Non-financial reporting as a guarantee of corporate social responsibility

Abstract

The relevance of non-financial reporting has been increasing in recent years as com­panies are increasingly aware of the importance of their responsibility to society, nature, and the eco­nomy in general. A non-financial report is an essential tool for dialogue between stakeholders. Companies that are actively engaged in solving social and environmental issues may attract new customers, investors and contribute to sustai­nable development. Non-financial reporting is one of the main tools that ensure CSR of a busi­ness. The need to compile various NFR forms requires time and money. The purpose of the article is to analyze non-financial reporting as a basis for CSR ensuring. General scientific and special methods such as grouping, formaliza­tion, induction, analysis, synthesis, and generali­zation are applied in the paper. The author explains the meaning of corporate social responsibility (CSR) for business, and defines the essence of non-financial reporting as a basis for reporting on CSR on the example of Ukrainian companies. The paper analyzes requirements, structure, regu­lations, and standards of the management report. The main advantages and disadvantages are high­lighted. The author proposes measures to improve reliability and role of non-financial reporting as a basis for ensuring CSR. Non-financial repor­ting is an essential element of corporate respon­sibility that allows companies to ensure sustai­nable development of society and environment, which may positively affect their reputation and become the basis for new business opportunities.