ЦИФРОВІЗАЦІЯ ОБЛІКУ ТА ЦИФРОВИЙ АУДИТ У СИСТЕМІ ВИКОРИСТАННЯ ФІНАНСОВИХ ІНСТРУМЕНТІВ СТРАХУВАННЯ ЦІНОВИХ РИЗИКІВ НА МІЖНАРОДНОМУ РИНКУ

The article is devoted to substantiating effecient use of existing and new financial instruments for restoration and development of territorial communities (TCs) in Ukraine. Scientific and theoretical approaches to structuring financial instruments for development of TC are investigated. It is noted that in the context of imbalances in socio-economic development of TCs, significant destruction of the local economy and critical infrastructure, forced migration of residents or acceptance of internally displaced persons by the community, it is necessary to substantiate possibilities of attracting new and effective use of existing financial instruments for restoration and development of TCs. Existing and new financial instruments for restoration and development of territorial communities were structured. Financial instruments of budgetary support, taxation instruments, loans, investments, financing of mine clearance, and digital financial instruments are highlighted. The analysis of efficiency indicators of using these instruments is carried out. It is indicated that, given current state of socio-economic development of the TG, the most effective are investment instruments, demining financing instruments and digital financial instruments. To attract domestic and foreign investment, it is necessary to develop investment maps and investment projects in interactive format at the ATC level to help potential investors learn about available investment opportunities and community development prospects. Increasing the number of investors requires development of international municipal partnerships and private-municipal partnerships. Widespread use of digital financial instruments requires, first and foremost, development of the financial, information and digital infrastructure of the TCs. Implementation of financial instruments discussed in this article will improve financial capacity of TCs, involve not only investors and creditors but also community residents in solving socio-economic problems of their recovery and further development.

The fourth industrial revolution predetermined the digitalization of all spheres of life from the emergence of the Internet of things and 3-D printing to the creation of a single digital economic space. It is no coincidence that one of the priority areas of the Strategy for the Development of the National Payment System for 2021—2023 is the active introduction of innovative payment technologies and the expansion of the scope of electronic means of payment. Another confirmation of the dynamic development in this direction is the introduction of an additional digital ruble into the Russian economy, along with cash and non-cash forms of the national currency, legalized from August 1, 2023. Pilot projects on the use in the real sector of the economy of a qualitatively new financial instrument — a digital financial asset-turned out to be quite effective. The use of new digital financial instruments inevitably entails the need to form a new vector for the development of law, new legal relations formed under the influence of digital technologies. However, the legal nature of a digital financial asset is still not fully defined, the legal regulation is very contradictory, which significantly slows down the practice of its use and creates additional risks. This article discusses aspects of the positive impact of the use of digital financial assets in the real sector of the economy, prospects, as well as the risks of large-scale use of this financial instrument.

Organizations are integrating big data technologies with Enterprise Resource Planning (ERP) systems with an aim to enhance ERP responsiveness (i.e., the ability of the ERP systems to react towards the large volumes of data). Yet, organizations are struggling to manage the integration between the ERP systems and big data technologies, leading to lack of ERP responsiveness. For example, it is difficult to manage large volumes of data collected through big data technologies and to identify and transform the collected data by filtering, aggregating and inferencing through the ERP systems. Building on this motivation, this research examined the factors leading to ERP responsiveness with a focus on big data technologies. The conceptual model which was developed through a systematic literature review was tested using Structural equation modelling (SEM) performed on the survey data collected from 110 industry experts. Our results suggested 12 factors (e.g., big data management and data contextualization) and their relationships which impact on ERP responsiveness. An understanding of the factors which impact on ERP responsiveness contributes to the literature on ERP and big data management as well as offers significant practical implications for ERP and big data management practice.

