The paper lays out the position of Financial University experts on the issues set forth in the Development Strategy of Russia for the period of 2018-2024 named “Creating the Future: People, Technology, the State.” This program was prepared by the Center for Strategic Research. The experts at Financial University share the view of the Strategy authors that the increase in productivity, the introduction of new technologies, the modernization of existing industries and opening new advanced productions along with human capital investments, given the efficient state management, are the drivers of the modern economy. At the same time, the paper draws attention to a number of shortcomings and disparities in the Strategy presented.

At the Presidential meeting on economic issues held May 30, 2017, two programs of socio-economic development of Russia were presented. The program of the Center for Strategic Research (CSR) was developed in line with the traditional approach to the Russian economic management implemented over the past 17 years. The mid-term program of the Russian socio-economic development until 2025 under the name “The Growth Strategy” developed under the RF Presidential order No. Pr-1347 of July 14, 2016, at the initiative of the Stolypin club reflects a new look at the Russian economic policy that takes into account the experience of “economic miracle” countries and replicates successful experience of individual industries and regions of Russia that implies more active involvement of the available mechanisms for boosting the economic growth. At present, the above programs are subject to active debates and the question as to which approach will be adopted remains open. The paper presents a comparison table of key provisions of the two programs. The CSR program developed under the leadership of A. L. Kudrin was not presented for a broad discussion, so its analysis was carried out based on public statements made by A. L. Kudrin as well as individual presentation materials (presentation by A. L. Kudrin at the Gaidar Forum in 2017, at the April HSE conference in 2017 and at the Presidential meeting on May 30, 2017). In his directive towards the implementation of the President’s Message to the Federal Assembly No. 2346, paragraph 1 b) of December 5, 2016, the President set the task “to reach the Russian Federation economy growth rates exceeding the world economic growth rates not later than by 2019-2020” .To start the implementation of the economic policy as early as in 2018, a decision on which of the programs will be implemented must be made urgently.

The paper (an analytical note) is concerned with the report “The Strategy for 2018-2024” made by the Center for Strategic Research (CSR) presented by A. L. Kudrin at the RF Presidential meeting held on May 30, 2017. Subject to the analysis are the key growth factors proposed for use in the mid- and long terms to solve the problem of increasing the economic growth rates above the world average as well as the economic policy measures aimed at boosting the growth factors. An assessment of the consistency of individual targets set forth in the Strategy is made.

The paper analyzes the mid-term goals of the Russian Finance Ministry. The implementation of the goals should ensure the transition of the economy to an equilibrium state with a stable and predictable macroeconomic environment. One of the tools to accomplish the goals is budgetary rules; therefore, the paper sets forth the requirements and describes modern approaches to their transformation. The role of information technologies in improvement of the tax collection and other payments to the budgetary system is considered in the context of key task characteristics in the field of budget revenues administration. To enhance the budget performance, it is necessary to integrate the budgeting and the procurement processes, expand the scope of the treasury support of government contracts and develop the state financial control system. The paper defines the functioning conditions of the financial system as a mechanism for transformation of savings into investments

This article explorers system approach which is based on recognition of the need for determining strategic guidelines of sustainable economic growth and ensuring of national and economic security and allows to construct a complete system that will form national priorities which can provide dynamic and qualitative economic growth. This article also proposes and considers main directions of realization of conception of forming sustainable growth economic strategy which can be used in real socio-economic practice in modern conditions.

