Business risks: disclosure of information in accounting reports
Abstract
The activities of Russian organizations in modern conditions are subject to significant risks, primarily due to external factors associated with geopolitical tension, the introduction of economic sanctions, loss of markets for products, import restrictions, volatility in stock and currency markets, etc. In addition, there are internal risks leading to a decrease in production and sales volumes, an increase in the cost of acquiring resources, production and sales of products. In these circumstances, the disclosure of public information on business risks in the notes to the accounting statements is a very important task. The use of such data will allow users of reporting to make appropriate decisions on risk management and risk reduction. The article presents the results of the study of the current state of disclosure of data on risks in the individual reporting of 55 organizations of different spheres of activity for the 2023 reporting year. It is concluded that organizations do not pay due attention to the disclosure of data on risks of activity. Such information is not presented in the explanatory notes to the statements of 23 organizations out of 55 organizations under study. It is proved that the composition of risks given in the reports of different organizations is very heterogeneous, various approaches to the classification of risks are used. A unified classification of risks with division into categories and subcategories, their description and reflection of risk management mechanisms is proposed. For the purposes of increasing the level of transparency of reporting, non-financial risks (sanctions, industry, ESG-risk, IT-risk, etc.) are allocated in separate categories.
About the Authors
S. V. Kozmenkova
National Research Nizhny Novgorod State University named after N.I. Lobachevsky
Russian Federation
Russian Federation
Doctor in Economics, Professor
L. I. Kulikova
Kazan (Volga Region) Federal University
Russian Federation
Russian Federation
Doctor in Economics, Professor
A. V. Lyzhova
Kazan (Volga Region) Federal University
Russian Federation
Russian Federation
PhD in Economics, Associate Professor
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Review
For citations:
Kozmenkova S.V., Kulikova L.I., Lyzhova A.V. Business risks: disclosure of information in accounting reports. Kazan economic vestnik. 2024;1(5):32-41. (In Russ.)
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