Accounting Transformation for ESG Reporting in The Sustainability Agenda

Volume 9, Issue 1, February 2024     |     PP. 1-21      |     PDF (692 K)    |     Pub. Date: February 3, 2024
DOI: 10.54647/economics790433    9 Downloads     2292 Views  

Author(s)

Tatyana Odintsova, IDEA Academy, 1, Business-Centre, Triq Nikol Muscat, Mosta, MST 1870, Malta

Abstract
For sustainability, the transparent information environment is exceptionally substantial. One of the most common global practices that allows us to achieve this goal has become corporative ESG-reporting. The existence of numerous sustainable reporting and ESG-rating systems complicates the process of its harmonization, but progressively moving to synchronize them is already underway. To describe the organization’s contribution to sustainable development and long-term ability to generate value, ESG reporting should be grounded on a relevant and complete information base. Hence, a question arises as to whether accounting can act as a source of this reporting information, or whether additional alternative sources of data are required. Specifics of accounting subject field and procedures limits the non-financial reporting composing based only accounting-produced data. Believing accounting remains the main reporting information supplier, it is reasonable to revise its substantial field, and methodological approaches to provide proper ESG information. The objective of the study is to analyze the ongoing changes in corporate reporting, assess their impact on the accounting subject, identify directions for accounting update in the ESG agenda to ensure sustainable development. The paper dwells to expand the accounting conceptual area, to evolute its objects and methods, for further corporate reporting development in sustainability landscape.

Keywords
corporate reporting, ESG-reporting, sustainability, accounting, financial information, non-financial information, methodology, balance approach, data, integrate reporting, ISSB, GRI, standards, regulators

Cite this paper
Tatyana Odintsova, Accounting Transformation for ESG Reporting in The Sustainability Agenda , SCIREA Journal of Economics. Volume 9, Issue 1, February 2024 | PP. 1-21. 10.54647/economics790433

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