The subject of the study is the resource approach to the economic growth policy including theoretical aspects of the economic growth model. A recession is usually replaced by the growth dynamics, and the economy’s recovery from the recession requires justification of government policy measures that not only help overcome the crisis, but also lead the economy to sustainable growth at a given pace. The study is concerned with the assessment of aggregate type models within the framework of the resource-factor approach and the impact of investments and consumer spendings on the economic growth rate at the theoretical (model) and empirical levels of analysis. The modern technological level and the type of “technological function” ensure not only the ability of the economy to grow in the current regime but also provide the basis for long-term growth prospects. The technological choice determines the extensive or intensive types of economic growth. The relationship between the rates of creating a new resource and diversion of an existing one to ensure the growth has been determined. The more intensive is the diversion of the resource from available facilities as well as the higher is the interest rate, the lower are the opportunities for creating a new resource and more modest are growth opportunities through the development of a new resource. It is shown that the change in the technological level to ensure the growth of the economic system requires a greater change in consumer spendings. Concerning the economic policy of investment promotion in Russia, it is shown that in the first phase of the recovery, it is advisable not so much to increase the amount of investments as stimulate aggregate consumption and restore the income level. Therefore, the consumption crisis must be eliminated, and since economic growth can occur not through investments (as it was in Russia before the 2015 crisis), it is necessary to seek a growth policy through investments considering their impact on the technological parameters of the economic system. Besides, the increase in the savings rate is not an end in itself for the establishment of the economic growth policy, it is, rather, a resultant parameter that should be taken as such when making macroeconomic decisions.

The key issue for the development of the Russian economy is its structural imbalances. Significant differences in the levels of economic efficiency of various industries are a consequence of this state of the domestic economy. This prevents the effective system organization of cross-sectoral interactions to create conditions for economic growth. Sectoral balance creates conditions for effective interaction between the sectors of the economy. The article offered the basis for the methodology for the diagnosis of sustainable development of Russia’s economy, which will enable to identify the state and dynamics of the domestic economy and identify possibilities for the creation of a interdisciplinary network for interactions, which is necessary for the diversification of various sectors of the economy. Proposed to implement of a set of indicators, which allow based on primary statistical information quantifying the degree of differences and dynamics of changes in economic, financial, technological and social characteristics of the different sectors (industries): indicators of imbalance in the economy by certain indicators. Developed method for assessing the impact of various factors on the sustainable development of the economy and diagnostics of economic processes that affect the industrial structure of the Russian economy. Revealed the impact of structural instability of certain branches of economy on economic growth. Proposed the system of monitoring and evaluation of sustainable development of multicriterion sectors of the Russian economy. Practical application of the system of monitoring sustainable development sectors of the Russian economy will enhance of increase the reliability and validity of assessments of the effectiveness and sustainability of industries of various types, as well as allow, based on the results of multi-criteria evaluation to identify potential reserves of industries development.

The long-standing research traditions of Russian economists in matters of studying the evolution processes of economic ideas and economic life in the context of their past and present investigations are examined in the paper through the prism of the politico-economic phenomenon of the Russian school of economic thought developed between the last third of the XIX and the first third of the XX century. It is noted that the outstanding Russian academician L. I. Abalkin, by introducing holistic conceptual judgments about the realistic and humanistic background of the Russian school of economic thought characterized it largely as a result of the rethinking by the domestic political economists of the values of the German historical school, Marxism and early (orthodox) neoclassicism. Sharing the views of Leonid Abalkin, the authors studied and summarized the most significant innovations in the creative heritage of predecessors and current representatives of the Russian school of economic thought, including specific features of their definition of the subject of studying political economy at the level of “national economy” and “social wealth”. Special attention is paid to their commitment primarily to systemwise and interdisciplinary methods of analysis, the principles of ethics, morality and social justice. It is concluded that since the Russian political economy, including the Russian school of economic thought, has always been distinguished by the desire to substantiate the mechanisms for economic life transformations and evaluate the role of “human capital” in the economy, it is the scientific duty of Russian economists to continue and develop this tradition ensuring the de-ideologization of scientific research.

