Corporate standards and integrated reporting

Abstract

Purpose: development of methodological approaches to the formation of integrated corporate reporting information based on the use of corporate accounting and reporting standards that systematize and summarize information about the main elements and characteristics of reporting. Discussion: сhanging information needs of stakeholders contributed to the development of corporate reporting in terms of the need to disclose financial and non-financial indicators of sustainable development. The modern format of corporate reporting is integrated reporting, which characterizes the economic potential and value creation by a corporation in the short, medium and long term. Disclosure of non-financial information in reporting causes the need to change the methods of generating information in internal and public corporate reporting. One of the promising areas for preparing integrated reporting information is the unification and standardization of accounting work through the development of corporate accounting and reporting standards. Results: аt the present stage of development of corporate reporting on sustainable development, the concept of integrated reporting format (Integrated Reporting) [1] is gaining popularity, the content of the elements of which provides a comprehensive disclosure of the parameters of business activity achieved in the reporting period. The basis for the formation of integrated reporting is the strategic focus and coherence of information, interaction with stakeholders, reliability and completeness, materiality, consistency and comparability. Systematization of information about the strategy, types of activities, external environment, corporate governance, business model, risks, performance and prospects of the corporation should be carried out in the developed and approved corporate accounting and reporting standards that ensure the preparation of internal and public reporting.