Analyzing International Non-Financial Reporting Standards: Principal trends and applicability in aviation

Abstract

Subject. The article focuses on the current trends in the development of non-financial reporting in the Russian Federation and worldwide. Objectives. We analyze international non-financial reporting standards on sustainable development, and provide our recommendations on the improvement of integrated reporting of the company operating in the Russian aviation industry – Aeroflot Russian Airlines. Methods. The study draws upon general methods, such as the analysis, synthesis, analogy, deduction and induction. Results. Having examined development trends in non-financial reporting and reporting standards, sustainable development reports of foreign aviation leaders, and drawbacks, we suggested how the integrated report of Aeroflot should be improved. Conclusions. In the current circumstances, businesses try to disclose predominantly positive aspects of their sustainable development activities in order to create the positive publicity. As the analysis of the Russian aviation giant’s reports show, the company provides incomplete information and misses the external approval procedure. Sourced from the analyzable standards and foreign companies’ practices, the proposed indicators will help make reporting more unbiased.