Financial instruments (FIs) have been an element of EU policies for almost 2 decades. They are in use also in CAP. Yet, they have not gained much popularity due to both their novelty in CAP and the complexity of their implementation. However, given the diminishing allocation of funds for CAP they are sure to become an important part of CAP support as they offer an important advantage to policy makers due to the leverage effect which enables the funds to be used more than once and thus to offer support to a larger group of beneficiaries. The paper is based on literature review and the analysis of EU documents related to FIs. Its aim is to assess the proposal of the EC relating to the use of FIs in the CAP 2020+ taking into account the lessons learnt during the implementation of FIs in rural development programmes (RDPs) in the previous and current programming periods. Results show that wider use of FIs in CAP 2020+ as compared to the current period is inevitable. Yet, there are serious problems that have to be tackled to make the FIs’ implementation a success. This included careful planning and educating potential beneficiaries.

The increasing complexity of modern business leads to an increasing role of financial instruments in the activities of organizations (including healthcare organizations). Such financial instruments also include derivative financial instruments. The article analyzes the regulations of IAS 32 Financial Instruments: Presentation, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosure and IFRS 9 Financial Instruments in relation to accounting for derivative financial instruments. The problems of interpretation of the economic essence of derivative financial instruments, their definition, measurement, accounting and reflection in reporting are studied. The insufficiency of the regulations of international financial reporting standards in relation to accounting for derivative financial instruments is substantiated. The relevance of developing a federal accounting standard devoted to issues of accounting for financial instruments, which would solve problematic issues of accounting for derivative financial instruments, is argued.

This paper presents a framework for our hypotheses that the independence of a board of directors and the use of digital technology might influence the way a corporation performs environmentally. For empirical verification of our thesis, we take a sample of 53 publicly listed Italian companies and look at data on their board composition, greenhouse gas emissions, and expenditures for the use of digital technologies of Enterprise Resource Planning (ERP) over a period of five years. What emerges from the test partially supports our predictions. In particular, we find that a higher level of board independence is associated with better environmental performance. There is no direct, statistically significant association between the use of digital technologies and environmental performance, so a greater use of digital technologies is not, in itself, sufficient to improve the environmental performance of a firm. However, our empirical analyses find that environmental performance is positively influenced by the use of digital technologies in firms that include a proportionately high number of independent directors on their boards. This research improves our understanding of antecedents of Corporate Digital Responsibility (CDR), showing how the share of independent directors on a board has a positive impact on CDR, understood here as the set of practices and behaviours that help an organisation use data and digital technologies in ways that are environmentally responsible.

The article focuses on studying the use of financial instruments by households in the modern economy. Its purpose is to analyze the available tools for financial management, such as banking products, investment instruments, insurance programs, retirement savings and financial technologies, including mobile applications, cryptocurrencies, and digital platforms. The article emphasizes the importance of managing household resources as independent economic entities. It establishes that the efficiency of financial management depends on income levels, expenditure stability, and savings availability. Key banking products such as deposits and loans remain essential for safeguarding funds and financing immediate needs. Investment tools, including stocks, bonds, real estate, and government securities, enable households to grow their capital but require knowledge and willingness to take risks. Risk management through insurance programs is a crucial part of financial strategy, providing financial security in unforeseen circumstances such as illness, loss of work capacity, or property damage. Future planning involves accumulative retirement funds and insurance programs that help households build financial reserves to ensure a comfortable standard of living in retirement. The study highlights that the development of financial technologies creates new opportunities for household financial management. It underscores the importance of financial literacy, which significantly influences households' ability to effectively use tools and make informed financial decisions. The article notes that financial literacy is a key factor in households making informed decisions about using financial instruments, while a lack of knowledge can lead to mistakes such as excessive credit use or unreasonable investments, thereby increasing financial risks. Keywords: household, financial instruments, household income, household expenses, savings, financial literacy, insurance, deposits, stocks, bonds.

One of the most crucial tasks for the national economies development both in European countries and Ukraine is stimulating and ensuring sustainable economic growth. For this purpose, all states develop an innovative sphere and use financial different instruments. The aim of the article is determining the impact of financial instruments and innovations on business environment development of the national economy of Ukraine in comparison with European countries in order to create successful and effective business environment in Ukraine for foreign investments. The paper examines the impact of foreign direct investments and domestic loans on the Global Innovation Index 2018 using two-factor analysis of variance. The null hypothesis of an interaction effect (factor A (foreign direct investments, net inflows) and factor B (domestic loans of financial sector) doesn`t exert an interaction effect on result Y (Global Innovation Index)) was rejected. Also the combination of foreign indicators, direct investments and domestic loans has a significant impact on the Global Innovation Index. Practical recommendations should provide a comprehensive approach to assessing the use of financial instruments in order to encourage the investments. Thus, overcoming the uneven distribution of innovations and investments should provide using the global financial resources.

