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Papers by Magdalena Kirova

Research paper thumbnail of Relationships and Compliances Between the Sustainable Reporting Standards of the Global Reporting Initiative (Gri) and National Accounting Regulations in the Republic of Bulgaria

Knowledge International Journal, Oct 8, 2020

In the late 1990s, the sustainable reporting concept is born with respect to the so-called triple... more In the late 1990s, the sustainable reporting concept is born with respect to the so-called triple bottom line. In the context of sustainable development, this notion's significance consists of the enterprises undertaking actions in order to balance its own needs-economic, social and environmental and the future society necessities. Apart from market aspects, there are a number of factors that affect enterprises' functional sustainability. These represent social and environmental problems which are engendered by human demeanour leading to environmental deterioration, lack of resources, etc. It is a fact that enterprises do not function independently in an isolated setting as they constantly interact with other economic entities and as a result of them carrying out their activity, they utilise distinct types of capital: financial, manufactured, human, intellectual, natural and social. On the other hand, stakeholders (investors, creditors, suppliers, customers) need access to more detailed information with regard to this impact. The inability of shareholders to manage their own companies due to the activity scales and the existence of a relatively large number of owners (shareholders) leads to the company's management by managers who manage against certain remuneration as their actions are aimed at maximizing shareholders' profits. Problems appear when managers focus their efforts not only on increasing benefits for owners, but focus on their own benefit. In other words said, shareholders do not dispose of the entire reporting information that managers situate which leads to difficulties in the proprietaries' control over the managers' activity. In order to avoid abuses, the scope of periodic disclosure by the managers of information concerning the company's activity is ought to be expanded. With a view to accepting their macro level conduct's social, environmental and economic impact, enterprises must integrate non-financial information in the financial report with reference to the enterprise's environmental and social policies reflecting their conduction's effect. By establishing standards for sustainable development reporting, the Global Reporting Initiative provides secure and reliable reporting structure which can be used by small-, middleand large-scale enterprises, regardless of the industrial sector they operate in. Consequently, all stakeholders obtain the necessary information for exercising control and decision making

Research paper thumbnail of Indices of Environmental Performance of the Compаnies from the Automobile Sector in the Context of Integrated Reporting

Until very recently business operations were most strongly motivated by the ambition to maximize ... more Until very recently business operations were most strongly motivated by the ambition to maximize financial return and the purpose of the corporate accounting statements was to present information mainly on the cash flow, the financial and the asset position, as well as the financial outcome of the company. The development of the world economy and the thereby arising positive and negative effects on society is not fully covered by conventional accounting and financial reporting system. The insufficiency of such information obstructs satisfying the information needs of various interested parties, resulting in growing expectations and pressure over the companies to accept not only the positive, but also the negative effect on their behaviour in the economic, environmental, and social aspect. All of the above prerequisites, along with the capital restriction the companies are facing, require a change towards an appropriate upgrade of traditional corporate reporting. This problem is part...

Research paper thumbnail of Integrated Reporting – the New Direction in the Corporate Reporting

MEST Journal, Jan 15, 2019

According to the World Commission on Environment and Development as a result of the enormous scal... more According to the World Commission on Environment and Development as a result of the enormous scales of poverty, the emerging ecological crisis and the alteration in the balances of the environment and the climate, humanity has entered an era of global uncertainty. The world is facing the elaborate task to encounter a manner to solve these social, environmental, economic and other problems. The alterations in a perspective impose changes in the range and the content of accountability. Each acting enterprise represents an inseparable part of the society. By accomplishing its activity it affects different stakeholders: investors, creditors, employees, customers, suppliers, regulators and the community in general. The enterprises' corporate reporting was primarily connected with the disclosure of the annual financial statements reflecting their financial status. The concern over the impact of the enterprises on the environment and the people, as well as the growing information necessity of the stakeholders, require an alteration in the conventional reporting. The enlarged volume and content of the contemporary corporate reports and the absence of a relation between the incorporated financial and non-financial information presented in separate reports determine the necessity of preparing one single integrated report.

