Financial journal № 6(28) November-December 2015
S. Romanov, N. Klisch, D. Reshetnikova
Performance Measures for Civil Servants:
the Case of the Ministry of Finance of the Russian Federation
The article presents the experience of civil servants performance indicators system development in the Ministry of Finance of the Russian Federation — the evidence from the department of budget methodology. The authors explore the main steps of performance indicators system development, provide the analysis of the main functional directions of the Department, present the main characteristics of the initial list of the performance indicators and suggest further directions of performance indicators application.
Key words: civil servants performance indicators, civil servants performance evaluations, priority directions of functional activity (performance), personnel policy
G. Nemirova, D. Lazarev
The Role of Customs Control after the Release of the Goods
in the Formation of the Federal Budget Revenues
The article considers customs control after the release of goods as an instrument of regulation of federal budget revenues. The author analyses the results of the application of customs control after the release of goods, identifies the problems and proposes the methods to solve them. The customs payments are examined like from a perspective of the executed functions: source of replenishment of the budget income; instrument of foreign economic activity stimulation; indicator of the national economy development and its integration into the global economy.
Key words: customs control after the release of goods, the federal budget, customs inspection, customs payments, balanced economy
E. Andreeva, D. Bychkov
Universal Income Support Benefits:
International Practices and Outlooks for Russia
One way to increase the efficiency of budgetary outlays on social benefits in Russia is to replace the existing multiple income support programs with a universal last-resort benefit, which targets the poorest with some sort of means testing technique. The practices of the United Kingdom and Georgia, two countries that chose this approach to reforming their national social support systems, provide some insights into the issues that Russia will quite likely have to address in the nearest future as well.
Key words: social protection programs, efficiency of budgetary outlays on social protection, targeted social assistance, social benefits and entitlements, the targeting principle, eligibility criteria, universal benefit
The Features of Federal Fiscal Transfers’ Allocation among
An urgent task in the period of economic recession and decrease in budget revenue base is to carry out the rationalization of federal grants allocation among Russian regions included in the framework of intergovernmental fiscal relations. The author uses official quantitative data from open sources and analyses specific territorial changes in the sphere of federal budget aid distribution to regions in accordance with five determined lines that reflect transformations in conditions for regional budgets planning and supporting their stability and balanced state. The article presents the results of complex evaluation of identified tendencies and suggestions for federal support allocation sophistication. The implementation of formulated suggestions will enable to make better conditions for regional budget stability.
Key words: budgets of Russian regions, intergovernmental fiscal relations, balanced budget, federal grants, budget deficit
T. Zhuravleva, M. Leonov
Russian Banking System in Recent Years:
General and Regional Perspectives
This paper analyzes the development of the banking sector in Russia in recent years. It studies the access to financial services and the stability of the banking system with the special emphasis to regional development. Despite the growth of the deposit rate, the increased risks force banks to reduce lending that influences negatively their sustainability. The lack of the access to financial services together with decreasing competition level and growing concentration in the banking sector leads to the higher gap in financial development between Russian regions.
Key words: banking sector, deposit market, lending market, credit institutions, recall of a banking license
Development of the Formation Mechanism
of the Russian Ruble Exchange Rate
The article presents the description of the main stages of formation of the Russian ruble exchange rate for 1992–2015 years, reflects the specificity of application in different modes of the ruble rate, shows the dynamics in changing of its course. The relevance of the study is accounted for the fact that timely and effective management of the exchange rate mechanism, not only stabilizes the course of the currency, but also has a direct positive impact on the domestic economy as a whole. The article also describes the current changes in the mechanism of formation of the exchange rate and their possible economic consequences.
Key words: exchange rate, foreign exchange intervention, exchange rate regime, currency corridor, fixed rate, floating exchange rate
Influence of Tax Shields, Default Risk and Transaction Costs
on the Average Cost of the Capital
The work purpose is a construction of the theoretical model for an estimation of possible joint influence of tax shields, default risk and transaction costs on the average cost of the capital,
taking into account the results of classical works of Myers, Fama and French. Transaction costs are estimated as a difference between bond yield at issue and bond market yield. It is shown that the capital structure practically does not depend on tax shields, but essentially depends on transaction costs and default risk. The optimal capital structure is reached at the level of a debt equal to the maximal safe size.
Key words: default risk, transaction costs, pecking order model, trade-of model, capital structure, WACC
Investment Property: Russian and International Concept
of Valuation and Accounting
This article discusses the features of recognition and accounting for the acquired business entity in order to accumulate capital investment properties from the standpoint of domestic law and international practice. The author discloses classification of investment property, gives the criteria for its recognition by RAS and IAS, describes the principles of the initial and subsequent measurement, addresses the issues of depreciation and derecognition of these assets. Moreover, the author formulates his own concept of the accounting improvement specifically by introducing new federal standards and their adaptation to international accounting rules.
Key words: investment property, fixed assets, income-bearing investments in tangible assets, the original cost, revaluation, depreciation, amortization, cost
Calculation Methods of the Cost of Information
Technologies Goods (Works, Services)
Based on the Target Costing and Kaizen Costing Systems
The article defines the place of the information technology industry in the modern economy and reviews the key features of target costing and kaizen costing. The author developed and proposed to use her own goal costing method for calculation of the cost of information technologies goods (works, services), which is based on principles of target costing and kaizen costing. The study reviews the step by step algorithm of goal costing and gives the example of its using for calculation of the cost of goods (works, services) of information technologies.
Key words: target costing, kaizen costing, calculation of the cost, goal costing, calculation method of the cost
Non-Banking Financial Intermediaries: Development
of the Regulation and Supervision System
Currently the problem of improving the oversight of nonbank financial institutions is relevant for both developed and developing countries. Developed countries need to streamline existing financial institutions, and developing countries should encourage the development of non-bank forms of public service and small business to increase the level of economic development. The article describes the main directions of improvement of the prudential supervision system for shadow banking.
Key words: banks, financial cooperatives, deposit-taking institutions, microfinance institutions, non-bank e-money issuer or distributor, prudential supervision and control, non-bank intermediaries, shadow banking
T. Semkina, O. Medvedeva
VAT on Transactions with Precious Metals: International Experience
The article analyses the peculiarities and differences of the procedure of VAT taxation of precious metals in different countries around the world due to different methodology and procedure of taxation applied by those countries. Special attention was given to the changes in the procedure of VAT taxation of precious metals in the recent years.
Key words: precious metals, investment precious metals, VAT, exemptions, rates, control and industrial gold