The paper defines the current position of Russia in the world arena and describes the world development prospects where the leading countries are in transit to the 6th technological stage. To bridge the existing gap, it is vitally important for Russia to have its own information and management technologies. The paper is devoted to MANAGEMENT as a science: its history, prerequisites, goals and creation prospects. The urgency of the MANAGEMENT science development is necessitated by Russia’s unprecedented transition to the 7th post-industrial technological stage level. This transition exposes new sources of social and economic growth, the search for which is compliant with the task set by the President of Russia. The creation of the MANAGEMENT science has become possible at the present stage of the management thought development due to the rich heritage in the field of management and the newest discoveries in the management development field. The MANAGEMENT science is created by combining the efforts of scientists and experts in management and related sciences on the basis of “PTMSD” - periodic table of management and system development. The paper describes the methodology of the MANAGEMENT fundamental science, points out the need to distinguish it conceptually and institutionally. The authors give the definition of traditional management and disclose its nature as tool of capital for penetration into any system with the purpose of its subsequent destruction. Therefore, traditional management is excluded from the subject field of the MANAGEMENT science. The paper defines the newly created MANAGEMENT science as a key factor of the 7th post-industrial technological stage. The purpose of the MANAGEMENT science development is to study the laws, structure and principles of human life in the past, present and future in order to make the development in a macro system manageable and scientifically justified. The transition to a new level of development using the scientific potential, the latest managerial and virtual technologies is the main factor of Russia’s political, social and economic development on any scale.

The current paper considers new opportunities of investing in the Russian business, which became available for investors in terms of the economic crisis. In the period of economic recovery, this topic is especially relevant, as attracting foreign capital to Russian start-ups can accelerate the recovery of the post-crisis domestic economy and contribute the diversification of production in the country. The subject of the study is Russian start-ups, financed by foreign investors, and start-ups in need of attracting capital. The objectives of the work are: identify the reasons for the interest of financing Russian start-ups by foreign investors, study the specifics of the decision on financing, and also to assess the existing risks faced by investors. The study provides a qualitative analysis of the market conjecture, based on estimates of foreign investment market participants, is conducted. Comparison of positions and approaches of investors allows us to find key features and identify problems of investing in Russian start-ups. The arguments for and against investing in the rapidly growing Russian business environment are examined. Among arguments for investing in Russia are cheap labour market and depreciation of start-ups due national currency depreciation, among arguments against - high political and economic risks. The results of this study can be used by investors to make rational decisions on investing in Russian business. Repeated research, extension of the sample and segmentation of data for time periods may reveal changes in key features of investing in Russia in dynamics, and lead to more accurate results.

The paper examines the main approaches to the definition of the concept of the audit and its methods. The research findings have demonstrated that the existing classifications cover only a part of the existing audit methods, which negatively affects the development of the audit theory and practice. Typical errors were identified in classifying audit methods for budget-funded institutions. A new classification of audit methods is proposed. It is concluded that the use of analytical procedures as an audit method will allow the auditor to assess the actual state and financial prospects of a budget-funded institution as well as reliability of data on its continuous operation. The classification principles of audit methods developed in the paper are based on the deep insight into the audit nature, the methodology and improvement of the control practice. The author defines the principal objectives for the classification of audit methods: development of the theoretical basis; further enhancement of control practices; improving the training and professional development of auditors; increasing the efficiency and quality of audit activities in the whole. The methodology of the audit is proposed based on six main stages: organizational and scientific; regulatory; calculations and analysis; reporting data verification; accounting data verification; summarizing audit results. Every stage is relatively independent in carrying out the audit making it possible to obtain: the most objective result of the audit in a shorter time, review initial documents and materials, which can improve the quality indices of implemented inspections, and reveal hidden and unused reserves. The classification of audit methods for budget-funded institutions has been expanded and supplemented. The proposed procedures, in the opinion of the author, should be applied at each stage of the audit in budget-funded institutions.

The paper deals with the disclosure of information on social responsibility and social obligations in corporate reporting. The trends in the circulation of non-financial social responsibility reporting as well as the problems of its application in Russia are analyzed. The constraints and shortcomings of using non-financial reporting have been revealed in the context of providing concerned users with full information about the social responsibility. It is established that the financial statements of a company have a significant potential for disclosing such information and can serve as an addition as well as an alternative to the non-financial reporting in this area. The problems are identified and directions for the application of both types of reporting are proposed in terms of providing reliable and timely information about the social responsibility of an enterprise.

