Bank Reporting in the Context of Sustainable Development

Abstract

Purpose:The article is devoted to the transformation of the activities of Russian commercial banks under the influence of the concept of sustainable development. The article is supposed to explore the potentials of banks in the conditions of sustainable economic development and to identify the development directions of the reports published by banks. Methodology/Approach: To achieve this goal, firstly, we need to describe the essence of the concept of sustainable development and the challenges facing the Russian economy that impede the more active promotion of the values of this concept in Russia. Secondly, we need to consider the main currently existing initiatives that promote the sustainable development goals and reporting published by Russian commercial banks in the context of sustainable development, and thirdly, to describe the directions for the formation of reporting by banks in the framework of achieving the sustainable development goals through principles and criteria, essential for an objective assessment. Findings: The problem of sustainable development, the spur for the emergence of which was the concept of sustainable development, as a factor in assessing the state of banking activity has been actively studied. In this regard, the authors sequentially studied the reporting published by the largest banks in Russia in terms of assets, highlighted the problems in the formation of reports by commercial banks regarding sustainable development and presented the principles and criteria for its formation. Practical implications: The results of this research can be involved in the process of systematization of the results of the activities of Russian banks in achieving sustainable development goals in the framework of bank reporting. Originality/Value: The main contribution of this article lies in the fact that the study of the problems of bank reporting in the context of economic, environmental and social sustainability presented in the scientific literature is based on standard appraisal forms without focus on the goals of implementing the concept of sustainable development.