Approaches to the scientific concept of “financial management” in Russian and foreign literature

Abstract

Over the past ten years, Russia has been building a system of effective state financial management. Particularly, it is implemented by reforming the Federal Executive bodies that are currently transforming the digital economy. The realities of the present time dictate the need to improve the methodology, forms, and technology of the process of financial management. Moreover, development of the concept of “financial management” is necessary. Note that this concept is not determined in the normative legal acts of the Russian Federation at the legislative level. This leads to multiple discussions and the formation of different points of view on its definition. In this article, the authors analyze the concept of “financial management” in the Russian and foreign literature and provide their own definition of this term.