Стаття присвячена сутності та порядку відображення в бухгалтерському обліку операцій з криптоактивами суб’єктами господарювання в умовах розвитку світової економіки. Розглянуто криптовалюту як різновид цифрових грошей. Охарактеризовано найвідоміші види криптовалют та стан криптовалютного ринку протягом 2019 року. Розглянуто правове регулювання криптовалюти в різних країнах. Окрему увагу приділено питанню визнання та нормативно-правовому регулюванню обліку криптовалюти в Україні. Встановлено, що криптоактиви можуть бути оприбутковані на баланс суб’єкта господарювання шляхом придбання, отримання як засобу платежу за продукцію, товари, роботи та послуги, набуті внаслідок інвестицій на ринку криптовалют та одержані самостійно внаслідок криптовалютного майнінгу. В процесі дослідження доведено, що криптоактиви потребують методичного та теоретичного обґрунтування в умовах нестабільності діючого законодавства. Запропоновано здійснювати облік криптоактивів за допомогою міжнародних стандартів фінансової звітності. Описано принцип роботи блокчейну та наведено переваги використання цієї технології як самостійної системи для ведення бухгалтерського обліку криптовалюти.
Today, the coronavirus infection COVID-2019 deals a devastating blow to the economies of most countries due to disruption of production chains, the bankruptcy of small and medium-sized businesses, increasing the number of unemployed, and more. Under these conditions, the coverage of digitalization of all sectors of the economy and basic spheres of life of citizens becomes especially important. The article is devoted to the analysis of the possibilities of the latest blockchain technologies, artificial intelligence, and the Internet of Things in view of their impact on the transformation of the business process management system. The study used methods of bibliographic analysis of scientific publications and analytical reports of international organizations related to the concept of “Industry 4.0” and diseases of coronavirus infection, analyzing from the audit point of view, how to reinforce the principles of transparency, responsibility, and participation. It has been proven that blockchain technology is able to service online payments without intermediaries, receipt, and transfer of digital assets, as well as political elections and voting. Artificial intelligence models can help map, manage, predict, and model complex processes, reducing uncertainty, and supporting professionals in decision-making. The Internet of Things allows you to transfer information, improve control and automation, and provide opportunities to optimize the company’s operating costs. The result of the study can be practically valuable for many stakeholders: auditors – conducting audits by artificial intelligence; public administration – developing measures to address the economic, social and political crisis triggered by the pandemic, by building trust between government and citizens through communication, and by ensuring transparency and accountability. Keywords: blockchain, artificial intelligence, Internet of Things, COVID-19, health care crisis, economic crisis, political crisis, control, public administration, financial management.
Introduction. The urgency of the problem of decentralization of power in Ukraine is caused by a number of legal, political and economic problems that need to be solved in the state in the current difficult conditions of its development. The heated discussions on changes to the legislation of Ukraine, including its Basic Law – the Constitution of Ukraine, primarily relate to the redistribution of powers between state authorities and local self-government bodies, determination and consolidation in the legislation of the optimal model of organization of power in Ukraine on the basis of its decentralization. The aim of the article. To analyze actual legal and theoretical problems of financial activity of local self-government bodies in the conditions of decentralization of power in Ukraine. Results. The article is devoted to the analysis of current legal and theoretical problems related to the process of decentralization of power in Ukraine. The peculiarities of legal regulation of financial activity of local self-government bodies, in particular the budgetary sphere, under conditions of decentralization of power are considered. The scientific analysis of some theoretical issues is carried out, the solution of which is connected with the improvement of the legislation of Ukraine, which regulates the specified sphere of relations. At the present stage, the legal regulation of the financial activity of local governments largely determines the effectiveness of their activity as a whole and the efficiency of the process of decentralization of power in Ukraine. And it must solve one of the main tasks – to ensure the optimal combination of the realization of the interests of the population of a particular territory and national interests. Decentralization of power, creation of united territorial communities relied on strengthening the financial base of local governments during 2014–2018. Therefore, it is extremely dangerous to reduce local budgets subsidies for 2020, as this will hinder budgetary decentralization in Ukraine. The process of budgetary decentralization should include the liberalization and improvement of intergovernmental budgetary relations, taking into account the quantitative and qualitative indicators of the respective territory. Therefore, it is necessary to pay attention to the terms “region” and “regional self-government”. Conclusions. Considering the term “region” as a complex structural entity, regional self-government can be considered as self-organization of citizens within a specific territorial sociality, economic structure with its characteristic functions. Equally important is ensuring a change in fiscal discipline in the context of strengthening the financial framework of local self-government in the process of decentralization of power. In today's context, the social focus of local budgets is also of particular importance. The role of reserve funds, which must necessarily be formed at the local level, to finance unforeseen measures, which must be secured at the legislative level, is growing.
