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Corporate Reporting: European Experience
Avhustоva O. O., Romashko O. M., Kuzmenko O. P.

Avhustоva, Olena O., Romashko, Olha M., and Kuzmenko, Olena P. (2022) “Corporate Reporting: European Experience.” Business Inform 1:74–82.
https://doi.org/10.32983/2222-4459-2022-1-74-82

Section: Foreign Experience

Article is written in Ukrainian
Downloads/views: 21

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UDC 657.1

Abstract:
Disclosure of environmental, social and governance aspects (ESG) in the activities of companies of the European Union Member States (mainly large and medium-sized businesses) has recently become increasingly relevant. The purpose of the study is to summarize the European experience regarding the essence, format of presentation, contents, regulatory support and the main problems that arise in the preparation of corporate reporting. The article determines that corporate reporting in the EU is at the stage of development and continuous improvement, since information requests of internal and external stakeholders are changing daily, to which the management of companies has to respond promptly and efficiently. European experience in understanding the economic essence of corporate reporting is considered. The main prerequisites for the implementation of corporate reporting and elements of the non-financial component of corporate reports in the EU are allocated. The regulatory support operating in individual Member States of the European Union on the formation of corporate reporting (the scope of the company’s activities, non-financial indicators reflected in the reporting, etc.) is considered and analyzed, which constitutes an important basis for the development of the principles of sustainable development. The main proposals on corporate reporting on sustainable development, submitted in 2021 by the European Commission, are outlined. The most common reporting formats reflecting the effectiveness of the implementation of ESG aspects at enterprises are considered. It is determined that the formation of a non-financial component in corporate reporting provides specific benefits for the company, helps to strengthen investor confidence, be more transparent, open up access to new sources of capital for companies, but at the same time it is a troublesome process that creates new challenges for the scientific community and business.

Keywords: corporate reporting, non-financial reporting, EU, ESG, sustainable development, integrated reporting.

Fig.: 3. Tabl.: 1. Bibl.: 18.

Avhustоva Olena O. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Accounting and Taxation, Kyiv National University of Trade and Economics (19 Kіoto Str., Kyiv, 02156, Ukraine)
Email: [email protected]
Romashko Olha M. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Accounting and Taxation, Kyiv National University of Trade and Economics (19 Kіoto Str., Kyiv, 02156, Ukraine)
Email: [email protected]
Kuzmenko Olena P. – Senior Lecturer, Department of Accounting and Taxation, Kyiv National University of Trade and Economics (19 Kіoto Str., Kyiv, 02156, Ukraine)
Email: [email protected]

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