary and expert sources of information, analysis of international statistics and reviews of international organizations, systematization and generalization of identified facts.

Conclusion and Relevance With comprehensive guidance on every aspect of everyday life, Islam can bring new shades and directions to the marketing field. Based on equality and fairness, the principle of value maximization, which is the basis of Islamic marketing, brings new qualitative features to the marketing management concept. However, much remains to be done to develop concepts, models and theories of Islamic marketing.

Keywords: Islamic marketing, market research, international marketing trends, global market, globalization, marketing mix, migration.

Список источников / References:

  1. Ahmad Azrin Adnan, 2013 «Theoretical Framework for Islamic Marketing: Do We Need a New Paradigm?». International Journal of Business and Social Science Vol. 4, 157-165
  2. Arham, M. Islamic perspectives on marketing. Journal of Islamic Marketing, 1(2), 2010. pp- 149-164.
  3. Baker Ahmad Alserhan, B. «Principles of Islamic marketing». UK: Gower Publishing Limited. 2018.
  4. Baker Ahmad Alserhan. «Principles of Islamic Marketing». Ashgate Publishing, Ltd. 2015.
  5. Johari Bin Abdullah, Jamil Haji Hamali and Firdaus Abdullah. «Success strategies in Islamic marketing mix». International Journal of Business and Society, Vol. 16 No. 3. 2015. pp- 480 – 499
  6. Kearney A. T. «Addressing the Muslim market». A. T. Kearney (2017), ‘Addressing the Muslim market’. 2017..
  7. Syed Ali Hussnain, 2011. «What is Islamic Marketing». Global Journal of Management and Business Research, Vol, XI Issuee XI Version 1. 2011, pp – 101-103.
  8. Munazza Saeed and Aysha Karamat Baig. 2013. «Islamic Shari’ah-compliant marketing». International Journal Social Entrepreneurship and Innovation, Vol. 2, No. 2, 2013.
  9. Mustafa ‘Afifi Abdul Halim & Azlin Alisa Ahmad. 2014. «Enforcement of consumer protection laws on halal products: Malaysian experience». Asian social science. Vol. 10. No. 3 ISSN 1911-2017
  10. Salih Yildiz, Emel Yildiz, Mehmet Hanefi Topal. 2014. «Islamic Marketing as a new marketing trend: An application for determining consumers, Islamic bank selection criteria. Banks and Bank Systems», Volume 9, Issue 1, 2014
  11. Shelby D. Hunt, Dennis B. Arnett. 2016. «Does marketing success lead to market success?» Journal of Business Research.
  12. Yusniza Kamarulzamanand Azian Madun. 2013. Business Strategy series,Vol.14,No2/3. Pp 60-66, Emerald Group Publishing Limited.

Zainalabidin Mohamed, Golnaz Rezai, Mad Nasir Shamsudin and Eddie Chiew F.C. 2008. «Halal logo and consumers’ confidence: What are the important factors?» Economic and Technology management review. Vol 3 (2008): 37-45


Maria A. Demidova

specialist, Directorate of School 2025, Master student, program: Business Analysis, Financial University under the Government of the Russian Federation, Russia, Moscow. E-mail:

Controlling tools through the prism of business analysis


Subject / Topic The tools of business performance controlling presented in the article, based on the principles of business analysis, were formed based on the study of scientific literature relating to the evolution of the theory of controlling and the main approaches to performance improvement through the use of a stakeholder approach for enterprises working in the field of telecommunications.

Goals / Objectives Generalization of the main controlling tools that most widely reveal the possibilities of business analysis.

Methodology The research was based on current data of functioning enterprise working in the field of telecommunications. Information processing was carried out using the principles of systematic and integrated approaches.

Conclusions and Relevance The application of the approach to control activities in the enterprise using the main provisions of business analysis has a favorable effect on the internal and external environment of the organization. It is noted that the key tool is the system of balanced indicators, which should be based on a three-pronged approach to sustainable development, but taking into account the specifics of the organization’s activities. It is noted that all indicators should be measurable and justified.

Keywords: controlling, efficiency assessment, business analysis, telecommunications.


Zhidkova (2016) – Zhidkova E. A. Development of business analysis in the controlling system [Razvitie biznes-analiza v sisteme kontrollinga] // Izvestiya SPbGAU, – 2016. –No. 42. – Pp. 202–203.