Central banks are flocking to government-backed cryptocurrency, taking full advantage of the media attention brought to Bitcoin and other digital currency. However, while government-backed cryptocurrency avoids some pitfalls presented by private cryptocurrencies, other problems are less easily sidestepped. And government-backed cryptocurrencies, if widely adopted, could present issues to the stability of the international monetary system. These problems must be addressed, and not only as they arise. Unfortunately, national and international governments have shown no real ability to deal with troubles arising from private cryptocurrency. The government-backing of such digital currency changes the calculus, permitting a new entity to deal with these problems. The International Monetary Fund (IMF) is the best organization to deal with the issues. This Note submits that the IMF should act quickly to take pre-emptive measures and develop a system of best practices for dealing with government-backed cryptocurrency in pursuance of ensuring a stable international monetary system.
In the course of its economic and legal development, the formation and improvement of the financial system from a legal perspective continues to occur in Ukraine. Today, political transformations in one aspect or another affect the state of the financial system, that is, in some cases, they stabilize it, and in others, unfortunately, lead to its imbalance. At the same time, it should be noted that the financial system of Ukraine, as well as its functions in modern conditions, usually develop in close interaction with other links. Their interaction with the budget system is especially important for the functioning of the financial system itself since it contributes to the financial support of various branches of public life in Ukraine. At the same time, the axiology of the financial system of Ukraine requires analysis of its functional component, since in the legal and economic literature the specified category is still debatable. In addition, the concept of “financial system” is absent both in scientific sources and in the current legislation. The problems of the financial system have already been the subject of research by individual scholars. However, an analysis of their work shows that the administrative and legal aspects of the financial system are only partially revealed. That is why the purpose of this article is to analyze the very concept of the financial system and its components, as well as to study the impact on it of the relevant administrative and legal principles. As a result, it is concluded that finance, as well as the financial system as a whole, is crucial for the development of the state. They serve as the economic basis for the existence of even the state itself. The notion of “finance” is applied not only to the sphere of state property but also to the sphere of the effect of private relations, because in Ukraine the market relations develop. In this regard, finance is regarded as a public-law and private-law category, which is the very foundation of Ukraine’s financial system. Nowadays in Ukraine, there is a tendency of scientific research of peculiarities of legal regulation of a certain type of activity, including financial, because the latter has state-defined elements. Given that the main elements of the financial system include finance: state, local, economic entities of all forms of ownership, the non-productive sphere of activity, the population of the financial market, as well as financial infrastructure, it is possible to improve the definition of the content of the financial system as a set regulated by financial and legal norms individual units of financial relations and financial institutions through which the state creates, distributes and uses centralized and decentralized funds. This definition directly indicates that there is a specific model of legal influence created by a special combination of legal regulation of financial relations in Ukraine. The aforementioned allows convincingly to assert that in Ukraine there is an administrative-legal regime of the financial system, which is functionally oriented to the performance of functions and actions of the authorized state bodies in the implementation and provision of all elements of the financial system. Keywords: administrative and legal principles of the financial system, financial system, finances, money.
Introduction. In the context of reforming the system of local self-government and territorial organization of power, they need to rethink a number of important theoretical postulates of domestic financial science through the prism of improving existing and developing new conceptual approaches to the theoretical substantiation of the finances of the united territorial communities in their territorial communities. After all, the study of OTG finances, with their permanent dominance in local finance, is the basis for effective implementation of the reform of financial decentralization and local development. Moreover, upon completion of the reform, the UGT finances will prevail, completely changing the local finances. Purpose. Given the limited theoretical and practical experience of domestic scientists on the finances of the united territorial communities, the purpose of the article is to find out the place and role of OGF finances in the financial system of the state. Methods. The methods of abstraction, generalization, induction, deduction, synthesis were applied in the study of the role and place of OGF finances in the financial system of the state, as well as the system method. Results. The views of domestic and foreign theorists and practitioners on the scientific substantiation of the financial system of the state and its structural components have been systematized. The LTG finances in its structure and the role for modifications of local finances was determined. This made it possible to identify OTG finances as an area of the financial system and to formulate a science-based approach to their knowledge, while separating OTG budgets, utility and financial institutions and local borrowing in their structure. Discussion. It is advisable to carry out further scientific researches of OGF finances on the basis of the formed theoretical substantiation of OGF finances as an integral part of the financial system of the state with the corresponding structural structure – links that are interconnected and interact.
