Accounting analysis and audit

Implementation of sustainability aspects in the financial reporting system: an environmental accounting standard

Economic Annals-XXI

Economic Annals-ХХI: Volume 173, Issue 9-10, Pages: 55-59

Citation information:
Vallišová, L., Černá, M., & Hinke, J. (2018). Implementation of sustainability aspects in the financial reporting system: an environmental accounting standard. Economic Annals-XXI, 173(9-10), 55-59. doi: https://doi.org/10.21003/ea.V173-09

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Lucie Vallišova
PhD (Economics),
Assistant Professor,
Faculty of Economics,
University of West Bohemia
8 Univerzitni Str., Pilsen, 306 14, Czech Republic
lbuzkova@kfu.zcu.cz
ORCID ID: https://orcid.org/0000-0003-1741-9361

Marie Černa
PhD (Economics),
Assistant Professor,
Faculty of Economics,
University of West Bohemia
8 Univerzitni Str., Pilsen, 306 14, Czech Republic
macerna@kfu.zcu.cz
ORCID ID: https://orcid.org/0000-0001-5859-4268

Jana Hinke
PhD (Economics),
Assistant Professor,
Faculty of Economics,
University of West Bohemia
8 Univerzitni Str., Pilsen, 306 14, Czech Republic
hinke@kfu.zcu.cz
ORCID ID: https://orcid.org/0000-0001-6767-1253

Implementation of sustainability aspects in the financial reporting system: an environmental accounting standard

Abstract. In the field of financial accounting, similarly to the company management, besides considering economic aspects, arises a need to incorporate the influence of enterprise’s activities on environment and society. Nevertheless, almost all accounting systems are still based on the financial view of the business and the level of environmental and social efficiency is only rarely assessed. A multidimensional business efficiency measurement is not feasible within these standard accounting systems. For this reason, the subject of interest and the main research goal of the authors is to supplement and extend the existing legislative framework on environmental and social accounting, approved by the IASB. The purpose of this article is to propose an individual standard focused on environmental reporting. The individual standard of financial reporting focused on environmental aspects will provide a possibility of a standardized view on business and may be used to harmonize reported data. Compared to other environmental concepts, the proposed standard is based on the same principles as the currently used reporting framework, therefore it is easily grasped and applicable.

Keywords: Statements; Environmental Factors of Business; Accounting; Reporting; Sustainable Development; Sustainable Accounting; Environmental Reporting; IASB

JEL Classification: M21; M41; F64; Q57

Acknowledgements: The paper was created within the project SGS-2017-004 Finance and Sustainable Development from the Perspective of Theory and Practice.

DOI: https://doi.org/10.21003/ea.V173-09

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Received 22.11.2018

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