scholarly journals DEVELOPMENT OF FINANCIAL STRATEGY IN MANAGEMENT ACCOUNTING

2019 ◽  
Vol 14 (2) ◽  
pp. 170-175
Author(s):  
Гамлет Остаев ◽  
Gamlet Ostaev ◽  
Гузалия Клычова ◽  
Guzaliya Klychova ◽  
Вячеслав Соколов ◽  
...  
Keyword(s):  
Sustainable Development ◽  
Development Strategy ◽  
Information Needs ◽  
Management Accounting ◽  
Management Tool ◽  
Financial Resources ◽  
Managerial Accounting ◽  
Financial Strategy ◽  
Agricultural Business ◽  
Business Entities

Under modern conditions, the existence of agricultural business in the market requires their sustainable development, which is a significant problem of management accounting. Development of financial strategy in management accounting, as it seems to us, for agricultural enterprises is not so much a necessary measure, as a management tool for business development. The development of the financial strategy of agricultural business includes strategic planning, management accounting, analysis and regulation of the use of financial resources. In addition, the development of financial strategy in management accounting allows you to adjust the targeted allocation of financial resources in the logistical financial system of agricultural business. Management accounting has all the tools and mechanisms to meet the information needs of users of all levels of management for the adoption of management accounting, including for the development of financial strategy. The importance of developing a managerial accounting for financial strategy in an enterprise is that finance is the source for developing the remaining strategies. Thus, financial resources are one of the main restrictions on the volume and activities of enterprises. Comparison of different approaches of researchers regarding the content of financial strategy in the management accounting of an enterprise shows that in modern conditions, the development strategy of agricultural business in general and its financial strategy, in particular, should be considered from the point of view of sustainable development, from the standpoint of social, environmental and economic sustainability of an enterprise. At present, the development of financial strategy in management accounting is a necessity for all business entities, regardless of the type of activity, who see their task in the progressive development and preservation of a stable position in the market.

Development of Local Accounting Theories on the Example of the Theory of Management Accounting of Agricultural Enterprises

2021 ◽  
pp. 197-210
Author(s):  
Vera Savchenko ◽  
◽  
Iryna Smirnova ◽  
Nadiya Smirnova ◽  
◽  
...  
Keyword(s):  
Management Accounting ◽  
International Standards ◽  
Special Importance ◽  
Accounting System ◽  
Managerial Accounting ◽  
Agricultural Enterprises ◽  
Modern Business ◽  
Business Entities ◽  
Time Changes ◽  
Definition Of

Modern business conditions require updating approaches to the management system, and, accordingly, managerial accounting. Therefore, the issues of deepening research of sectoral specifics of managerial accounting acquire special importance and its influence on the organization and conduct of this type of accounting. The purpose of writing an article is to study the features of the interpretation of the content of the term "managerial accounting" and their impact on the organization of this type of accounting in agrarian enterprises. Scientists, who investigated history of development of managerial accounting, diverge in thoughts on the period of managerial accounting and to further periodize its development. For the first time, the introduction of managerial accounting in practical activities of national enterprises was violated in October 1998 with the adoption of a Program for reforming the accounting system with the application of international standards. Most western researchers support the statement that managerial accounting is a process of preparing information necessary to manual for management. Investigation of the content of existing definitions of managerial accounting allowed a number of conclusions. First, it concerns the definition of managerial accounting at the legislative level. Since managerial accounting is a comprehensive area of activity, it indicates the need to amend the text of the Law of Accounting and financial statements where these circumstances are not taken into account. Secondly, when developing a methodology for managerial accounting in domestic agrarian enterprises, it is necessary to take into account, except for the world experience of accounting practice, achievements of domestic scientists, as well as the specifics and real state of functioning of business entities. Thirdly, the spectrum of opinions on determining the managerial accounting system is very wide. In this case, the interpretation of its content over time changes has been presented. Fourth, in existing studies and definitions of managerial accounting in agriculture there is no sector color. One of the most important tasks of managerial accounting for managers of agrarian enterprises should be the formation of complete and reliable accounting information on the results of the activities of production and functional divisions of enterprises. Maintaining management accounting at the enterprise should be theoretically substantiated, methodically justified and suitable for practical use. Awareness of the need and desire to introduce managerial accounting is not enough to implement this intention. The size of the enterprise needs to provide information to all levels of management, as well as the ratio of expenses and benefits from the introduction of managerial accounting should be played crucial value.

scholarly journals Management Accounting Change as a Sustainable Economic Development Strategy during Pre-Recession and Recession Periods: Evidence from Russia

