CHECKING FINANCIAL REPORTING RELIABILITY OF RUSSIAN COMPANIES IN THE PERIOD OF CRISIS PHENOMENA IN THE ECONOMY
The technical and economic paradigm of Carlota Perez has been studied, proving the interconnection of financial crises and long waves in the economy, each phase of which imposes an imprint on the relationship between financial and productive capital. One of the characteristics of finance during this or that phase of such waves is various options for manipulation and outright fraud with information. This type of financial behavior can occur at any phase of the wave, but the frequency of its appearance can vary significantly. In accordance with the technical and economic paradigm, different types of manipulation are encountered during the aggression phase, i.e. in times of economic crisis. The hypothesis is put forward that in the Russian economy, which is currently at the final stage of the aggression phase in accordance with the technical and economic paradigm, there are a large number of companies actively engaged in manipulating financial reporting. The study of financial statements of companies of different types of activities from four regions of the Siberian Federal District allowed confirming the hypothesis put forward. It is proved that the methodology for verifying financial statements for reliability in the interests of all groups of stakeholders of companies requires further development.
Keywords: technical and economic paradigm, financial reporting manipulation, M Benisha M-score model, TATA coefficient.
Highlights:
• a hypothesis has been put forward that the frequency of various types of information manipulation depends on the phase of individual waves propagating successive technological revolutions;
• according to the results of empirical studies it was proved that during the crisis of the Russian economy, the manipulation of financial reporting in the practice of Russian companies of different industry and different regions was massive;
• it is justified that the phase of the recession, in which the Russian economy is now, requires the introduction of new accounting rules, new information release rules and ensuring its reliability to protect the interests of all stakeholder groups of companies.
Natalia V. Gamarnikova, the Department of Corporate Management and Finance; Marina S. Kalinichenko, the Department of Corporate Management and Finance; Marina Yu. Savelieva, Candidate of Economics, Associate Professor of Department of Corporate Management and Finance - Novosibirsk State University of Economics and Management.