Starikova (2017) – Starikova E.A. Modern approaches to the interpretation of the concept of sustainable development [Sovremennye podhody k traktovke koncepcii ustojchivogo razvitiya] // Vestnik RUDN. – Series: Economy. [Seria: Ekonomika] – 2017. – No. 1. – P. 10–13.

Kaplan R. S. (2005) Kaplan R. S. The balanced scorecard. From strategy to action: TRANS. with English / R. S. Kaplan, D. P. Norton. – M., 2005.

Methodology of business analysis: textbook [Metodologia biznes-analiza : uchebnoe posobie] / V. I. Barilenko. – Moscow: KNORUS, 2018. – P. 35. [in Russian].

Basics of business analysis: textbook [Osnovy biznes analiza : uchebnoe posobie] / V. I. Barilenko, V. V. Berdnikov, R. P. Bulyga [et al.]; ed. by V. I. Barilenko [pod red. V.I. Barilenko]. – Moscow: KNORUS, 2014. – Pp. 178-179. [in Russian].

Gavel (2018) – Gavel O. Y. Methodological approaches to evaluation and monitoring of efficiency of innovative development management of economic subjects. [Metodicheskie podhody k ocenke i monitoringu ehffektivnosti upravleniya innovacionnym razvitiem ehkonomicheskogo sub”ekta] // Economy. Business. Banks. [Ehkonomika. Biznes. Banki]. – 2018. – № 1 (22). – p. 105-126. [in Russian]

Gavel (2014) – Gavel O.Y. The use of bench-marking as a tool for assessing the competitiveness of business models. [Ob ispol’zovanii bench-markinga v kachestve instrumenta ocenki konkurentosposobnosti biznes-modelej]  // Economy. Business. Banks [Ehkonomika. Biznes. Banki]. – 2014. –  № 2 (7).- P. 37-49. [in Russian]

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MTS group sustainable development Report 2018 [Otchet ustojchivogo razvitiya gruppy MTS 2018] [electronic edition]  (URL: MTS_OUR_2019_full.pdf). [in Russian].


Galina A. Khanaeva

System analyst, LLC Unitarius, Postgraduate, Department of Economic Informatics, 08.00.13 Mathematical and engineering methods in economics, Lomonosov Moscow State University, Moscow. E-mail:

Scientific adviser: Mikhail I. Lugachev, Doctor of Economics, Professor, Department of Economic Informatics, Lomonosov Moscow State University, Moscow.

Economic effectiveness of WMS system


Subject / Topic The purpose of this article is to study the effectiveness of WMS system from the perspective of adding value to the end user.

Goals / Objectives This article examines the economic effectiveness of a warehouse enterprise: it measures the effectiveness of the warehouse, distinguishes various components of the operation costs, and finds alternatives to increase the economic effectiveness of the warehouse.

Methodology The study is based on relevant data from domestic warehouse enterprises used with a systematic approach. The following methods were used to write the article: analysis, synthesis, induction and deduction, methods of logical analysis.

Conclusions and Relevance The article shows the influence of WMS system on the product value for the end user and how the rational organization of operational activities allows to increase productivity with a smaller increase in the number of employees, that is a synergistic effect.

In the framework of the lean manufacturing concept, a WMS system is considered as a way to increase the economic effectiveness of a warehouse enterprise. Application of the Deming cycle allows to improve production processes, to optimize the work of the enterprise with the help of the regular elimination of weaknesses in business processes.

Keywords: WMS system; lean manufacturing concept; inventory analysis; cost of warehouse operations; economic effectiveness, synergistic effect.




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Demin (2019) – Demin V. LOGBOOK. The book for the logistics management // Moscow. – Coordination logistics council. – 2019.

