New Information in Financial Disclosures Related to Sustainable Development in the Concept of ESG (Version IFRS)

M. P. Afanasiev and N. N. Shash ()
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M. P. Afanasiev: Institute of Economic Forecasting, Russian Academy of Sciences
N. N. Shash: Plekhanov Russian Economic University

Studies on Russian Economic Development, 2023, vol. 34, issue 5, 696-703

Abstract: Abstract— The article deals with the formation of financial and nonfinancial reporting within the process of convergence of global financial reporting systems US GAAP and IFRS. The results of a comparative analysis of the main concepts of nonfinancial reporting systems in the corporate sector of the economy are given. Based on the results of the content analysis, the main barriers were identified that hinder the introduction of nonfinancial accounting and nonfinancial reporting systems in the corporate sector within the framework of global financial reporting systems. Based on the analysis of official statistical information, it was concluded that in Russia there is a global trend, reflecting a slight decrease in the number of submitted corporate nonfinancial reports. It is substantiated that the formation of uniform standards for the nonfinancial reporting system, which will be able to most fully reflect the industry specifics of companies, will not only improve the quality of the reporting documentation provided and its comparability, but will also allow the use of nonfinancial information in business practice, forming new progressive business models focused on sustainable development and the most complete consideration of ESG principles in activities. It was revealed that the main obstacle to sustainable corporate behavior following the ESG principles is a flexible approach, since its application does not form real incentives for a more effective corporate policy in the field of sustainable development. It is concluded that in the current conditions, attention should be focused on the preparation of unified nonfinancial reporting standards integrated into existing global and national financial reporting systems. It has been proved that a separate emphasis should be placed on the formation of a regulatory framework for the inclusion of metrics and indicators that evaluate the results of a company’s activities in the field of sustainable development in public corporate nonfinancial reporting.

Keywords: nonfinancial reporting; financial reporting standards; nonfinancial reporting standards; sustainable development; integrated reporting; ESG principles; ESG risks and opportunities (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1134/S1075700723050027

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