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ИД «Финансы и кредит»






International Accounting

Disclosure of risk information in corporate reporting and its integration into the investment decision-making process

Vol. 25, Iss. 4, APRIL 2022

Received: 21 February 2022

Received in revised form: 2 March 2022

Accepted: 28 March 2022

Available online: 15 April 2022


JEL Classification: D01, M40, Q01, Q56

Pages: 387–415


Irina V. ZENKINA Financial University under Government of Russian Federation, Moscow, Russian Federation


Subject. This article explores the trends in disclosure in public reporting and integration into the process of substantiating investment decisions of information about the risks of organizations' activities, their impact on sustainable development at the global and corporate levels.
Objectives. The article aims to study risk as an accounting category and object of corporate reporting in the context of improving the accounting financial and non-financial reporting of organizations and determine the impact of systemic integration of risks, including the environmental, social and governance ones, in the process of making investment decisions on interaction with investors and sustainable development of companies.
Methods. For the study, I used analysis and synthesis, detailing and generalization, comparison, abstraction, analogy, and systems, strategic, and risk-oriented approaches.
Results. The article clarifies the definition of risk and proposes a classification of risks of the organization's activities, taking into account the provisions of the concept of six types of capital and the concept of sustainable development. It provides suggestions for disclosure in an integrated risk report. Based on empirical research, the article defines the recommended limits of disclosure of information on risks by organizations in the framework of ensuring transparency of reporting. It analyzes the factors that encourage economic actors to disclose sustainability risks in corporate reporting and the role of ESG risk information for investors.
Conclusions. The integration of ESG risks into the process of generating investment decisions has a positive effect on their quality and contributes to the achievement of the corporation's strategic goals.

Keywords: risk, risk classification, corporate reporting, sustainable development, ESG integration


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