The authors describe the mechanism of reforming the budget process since 2004, the basic setting of which was the shift of the emphasis of the budget process from "management of budget resources (costs)" to "results management" by increasing responsibility and expanding the independence of participants in the budget process and administrators of budget funds within clear medium-term guidelines. Results-based budgeting (RBB) is defined as the basic tool for public finance management in the budget reform. It is noted that the main goal of effective and responsible public finance management, that is, ensuring the quality of financial management in the public administration sector, is to provide public (state and municipal) services of high quality while increasing the efficiency and effectiveness of budget expenditures. At the same time, it is emphasized that the development of financial management tools in the public administration sector is based on the use of a managerial approach to the management of public (municipal) finances. The rationale for the need to implement a mechanism for monitoring the quality of financial management is illustrated and a multistage process of its improvement in the period 2007-2022 is described.

Relevance. The quality of capital management, taking into account the transformation of the external and internal conjuncture of Russia's development as a systemic phenomenon of the market economy, must evolve, showing flexibility in decision-making. State capital in Russia, playing a key role in the placement of assets, sets the trend in the capital market. However, many experts consider this role of the state as negative, suppressing the ability of entrepreneurs to take advantage of new, interesting macroeconomic opportunities, due to the centralization of cash flow and the distribution of liquidity in relation to system-forming enterprises that suppress the competitive environment. Hypothesis. The Military Pension System (PSV), along with other institutional funds, can ensure the decentralization of state capital through the introduction of elements of corporate governance, including with the participation, for example, of a board of independent directors. The scientific novelty of the research results lies in the need to create and integrate PSV into the investment and industrial processes of the economy. The author considers at the initial stage of the pension system reform the possibility of implementing this initiative by integrating the PSV into the housing construction sector and related sectors of the economy. The research is based on the analytical method and the method of synthesis, generalization of the results of practices of countries with developed economies. Results: the step-by-step capitalization of the PSV will allow for a smooth transition from the implementation of a system of financing capital-intensive industries with conservative financial risks to the possibility of investing in medium and small businesses, including educational and social projects, thereby ensuring the transformation of monetary capital into human capital, with increased risks, but also corresponding profitability. Such a transition is based on long-term planning of the development of funds not only as an element of corporate governance, but also as an integral part of the vision of their future by military personnel, taking into account the chosen region for permanent residence.

 The article deals with topical issues of a new type of risks that were realized on a large scale in 2022 for Russian investors who owned foreign securities. The author, investigating the problems of investors, analyzes the possible solutions offered by Western depository structures, evaluates the positive and negative consequences of a possible partial unblocking of assets for the liquidity level of the national stock market. 

The article is devoted to the tax revenues that form the budgets of the subjects of the Russian Federation. On the basis of statistical data the analysis of tax revenues of regional and local budgets, which in turn are formed by the norms of deductions, declared at the federal level, as well as established by territorial units of the upper level. On the example of the Oryol and Tyumen regions the formation of the revenue part of their budgets in the context of taxes was analyzed. On the basis of the analysis the author has made a conclusion that sufficiently large losses of multilevel budgets have at the expense of receipt in a smaller volume of taxes from profit of the organizations in connection with application of privileges for unprofitable enterprises. The conclusion is made that in modern economic conditions this privilege requires revision.

The relevance of the topic of the article is due to the need to bring the instruments of regulatory activity of the central bank into line with the essence of the modern monetary system. This general theoretical imperative is considered in the article in relation to such an instrument of monetary regulation as the obligatory reserve of a part of the liabilities of commercial banks on correspondent accounts with the central bank. The purpose of the article is to find an answer to the question of how this tool, on the one hand, is scientifically based, and on the other hand, it meets the interests of commercial banks and the interests of the country (market\) as a whole. As a result of the study, it is concluded that this instrument does not correspond to the essence of the modern monetary system and does not meet the interests of commercial banks, national interests and, in fact, the interests of the central bank itself. As a result, a conclusion is made about the need for a radical transformation of this instrument of regulatory activity of the central bank. The methods of comparative analysis, deduction and induction, the method of historical and logical unity and a number of other scientific methods were used in the work.

The article discusses the impact of sanctions on the Russian banking services market: on the payment banking business, the real state of bank deposits of individuals and retail bank lending, also determines the directions for the development of sales channels for banking services. The authors attempted to reveal the main trends in the development of alternative channels for the sale of banking services by Russian banks, instead of service offices, also gave recommendations to commercial banks on improving the functionality of digital sales channels.