Deming (1986) – Deming W. Edwards Out of the crisis // Cambridge, MA: Massachusetts Institute of Technology. – Center for Advanced Engineering Study. – 1986

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Daria S. Malysheva

student of the Management Faculty, Financial University under the Government of the Russian Federation, 49 Leningradsky Prospekt, Moscow, 125993, Russia

Scientific adviser: Tatyana V. Abalakina, Candidate of Economic Sciences, Associate Professor, Department of Corporate Finance and Corporate Governance, Financial University under the Government of the Russian Federation. E– mail:

The valuation of green financing as a new investment strategy


Subject / Topic Due to the global trend of the care for the environment, a new model of green investing has developed. The green investment projects aim not solely on financial return but also on creation of positive social effect and reducing the negative effects on the environment in the long run. The growth in demand for the green financial tools on behalf of socially responsible investors accelerated the process of its specialization and certification, as well as the development of the financial infrastructure.

This research presents the main elements of the methodological support of the modern ecosystem of green and responsible investing internationally. The Russian experience of the transition to sustainable development was also considered.

Goals / Objectives Based on the international experience of green market functioning, the aim is to identify the obstacles to sustainable finance in Russia and to design the possible ways to address the issue. In addition, the template of integral evaluation of the investment’s effectiveness should be determined.

Methodology In the research process the following methods were applied: comparative and structural analysis, logical and analytical assessment of variables, generalization.

Conclusion and Relevance Considering the wider application of green financial tools on the international financial market, it’s appropriate to develop the institutional environment in Russian Federation. It would lead to the move from the narrow shareholder model to the broader stakeholder model, bringing together both public and private capital to the green fields. The integrity of approach to achieve financial and ecological impacts should be reflected in the valuation of investment projects by calculating the combined value.

Keywords: responsible investment, green financial tools, sustainable development, green investments valuation, combined value


The basic principles of the national ecological policy for the period up to 2030. [Osnovy gosudarstvennoi politiki v oblasti ekologicheskogo razvitiya Rossiiskoi Federatsii na period do 2030 goda.]

Green investments as a framework of investing’ financial support in order to ensure sustainable and balanced economic growth: opportunities for Russia. [«Zelenoe» finansirovanie kak mekhanizm finansovoi podderzhki investitsionnoi deyatel’nosti v tselyakh obespecheniya sbalansirovannogo i ustoichivogo rosta: vozmozhnosti dlya Rossii»]. Analytical note by NIFI. URL: library/2018/06/main/2016_part_1.pdf

The Diagnostic Overview «Green Finance: the Agenda for Russia». [«Zelenye finansy: povestka dnya dlya Rossii». Diagnosticheskaya zapiska rabochei gruppy po voprosam otvetstvennogo finansirovaniya (ESG-finance), v t. ch. «zelenogo» finansirovaniya, Ekspertnogo soveta po rynku dolgosrochnykh investitsii pri Banke Rossii].  –  2018. URL:

The concept of methodological development’ organization of the green financial instruments and the projects of responsible investments. [Kontseptsiya organizatsii v Rossii metodologicheskoi sistemy po razvitiyu zelenykh finansovykh instrumentov i proektov otvetstvennogo investirovaniya. Ekspertnyi sovet po rynku dolgosrochnykh investitsii pri Banke Rossii] – 2019. URL: File/84163/press_04102019.pdf

Building Research Establishment Environmental Assessment Method, BREEAM. – URL:

The principles of responsible investments. [Printsipy otvetstvennogo investirovaniya] – [electronic resource]: available at:

Model Guidance on Reporting ESG Information to Investors: A Voluntary Tool For Stock Exchanges to Guide Issuers. [Tipovoe rukovodstvo emitentam po predstavleniyu informatsii o ESG investoram kak dobrovol’nyi instrument dlya fondovykh birzh]. – 2018.– URL:  /uploads/2015/09/SSE-Model-Guidance-on-Reporting-ESG.pdf

Andryunina, Yana Andreevna. The governance of green construction on the value-based approach. [Upravlenie razvitiem «zelenogo» stroitel’stva na osnove realizatsii tsennostno-orientirovannogo podkhoda]: [avtoreferat dis. kandidata ekonomicheskikh nauk : 08.00.05; FGBOU VO Voronezhskii gosudarstvennyi tekhnicheskii universitet]. – Voronezh, 2019. – 21 p.