A methodological approach to planning the development of a regional economy is considered based on the idea of choosing optimal strategies for investment in the gross regional product (GRP) growth using simulation. Unlike conventional approaches mainly focused on monitoring and forecasting the current trends in the development of the economy, it is proposed to boost the economic growth by the formation of active strategies. The above approach is justified because, on the one hand, there are not enough publications on the theoretical principles of managing an inter-sectoral economic complex at the regional level in Russia, on the other, the majority of regions from year to year have been suffering from a deficit of investments and regional budgets, loss of production and jobs. A model is proposed that can be formed on the basis of a multiparametric representation of the industrial and technological function of the industry without being reduced only to cost factors as in the inter-sectoral balance sheets. Investment strategies are formalized in the form of a special matrix. This approach makes it possible to adequately influence the production of GRP in the industry by changing its characteristics such as the size of capital assets, return on capital, return on costs, sensitivity to investment, consumption-output ratio and some others. Every industry in the matrix contains 3 rows: one for investment in capital asset changes, the second for changing capital returns, and the third for changing the consumption-output ratio. In turn, two columns are assigned for each year of simulation, one of which indicates a planned investment volume, the second - the size of return (the obtained effect in money terms).

The author reveals the doctrinal and practical content of the “international economic sanctions” concept in relation to the activities of foreign companies in the Russian Federation. The paper examines the main types of economic sanctions against states, companies and individuals and analyzes the impact of restrictive measures on foreign companies and their personnel. The phenomenon of anti-Russian sanctions is viewed from the corporate point of view: the author analyzes a number of methodological guidelines introduced in large international companies specifically not to fall under the effect of sanctions. The author reveals the sanctions most dangerous for such companies in the context of internal corporate rules and policies and describes possible penalty measures for violation of the sanction regime. The author also addresses the issue of international and national law conflicts that international companies operating in the Russian Federation are inevitably faced with when working in the Republic of Crimea. In conclusion, the author proposes a number of recommendations for the Russian government authorities to overcome the negative impact of the so-called “sanctions” as well as to recognize and use the positive factors of the sanction regime to strengthen the economy of the Russian Federation

In recent years, innovations have been introduced into the activities of the Federal Treasury with the purpose to improve the quality of the Treasury accounts and cash balance management including, in particular, the practice of carrying out various liquidity support operations with free balances on the STA (Single Treasure Account). However, these actions concern only the federal budget funds physically concentrated on account 40105. Transferring the experience of the federal budget liquidity management to the regional level would make a significant step towards the development of treasury services for the state financial system. Such a transformation has certain difficulties, one of which being the choice of a model for managing free flows of differentiated budgets of 85 entities. The paper suggests the development of a program model for managing the cash balances of the budgets of the Russian federal subjects. The study used a comparative analysis of various types of cash flow management systems. Based on the selected type - virtual pooling - the system is simulated by the STA example for a single virtual account of the subjects. The powers of the participants of the system are determined, mathematical calculations of key indices for accounts and financial instruments are performed. Apart from its direct impact on the budget liquidity settlement for federal subjects, the capabilities of this model are represented by indirect positive influence on the current federal STA system, financial tools used in it and the internal debt policy of the country.

Nowadays the residential mortgage lending is a matter of great importance for the socio-economic development of Russia in the context of providing the majority of people with owner-occupied homes. The problem can be solved by increasing the availability of housing in which case the state support can be hardly overestimated. The paper analyzes the conditions for the organization of the mortgage lending system at the federal and regional levels (by the case study of the Altai Territory). The research findings made it possible to identify the main factors hampering the mortgage development: limited effective demand of the population, high housing prices, low volumes of new housing supply in federal subjects of the Russian Federation, inability to confirm incomes, economic instability, high interest rates, imperfect legislation. Taking into account the obtained results, the authors propose measures aimed at further development of the residential mortgage lending system. Besides, there is a need to raise the awareness of potential borrowers about the possibilities of mortgage programs through awareness-raising activity, publication of interviews with bank executives and the release of methodological literature. The findings concerning the influence of socio-economic factors on the development of the mortgage lending system can be used in the practice of credit institutions to increase the availability of residential mortgage loans.

