The aim of the present article is substantiation of theoretical provisions and development of practical recommendations for reporting in the field of sustainable development formation in compliance with the international standard “Guidelines for sustainability reporting” elaborated within the scope of Global Reporting Initiative. The research objectives are to study the content of non-financial re-porting generated in compliance with the Global Reporting Initiative (GRI) guidelines and to offer new methodological approaches towards sustainability reporting formation. Using such general scientific methods as systematic approach, comparison, method of systematization and generaliza-tion of data, the research work revealed the essence, content, principles of formation and reporting structure in the field of sustainable development. The work contains recommendations on social activity accounting organization with the use of information technology, such as: supplementary invoices application for accounting, and development of forms for reports containing information of social character.

Social cybernetics, as an interdisciplinary field, has gained increasing interest in the last decade due to the influence of information technologies in society through connectivity, Internet of things, process automation, artificial intelligence among others. This research focuses on exploring the relationship between social cybernetics (communication and control mechanisms) based on information technologies and local development, using structural equation modeling as an analytical tool. The design was non-probabilistic, with a sample of 482 people. The independent variables under study were Use of ICT for communication between local authorities and the population (CAP), Use of ICT for collaboration between public and private institutions (CPPC), Use of ICT for shared decision making (SDM), Use of ICT for local development planning (LDP) and Use of ICT for knowledge management (KM); and the dependent variable was Local Development (LD). It was determined that there is a relationship between all of them except with CAP. The direction and magnitude of the other ratios were: + 0.1390; - 0.3661; + 0.4472 and + 0.8432 respectively. The coefficient of determination (R2) was 93.69% facilitating the prediction of future results. The model has an adequate fit.