Enterprise Resource Planning (ERP) systems generate massive volumes of journal entries that support financial reporting, regulatory compliance, and internal control monitoring. Traditional audit procedures rely on rule-based validation, statistical sampling, or anomaly detection models that often struggle to capture complex relational dependencies among accounts, users, cost centers, and transaction flows. These limitations reduce the effectiveness of continuous auditing frameworks and increase the risk of undetected financial manipulation or control weaknesses. This study proposes JournalGuard, a novel Graph Neural Network (GNN)–based algorithm designed for continuous audit of ERP journal entries with explainable control-risk scoring. The proposed method models ERP journal data as a heterogeneous financial transaction graph in which nodes represent accounts, users, vendors, cost centers, and journal entries, while edges encode transactional relationships such as debit–credit mappings, approval hierarchies, and posting sequences. JournalGuard integrates Graph Attention Networks (GAT) with a temporal message-passing mechanism to capture both structural dependencies and sequential posting behaviors across accounting cycles. A novel Control-Risk Propagation Function (CRPF) is introduced to quantify the probability that a journal entry contributes to internal control violations. The algorithm further incorporates an Explainable Risk Attribution Layer (ERAL) that identifies the dominant graph features influencing risk scores, enabling auditors to interpret detected anomalies in relation to specific financial control pathways. To evaluate the effectiveness of JournalGuard, the model is benchmarked against widely used anomaly detection approaches including Isolation Forest, Autoencoder-based reconstruction models, and conventional Graph Convolutional Networks (GCN). Experiments are conducted on simulated ERP transaction datasets reflecting real-world financial control scenarios such as unusual posting times, circular journal adjustments, unauthorized account pairings, and abnormal transaction sequences. Performance is evaluated using classification accuracy, F1-score, Area Under the ROC Curve (AUC), and explainability fidelity metrics. Results demonstrate that JournalGuard achieves superior detection performance, improving anomaly identification accuracy by up to 18–24% compared with Isolation Forest and 12–17% compared with deep autoencoder models, while also outperforming baseline GCN approaches in capturing relational control patterns. Graph-based risk visualization further enables auditors to identify clusters of suspicious entries and trace risk propagation paths across accounting entities. Comparative performance graphs show that the proposed algorithm maintains stable detection accuracy even under increasing transaction volumes and complex journal structures. The findings indicate that integrating graph neural networks with explainable risk scoring significantly enhances the capability of continuous auditing systems within ERP environments. JournalGuard provides a scalable and interpretable framework that bridges the gap between advanced machine learning techniques and practical financial auditing requirements. The proposed approach has potential applications in automated internal control monitoring, regulatory compliance assurance, and intelligent financial fraud detection within modern enterprise accounting infrastructures.

