Directions of development of modern corporate reporting and its standardization

Abstract

Importance: the article discusses issues related to improving the quality of corporate reporting of economic entities and their groups. Corporate reporting is a single information and communication complex necessary to improve the effectiveness of management (strategic, investment, organizational, operational, environmental and social) decisions made by the reporting company (group of companies), its stakeholders (including government agencies and the population of the country). Corporate reporting, performing an important function of filling the country’s information space with systematic and reliable information, should ensure sustainable development (both of its subjects and the entire economy of the state), as well as form an active position of business units and citizens, and promote the early introduction of advanced technologies such as digitalization and Artificial intelligence (AI) in all areas of human activity. Purpose: а comprehensive author’s study of the problem of determining the directions for improving corporate reporting. Development of new proposals for improving its quality and importance. Research design: in the course of the research, methods of logical analysis, methods of abstraction, analogies, and grouping were used. Results: сorporate reporting by various economic entities and their groups has different levels of quality (reporting itself) and, accordingly, its impact on the success of sustainable development, both by the reporting organization itself and by the country as a whole, also varies. This situation is caused by many factors, including those related to the work of the reporting entities themselves, as well as the insufficient quality of reporting standardization. The necessity of developing corporate reporting standards corresponding to the level of modern technologies, creating conditions for the sustainable development of the country as a whole, taking into account the changed information needs of users of reporting is substantiated; the types of traditional and new, newly emerging reporting are classified based on the quality level.