Problems and limitations of financial transparency in modern Russia: a systemic diagnosis

The article examines the current situation in the field of financial transparency in the Russian Federation and identifies the key problems and limitations preventing its improvement. Special attention is paid to such tools as “Open Budget” and proactive budgeting, as well as to the reasons why the lack of detailed information on expenditures and the lack of an in-depth look at the mechanisms for their implementation lead to limited progress in this direction. Both bureaucratic barriers and the low level of financial literacy of citizens are discussed, which hinders the development of transparent finance. The presented analysis of the Sverdlovsk Region case demonstrates the specific difficulties faced by regional initiatives in attracting financing and implementing projects. Additional emphasis is placed on the importance of reforming accounting approaches, in particular, on the transition from the cash method to the accrual method to ensure a more complete and understandable reflection of economic activity. Japan’s experience is used as a successful example of such reforms, which can serve as a model for Russia. The political risks that have aggravated the situation for the Russian financial system in the light of international sanctions and the problem of centralized management are also touched upon. Based on the results of the analysis, additional directions are proposed that can strengthen financial transparency and the overall stability of the economic system.