The purpose of the work is to identify trends and outline the problems of local budget revenues in Ukraine in the context of financial decentralization. Emphasis is placed on the need to form a systematic vision of the role of budget policy in ensuring the development of territories, determining the basis for the formation and implementation of local budgets in the context of ensuring the self-sufficiency of territorial communities formed as a result of decentralization. The scientific article presents the results of the analysis of the development of local budgets in Ukraine in the conditions of formation and functioning of united territorial communities. Research and calculations were conducted for the periods 2008-2018 and 2013-2019, which helps to identify trends and changes in the formation of local budgets due to fiscal innovations in 2014, the analysis of own revenues and transfers per capita in the regions of Ukraine. Emphasis is placed on the budget policy of territorial development in Ukraine at the present stage to increase the role of local governments in the budget sphere, providing them with expanded functions and achieving the ability to ensure the development of the territory through efficient use of available resources and use and search for additional opportunities. The main problems that remained unresolved in the context of decentralization reforms and intensified as a result of changes were identified. There is an inflated level of redistribution of gross domestic product through the public finance sector and a low level of institutional capacity of management to effectively manage financial resources, which is characterized by the risk of declining economic development and slowing down the activity of economic entities. The high level of dependence of local budgets of territories on financial support from the state budget and the problem of inefficient distribution of powers between different levels of government are argued. Emphasis is placed on the growth of disparities in the financial capacity of territories in the context of reforms of administrative and financial decentralization. As a result of the analysis of relevant indicators, the constant change of "rules" of subventions to local budgets is justified, which negatively affects the development of territories and is accompanied by the inability of local governments to effectively strategic planning of their own development. It is established to strengthen the financial capacity of developed regions, cities of regional significance and areas around such cities, deepening the depression of rural areas far from powerful "growth points" due to decentralization changes. The role of taxes as the main sources of revenue to local budgets (personal income tax, excise tax on fuel and excise tax on the sale of excisable goods, local taxes and fees) by business entities is substantiated.
The aim of the paper is an evaluation of the doctrinal foundations of the derivatives and cryptocurrencies as well as their empirical implementation results. The neoliberal policy is based on two elements: a libertarian idea of the minimal state and monetarism of Milton Friedman.
The article compares the concepts of virtual currency (cryptocurrency) and electronic money. It is established that such assets, although different from each other, have certain similar features. Electronic money, unlike cryptocurrency, has a legal status, a legally defined issuer, a fixed offer and is regulated and supervised. It is established that there are four qualitative characteristics that increase the usefulness of financial information that is relevant and accurately presented - it is comparability, reliability, timeliness and clarity. Thus, the issue of reflecting in the financial statements of digital assets that affect the assets of the enterprise, determining the liquidity of the balance sheet, understanding of the transactions in connection with which the company has acquired digital assets. Based on this, cryptocurrency assets have every chance to become an integral part of the world economy, as some countries are already inclined to introduce such currency in the process of use and exchange for goods or other funds. If an enterprise is able to control certain assets, such as cryptocurrency, and to carry out storage and accumulation operations with it, this affects the reflection of such assets in the financial statements of the enterprise and the assessment of the solvency of such enterprise. It is established that the liquidity of digital assets depends on their recognition in the accounting policy as a certain asset. If they are recognized as cash, they are the most liquid assets of the first group, but if they are recognized as digital goods, then this is the third group of liquidity. It is determined that the risk of using cryptocurrency has an economic and legal nature. Its essence is that the value of cryptocurrency is set by the ratio of supply and demand for it. When investing real money in cryptocurrency, the demand for it may not increase or decrease due to its unpopularity. But it should also be noted that such economic risk must be associated with legal, as the state can legalize transactions with cryptocurrency, but not with all, but only with a specific one, such as bitcoin and its "forks". Thus, based on the peculiarities of the use of cryptocurrency, the following risks can be identified, such as legal, economic, technical and others.