2019 ◽  
Vol 11 (11) ◽  
pp. 3139
Author(s):  
Vasilii Erokhin ◽  
Dmitry Endovitsky ◽  
Alexey Bobryshev ◽  
Natalia Kulagina ◽  
Anna Ivolga
Keyword(s):  
Sustainable Development ◽  
Development Strategy ◽  
Service Industry ◽  
Management Accounting ◽  
Economic Recession ◽  
Future Application ◽  
Strategic Adaptation ◽  
Sustainable Performance ◽  
Breakeven Analysis ◽  
Intention To Change

The volatility of both global and national markets has emerged in recent years. In response to the changes in the operating environment, organizations have been adopting various practices to ensure sustainable development by anticipating threats and managing risks. While many studies are focusing on the investigation of strategic adaptation to the volatile economic environment, there has been little research examining management accounting (MA) as a sustainable development strategy in times of economic turbulence. This study investigates the degree of variation in the use of MA practices induced by economic recession. Investigating the variations in management accounting practices in Russian organizations in 2000–2013 (pre-recession period) and 2014–2018 (economic recession), the authors explore the change across 54 MA tools split into operation, management, and strategy pillars. The contribution of this study to the literature involves the understanding of the use of particular MA tools across various types of organizations and industries before and during the economic recession, as well as discovering the intention to change the instruments in case the economic situation deteriorates. The survey of four types of organizations (micro, small, medium, and large) in five sectors (service, industry, trade, agriculture, and tourism) was conducted in seven territories of Russia differentiated on the level of their economic performance (well-performing, average, and declining). The survey revealed that, during the crisis, the respondents tend to drop using many of proactive sustainability-oriented MA tools and instead focused on achieving immediate and direct effects on sales, profits, and other performance parameters by employing less-sophisticated short-term MA instruments. The forecast of future application of MA tools in a falling economy revealed that, in an attempt to achieve durable and sustainable performance, the organizations of all types and sectors intended to focus on practices such as risk management variance analysis, rolling forecasts, payback, breakeven analysis, and activity-based management.

scholarly journals Competence Approach as a Basis for Personnel Support for Strategic Administrative Accounting at the Enterprise

2018 ◽  
Keyword(s):  
Strategic Management ◽  
Information Needs ◽  
Success Factors ◽  
Professional Competence ◽  
Management Accounting ◽  
Methodological Approach ◽  
Legal Form ◽  
Strategic Management Accounting ◽  
Priority Direction ◽  
Business Entities

The article is devoted to the study of the competence approach as the basis for staffing strategic management accounting in the enterprise. The analysis of the scientific literature showed that the distinctive features of strategic management accounting is that the priority direction for the formation of information in its system is to satisfy the information needs of strategic management in terms of accounting and analysis of key success factors, risks and the formation of strategic management reporting. The essence of the concept «competence» is investigated and the determinant of professional competence of a specialist in strategic management accounting based on the concept of competence is substantiated. Based on a structural approach, the components of professional competence of a specialist in strategic management accounting are proposed. To assess the overall competence of specialists in strategic management accounting at the enterprise level, an integral indicator has been proposed that is formed according to the following criteria: cognitive motivation, professional skills, interpersonal and communication skills, management skills, collective skills, the indicator «Specialist in strategic management accounting through the eyes of an enterprise manager». A template has been developed for presenting the results of an assessment of the overall competence of a specialist in strategic management accounting. According to the results of the study, it was established that the implementation of a strategy for the sustainable functioning of business entities in a market economy places new demands not on specific knowledge, but on the competences of employees, their personal qualities. The proposed methodological approach to assessing the overall competence of specialists in strategic management accounting is universal and can be adapted for use in enterprises from any legal form and industry. The value of the methodical approach lies in the fact that it will not only enable managers and managers of enterprises to assess the competence of staffing for strategic management accounting based on the key components of the overall competence of a strategic management accounting specialist, but also creates innovative tools to enhance effective strategic management of the enterprise as a whole.

scholarly journals Monitoring the Development Strategies of the United Territorial Communities of the Kharkiv Region in the Context of the Use of Identification Tools

2020 ◽  
Vol 24 (1) ◽  
pp. 164-170
Author(s):  
I. Popova ◽  
◽  
N. Demchenko ◽  
A. Lebedin ◽  
◽  
...  
Keyword(s):  
Development Strategy ◽  
Agricultural Land ◽  
Financial Resources ◽  
Capital Expenditures ◽  
Social Infrastructure ◽  
Resource Base ◽  
Business Entities ◽  
Fierce Competition ◽  
Management Staff ◽  
The Impact

