INTERNATIONAL STANDARDS OF IFRS AND ISSB AS A CONCEPTUAL FRAMEWORK FOR MODERN FINANCIAL AND SUSTAINABLE ECONOMY

Abstract

At a time when financial markets are becoming more global and economic ties between countries are strengthening, issues of innovation development are becoming particularly important. This creates conditions for the formation of unified and progressive approaches to the financial and non-financial economy.

International Financial Reporting Standards  and the standards of the International Development Council  have recently been considered not only as instruments for uniting the UK, but also as the basis of a modern financial and sustainable economy. Their implementation is aimed at increasing transparency, accessibility and reliability of information, which is necessary for making managerial and regulatory decisions. This is especially relevant in the era of transition to sustainable models of economic development and the introduction of ESG principles into the financial system.

The importance of this study is due to the fact that traditional financial reporting, based solely on international financial Reporting Standards, is increasingly less conducive to the growth of companies in the face of climatic, social and managerial risks.