International financial reporting standards on disclosure of information about sustainable development corporations

Abstract

Importance: financial information that reveals the directions of sustainable development of the corporation in accordance with the requirements of the International Sustainability Standards Board (ISSB) expands the composition of corporate reporting. Particular importance is attached to information characterizing management processes, risk monitoring procedures, directions for strategy implementation, business models, and key performance indicators. Purpose: analysis of requirements for the disclosure of financial information that allows stakeholders to make informed economic decisions about the sustainability of the corporation’s development in the short, medium and long term. Research design: disclosure of financial information characterizing the sustainability of the corporation’s development involves a study of the impact of risks and opportunities on the financial position, financial results and cash flows
of the corporation in the reporting period and the expected financial consequences in the short, medium and long term. Risk management involves disclosing in financial statements the results of the implementation
of capital investment plans, innovations, business transformation and the introduction of new types of activities, asset disposal, sources of financing for the implementation of the strategy and unplanned events. Results: it is
advisable to systematize information related to the sustainable development of the corporation through the development of local regulations that establish the powers of the divisions and personnel of the corporation. The
formats of primary accounting documents and management reports are included in the administrative document that determines the accounting policy of the corporation. The content of corporate management reporting prepared on the basis of IFRS S1 is disclosed in the notes to the public financial statements, called «Management’s Report», «Management’s Discussion and Analysis», «Operating and Financial Review», «Strategic Report», or in a separate risk report, which will provide stakeholders with a reliable assessment of the success of business and the adoption of informed economic decisions.