TRANSFORMATION OF NON-FINANCIAL REPORTING IN THE CONTEXT OF THE EVOLUTION OF THE SUSTAINABLE DEVELOPMENT PARADIGM
Abstract
The article provides a comprehensive theoretical and methodological analysis of the evolution of the sustainable development concept and its fundamental impact on the transformation of corporate non-financial reporting. The author systematizes the historical stages of the sustainability paradigm institutionalization, tracing the path from early ecological initiatives and the Brundtland Commission’s report to the modern mandatory regulatory framework. The research highlights a significant paradigmatic shift in corporate governance, characterized by the transition from voluntary social responsibility models to a strictly regulated environment of strategic transparency. Central to the study is the analysis of the Corporate Sustainability Reporting Directive (CSRD) and the implementation of the European Sustainability Reporting Standards (ESRS). It is argued that these standards serve as a precision tool for quantifying non-financial impacts, effectively mitigating the risks of greenwashing through the application of the double materiality principle. This principle allows enterprises to identify ESG factors that simultaneously influence the environment and the entity's financial stability. A significant portion of the paper is dedicated to the upcoming mandatory assurance of sustainability reports under the International Standard on Sustainability Assurance 5000 (ISSA 5000), scheduled for 2026. The author demonstrates that the transition to a "reasonable assurance" model legally equates the status of non-financial reports with traditional financial statements, enhancing the reliability of data for international investors and creditors. For Ukraine, the integration of these standards is presented not merely as a formal European integration requirement but as a strategic mechanism for accessing international capital within Green Recovery programs. The study concludes that the modernization of the accounting and auditing architecture is a vital condition for ensuring national economic security and attracting verified investment for post-war reconstruction. The findings suggest that verified ESG performance becomes a primary mediator of business reputation and long-term strategic resilience in the volatile global economic environment.
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