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Disclosure of Information in Risk Reporting in the Context of the Sustainable Development Concept

Author

Listed:
  • Irina Bogataya

    (Audit Department, Rostov State University of Economics, 344002 Rostov-on-Don, Russia)

  • Elena Evstafyeva

    (Accounting Department, Rostov State University of Economics, 344002 Rostov-on-Don, Russia)

  • Denis Lavrov

    (Audit and Corporate Reporting Department, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia)

  • Ekaterina Korsakova

    (Research Coordination Department, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia)

  • Natalya Mukhanova

    (Center for Training Highly Qualified Personnel, Peter the Great St. Petersburg Polytechnic University, 195251 Saint-Petersburg, Russia)

  • Svetlana Solyannikova

    (Public Finance Department, Financial University under the Government of the Russian Federation, 125167 Moscow, Russia)

Abstract

In the context of the global financial crisis and pandemic, issues related to risk management are of paramount importance, which requires the creation of an effective risk management system and disclosure of information regarding risks in the reporting of commercial organizations, focused on the information needs of stakeholders. This article is aimed at studying the existing practice of disclosing information regarding risks in the financial and non-financial statements of Russian companies. The study is based on the analysis of the current practice of disclosure of information regarding risks in Russia and abroad. Using the analysis of risk disclosure in 210 Russian commercial organizations, the study was aimed, foremost, at identifying factors influencing the format and quality of risk disclosure in financial and non-financial reporting, and secondly, at summarizing the practices of risk disclosure in integrated reporting in Russian organizations and the benefits of using integrated reporting. In this sense, the article contributes to the existing literature as an innovative study that determines the directions of development of the methodology for disclosing information regarding risks in integrated reporting in order to improve its quality and information content in accordance with the Concept of value Creation by the organization in combination with the Concept of Sustainable Development. For stakeholders, this study emphasizes the fact that, in the context of the risk disclosure format used, the quality of this information depends on a number of factors (organizational, technological, legal, cultural, economic). The study could be useful for managers and decision makers whose aim is to implement the Concept of Sustainable Development and the achievement of Sustainable Development Goals.

Suggested Citation

  • Irina Bogataya & Elena Evstafyeva & Denis Lavrov & Ekaterina Korsakova & Natalya Mukhanova & Svetlana Solyannikova, 2022. "Disclosure of Information in Risk Reporting in the Context of the Sustainable Development Concept," Sustainability, MDPI, vol. 14(4), pages 1-21, February.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:4:p:2300-:d:751973
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    References listed on IDEAS

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