Iryna Tsymbalіuk, Mohammed Younus Hasan Alghadhywi
The main ideas and principles of inclusive development are revealed in this paper It is proved that the main condition for the transition of the Ukrainian regions to the principles of inclusive growth is the provision of developed inclusive infrastructure. The purpose of the paper is to substantiate the system of quantitative indicators that reflect the prospects for achieving the goals and objectives of infrastructure development in the region as an important component and prerequisite for inclusive growth. Based on the methodology proposed in the paper, the analysis of infrastructural development of the Ukrainian regions as a basis for inclusive growth is carried out. It is proved that in order to involve the maximum number of the population in the development processes, it is necessary to create appropriate conditions, which are provided by the developed infrastructure. Due to indicators of construction development, transport infrastructure, passenger and cargo turnover, the level of the population coverage with Internet services, preschool educational institutions for children; development of higher education, accessibility of medical services and health care, an index of infrastructural development of the region has been formed, which reflects the possibility of including all segments of the population in productive activities and creating conditions for growth. Significant asymmetry of infrastructural development between the regions of Ukraine has been revealed, which puts them in unequal conditions for achieving inclusive growth. It is stated that the solution of this problem is possible only with the active state support and improvement of mechanisms for financing regional development projects from the State budget. The main results presented in the paper are obtained during the research «Fiscal space of inclusive development of the region» and «Security of sustainable development of regions and territorial communities of Ukraine in the context of decentralization on the basis of inclusive growth», within which the author systematizes goals, objectives and indicators of quantitative assessment of the achievement of prospects for regions inclusive development.
The article is aimed at defining the process of settlements in cryptocurrencies between enterprises and its accounting display. During the research, it was found that all participants using cryptocurrencies distribute risks among themselves. Due to the non-recognition of the cryptocurrency as payment means, the NBU as a regulator has fully abnegated its powers as to this issue. The strengths and weaknesses of the use of digital assets are considered and listed; the main risks are characterized. It is proposed to use a synthetic account of the second order of 128 «Digital Assets» for account of any crypto assets, in the context of which it is possible to open analytical accounts appropriate for account of specific cryptocurrencies. For example, one may use of 128.1 to account the cryptocurrency bitcoin cache; 128.2 – to account the bitcoin cryptocurrency; 128.3 – to account the ether cryptocurrency etc. In addition, to account for cryptocurrencies stored on crypto-wallets, such as Coinomi, it is proposed to use a synthetic account of the second order of 336 «Digital wallet». The reflection in the accounts of payments with cryptocurrency for goods is considered. It is determined that modern «accounting science» allows identifying and making certain corrections to the existing account plan for the accounting display of certain objects, such as digital money, cryptocurrencies. Therefore, the information function of accountance allows to conduct a continuous, uninterrupted and inter-relational reflection of economic activity. The results of the research show that it is not necessary to neglect such a digital asset as cryptocurrency. It can be stored on digital wallets and used as payment means on the Internet for the proposed goods, works or services.
The transition to market relations increases the relevance of the study of decentralized finance. As P. A. Levchaev rightly remarked, due to the historical specifics, the peculiarity of Russia's financial science was a detailed study of the state finances of the planned economy of socialism. In contrast, the functioning of the finances of business entities often remained insufficiently studied. So, the subject of financial law is a state and municipal finance. Private decentralized finance is not studied by legal financial science, which gives rise to a fragmentary regulation of these relations by civil law.
Introduction. The issue of institutional legal support of formation and implementation of the budget policy of territorial development is extremely important at the present stage of the state development and decentralization processes that are taking place. The purpose is to study the institutional and legal support for the formation and implementation of budget policy for the development of the territories of Ukraine and to develop proposals for reforming the system of inter-budgetary relations and changes to the basics of budget regulation. Results. It was determined that subsidiarity is one of the key principles of organization of functions in the sphere of public administration, which is one of the main principles of organization of power institutions. The main directions of reforming the administrative and territorial structure of the country are outlined. The basic legislative acts which today form the legal basis for forming the budgetary policy of territorial development in Ukraine in the context of decentralization and reform of public finances are analyzed, namely the laws on amendments to the Budget and Tax Codes of Ukraine. The main priorities of the state regional policy were investigated according to the Law of Ukraine "On the Principles of State Regional Policy". Definition of powers of subjects of the state regional policy, directions of coordination of activities of the governing bodies of different levels and mechanism of their financing are considered. The reform of the system of intergovernmental relations is analyzed in detail. Conclusions. Creation of a decentralized territorial development policy requires usage of a systematic approach that targets directly all participants in the process with institutional compliance and mandatory state-level delegation of mandate.