Purpose of the study. The main purpose of this article is to identify the main directions, means and methods of applying digital technological solutions in the static activities of the Republic of Uzbekistan and develop new recommendations for further improvement of this area of the national economy in the context of digital transformation of the world economic system.Materials and methods. When writing this article, the authors used the methods of system analysis, synthesis, induction, deduction, methods of working with computer networks, digital services and platforms, special methods and tools necessary for working with a statistical information system, statistical, optimization and software methods for working with the portal of the Agency of Statistics under the President of the Republic of Uzbekistan.Results. The authors of the article studied modern scientific and practical approaches to the effective use of digital technological solutions in the field of statistics, both on a global scale and in the Republic of Uzbekistan. Based on the conducted research, the authors concluded that in order to improve the national statistical system of the Republic of Uzbekistan, it is necessary to widely use advanced technological solutions using a full range of digital mechanisms, including innovative approaches to automating the processes of collecting and processing statistical information, creating the possibility of searching and obtaining statistical and analytical data in an interactive form for short periods of time, organizing interaction between statistical bodies and other ministries and departments of the country.The authors of the paper also noted that all processes for the effective introduction of digital technologies in the statistical sphere are carried out within the framework of the «Digital Uzbekistan – 2030» strategy and in accordance with the decree of the President of the Republic of Uzbekistan. In particular, the Agency of Statistics under the President of the Republic of Uzbekistan was entrusted with certain tasks, such as improving information systems for storing, processing and presenting statistical data, platforms for the unified state register of enterprises and organizations, as well as automating population registration processes. As part of the implementation of these tasks, a lot of work is being done to in-depth study of new areas and modern technologies in the field of the digital economy and e-government for their implementation in statistical activities.Conclusion. Modern world trends in the effective implementation of digital technologies in the processes of collecting, processing, transmitting and storing information in various sectors and areas of the world economy are also firmly included in the sphere of statistical activity of the Republic of Uzbekistan. As practice shows, at present, digital web services, software systems, information systems based on the use of digital devices and technologies are already operating in the field of statistics of Uzbekistan. But, along with the already existing achievements in the application of digital solutions in the field of statistics of the Republic of Uzbekistan, the methodology for the effective use of digital mechanisms and the organization of interdepartmental information interaction is being improved in order to enhance the quality of information exchange of data to develop optimal management decisions and increase the competitiveness of the national economy of the Republic of Uzbekistan.

Introduction. Evaluation of systemic risk is very complicated, as it is difficult to accurately predict the extent of the links between various institutions, and the possible spread and scale of the country's systemic risk. In addition, the country's systemic crisis is affected by many factors, many elements of the financial system. Financial derivatives are one of many elements of financial system, and the market of financial derivatives is huge compared to other financial instruments. The impact of financial derivatives to economies of various countries has been widely studied, however, the research on their impact to countries‘ early systemic risk remains under-researched. For this reason, assessment of the impact of derivative financial instruments on the early systemic risk is very relevant.
 Aim and tasks. The purpose of the article is to assess the impact of financial derivatives on the country's early systemic risk in the Euro area region.
 Results. It is shown that correlation fluctuates between weak-strong level, when analyzing relationship between various factors of financial derivatives and early systemic risk in the Euro area. Results of linear regression analysis prove that the group of financial derivatives independent variables (interconnection, size, liquidity, complexity, stability, leverage) can be used to reliably estimate the dependent variable (early systemic risk). Logistic regression analysis also provides similar results to the linear regression analysis. Additionally, it is shown, that logistic regression is more suitable to analyze impact on early systemic risk. Analysis of impact of individual financial derivatives factors to early systemic risk demonstrate, that three financial derivatives factors – size, complexity, and leverage – may be the best predictors of an impending systemic crisis. Among these factors, the size factor has the largest impact on early systemic risk of the Euro area, and complexity factor shows improved statistical parameters, which indicates, that this parameter is more suitable to be used in early warning system models.
 Conclusions. The use of financial derivatives has strong impact on early systemic risk in the Euro area. The size factor of financial derivatives indicates the highest probability of an impending systemic crisis. Nevertheless, complexity factor of financial derivatives is the only statistically significant factor, that has an impact on early systemic risk. The results suggest that the inclusion of these factors in the systemic risk assessment models, which are developed by researchers, could increase the accuracy of the models. It is noted, that country’s systemic risk may not necessarily arise in financial derivatives, because there are many different financial products in the financial system. As a result, other financial instruments could also be the subject to further research by scientists. The inclusion of factors of various financial instruments could help to better identify the risks of impeding systemic crisis in systemic risk assessment models.

The use of financial instruments by the public sector to support the cultural and creative field is a rising trend. At a national and supranational level, public bodies are increasingly employing financial instruments, such as loan guarantees, to facilitate debt financing to creative organisations. This paper attempts to contribute to the understanding of these changes. It explores the logic of public intervention underpinning the emergence of this phenomenon in four distinct polities; France, Spain, the United Kingdom (UK) and the European Union (EU), as well as their mutual influences. It does so from a historical perspective, placing special attention to economic, political and ideational factors. The article concludes by arguing that although financial instruments cannot be considered as novel mechanisms, the intensity under which they are currently being advanced may signal towards a profound change for the governance of the cultural sector.

