Fundamental Aspects of Sustainability Reporting Based on GRI Standards: Evolution of Development, Substance, and Content of Integrated Reporting

The current conditions for the development of the Integrated Reporting Concept predetermine an increase in the efficiency and investment attractiveness of those companies that apply integrated reporting. This is true because the integrated reporting allows for a holistic view of the development of an economic entity, facilitates interaction with interested users, and attracts additional investment. The possibility of detailed disclosure of financial and non-financial information allows investors to study the organization’s activities in greater depth and formulate the necessary conclusions in the context of the planned cooperation. Additionally, the formation of integrated reporting significantly increases the level of implementation of the financial risk management mechanism and operational control. Integrated reporting allows forming and interconnecting of information flows characterizing the performance of organizations in terms of their sustainable development. Taking this information as a basis, top management and investors will be able to minimize costs and existing risks and make informed decisions that are strategically important for the organization’s development. High-quality information contained in integrated reporting will be in line with the current level of development of global economic relations. It will meet the needs of stakeholders to the fullest extent, given the development of opportunities for its standardization. Integrated reporting will need to establish a set of underlying indicators that need to be disclosed and then provide a format for the information provided. Nowadays, more and more organizations recognize the need for conscious forward-looking financial management based on scientific methodologies for predicting its direction, adapting it to the overall development objectives of the organization and the economic environment. This research reveals the evolution of development, substantive content, and content of integrated reporting in current conditions, including scientific research into the following issues: outlining the fundamental aspects of sustainability reporting based on GRI standards, studying the evolution of development, substantive content, and content of integrated reporting.