Environmental and climate-related components of TCFD reporting: Principles and practices

Subject. This article discusses the issues related to the formation of unified approaches to assessing the quality of disclosure of significant aspects of non-financial reporting. Objectives. The article aims to substantiate the authors' understanding of the need for responsible and high-quality disclosure of environmental and climate-related information in non-financial reporting, as well as the importance of using management accounting data for these purposes. The article also seeks to assess the best practices of non-financial reporting by Russian companies, identify problems that impede this process, and substantiate ways to solve them. Methods. For the study, we used a systems approach, comparison, the method of systematization and generalization of data, historical analysis, as well as methods of logical generalization and systemic reasoning. Results. Based on the results of the analysis of the quality of disclosure of environmental and climate-related aspects by organizations in the chemical, oil and gas and processing industries, the article identifies a range of areas of concern that impede the improvement of the quality of information disclosure in non-financial reports. It finds that the use of TCFD standards has so far been neglected. Conclusions and Relevance. The practice of disclosing the environmental and climate-related aspects of activities should not be limited to the preparation of integrated reports or reports on sustainable development, it should be expanded to the preparation of internal reports in all their forms and embedded in the risk assessment and planning system. For the preparation of non-financial reports, it is necessary to involve data accumulated by the management accounting system. The results of the study can be disseminated among Russian organizations to understand the need to improve the quality of environmental and climate-related information collection and systematization in order to increase the transparency of non-financial reporting.