Ivanov Oleg. The perspectives of green securitization in Russia. [Perspektivy «zelenoi» sek’yuritizatsii v Rossii], Cbonds Review 2020. – URL:

Antony Bugg-Levine and Jed Emerson.  Impact Investing: Transforming How We Make Money While Making a Difference [Sotsial’no-preobrazuyushchie investitsii: kak my menyaem mir i zarabatyvaem den’gi]; [Perevod s angliiskogo Chernyshova A. S.]. – Moskva: ROSSPEN, 2017. – 271 p.,

Global sustainable investment review 2018 – URL: /2019/03/GSIR_Review2018.3.28.pdf

Taxonomy: Final report of the EU Technical Expert Group on Sustainable Finance (TEG), march 2020 – URL:  sustainable-finance-technical-expert-group_en

Inderst, G., Kaminker, Ch., Stewart, F. (2012), “Defining and Measuring Green Investments: Implications for Institutional Investors‟ Asset Allocations”, OECD Working Papers on Finance, Insurance and Private Pensions, No.24, OECD Publishing.

Landberg R., Massa A., Pogkas D. Green Finance Is Now $31 Trillion and Growing- URL:  2019-green-finance/

Schoenmaker D. «Investing for the common good: a sustainable finance framework»; Bruegel essay and lecture series, 2017


Svetlava R. Potapova

4th year student of the Financial University under the Government of the Russian Federation, Faculty of Accounting and Auditing, Moscow (E-mail:

Academic Supervisor: Ainara N. Amersara, Department of Accounting, Analysis and Audit, Senior Lecturer, Head of Development Programs, Financial University under the Government of the Russian Federation, Moscow


Influence of the coronavirus epidemic on the economic and social processes in Russia


Subject/Topic The article presents the main problems faced by the citizens of our country, enterprises of small, medium and large businesses, all commercial and non-profit organizations and the state, caused by the appearance of a virus, the distribution area of which includes most of the countries of our planet, – coronavirus. Under his influence have fallen not only the inhabitants of various countries, but also the economic situation of these states.

Goals/Objectives The purpose of this article is to assess the possible damage caused to the subjects of economic activity in Russia and to the economy of the country in general, to understand where the problems come from and what is the result of their influence on every citizen of our country.

Methodology In this article, the characterization of the problem is carried out by analyzing the publications of the media and the decisions of the Russian government in relation to the influence of the coronavirus on a particular segment of the economy.

Conclusions and Relevance The current situation may become a civilizational shift, as conditions of self-isolation enable people to engage in self-development, and technology has a chance to demonstrate its value to society in crisis situations.

Keywords: coronavirus, control measures, audit, education, state, Russian economy.


Coronavirus in the world, latest news on March 17, 2020: Russia has closed borders for foreigners. [Electronic resource] // URL:

CORONAVIRUS (COVID-19) [Electronic resource] // URL:

Coronavirus COVID-19 | EVERYTHING YOU NEED TO KNOW [Electronic resource] // URL: https: // stopkoronavirus.rf/

Prices for medical masks have risen in Russian pharmacies. [Electronic resource] // URL:

For the first time in history, the price of oil fell below zero. What is important to know [Electronic resource] // URL: 5e9df3249a79470ff099ae32

Oil prices for the first time in history fell below zero [Electronic resource] // URL:

Briefing by the Minister of Science and Higher Education of the Russian Federation Valery Falkov at the press center of the Government of Russia [Electronic resource] // URL:

NEW IN AUDIT LEGISLATION: facts and comments. Announcement March 30, 2020 No. IS-audit-32. The impact of the epidemiological situation on the organization and provision of audit services. [Electronic resource] // URL: id_4=129900-novoe_v_auditorskom_zakonodatelstve_fakty_i_ kommentarii __ is-audit-32

Impact on business. Which companies have been affected by coronavirus? [Electronic resource] // URL:

How coronavirus affects the economy of Russia [Electronic resource] // URL:

Analysts have estimated the damage to the Russian economy from the coronavirus [Electronic resource] // URL: 5e3986b99a79473a58036d5a

Analysts have estimated the loss of world GDP from coronavirus at $ 1 trillion. [Electronic resource] // URL: 2020/5e54f0779a7947fdf6447670

Coronavirus in Russia: The Latest News | March 17. [Electronic resource] // URL: coronavirus-in-russia-the-latest-news-march-18-a69117

The results of Russian Tourism in the New Year 2019. [Electronic resource] // URL:

Decree of the Mayor of Moscow No. 21-UM dated 03.16.2020 “On Amending the Decree of the Mayor of Moscow of March 5, 2020. No. 12-UM. ” [Electronic resource] // URL:


Lokman K. Bayramukov

Bachelor of Economics, Financial University under the Government of the Russian Federation, Moscow.