Annotation. Introduction. Decentralization of power requires the creation of united territorial communities, which should develop strategies for their own development, with the main directions of society development, tasks, prospects for improving the quality of life of the residents of community. In conditions of fierce competition for investment resources, territorial communities, are united, while developing strategies, they must show the peculiarity of their community – local identity, which is the basis for positioning each community. Purpose. The purpose of the article is, monitoring strategies for the development of united territorial communities in the context of the use of identification tools on the example of Kharkiv region. Results. To assess the impact of strategy results on life communities should constantly monitor the effectiveness of implemented programs and projects. The article monitors the development strategy of the united territorial communities of Kharkiv region and identifies the features of each community that must be taken into account in conditions of fierce competition for investment resources, as well as identifies tools to form a positive image of united territorial communities Conclusions. The region has a fairly good education rating of the united territorial communities, which was influenced by the high rates of their population. All the communities of the Kharkiv region, which have been functioning for more than one year, have a stable growth of the resource base, and the vast majority of them do not receive subsidies, on the contrary, they pay a significant reverse subsidy. At the same time, they are also characterized by an increase in the share of expenditures for the maintenance of the management staff in financial resources and a sharp dynamics of capital expenditures, which does not correlate with the growth of budget revenues. At the same time, they are also characterized by an increase in the share of expenditures on the maintenance of the management staff in financial resources and abrupt dynamics of capital expenditures, which does not correlate with the growth of budget revenues. Based on the results, the main identification tools are identified, namely area, population (including demographic structure), income and expenditure level, financing structure, structure of business entities by type of activity and income level, number of social infrastructure facilities, the level of employment and unemployment in the community, the share of agricultural land in the region; the number of enterprises in the region by type of activity; unique name; minerals; the share of certain industries in the region; favorable conditions for tourism development (green, medical, hunting, etc.). The definition of these instruments is the basis for assessing the socio-economic development of society, investment attractiveness. Keywords: united territorial community; strategy, monitoring; tools; identification.

scholarly journals Liquidity  Risks  in  the Context  of  Sustainable  Development of  a Commercial  Company

2019 ◽  
Vol 6 (1) ◽  
pp. 76-88
Author(s):  
S. A. Sidorova
Keyword(s):  
Sustainable Development ◽  
Development Strategy ◽  
Financial Sustainability ◽  
Analytical Instrument ◽  
Financial Strategy ◽  
Financial Reports ◽  
The Sustainable Development ◽  
Economic Entity ◽  
Strategy Integration ◽  
Commercial Organization

The influence of liquidity risks on the sustainable development of a company is analyzed in the article. Herewith, the stages of financial strategy integration and sustainable development strategy are singled out. The first stage presupposes the maintenance of current financial sustainability. The second stage concerns long term financial sustainability. At the third stage we propose to consider the category of financial sustainability in the context of sustainable development in the process of value creation of the business. In doing so, we suggest considering the maintenance of financial sustainability as a complex notion in accordance with the demands of the main stakeholders including the satisfaction of the business owners. On each stage of the financial strategy integration we single out certain liquidity risks. In doing so, we describe the interconnection between the liquidity risks and the sustainable development of an economic entity with help of the category of financial sustainability. We suggest an analytical instrument which enables us to analyse the influence of liquidity risks on the sustainable development of an economic entity on each stage of financial strategy and sustainable development strategy integration. The methods suggested in the article are based on quality and quantity estimates. When working out the analytical instrument we took into consideration the fact that the appearance of liquidity risks is explained by investments in sustainable development of a commercial organization as well as by neglect of investments in different types of sustainability. The quality method was worked out on the basis of the criteria of sustainable development in accordance with the GOST (All-Union State Standard) ISO 26000–2012 and GRI. The analysis methods we suggest to measure the influence of liquidity risks on the sustainable development of a commercial organization are complementary to the existent methods of estimating and managing risks, known as the ERM methodology. Moreover, the methods we suggest in the article follow the concept of the ERM methodology, which is based on the assumption that risks do not only constitute a threat to the continuity of economic activity but also to the opportunity of further development with effective risk management. The analytical instrument in question is presented in an aggregative form therefore can be used by outside users of financial reports.

scholarly journals The Origin and Types of Controlling in Project Management

2019 ◽  
pp. 27-37
Author(s):  
Emil Bukłaha
Keyword(s):  
Project Management ◽  
Information Needs ◽  
Initial Period ◽  
Management Control ◽  
Point Of View ◽  
Management Tool ◽  
Cultural Economic ◽  
Project Controlling ◽  
Business Entities

The aim of the article is to present the views of domestic and foreign authors on the genesis of project controlling and importance of that idea for the success of implemented projects, as well as its evolution in relation to project management and the attempt to classify it from the point of view of accepted analysis criteria. Controlling as a business management tool in Europe gained in importance scarcely in the second half of the twentieth century, although its beginnings fall on the medieval period. Authors of numerous studies in this field point to various sources of controlling and controller concepts, mainly due to the cultural, economic and historical conditions of shaping the role and scope of information use for project management. In the initial period of use, controlling was primarily focused on the objectives of ongoing project management, but nowadays interest in controlling oriented towardsthe needs of strategic (long–term) management is becoming more and more noticeable. Nowadays, the idea of project controlling is recommended for implementation both in large, medium–sized and small business entities as well as public institutions. In relation to project management, it may include comparative activities of planned and actual values in current operations as well as undertaking activities of regulation, management, control or other related to information needs of the senior management and key project stakeholders.

