The aim of this paper is to provide an analysis of the determinants of economic efficiency and to assess the prerequisites for the energy security of smart cities. The main methods of the paper include an economic analysis of the infrastructure improvements that result in reducing the energy demand of the smart cities represented by the intelligent light-emitting diode (LED) street lighting system. Smart LED streetlights are getting increasingly popular in the world's major metropolises as one of the leading components of the "smart" city. We compare the efficiency of LED street lighting used in smart cities with a commonly used lighting system based on sodium lamps. Our results demonstrate that LED street lighting system can significantly reduce the energy demand of any modern city. Moreover, we show that smart grids might help distribution systems within smart cities to better integrate intermittent renewable energy sources such as wind and solar. The main research novelty of our study compared to previous studies from the literature is the estimation of net profit (NP), Net Discounted Savings (NDS), as well as the total savings (TS) using the example of an average European metropolis. Our findings show that there is a need for better management including strong networks of leaders to drive smart city policies and investments and to cover wider city areas with economically sustainable projects and plans. In addition, our findings yield that smart city projects should aim at finding solution for smart connected local energy storage systems to support more renewable energy sources on the power grids. Our results might be of a special interest for city planners, local government stakeholders, as well as urban policy makers dealing with planning and managing smart cities.

Our paper focuses on the problem of achieving leadership in financial services via ensuring the efficiency of using existing types of reporting. We consider the chronological stages of the appearance and implementation of integrated reporting on the territory of the Russian Federation. Moreover, a paper provides a comparative analysis of the report, compiled in accordance with IFRS, with an integrated report, which allows us to draw some similarities and advantages. In addition, the paper presents the advantages and disadvantages of integrated reporting based on existing Russian and foreign experience with accounting standards and their implementations. Our findings identify the pressing need for providing information in the form of an integrated report for interested external users in order to obtain reliable data with a long-term perspective. In addition, we develop an algorithm for introducing an integrated report for Russian organizations as a base one with the ability to adjust individual elements of the process in connection with the individual characteristics of each organization.