The purpose of the study is to design the life cycle of a loan. Research hypothesis: it is assumed that the evolution of credit has a complex nonlinear character. The research uses the method of "The order of goals" of the categoricalsystem methodology and methods of analysis of scientific literature, systematization and generalization. Results: four basic credit conditions are identified and described; the mechanism of credit transition from one state to another is modeled, reflecting the development of credit; a model of the life cycle of credit is developed. Conclusion: the development of credit occurs abruptly; changes in the directions of development within the boundaries of the life cycle can be observed repeatedly; understanding the process of credit evolution allows us to determine the mechanism of generating resources necessary both for changing the state and for its development; the credit life cycle model can be used in the development of credit programs, models of credit products.

Real estate investments enjoy a steady interest of private investors, meeting their requirements for risk and profitability. One of the mechanisms for investing in real estate is implemented by a closed real estate mutual investment fund (Real estate Mutual fund), the principle of which is as follows: the real estate mutual fund invests investors' funds in residential or commercial real estate; in return for their money, depositors receive shares – securities of the fund. Their cost depends on the price of the real estate managed by the Real Estate Fund.
This article presents the state of the Russian real estate market in 2022, the place of real estate funds in the market is determined. As an approach to assessing the effectiveness of investing in the real estate investment Fund, the calculation of the efficiency indicator as an index calculated on the basis of a comparative assessment of the attractiveness factors of the investment object is proposed. As a base for comparison, it is proposed to use the Moscow real estate index calculated by the Moscow Stock Exchange.
The authors have proposed an index of real estate mutual funds, which reflects the dynamics of the net asset value of the largest funds. Based on the dynamics of the index values for 2021-2022, an assessment of the risk and profitability of investing in Russian real estate funds was carried out.

The real estate market is an important element of the system of market relations, acting not only as an object of ownership, but also as an object of investment. Real estate investments are one of the key aspects of ensuring the functioning of the economic system and have a multiplicative effect. The article substantiates the role of real estate investments as the most important catalyst for economic development. The structure and dynamics of investments in commercial real estate were analyzed, which led to the conclusion that the overall increase in the volume of investments in this market is accompanied by a reduction in the share of foreign capital in investments. Various forms of investment are considered and their distinctive features are investigated in the context of the fundamental characteristic features of each of the forms. Special attention is paid to investment decisions related to investments in real estate and implemented using financial market instruments. Based on a number of characteristics, the presented forms of investment were compared, their profitability, growth prospects and possible risks were determined. Based on the analysis, the directions of investment strategies in the real estate market are formulated, which are relevant in the current market conditions.

The article discusses the prospects for the development of the Russian foreign exchange market within the framework of international organizations and at the level of individual countries. Recommendations for the stable functioning of the Russian foreign exchange market and the development of the national economy of the country are proposed.
In modern conditions, in order to ensure the stable functioning of the foreign exchange market and foreign exchange banking systems, there is a need to revise the monetary policy of both the Central Bank of Russia and at the level of commercial banks. In view of the ongoing sanctions policy of unfriendly countries against Russian commercial banks and the economic system, it is advisable to consider the strategy of the country's economic and political development, as well as the prospect of entering the foreign exchange market of the countries of Central and East Asia.

The financial component of the organization's activities or the objects of its accounting has always been in the focus of economists' research. Unfortunately, it should be noted that for accounting based on normative economics, the reflection of the financial component of the value of contractual obligations remains without due attention. At the same time, the assessment and reflection in accounting and reporting of the value of contractual obligations expands the scope of accounting, makes its information promising and more significant for financial analysis and improving the effectiveness of the implementation of financial relations. The financial component in assessing the value of obligations in an exchange transaction involves a rather complex, sometimes ambiguous, process. To study it in the concept of accounting for contractual obligations, the main attention should be paid to the recognition of contractual obligations, the assessment of monetary assets and liabilities that ensure the reflection of these objects as accounting objects, as well as the processes of their transformation into facts of economic life.

The article deals with topical issues of the development of a specific debt instrument, ESG bonds. The author, investigating the problems of functioning of the ESG bond market segment, analyzes the changes that have occurred in recent years both in the bond market as a whole and in this segment in particular. The article assesses the consequences of the sanctions imposed against Russia for the brokerage business and management companies.