The role and place of costs policy in the modern system of financial regulation of budgetary institutions is defined. The priorities facing the national system of budgetary institutions are identified, taking into account the need to strengthen its effectiveness and efficiency, including in the part: creating conditions for increasing the economic independence of budgetary institutions based on the replacement of estimated funding for end-to-end budgeting; updating the institutional mechanisms for financing and co-financing of socially important services; increased transparency and publicity of activities; introducing a system for evaluating the quality of services provided; introduction of an institution of effective public financial control at all stages of the management cycle, starting with planning. A methodology for evaluating the socio-economic costs efficiency of budgetary institutions is proposed, including the definitions of relative fiscal autonomy and of the decentralization level of the system of financing for the network of budgetary institutions, which can be used to characterize the compositional structure of financial policy in the sphere of costs. The role of fiscal decentralization in financing the costs of social development is defined. The specifics of use of the program-targeted method in financing the activities of budgetary institutions are characterized. Ways to improve the cost efficiency of budgetary institutions in the spheres of education and public health are suggested.
The article is devoted to a comprehensive study of the formation of financial resources of enterprises in the united territorial communities of Ukraine. The purpose of the research is to reveal the essence of financial resources of enterprises and analyze their formation. To achieve this goal, theoretical and practical aspects of the formation of financial resources of enterprises operating in united territorial communities were studied. The research used an empirical method (for a comprehensive assessment of the formation of financial resources of enterprises that belong to United territorial communities), an analysis method (identified the main problems of ensuring proper financing of enterprises from the budget of United territorial communities), and an abstract-logical method (theoretically generalized and provided conclusions on the integration of agricultural enterprises with United territorial communities). The reasoning of the conclusions was based on a systematic approach, which provided a generalization of the theoretical provisions of the concept of rural development and the basic principles of decentralization, as well as an assessment of the interim results of the formation of united territorial communities in Ukraine. The advantages and potential risks of the impact of decentralization on the development of production enterprises in the united territorial communities of Ukraine are presented, which can be used to justify proposals for making adjustments to national plans for the formation of united territorial communities in order to further minimize the risks to the development of production enterprises. It is proved that the competitiveness of the agricultural sector depends directly on the management of financial resources. In turn, the availability of financial resources is a necessary condition for ensuring a continuous production process. The problems of formation and use of financial resources of agricultural enterprises in modern conditions are clarified. The indicators of economic development and investment attractiveness of the united territorial communities of Zhytomyr region in 2019 were analyzed and it was found that the communities have become able to Finance the resources of enterprises. The conclusion is made about the lack of proper state support for enterprises in the region. The main provisions set out in the article contain certain methodological and practical recommendations for the decentralization of power and its impact on the functioning and development of agricultural enterprises. In further research, attention should be paid to foreign experience in managing rural territories, united territorial communities for the implementation of public projects based on partnership between local authorities and businesses.
The purpose of the article is to explore the concept of Bitcoin and its economic nature and history, as well as current trends in implementation in Ukraine. Methodology of research. The tasks assigned to the article were solved by means of analysis, systematization, generalization and abstract-logical methods of research. Findings. Cryptocurrency is an interesting link for investment, and its popularity is growing today. Many economic processes take place with the help of digital bills, and their percentage increases significantly with each passing day. With Bitcoin, you can integrate new technologies into an existing financial system. Ukraine has enormous prospects for developing cryptocurrencies, and with the right approach, the country may have dividends from pursuing a rational policy on the circulation and use of Bitcoin, in particular from taxation in this area. Legalization of the cryptocurrency market in Ukraine can stimulate the economy and significantly accelerate GDP growth. The Ministry of Digital Transformation intends to launch an international PayPal payment system in Ukraine and determine the legal status of cryptocurrencies at the state level. PayPal is currently used by more than 230 million people in 190 countries. It is the intermediary between seller and buyer, ensuring