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In the conditions of global uncertainty, the conditions of the external and internal environment of the functioning of companies and sectors of the economy are significantly changing. The emergence of new challenges and threats requires the adjustment of existing development strategies, makes relevant methods and models for assessing the fair value of enterprises in the real sector of the economy. The purpose of this study is to investigate and systematize modern approaches to estimating the discount rate when using them in strategic investment analysis based on the concept of company value management. At the first stage of the study, the following models were used for evaluation: weighted average cost of capital, valuation of financial assets, Gordon’s dividend model, return on equity, the multiplier method and the expert method. The advantages and disadvantages of the methods and models used are revealed. The most preferred option is the discount rate equal to 8.55% and calculated according to the financial asset valuation model. At the second stage, the fair value of shares and capital of PJSC Severstal was assessed in the following sequence: calculating the value of shares based on the Gordon dividend model; using free cash flow indicators, weighted average cost of capital and the cash flow discounting method; analyzing the sensitivity of the company’s share price depending on the growth rate of free cash flow and weighted average cost of capital; comparison of the results of the evaluation of the fair value of the shares of the analyzed company obtained by various methods; preparation of conclusions on the fair value of shares and the investment attractiveness of the company. The main results of the study are the author’s methodology for assessing the discount rate and fair value of public companies, including the identification of advantages, disadvantages and further improvement of the tools used for strategic investment analysis. Unlike the works of other authors, the study established the causal conditionality of the discount rate and the results of the fair value assessment of a public joint-stock company, based on the subjective opinion of a specialist making decisions in the field of investment analysis. The practical significance of the work is represented by the methodological approaches developed by the author to assess the discount rate and fair value of companies in the real sector of the economy. Further research of the author is aimed at improving the methods of modern strategic analysis, developing recommendations for the identification, assessment and analysis of investment risks

The paper considers the foreign direct investment (FDI) in the capital of Russian companies in the regional context. The subject of the research is the problem of collecting and unification of the information on attracted investment volumes for subsequent macroeconomic analysis. Within the framework of the study, the authors used such general scientific methods as systematization, induction and deduction, synthesis, as well as structuraldynamic and other types of analysis. The problems of attracting FDI in the economy and their uniform distribution across the regions of the Russian Federation currently remain relevant, and the structure of incoming FDI is highly deformed with a pronounced concentration of most of them in a limited range of regions with a strong geographic and sectoral uneven distribution. The results of the study, which have theoretical and applied significance, can be used for the investment attractiveness of Russian regions.

The paper is devoted to the research of foreign direct investment accounting in the capital of Russian companies, identifies the similarities and differences in approaches to identifying direct investments in accordance with international and domestic legal norms, detects the problems of inward foreign direct investment accounting and in statistical reports. The subject of the study is the problems of theory and practice of foreign direct investment accounting. The research is based on general scientific principles and research methods: systematization, induction and deduction, synthesis and analysis. Correct identification of direct foreign investments in accounts and reliable disclosure of the accounting information and statistical reporting, at present, causes difficulties for economic entities. The solution to these problems is available through the implementation of the professional judgment of the accountant. The work results having theoretical and applied significance, can be used as a basis for the development of a company’s accounting policy.

This work examines the most promising design solutions for the creation of propulsion systems for ultra-light launch vehicles by small private enterprises in the rocket and space industry. Comparison of the metal consumption of the combustion chambers with the energy characteristics at different operating pressures showed that the most optimal operating pressure is 12,16 MPa. Comparison of the relative and absolute values of the masses of various configurations describes the nature of the relationship between the number of combustion chambers and the total mass of the propulsion system. It was found that nine-chamber propulsion systems with cameras made with extensive use of additive technologies best meet the key requirements. The analysis carried out includes an assessment of the design parameters of both various components and assemblies and the propulsion system as a whole. Various layouts of propulsion systems are considered in detail, the required degree of technological complexity of structures of various units and assemblies, their production cost are estimated. The ratio of the obtained mass-energy characteristics was achieved through the implementation of design solutions that became available due to the use of additive technologies. The obtained results of preliminary calculations demonstrate the applicability and efficiency of design solutions considered for use in the propelled propulsion system for a promising launch vehicle.

