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Environmental Accounting – Principles And Main Challenges For Financial Managers

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  • Virginia Zhelyazkova

Abstract

Over the past 20 years, pollution issues have become more and more important, and hence the need to take action to limit its harmful effects. An increasing number of businesses submit non-financial information about their activity in their financial reports which therefore requires that this kind of information be checked to ascertain its authenticity. The aim of the current paper is to summarize some basic issues of environmental accounting and to outline the challenges for financial managers ahead of it. The choice of the topic is justified by the increasing relevance of environmental accounting and reporting of non-financial information, as well as the placement of environmental protection and the transition to circular economy within the priorities of the European Union. Under the current circumstances, environmental accounting and disclosure of non-financial information should henceforth be seen as an integral part of modern accounting and reporting, not as side and non-mandatory activities. For this purpose, a review of international trends and policies in these areas will be presented, mainly covering UN and EU documents as well as some international standards for reporting non-financial information.

Suggested Citation

  • Virginia Zhelyazkova, 2019. "Environmental Accounting – Principles And Main Challenges For Financial Managers," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 13(1), pages 24-31.
    • Handle: RePEc:isp:journl:v:13:y:2019:i:1:p:24-31
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    References listed on IDEAS

    as
    1. Emil Asenov, 2015. "Characteristics of Compliance Risk in Banking," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 20-28, December.
    2. Yakim Kitanov, 2016. "Portfolio Investment Risks: Typology And Mitigation," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 10(1), pages 332-338.
    3. Yakim Kitanov, 2018. "Non-Financial Declaration. Theoretical Aspects," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 12(1), pages 153-164.
    4. Julia G. Dobreva, 2015. "Socioeconomic Implications For Sustainable Business," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 9(1), pages 582-588.
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    More about this item

    Keywords

    environmental accounting; circular economy;

    JEL classification:

    • A - General Economics and Teaching

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