The paper presents a comprehensive view of the problem of identifying and measuring the value of intangible assets (IA) and intellectual property (IP) objects. The main approaches to the formation of the intangible asset definition in Federal Valuation Standards (FVS), International Financial Reporting Standards (IFRS) and the Russian Accounting Standards (RAS) are analyzed. It is noted that the current system of Russian federal standards for valuation, accounting and reporting contains fragmentary norms for individual components of the objects involved. There are contradictions between the volumes and the criteria for recognizing the results of intellectual activity in civil circulation and the accounting system. The authors outlined three blocks of problems of the observed gap between the indices of accounting and the market capitalization of the company: the lack of an active market, which makes it impossible to measure the external market value of the IA; the lack of proper regulation of individual intellectual property institutions; Unreliability of the IA value reflected in financial statements; the impossibility of regarding an object as an intangible asset due to the lack of documentary confirmation of the cost component of its value. The above problems can be eliminated, in the authors’ opinion, by unidirectional coordinated actions of the professional community and regulators in the field of creating an open intellectual property market. The success of the intellectual property market depends on the quality of the tools used by market players; in particular, it concerns the achievement of a higher level of formalization of methods and methodologies for measuring the market value of intangible assets and intellectual property, both at the stage of their recognition as an asset and at subsequent disclosure of respective information in the reporting. The accounting system, in turn, should provide users with reliable information about the IA value by expanding the list of objects that can be recognized in the accounting system as intangible assets, changes in approaches to the formation of their initial value and subsequent re-valuation.

Today the efficient management of territorial socio-economic systems is impossible without the use of modern information systems, including geoinformation systems (GIS). However, the development of such systems is often challenged by difficulties in arrangement and structuring of data related to a subject area under study. The paper deals with the formation of a database of socio-economic development of the Russian Federation regions needed for the efficient operation of a geoinformation system for the spatial development monitoring. The key objective is the development of the information-logical model of the above-mentioned database. To solve this problem, a database scheme has been developed based on a proposed scheme of GIS monitoring of spatial development of Russia The database contains a number of interrelated tables (including federal districts, regions, index type, units of measure, indices, index values) to store information on the parameters of socio-economic development of the federal subjects. In the course of the research methods of building functional and information models and database normalization were used. The characteristics of tables and table fields are described. A list of 70 indices of socio-economic development of territories grouped into 7 areas is proposed. The obtained information-logical model of the database for the geoinformation system of spatial development monitoring makes it possible to describe the key parameters of ongoing processes in the context of the Russian Federation subjects.

The assessment of the tax burden on organizations has been under study since as early as the formation of the statehood and are still relevant nowadays. The indicated problems are important due to the economic and fiscal complexity of the integral criterion of the tax component of business characterized by the term “tax burden of the organization.” On the one hand, this is a direct assessment of the organization’s management, on the other hand, it is assessment of the tax regulation efficiency within the framework of the state’s tax policy. The reason for the permanent interest in assessing the organization’s tax burden concerns the nature of the relations arising between the state and the organization in the re-allocation of the organization’s funds, with their part withdrawn in favor of the state and further efficient use. The accumulated knowledge in the field of approaches to assessing the tax burden predetermined the direction of the research, therefore the purpose of the paper is to analyze trends in assessing the tax burden of organizations and their systematization. Based on the analysis of trends in the assessment of the tax burden of the organization, a classification of methodologies for assessing the tax burden at the initial and current stages of their development is proposed. At the current stage, the methodologies are classified according to the following criteria: scope of application, taking into account the comparison base, types of indices, tax shifting and the shadow component as well as the purpose of application. Unresolved problems, shortcomings of the initial and current stages of research concerning approaches to assessing the tax burden of the organization are revealed. The main drawback of the developed methodologies is the lack of justified boundary (acceptable) values of the tax burden of organizations. The justification of boundary values should be based on the relationship between the tax burden and the performance criteria and indices. In view of the revealed shortcomings of modern methods, the author’s approach to assessing the organization’s tax burden is presented based on the statistical relationship between the organization’s tax burden and the generalized performance index. The result of assessing the tax burden is the establishment of boundary levels of the tax burden. The assessment of boundary levels is carried out using economic and mathematical tools: regression analysis and analysis by the principal component method.