The relevance of the research is that regional bonds are not only a source of covering the region’s public debt, but also a tool for investment. Currently, the investment attractiveness of such instruments is low, since they are not liquid enough and are low-yielding. In the context of global uncertainty and monetary policy easing, regional bonds can be considered as an alternative investment tool, since they have a fairly high reliability and low investment risk. The purpose of the research is to assess the investment attractiveness of regional bonds of the Orenburg region. The main results are as follows. The comparative characteristics of the Moscow exchange indices on the terms and depth of correction in the securities market in the first half of 2020 are carried out. The dynamics of the exchange rate value of bonds of the Orenburg region (issue # 35003) and the index of municipal bonds are analyzed. It is shown that the bonds of the Orenburg region included in the index of municipal bonds are more stable and conservative financial instruments in comparison with other units of the considered population. The correlation between the yield, price and duration of bonds from the municipal bond index is identified and described based on correlation and regression analysis. To do this, the relationships between the yield and price of bonds were initially estimated using pair regression, and then the yield and duration of the bonds were estimated. As a result, a multi-factor model of multiple regression was built, which allows forecasting the yield of regional bonds. Other factors that are not included in the model and may have an impact on bond yields are indicated. It is shown that in comparison with budget loans, bond loans have a number of advantages: a longer-term nature of attracting funds, availability for a large number of investors, market pricing, the ability to improve the image and investment attractiveness of the Issuer with the help of a credit rating of the region, confirmed by leading rating agencies. The reliability of regional bonds of the Orenburg region was confirmed by the rating Agency Fitch Ratings on June 12, 2020 at the level of «BB+», the forecast is «Stable». It is shown that an additional incentive to purchase sub-Federal bonds by individuals can be a significant tax savings in the framework of opening and active use of an individual investment account.

The search for reserves for stabilization of Russian economy is coming to the fore in the context of the ongoing crisis. Given its raw material orientation, a significant share of which is accounted for by exports, and the high share of customs payments (in particular, export customs duties on oil and gas) in the structure of the Federal budget, it is extremely important to assess the estimated losses of customs payments as a result of shadow exports, which determines the relevance of this study. The paper discribes assessing the volume of customs payments in the conditions of the country’s shadow economy development as well as searching for sources of their increase in the structure of Federal budget revenues due to organizational measures. A review of positions of the Russian scientists in the field of economic categories including taking into account the normative and reference documentation. In this study it is proved that the activities of customs authorities belong to the type of organizational and economic relations and customs payments are an economic category. A methodological tool for economic analysis has been developed to identify the significance of losses from shadow exports for the state budget as well as to assess the correctness of the distribution of import customs duties to the budgets of the EAEU member States. The theoretical and practical significance of the study is determined by the prospects for increasing the volume of the Federal budget revenue due to the collection of customs duties. The study may be interesting for government agencies of foreign trade policy and Federal budget formation.

The article considers the problem of the application of professional accounting judgment in the compilation of consolidated financial statements (CFS), which, according to the legislation of the Russian Federation, should be prepared in accordance with the international financial reporting standards (IFRS). The methodological basis of the study includes scientific developments of domestic and foreign scientists regarding the problems of the application of professional judgment in the framework of the compilation of consolidated financial statements (CFS). The research methodology involves studying the specifics of determining the existence of control as the basis for consolidation, examining the transformation of the concept of “control” in a historical context by analyzing the relevant and previously applied IFRSs, and examining the concept of the information value of consolidated financial reporting. An analysis of the complexity of determining the actual control of the investor over the object of investment has allowed us to draw a conclusion about the prospects of applying the concept of professional judgment in the Russian realities. The theoretical and practical significance of the study lies in the fact that the results of the study are intended for the effective application of the professional judgment of an accountant as a relatively new accounting and reporting tool in the process of generating consolidated reporting (CFS) by accounting professionals.

Over the past few years the popularity of blockchain technology has grown significantly. It is able to make change as the economic environment, as also identifying new approaches to business management. The paper is devoted to innovative aspects that appear and have a tendency to develop in the field of accounting and audit due to the blockchain technologies development. This technology can affect entire industries, and especially the financial sector. The decision to use blockchain in combination with appropriate data analytics can help in accounting processes, as well as in conducting daily transactions involved in the audit. The transition to a financial system with a significant element of the blockchain opens up many opportunities for the profession of an accountant and the skills of the auditor will be focused more on concerning issues of a higher level. The methodological base of the study includes the theory of accounting and auditing, as well as the principles of operation of blockchain technologies in the aspect of their application in finance. The study overviews the main trends in the development of blockchain technology in accounting and auditing based on foreign scientific studies, as well as reviews of blockchain practices in articles by various scientists. The result of this research is an analysis of blockchain technologies in the finance field. The study depicts conclusions about the degree of applicability of this technology in the Russian Federation, reflects the main problems, risks and benefits from the introduction of this technology. This paper may promote an interest to the current professionals in the accounting and auditing field, as well as to professionals working in the range of building data exchange systems between employees involved in working with finances.