BackgroundThe COVID-19 pandemic is favoring digital transitions in many industries and in society as a whole. Health care organizations have responded to the first phase of the pandemic by rapidly adopting digital solutions and advanced technology tools.ObjectiveThe aim of this review is to describe the digital solutions that have been reported in the early scientific literature to mitigate the impact of COVID-19 on individuals and health systems.MethodsWe conducted a systematic review of early COVID-19–related literature (from January 1 to April 30, 2020) by searching MEDLINE and medRxiv with appropriate terms to find relevant literature on the use of digital technologies in response to the pandemic. We extracted study characteristics such as the paper title, journal, and publication date, and we categorized the retrieved papers by the type of technology and patient needs addressed. We built a scoring rubric by cross-classifying the patient needs with the type of technology. We also extracted information and classified each technology reported by the selected articles according to health care system target, grade of innovation, and scalability to other geographical areas.ResultsThe search identified 269 articles, of which 124 full-text articles were assessed and included in the review after screening. Most of the selected articles addressed the use of digital technologies for diagnosis, surveillance, and prevention. We report that most of these digital solutions and innovative technologies have been proposed for the diagnosis of COVID-19. In particular, within the reviewed articles, we identified numerous suggestions on the use of artificial intelligence (AI)–powered tools for the diagnosis and screening of COVID-19. Digital technologies are also useful for prevention and surveillance measures, such as contact-tracing apps and monitoring of internet searches and social media usage. Fewer scientific contributions address the use of digital technologies for lifestyle empowerment or patient engagement.ConclusionsIn the field of diagnosis, digital solutions that integrate with traditional methods, such as AI-based diagnostic algorithms based both on imaging and clinical data, appear to be promising. For surveillance, digital apps have already proven their effectiveness; however, problems related to privacy and usability remain. For other patient needs, several solutions have been proposed, such as telemedicine or telehealth tools. These tools have long been available, but this historical moment may actually be favoring their definitive large-scale adoption. It is worth taking advantage of the impetus provided by the crisis; it is also important to keep track of the digital solutions currently being proposed to implement best practices and models of care in future and to adopt at least some of the solutions proposed in the scientific literature, especially in national health systems, which have proved to be particularly resistant to the digital transition in recent years.

The impact of IAS 39 on the risk-relevance of earnings volatility: Evidence from foreign banks cross-listed in the USA

The increasing globalization of business operations has intensified the demand for Enterprise Resource Planning (ERP) systems capable of integrating diverse functions across geographies, business units, and regulatory environments. However, managing large-scale ERP implementations in global organizations remains a complex challenge involving technological, organizational, and cultural dimensions. This study proposes a Conceptual Framework for Managing Large-Scale ERP Implementations in Global Organizations, designed to address the multifaceted nature of ERP projects and ensure alignment with strategic objectives, operational efficiency, and financial control. The framework integrates principles from project management, change management, and systems theory to establish a holistic model for planning, execution, and post-implementation optimization. The proposed framework emphasizes five core dimensions: strategic alignment, ensuring that ERP initiatives support global business goals; governance and stakeholder engagement, fostering coordination among cross-functional and cross-cultural teams; process standardization and localization balance, managing the tension between global uniformity and regional flexibility; technological integration and data governance, ensuring system interoperability and data accuracy; and change management and capacity building, cultivating organizational readiness and digital competence. The framework further highlights the importance of performance measurement through key indicators such as implementation cost, system adoption rate, data accuracy, and return on investment (ROI). By providing a structured approach to ERP management, this study contributes to the body of knowledge on digital transformation and enterprise systems governance. It offers practical insights for global organizations seeking to mitigate implementation risks, enhance system adoption, and achieve sustainable value creation. Future research should empirically test the framework’s applicability across industries and explore its extension to cloud-based ERP and AI-driven decision-support systems.