The paper examines the experience of applying new experimental education methods to the development of creative abilities, research skills and building communications in the staff training for technological entrepreneurship. Not long ago, universities began to include the technological business course into the educational process. To learn how to code, promote one’s project over the Internet using well-known online marketing technologies, project management methodologies, management principles, techniques of interviewing potential users to determine the usefulness of a non-existent but almost created and almost sold product is not difficult. But it is one thing to speak about the already established methods of analyzing the success of the promotion of a product, a website, an advertising message on the Internet that can be tested on ready solutions, and quite the other thing is to teach a person to conceive an idea, analyze its feasibility, evaluate its competitive advantages, create a prototype and launch it into the test environment. The authors propose to consider the design thinking techniques precisely in the context of their applicability at the initial stages of a startup company’s life cycle. The key stages of the design thinking process - empathy, focusing, generation, selection, prototyping and testing - are built on the ability to quickly generate a variety of ideas that make it possible to get away from banality as well as on rules of choosing the best solution, its embodiment, even at the prototype level, and testing. The sessions are based on game mechanics and cases that allow development of solutions for abnormal situations.

The transfer of the Russian audit procedures to international auditing standards (IAS) makes it important to identify the main differences between national and international standards. The need to adjust to new rules of in-house audit standards regulating the processes of audit planning, audit evidence collection, preparation of working documents is becoming more urgent. The paper discusses the audit planning methodology for one of the most risky items in financial reporting - the balance sheet item “estimated liabilities” - prone to the risk of gross misstatement due to the lack of strict regulation of estimated liabilities valuation and criteria for their recognition and the use of professional judgment of financial experts in this process. The paper contains a number of recommendations for each stage of audit planning, namely, setting goals and objectives for the estimated liabilities audit, assessing the risk of material misstatement and inherent risk using the author’s methodology for assessing the in-house control system performance, calculation of the materiality of distortions in financial reporting information, and audit sampling. The materials of the paper are based on the requirements of international financial reporting standards and international audit standards and can be used by practicing auditors in the course of external and internal audits as well as by accountants, students and university lecturers.

The paper deals with the socio-economic and political-legal aspects of the post-crisis migration over time between 2012 and the first half of 2016 based on the data of the Automated Analytical Reporting System (AARS) of the Federal Migration Service, the State Statistical Records of the Federal State Statistics Service, statistical information of the General Directorate for Migration of the RF Interior Ministry. The purpose of the study was to analyze the factors of the migration processes development in problem regions of the post-Soviet space as well as the aftershock problems of the secondary migration from European countries that have to solve the problems of the mass flow of migrants from regions of armed and political conflicts. To achieve the goal, the author posed the following tasks: 1) the review of labor, capital, financial and other resources of the migration donor regions in the context of optimizing management decisions on the regulation of migration processes over the territory of the Russian Federation with a focus on individual economic sectors and occupational skill characteristics; 2) the study of migration processes in the labor market in accordance with indices established by the Russian Rules for Labor Market Monitoring; 3) the study of the migration activity in the DPRK and the PRC compared with political and legal decisions of local and central authorities of the Russian Federation in demographically unstable regions of the Far East and Siberia; 4) assessing the prospects for Russian investments in migration donor countries to level migration flows on financial and economic conditions favorable for the recipient country; 5) systematization of mechanisms for managing the goal setting for migration flows and attracting foreign workers in priority occupational skill groups in line with the Russian economy demands and the public consent interests. Based on the task solution results, it is intended to develop a mid-term forecast of external migration risks for the Russian Federation and propose a system of measures to prevent the migration threats of the post-crisis migration.

The problem of enjoyment of the right to health protection is closely related to the administrative and legal status of a citizen as a subject of various administrative legal relations. Effective protection of rights and freedoms in the sphere of health protection requires not only enforcement of the rights of citizens but also establishment of corresponding responsibilities of relevant state bodies. The role of regulators in this sphere must be ensured by the law that should fully comply with the norms of the Constitution of the Russian Federation. Ensuring and enforcement of the rights of citizens in the field of health protection and the corresponding responsibilities of medical organizations and employees fall within the administrative offence legislation. Medical aid is organized and provided in accordance with the standards of such aid with the exception of medical aid provided in the framework of clinical approvals adopted in the territory of the Russian Federation and its subjects.

