Облік і фінанси (Sep 2023)
Fundamental Concepts of Integrated Reporting
Abstract
With the development of global challenges such as climate change, social inequalities and economic difficulties, society's demand for transparency and openness of companies is increasing. Investors, consumers and other stakeholders are making more efforts to assess the impact of companies on the environment and society. Integrated reporting provides the means to combine financial and non-financial information to provide a clear picture of the entire company's operations. Moreover, the concepts of integrated reporting contribute to the improvement of internal management and strategic decision-making. They allow companies to respond more effectively to changes in the business environment and be competitive in the global market space. The article is devoted to revealing the information essence of the fundamental concepts of integrated reporting. Considering the complex approach to the presentation of information, the author aims to offer additional concepts for compiling integrated reporting. Implementing these concepts will be a strategic step for companies seeking sustainable and responsible development, ensuring effective communication with stakeholders and maintaining a competitive advantage in the market. The article analyzes the fundamental concepts of integrated reporting, considered and recommended in the International Standard of Integrated Reporting. The author proposed several additional concepts to consider when preparing integrated reporting. These concepts can be included in an integrated report to further reveal specific aspects of the company's activities and contribute to a better understanding of its impact on various areas of society. In addition, additional concepts of integrated reporting during the war are proposed, allowing companies to adequately respond to the state of war and help minimize its negative impact on employees, stakeholders, and society.
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