INTERNATIONAL INITIATIVES FOR THE DEVELOPMENT OF INTEGRATED REPORTING OF BUSINESS

Abstract

Over the past century, financial reporting has undergone significant changes, reflecting the evolution of modern business and societal expectations. Today, in addition to traditional performance indicators, companies are increasingly focusing on addressing social and environmental issues. This has led to the emergence of various forms and approaches to reporting, sometimes complicating the perception of information. Therefore, there is a need for integrated reporting, which combines financial and non-financial aspects of companies' activities for ease of perception and analysis. The aim of this study is to systematize existing international initiatives on integrated business reporting with a focus on meeting the information needs of key stakeholders. The study proposes to examine the role of international organizations and their initiatives aimed at standardizing the content and format of corporate integrated reporting. It is noted that developed international initiatives for the development of corporate integrated reporting have achieved several important goals. Firstly, there is an increase in attention from companies to sustainable development issues. Companies are increasingly focusing on reporting their social and environmental achievements, taking into account the interests of key stakeholders. In this context, businesses show increased interest in activities aimed at environmental preservation, social responsibility, and future generations. Secondly, international initiatives for the development of integrated reporting help standardize the content and requirements associated with combining financial and non-financial information. This approach contributes to improving the quality of sustainable development reporting and enriches its content for the target audience. Thirdly, integrated reporting expands the possibilities of the existing accounting and reporting system. This opens up new horizons for accounting observation and allows for the development of methods for assessing new accounting objects and reflecting them in reporting. The results of the study can be used to develop theoretical approaches and methodological recommendations, as well as serve as a basis for implementing international experience in domestic accounting and analytical practice.