Accounting and Reporting in the Context of Overcoming Information Asymmetry in the Sustainable Business Development Management System

Abstract

The contemporary evolution of economic relations, driven by increasing requirements for business transparency and the consideration of social and environmental impacts of economic activity, necessitates a reconsideration of the role of accounting and reporting. The article provides a theoretical generalization and scientific substantiation of the transformation of accounting systems in the context of sustainable development. The subject of the study is the process of integrating financial and non-financial aspects of enterprise activity into a unified accounting and analytical system aimed at reflecting multidimensional corporate value. The purpose of the study is to reveal the conceptual foundations of the transition from a financially determined accounting model to an integrated model that provides an informational basis for the strategic management of economic, social, and environmental parameters of enterprise functioning. The methodological framework of the research is based on the application of systemic, institutional, and evolutionary approaches, as well as methods of scientific abstraction, comparative analysis, classification, and logical generalization. This made it possible to identify key stages in the development of accounting systems, trace changes in their functional orientation, and substantiate the expansion of accounting objects under the influence of international sustainability standards and the digitalization of business processes. The study substantiates that the modern transformation of accounting is systemic in nature and is manifested in the transition to an integrated model, within which financial, social, and environmental indicators converge within a single information space. It is determined that the implementation of ESG reporting standards and integrated disclosure contributes to reducing information asymmetry, enhancing the relevance of reporting data, and aligning corporate strategy with Sustainable development goals. The role of digital technologies is substantiated as an infrastructural driver of accounting transformation, ensuring the verifiability, traceability, and analytical richness of non-financial information. The scope of application of the results includes enterprise accounting policy development, corporate governance systems, and the preparation of financial, ESG, and integrated reporting in the context of the implementation of international standards. The proposed provisions can be used to improve the information support of managerial decision-making and to enhance the effectiveness of stakeholder communication. It is concluded that the transformation of accounting and reporting reflects profound institutional changes in the economy and leads to their reorientation from retrospective recording of results to the formation of an informational basis for the strategic management of sustainable enterprise development. The integration of financial and non-financial dimensions of activity is considered a key prerequisite for ensuring long-term sustainability and creating comprehensive corporate value.