The paper contains a scientific and practical commentary on certain provisions of the Code of Administrative Procedure of the Russian Federation regulating the powers of the representative ad litem. The author addresses issues related to the scope of the representative’s rights and the procedure for their implementation and examines the procedure for registration and confirmation of the powers of various representatives (legal representatives, heads of state authorities and other state bodies and local self-governments, heads of organizations, lawyers as well as other representatives) to handle administrative cases in court. The paper analyzes the procedure for arrangement and granting a power of attorney on behalf of an organization, a sole proprietor or individuals. Particular attention is paid to the procedure for verifying the powers of persons participating in a case and their representatives as well as to court decisions on recognizing their powers and admission to participation in the court session or refusal to recognize them.

The paper analyzes civil-law institutions of representations, warranties and indemnities in contracts of purchase and sale of shares or stakes as a merger and acquisition method, and gets an insight into the legal nature of these legal mechanisms from the standpoint of the English legislator and judicial precedents. The author has analyzed the main English law doctrines, identified features and specifics of representations, warranties and indemnities. The relevance of the subject is determined by the transboundary nature of mergers and acquisitions. The author provides examples of the implementation of the above legal institutions when concluding shares purchase contracts. The author has also analyzed the terminological features of representations, warranties, indemnities as well as the relationships arising in the implementation of provisions on representations, warranties, indemnities.

The marketing activity of any modern company impacts on its overall financial performance (average check, sales, profit) through non-financial indicators such as name recognition, customer satisfaction and loyalty. If the influence of the marketing activity on the name recognition and customer satisfaction is measured quite frequently, the interrelation of these indicators with the financial performance is assessed rather seldom and not properly for a number of reasons. Meanwhile, in periods of economic instability such measurement can become quite urgent for a company; therefore this study focuses on the analysis of the relationships between the customer satisfaction and loyalty indices and the financial performance of companies. The purpose of the research was to assess the impact of customer satisfaction on the marketing effectiveness of Russian online stores. A 5-year database needed for the analysis was collected from the internal information systems of stores and an online customer survey. The main methods used for the investigation were the correlation and regression analysis methods. Based on the data of more than 1600 online store customers, a significant positive relationship was found between the customer satisfaction and the financial performance of the store. The research also revealed and explained some particular characteristics of online stores that have a significant impact on the financial performance: the sample range and the payment terms. Recommendations for companies of the type under survey regarding the performance maximization through marketing indices are given. The research findings confirm the conclusions of foreign researchers: customer satisfaction indices on the Russian market like those abroad have a significant positive effect on the financial performance of companies (average check, frequency of purchases, customer loyalty). Therefore, the results obtained can be useful not only to researchers studying the marketing effectiveness and its factors, but also to business practitioners seeking ways to improve financial performance. Despite some limitations of the research, the problems and hypotheses raised in it can be further tested on other markets, respondents, companies as the relevance and novelty of the declared subject for the Russian market is evident.

Subject. Publications of recent years testify to the increased scientific interest in the theory and practice of management accounting. The focus of modern research in management accounting is put on understanding of its principles, subject matter, problems and experience in setting up the system as well as directions for further development. The paper addresses the problem of defining the information space of management accounting. Since the definition of “management accounting” lacks unambiguous interpretation, the issue of the information space is relevant and subject to discussion. Purpose. Justification of the need to expand the information space of management accounting. Method / methodology. The paper analyzes and generalizes the findings of the research into some theoretical provisions of management accounting; the expert opinions on the definition of the subject matter of management accounting are examined along with arguments substantiating conclusions about the boundaries of the information space of the management accounting system. Results. The considered arguments, largely conditioned by changes in the business environment, testify to the inevitability of expanding the management accounting information space in order to provide the accounting and analytical support for the management process. Application. The research findings and conclusions can be taken into account in investigations into the field of theory and practice of management accounting and determining the trends for its further development. Conclusions. It is concluded that there is a need in broad understanding of the subject matter of management accounting and the boundlessness of its information space, which makes it necessary to change its concept, inherent objects, etc. and also demonstrates the need to develop tools for accounting-analytical support of the management in the business environment.