the reliability of payment with VISA, MasterCard, American Express and other payment systems. Determining the legal status of cryptocurrencies will help legalize related activities, such as buying and selling cryptocurrencies, as well as extracting them, and will bring market players out of the shadow zone, which will stimulate additional tax revenue from the budget. The Ministry of Digital Transformation of Ukraine plans to legalize cryptocurrency mining activities in 2019–2022. Practical value. The article deals with the concept of «cryptocurrency» and its most common currency – Bitcoin, and the prerequisites for its emergence and use in Ukraine. One of the main features that distinguishes cryptocurrency from other electronic funds is the private nature of the issue, as well as the technological features of their production and putting into circulation. All transactions made within these payment systems are publicly available. This preserves the anonymity of their members, because electronic cryptocurrency wallets used to transmit cryptocurrency do not allow users to be identified as they are not personalized. Keywords: Bitcoin, cryptocurrency, virtual money, digital currencies, mining, payment system. REFERENCES 1. A short history of Bitcoin and crypto currency everyone should read. www.forbes.com.Retrieved from https://www.forbes.com/sites/bernardmarr/ 2017/12/06/a short history of bitcoin and crypto currency everyone should read/#6265a4953f27 (accessed 11 December 2019) [in English]. 2. Site of journal Bitcoin consultant. bitcoinist. com. Retrieved from https://bitcoinist.com/bitcoin down google searches bigger beyonce (accessed 11 December 2019) [in English]. 3. Bez dobra nema zhyttya. Ekonomist dav prohnoz shchodo rozvytku kryptovalyuty [Without good there is no life. Economist gave forecast on development of cryptocurrency]. obozrevatel.com. Retrieved from https://www.obozrevatel.com/eng/economics/without dollars nemae zhittya ekonomist dav forecast schodo rozvitku kriptovalyuta.htm (accessed 01 December 2019) [in Ukrainian]. 4. Vinya, P. & Casey, M. (2017). Epokha kriptovalyut. Kak bitkoin i blokcheyn menyayut mirovoy ekonomicheskiy poryadok [The era of cryptocurrencies. How bitcoin and blockchain are changing the global economic order]. Moscow : Publishing house Mann, Ivanov and Ferber [in Russian]. 5. Haber, S. & Stornetta, W. S. (1997). Secure names for bit strings. In Proceedings of the 4th ACM Conference on Computer and Communications Security, 28–35 [in English]. 6. Liu, Y. & Tsyvinski, A. (2018). Risks and returns of cryptocurrency. National Bureau of Economic Research, 111 [in English]. 7. Proekt Zakonu Ukrayiny «Pro vnesennya zmin do Podatkovoho kodeksu Ukrayiny shchodo opodatkuvannya operatsiy z virtual’nymy aktyvamy v Ukrayini» № 9083 vid 14.09.2018 r. [Draft Law of Ukraine «On Amendments to the Tax Code of Ukraine on Taxation of Operations with Virtual Assets in Ukraine» from September 14, 2018, № 9083]. ligazakon.ua. Retrieved from http://search.ligazakon.ua/l_doc2.nsf/link1/JH70B1AA.html (accessed 13 December 2019) [in Ukrainian]. 8. Rynok kryptovalyut potrebuye pravovoyi vyznachenosti vid rehulyatoriv [The cryptocurrency market needs legal certainty from regulators]. brdo.com.ua. Retrieved from http://brdo.com.ua/top/rynok cryptovalyut the necessary legal definition of sight regulyatoriv (accessed 04 December 2019) [in Ukrainian]. Published: 2020-07-17
Financial control is a major part of the financial management system. Its increasing importance in the contemporary world is reflected in the Lima Declaration of Guidelines on Auditing Precepts, according to which financial control is an integral component of public finance management. The relevance of the topic is also associated with the strengthening of the role of financial control in developed countries and the search for ways to increase the effectiveness of its implementation. The article aims to identify the main development trends of state financial control in advanced countries and to analyze the standardization process. Despite the fact that the system of state financial control is based on different principles in different countries, depending on the prevailing historical, economic and regulatory traditions of a particular country, further directions for the development of this sphere are determined by general trends toward decentralization of control and the standardization of control activities. In addition, the current level of development of state financial control in the Russian Federation and the possibility of adapting international experience in our country in order to increase the effectiveness of financial control are described. In this article, the analysis of foreign experience has been carried out at three levels: general control over public finance; government and parliamentary control; and internal control and internal audit as special areas of financial control. In regards to standardization, the standards of external state control have been found to be formed and approved by the national control and accounting bodies of the country, taking into account the requirements of INTOSAI standards. At the same time, national standards include legally established features of the state financial control organization in a given country as well as the national practice of conducting state audit. Requirements for the organization and implementation of internal financial control can be set by supreme audit bodies or ministries of finance, whereas requirements to organize and carry out internal financial audit are often provided by law.