Sustainability reporting is rapidly spreading worldwide as it shifts from being voluntary to mandatory. The aim of this study is to examine the current state of sustainability reporting, recent developments, and future expectations. First, the existing international institutions and frameworks used in sustainability reporting are discussed. In particular, efforts to harmonize standards between key organizations such as the ISSB (International Sustainability Standards Board), GRI (Global Reporting Initiative), and CSRD (European Union Corporate Sustainability Reporting Directive) are explored. The study also addresses criticisms related to sustainability reporting and assurance audits. Leading criticisms are focused on the complexity of the process, the multiplicity of regulatory bodies and standards, and the associated costs. With the increasing importance and necessity of reporting, the benefits that businesses gain from steps taken toward standardization and simplification of international standards are discussed. Looking to the future, the positive impact of technologies such as artificial intelligence and blockchain on sustainability reporting is anticipated. The paper emphasizes how these technologies can simplify and accelerate the processes of data collection, analysis, and transparency. Artificial intelligence is seen as enabling faster evaluation of sustainability performance, while blockchain technology is evaluated for its potential to enhance security and transparency in reporting processes. In conclusion, the study highlights the need for education, mentoring, and technological support for companies to enhance and popularize sustainability reporting. These elements are argued to contribute to making sustainability reporting more efficient, perceived as a performance tool beyond a procedural requirement, reaching a broader audience, and forming a more consistent global application standard.