Author:

Mikhail V. Rodchenkov, Lomonosov Moscow State University; Higher School of Management (Education Quality Centre), Moscow, Russia

Abstract:

The escalating tensions between proponents and adversaries of global unipolarity intensify the necessity for dependable valuation assessments. The research delves into the efficacy of the system of economic metrics (SEM). From the viewpoint of corporate leadership within BRICS+ nations the study evaluates the impartiality of international accounting and reporting standards, along with the SEM’s capacity to deliver benchmarks for international and sector-specific comparisons. The methodology includes the theory of market, behavioural and regional economics. The methods used are expert estimates, and multivariate regression analysis. The data comes from the audited financial statements of 44 leading publicly listed energy firms. The findings highlight a surplus in enterprise value (EV) under the US standards. Furthermore, substantial disparities are found in how EV fluctuations are accounted for between IFRS and national standards. Such results indicate a significant imbalance in the SEM as well as a strong correlation between it and Western economies. The study’s conclusion is that the financial reporting framework is lacking objectivity, and has limited functionality. This necessitates revisions to the development strategies of BRICS+ enterprises, the improvement of comparable benchmarking, and the establishment of an autonomous accounting system, which would be able to guarantee impartiality in cross-border and industry-wide comparisons, while capitalizing on the advantages of both GAAP and IFRS through assessment of core assets. In a multipolar world, fostering sustainable and equitable international market partnerships by refining economic metrics will empower and unlock the full potential of economies in the Global South.

Keywords: economic metrics; BRICS; corporate financial reporting; IFRS; US GAAP; enterprise value; valuation of intangible assets.

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For citation: Rodchenkov M. V. (2026). The functionality of economic metrics in a multipolar world. Journal of New Economy, vol. 27, no. 1, pp. 115–133. DOI: 10.29141/2658-5081-2026-27-1-6. EDN: ACXMSN.