Risk Disclosure as a Way to Increase the Informative Value of Corporate Reporting for Stakeholders

Abstract

The article is devoted to the study of risk as a category of accounting and reporting and substantiation of directions for comprehensive disclosure of risks in order to increase the informative value of corporate reporting for stakeholders. The article shows the development of approaches to the definition of risk and provides an updated definition of risk in accordance with modern concepts. A classification of risks is proposed in the context of the concept of multiple capitals and the concept of sustainable development, which is relevant to the task of adequate disclosure of information about risks. It is demonstrated that the modern legal regulation of accounting, standards and guidelines in the field of corporate reporting assigns an important role to risks. Based on an empirical study, the recommended limits for the disclosure of information about risks by organizations in the framework of ensuring the transparency of reporting are determined. The factors stimulating economic entities to disclose information on the risks of sustainable development in corporate reporting are considered. An assessment is made of the impact of digital tools and technologies on the ability to predict, assess and disclose risks in corporate reporting, as well as on the effectiveness of decisions of organizations' stakeholders.