Scientific adviser: Nina I. Golysheva, Candidate of economic sciences, Associate Professor, Department of Accounting, Analysis and Audit, Financial University under the Government of the Russian Federation. E-mail:

Problems of intellectual property rights protection


Subject / Topic The study is aimed at studying the main problems associated with the protection of the results of intellectual activity in organizations, whose employees, on behalf of the organization, have created these products, and at finding solutions to these problems.

Goals / Objectives Identification of the problems in the field of protection of rights to the results of intellectual activity, development of methods to improve the quality of protection of these rights, consideration of rights protection in the specific branch of IT technology, in which it is difficult to differentiate duties and rights of employees, which opens up a great field for studying who is the holder of intellectual property right.

Methodology In the research process, the following methods were applied: theoretical analysis, analysis of the regulatory framework, trend analysis, case studies and judicial practice.

Conclusions and Relevance During the study, the main problems of protecting the rights to the results of intellectual activity in organizations were identified and methods for protecting these rights were developed in order to prevent their borrowing. The main indicators characterizing the relevance of this problem to date were analyzed and the main provisions relating to this problem specified in the legislation were considered.

Keywords: copyright, copyright law, IT company, intellectual property, patents, intellectual activity. problem, protection of rights, replication, borrowing.




The Constitution of the Russian Federation (as amended by the Laws of the Russian Federation on amendments to the Constitution of the Russian Federation dated December 30, 2008 No. 6-FKZ, dated December 30, 2008 No. 7-FKZ, dated February 5, 2014 No. 2-FKZ, dated July 21, 2014 N 11-FKZ) // ATP Consultant Plus. [Konstitutsiya Rossiyskoy Federatsii (s uchetom popravok, vnesennykh Zakonami Rossiyskoy Federatsii o popravkakh k Konstitutsii Rossiyskoy Federatsii ot 30.12.2008 N 6-FKZ, ot 30.12.2008 N 7-FKZ, ot 05.02.2014 N 2-FKZ, ot 21.07.2014 N 11-FKZ) // SPS Konsul’tant plyus]

The Civil Code of the Russian Federation (part four) dated 12/18/2006 N 230-ФЗ, (as amended on 07/18/2019), Article 1248. Disputes related to the protection of intellectual property // ATP Consultant plus. “Labor Code of the Russian Federation” dated December 30, 2001 N 197-ФЗ (as amended on August 2, 2019) // ATP Consultant Plus. [Grazhdanskiy kodeks Rossiyskoy Federatsii (chast’ chetvertaya) ot 18.12.2006 N 230-FZ, (red. ot 18.07.2019), Stat’ya 1248. Spory, svyazannyye s zashchitoy intellektual’nykh prav // SPS Konsul’tant plyus]

The Labor Code of the Russian Federation dated December 30, 2001 N 197-ФЗ (as amended on August 2, 2019) // ATP Consultant Plus. [«Trudovoy kodeks Rossiyskoy Federatsii” ot 30.12.2001 N 197-FZ (red. ot 02.08.2019) // SPS Konsul’tant plyus.]

Alekseeva G.I., Dombrovskaya E.N., Safonova I.V. Financial accounting and reporting. Textbook – M: KnoRus, 2019. – 440 p. [Alekseyeva G.I., Dombrovskaya Ye.N., Safonova I.V. Finansovyy uchet i otchetnost’. Uchebnik – M: KnoRus, 2019g. – 440 s]

Novoselova L.A., Rozhkova M.A. Intellectual property: some aspects of legal regulation. Monograph: Norma, Infra-M, 2014 – 128 p. [Novoselova L.A., Rozhkova M.A.Intellektual’naya sobstvennost’: nekotoryye aspekty pravovogo regulirovaniya. Monografiya: Norma, Infra-M, 2014 g. – 128 s.]

