Munich Personal RePEc Archive

Non-Financial Reporting - A Step Towards Improving The Sustainability Of The Wood-Based Industries

Atanasov, Atanas (2020): Non-Financial Reporting - A Step Towards Improving The Sustainability Of The Wood-Based Industries. Published in: Sustainability of Forest-Based Industries in the Global Economy - Proceedings of Scientific Papers, September 28th-30th 2020, Vinkovci, Croatia (2020): pp. 251-256.

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The aim of this paper is to justify the need of introduction an uniform practices in the disclosure of non-financial information by enterprises in the wood-based industries in order to achieve sustainable growth and development. Based on a critical analysis of existing research in this area and an analysis of the financial statements for 2018 of three of the largest Bulgarian companies in the industry, we found out that despite the importance of environmental and social issues, companies in this industry are not required to prepare a non-financial statement within the meaning of the European and Bulgarian legislation. The information disclosed in management reports and corporate websites is mainly descriptive and does not meet the requirements of the European Directive. As a result, it is argued that the enterprises in the wood-based industries that use non-financial reporting would gain competitive advantage by revealing specific features of the business model change and reporting “structured” and “tied” non-financial information to the entity's financial performance.

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