COMPANY ENVIRONMENTAL REPORTING: EXPERIENCE AND PROSPECTS OF PRACTICE IN THE RUSSIAN FEDERATION

The study was conducted in the form of international and Russian practice critical analysis in order to identify systemic problems of environmental reporting and factors that can contribute to its dissemination in the Russian Federation, as well as to improve the quality characteristics for greater awareness of stakeholders. On the basis of the various approaches to the environmental reports formation review, including the situation in developing countries, possible measures to promote this type of non-financial reports in Russia, in particular, on the basis of state participation, the "green" financing mechanisms introduction, corporate governance improvement are identified. The analysis of the environmental reporting process allowed establishing not only the General backlog of Russian practice from the world, but also problems with low transparency and verifiability of reports. Based on the review of Russian corporations' non-financial statements, the low level of specific environmental indicators availability in most companies is also revealed. To solve these problems, measures are proposed to standardize the content of environmental reports in Russian economic entities and the public authorities motivating effects in the form of enterprises environmental protection projects co-financing, the introduction of tax relief. At the same time, taking into account the world experience, before the allocation of these preferences, a preliminary comprehensive assessment of companies environmental reporting quality and the establishment of the environmental reports mandatory certification requirement is recommended. (c) 2019 Published by Future Academy www.FutureAcademy.org.UK