FBK Partner Vladimir Skobarev Speaks at 4th All-Russian Conference (NON-)FINANCIAL REPORTING

On 28 November, a conference in Moscow hosted discussions on shaping environmental, social and economic reporting approach in Russia and in the EAEU, BRICS, and SCO, as well as establishing platforms for ESG process management and control systems at the corporate and state levels.

The event was hosted by AK&M Information Agency.

In his speech during the practical session ‘Modern Shape of Non-Financial Reporting System’, Vladimir Skobarev, FBK Partner and Director of the Corporate Governance & Sustainability Services Department, pointed out that ISSB standards place rather challenging requirements on non-financial reporting, which is confirmed by FBK's research*: only 10% of companies mention using ISSB standards, while 82% use GRI standards. The report especially focuses on the comparison of the materiality concepts in IFRS Accounting Standards and ISSB standards.

“We believe that GRI standards will still prevail in the short term. At the same time, we can expect an ever-more cautious approach in using ISSB standards,” Vladimir Skobarev stated.

FBK specialists have years of expertise in developing strategies to implement sustainability standards and, using best international and domestic practices, help shape a system of values and a plan to move a business forward taking into account its economic, environmental, social specifics, and individual features. Find out more.

* The reseach analyses reports of 125 companies for the first 11 months of 2024.