Alm. The purpose of the study is to determine the essence of initiative budgeting as a tool of modern state public management and a mechanism for managing public finances, as well as to assess the institutional conditions for the use of this tool for the socio-economic development of territories, including in the field of physical culture and sports. Materials and methods. The theoretical and methodological basis of the research was made up of scientific works of domestic and foreign scientists in the field of public public management, public values management, public management of sustainable socio-economic development of territories, public finance management, including in the field of physical culture and sports, and methodological approaches formed on the basis of the theory of participatory democracy (participatory democracy) to involve citizens in the budget process, public finance management in general and the mechanism of initiative budgeting in particular. In the course of the study, the institutional conditions for the development of initiative budgeting in Russia in 2014-2021 were analyzed, the foundations of its regulatory support were structured. Special attention is paid to the practices of proactive budgeting in the field of physical culture and sports. Results. Typical models of municipal projects of initiative budgeting in the regions of Russia in the field of financial culture and sports are identified, carried out in the context of organizational and methodological support for the implementation of relevant municipal initiative projects structured in the course of the study. Conclusion. Recommendations are given on expanding thepossibilities ofimplementing municipal projects ofinitiative budgeting, improving theregulatory andmethodological support of projects of local initiatives implemented in the field of physical culture and sports in municipalities of the regions of Russia within the framework of models of initiative budgeting.

The methodology of creating, supporting and implementing investment projects in construction has undergone many changes, from the use of industrial technologies of the late 20th century with strict compliance on standards of livability to the analogues of foreign premium projects with bright advertising slogans. Currently, development is experiencing the need to form a holistic image of the product, precisely tailored to the needs and interests of the end consumer. Similar to the project management in IT and FMCG sectors, there is a demand in real estate development for a new role unit - product manager or a productologist. The article provides a rationale for the proposed functional model of a specialist who will give a new impetus to development companies and enrich the benefits of development projects with exactly those values which form a comfortable and environmentally friendly urban environment.

The article is devoted to the study of the prospects for the development of the model of socio-economic policy of Russia in the conditions of the sixth technological order. The analysis of the main indicators of socio-economic development of the Russian Federation for 2021-2022 and the planned period from 2023 to 2025 is carried out. Three directions of development of the model of socio-economic policy of Russia are proposed, affecting the issues of sustainable development of the territories of the state, increasing the number and importance of scientific research, control of pricing for goods and services.

One of the cornerstones of the study of any historical event is the contexts in which this event occurred. As such, the traditional hypothesis uses the factors that contributed to the invention of double-entry bookkeeping and were described in the works of very authoritative English-speaking historians: A. Сh. Lyttleton and R. de Roover.
Among these factors, Littleton attributed the presence of private property, capital, trade, credit, writing, money and arithmetic in a favorable socio-economic environment. De Roover supplemented this list with factors of mediation and companies. According to Littleton, all the factors he named first appeared only in medieval Italy, which made the origin of double-entry bookkeeping inevitable in this place and in this era. The article shows, firstly, that the theses of Littleton and de Roover are not properly reasoned, and secondly, that all the factors they named appeared in ancient Rome, where they were much more developed than in medieval Italy. And if these factors really "made the emergence of double-entry bookkeeping inevitable," it would have appeared in ancient Rome.

The article is devoted to the study of the reasons for the decline in the number of professional auditors and audit companies in Russia. The author assesses the influence of various types of factors on trends with a decrease in the number of auditors and identifies digitalization and increasing state control as the main ones. The assessment of the most important prospects of audit digitalization and its impact on the state of the audit market in Russia is carried out. The author comes to the conclusion about the inevitability of the transformation of the auditing profession and what opportunities this opens up for state influence on the financial control industry in the conditions of Western sanctions.

The article analyzes the main approaches to structuring economic analysis, justifies the author's approach using a grouping feature – the type of data used. The concept of economic analysis is considered at the microeconomic level, in this case the object of observation is an organization (enterprise). As the main criteria determining the structure of economic analysis, the requests of stakeholders and the sources of information used are highlighted. According to the author, not enough attention is paid to the classification of data (financial and non-financial) in the economic analysis of the organization's activities in the scientific literature, which does not allow for a clear separation of managerial and financial, external and internal analysis. Special attention is paid to deciphering the concepts of financial and managerial analysis.