scholarly journals Including Citizen Participation Formats for Drafting and Implementing Local Sustainable Development Strategies

Urban Science ◽  
2020 ◽  
Vol 4 (1) ◽  
pp. 13 ◽  
Author(s):  
Christine Meschede ◽  
Agnes Mainka
Keyword(s):  
Decision Making ◽  
Sustainable Development ◽  
Development Strategy ◽  
Citizen Participation ◽  
Local Level ◽  
Development Strategies ◽  
Management Tool ◽  
Current Status ◽  
Implementation Phase ◽  
Local Sustainable Development

Since the publication of the United Nations’ Sustainable Development Goals, governance for sustainable development has grown and several national, regional and local sustainable development strategies have been adopted. A sustainable development strategy can serve as a political control instrument and management tool. For the development and implementation of such a strategy at the local level, municipalities might use citizen participation approaches. There exist manifold ways of consulting civil society, representing different levels of decision-making power. The analysis of this article is divided into two parts. First, we report on a case study of the pilot project “Global Sustainable Municipalities” located in North Rhine-Westphalia, Germany and assess the current status of the use of citizen participation formats for adopting a local sustainable development strategy. Second, we developed a model of citizen participation approaches during different phases of adopting a sustainable development strategy. The purpose of this model is to assess the potential decision-making power of citizens during the phases and to help municipalities to get an orientation on participation possibilities. The results show that most municipalities count on participation mainly in the implementation phase of the strategy, less during developing it. Our model, however, demonstrates participation possibilities for each of the phases.

scholarly journals Standardization of Russian Management Accounting as a Condition for its Further Development

2018 ◽  
Vol 5 (3) ◽  
pp. 72-81 ◽  
Author(s):  
M. A. Vakhrushina
Keyword(s):  
Institutional Environment ◽  
Negative Impact ◽  
Management Accounting ◽  
Educational Process ◽  
Accounting System ◽  
Negative Consequences ◽  
Managerial Accounting ◽  
Scientific Publications ◽  
Business Entities ◽  
Further Development

The subject of this article is the multitude of processes of management accounting standardization. Its goal is to justify the need for standardization of management accounting as an initial stage in the development of its institutional environment and working out ways to solve this problem.To achieve this goal, the present article analyzes Russian and foreign scientific publications which are devoted to the problems of standardization of the accounting system, and critically assesses the current practice in the field of standardization of management accounting. In the process of research, the methods of logical and expert analysis were used.The article outlines the negative consequences of the lack of institutional regulation of management accounting inRussia— both for the further development of its theory and for practical advancement. The negative impact of the current situation on the educational process was especially noted.The urgent need for standardization of Russian management accounting as the first stage of the institution of its institutional regulation has been revealed. Particular attention is paid to possible directions of standardization of management accounting in the public sector, as well as the development of a professional standard «Managerial Accounting Specialist».The conclusion is made on the need to standardize management accounting at two levels — macroeconomic, which involves developing standards that take into account the specifics of different sectors of the economy, and at the level of microeconomics, which means the development of internal standards and regulations directly by business entities, taking into account the first-level standards.

scholarly journals FINANCIAL CONTROLLING AS A COMPONENT PART OF A SUSTAINABLE DEVELOPMENT MANAGEMENT SYSTEM

2021 ◽  
pp. 3-6
Author(s):  
Тетяна Назарова ◽  
Марина Шевченко ◽  
Павло Грабович
Keyword(s):  
Sustainable Development ◽  
Market Value ◽  
Cash Flows ◽  
Enterprise Management ◽  
Component Part ◽  
Financial Strategy ◽  
Basic Principles ◽  
Controlling System ◽  
The Difference ◽  
Business Entities

concepts, principles and functions of the formation and development of controlling are characterized. The necessity of the organization of financial controlling in the enterprise is grounded, the main stages of the introduction of controlling in the formation of the financial strategy of the enterprise in modern conditions are proposed. It is proved that the difference in the principles of organization of enterprise finance determines the need for differentiation of controlling objects for business entities operating on the basis of commercial calculation, non-profitable activity and estimated financing. If for commercial calculation it is the profit and market value of the enterprise, for non-profitable enterprises it is cash flows that must be efficiently generated and redistributed in accordance with their intended purpose; for enterprises operating on the principles of budget or budget financing, the level of income coverage. The effectiveness of the controlling system is determined by the efficiency of enterprise management. It is proved that the financial strategy is the basis of enterprise management and its production and economic, financial activities in a modern dynamic and competitive environment. The basic principles are investigated at the stages of the implementation of the financial strategy, which allow to correct its directions, which lead enterprises to sustainable development.

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