Gorodov O.A. The main directions of improving legal regulation in the field of the digital economy in Russia / O.A. Cities, M.A. Egorova // Law and the digital economy. 2018.No 1 (01). p. 6-12. [Gorodov O.A. Osnovnyye napravleniya sovershenstvovaniya pravovogo regulirovaniya v sfere tsifrovoy ekonomiki v Rossii / O.A. Gorodov, M.A. Yegorova // Pravo i tsifrovaya ekonomika. 2018. № 1 (01). S. 6-12.]

Reference legal system (ATP) “Consultant plus” [Electronic resource]. [Spravochnaya pravovaya sistema (SPS) «Konsul’tant plyus» [Elektronnyy resurs]]

Electronic library system “” [Electronic resource] [Elektronnaya bibliotechnaya sistema «» [Elektronnyy resurs]]

Information and reference system “Wikipedia” [Electronic resource] [Electronic resource]. [Informatsionno-spravochnaya sistema «Vikipediya» [Elektronnyy resurs]]

Federal Service for Intellectual Property “Rospatent” [Electronic resource] [Federal’naya sluzhba po intellektual’noy sobstvennosti «Rospatent» [Elektronnyy resurs]]

Kupriyanova, Golysheva (2016) – Kupriyanova L.M., Golysheva N.I. Risk analysis according to financial statements. Economy. Business. Banks 2016. No. S10. p. 40-55. [Analiz riskov po danny`m buxgalterskoj finansovoj otchetnosti. E`konomika. Biznes. Banki. 2016. № S10. S. 40-55.]

Kupriyanova, Golysheva (2019) – Kupriyanova Kupriyanova L.M. Golysheva N.I. Analysis of the formation of the segmental financial statements indicators. Economy. Business. Banks 2019.12 (38) December. p.35-45 [Analiz formirovaniya pokazatelej segmentarnoj buxgalterskoj otchetnosti. E`konomika. Biznes. Banki. 2019. 12 (38) dekabr`. S.35-45]


Alexander А. Zolotukhin

Service Manager “JSC Beltel”, Magistracy of RUDN University, 117198, Moscow, Miklukho-Maklaya str., 6.


Development of an innovation activity managing mechanism for high-tech companies


Subject/Topic The article considers the organizational and economic mechanism of innovative development, which improves the economic methods of managing a high-tech company, as well as effectively uses all financial sources.

Goals/Objectives To develop conceptual provisions for the management of innovative activity of the company through the interaction of subjects of innovative activity.

Methodology The article is based on the theoretical and methodological research of Russian and foreign authors, the practice of innovation management, and implementation of the strategy for innovation activity management of high-tech organizations.

Conclusions and Relevance As part of the analysis reflected in this article, it can be concluded that the innovative activity of high-tech organizations is specific and has many special features, such as: the use of modern achievements in science and technology, management of highly qualified personnel, the presence of intellectual property.

Keywords: new technologies, high-tech organization, innovative activity.


Dorofeev, Dresvyannikov (2003) – Dorofeev V. D., Dresvyannikov V. A. Innovative management: Textbook, Penza – Publishing house Penz. State. University [Innovatsionnyy menedzhment: Uchebnoye. Posobiye Penza]- 2003- 24p.

Тychinsky (2006) – Тychinsky A.V. Management of innovative activity of companies: modern approaches, algorithms, experience [Upravleniye innovatsionnoy deyatel’nost’yu kompaniy: sovremennyye podkhody, algoritmy, opyt] / Taganrog: TRTU-2006. – 88 p.

Electronic resource: Khodzhaev PD Innovative development of the passenger car transport services market in the Republic of Tajikistan (theory, methodology, practice). Diss … to the competition. Doct. econ. sciences. Tajik State University of Commerce. Dushanbe, 2016. Available on the website: Hojaev_P/Dissertaciya_H.pdf [accessed May 9, 2020]

Electronic resource: Innovation management in Russian companies 2016. Authors: Vladimir Kosteev, Vladimir Sidorovich. Publisher: NP Club of Directors on Science and Innovation in collaboration with RVC JSC, Moscow: 2016 Available at: _of_Innovations_in_Russian_Companies.pdf [access date May 9, 2020]

Electronic resource: Innovation management of high-tech industries. Artemyev O.G. Diss … for the comp. Cand. econ. sciences. Available on the website: [accessed date May 10, 2020]