REGULATORY REGULATION AND THE NATURE OF NON-FINANCIAL REPORTING

Abstract

The digitalization of non-financial reporting processes creates a cumulative effect that enhances their analytical value, expands automation capabilities, and further advances the importance of such reporting as a tool for corporate sustainable development in the current economic environment. This logic underlies the growing attention to ESG data: the sustainable development agenda is one of the key factors stimulating their generation and public presentation. The state of non-financial reporting in Russia is examined through an analysis of changes in the practices of Russian companies, which allowed us to identify key areas for the development of this segment. Against this background, it is shown that social reporting in the Russian Federation has not yet reached a mature stage and is still in its infancy. Particular emphasis is placed on the comparability of indicators included in non-financial reporting, as comparability largely determines its practical usefulness for interested users. In this regard, the need to refine the regulatory framework governing non-financial reporting in Russia is argued. To substantiate this conclusion, international experience in standardization, which underlies relevant disclosure practices, is drawn upon. In this regard, the composition and substantive features of international standards applied in the field of non-financial reporting are also analyzed.