INTELLECTUAL CAPITAL AS A BASIC COMPONENT IN NON-FINANCIAL REPORTING OF UNIVERSITIES

Abstract

The article substantiates the place of intellectual capital in non-financial reporting of Russian universities. Its publication demonstrates commitment Russian universities to the principles of sustainable development. The issue remains relevant even in conditions of current unfavorable geopolitical situation. The methodological basis of the study are the works of Russian and foreign scientists on various aspects of intellectual capital; the results of evaluating non-financial reporting of universities obtained by the rating agency RAEX, and the survey of non-financial reports of three leading Russian universities. The article reveals the financial and non-financial benefits received by a university that voluntarily publishes non-financial statements. As a result of comparing international and Russian approaches to assessing the quality of non-financial reporting, a conclusion is made about their methodological unity, while, unlike international practice, the RAEX rating agency does not expect Russian universities to disclose information about their business models and risks. The analysis of non-financial reports of Russian universities shows the dominant role of information on intellectual capital in them, which can be accumulated only in the university's management accounting system, as well as about the incompatibility of reports that differ both in the content of the information provided and in the quality of its disclosure. In order to bring the Russian practice closer to the international one, we adapt the definition of “business model” to the specifics of the universities' activities. We propose to supplement the non-financial reporting of universities with a “financial model of the university”, which discloses information about how the types of capital consumed through educational, scientific and international activities are transformed into educational and scientific products. We have developed a template for presenting the financial model of the university. The results of the work contribute to further development of theory and practice of non-financial reporting by Russian universities, which will increase their competitiveness and sustainability of development.