Research paper thumbnail of Relationships and Compliances Between the Sustainable Reporting Standards of the Global Reporting Initiative (Gri) and National Accounting Regulations in the Republic of Bulgaria

Knowledge International Journal, Oct 8, 2020

In the late 1990s, the sustainable reporting concept is born with respect to the so-called triple... more In the late 1990s, the sustainable reporting concept is born with respect to the so-called triple bottom line. In the context of sustainable development, this notion's significance consists of the enterprises undertaking actions in order to balance its own needs-economic, social and environmental and the future society necessities. Apart from market aspects, there are a number of factors that affect enterprises' functional sustainability. These represent social and environmental problems which are engendered by human demeanour leading to environmental deterioration, lack of resources, etc. It is a fact that enterprises do not function independently in an isolated setting as they constantly interact with other economic entities and as a result of them carrying out their activity, they utilise distinct types of capital: financial, manufactured, human, intellectual, natural and social. On the other hand, stakeholders (investors, creditors, suppliers, customers) need access to more detailed information with regard to this impact. The inability of shareholders to manage their own companies due to the activity scales and the existence of a relatively large number of owners (shareholders) leads to the company's management by managers who manage against certain remuneration as their actions are aimed at maximizing shareholders' profits. Problems appear when managers focus their efforts not only on increasing benefits for owners, but focus on their own benefit. In other words said, shareholders do not dispose of the entire reporting information that managers situate which leads to difficulties in the proprietaries' control over the managers' activity. In order to avoid abuses, the scope of periodic disclosure by the managers of information concerning the company's activity is ought to be expanded. With a view to accepting their macro level conduct's social, environmental and economic impact, enterprises must integrate non-financial information in the financial report with reference to the enterprise's environmental and social policies reflecting their conduction's effect. By establishing standards for sustainable development reporting, the Global Reporting Initiative provides secure and reliable reporting structure which can be used by small-, middleand large-scale enterprises, regardless of the industrial sector they operate in. Consequently, all stakeholders obtain the necessary information for exercising control and decision making

Research paper thumbnail of Indices of Environmental Performance of the Compаnies from the Automobile Sector in the Context of Integrated Reporting

Until very recently business operations were most strongly motivated by the ambition to maximize ... more Until very recently business operations were most strongly motivated by the ambition to maximize financial return and the purpose of the corporate accounting statements was to present information mainly on the cash flow, the financial and the asset position, as well as the financial outcome of the company. The development of the world economy and the thereby arising positive and negative effects on society is not fully covered by conventional accounting and financial reporting system. The insufficiency of such information obstructs satisfying the information needs of various interested parties, resulting in growing expectations and pressure over the companies to accept not only the positive, but also the negative effect on their behaviour in the economic, environmental, and social aspect. All of the above prerequisites, along with the capital restriction the companies are facing, require a change towards an appropriate upgrade of traditional corporate reporting. This problem is part...

Research paper thumbnail of Integrated Reporting – the New Direction in the Corporate Reporting

MEST Journal, Jan 15, 2019

According to the World Commission on Environment and Development as a result of the enormous scal... more According to the World Commission on Environment and Development as a result of the enormous scales of poverty, the emerging ecological crisis and the alteration in the balances of the environment and the climate, humanity has entered an era of global uncertainty. The world is facing the elaborate task to encounter a manner to solve these social, environmental, economic and other problems. The alterations in a perspective impose changes in the range and the content of accountability. Each acting enterprise represents an inseparable part of the society. By accomplishing its activity it affects different stakeholders: investors, creditors, employees, customers, suppliers, regulators and the community in general. The enterprises' corporate reporting was primarily connected with the disclosure of the annual financial statements reflecting their financial status. The concern over the impact of the enterprises on the environment and the people, as well as the growing information necessity of the stakeholders, require an alteration in the conventional reporting. The enlarged volume and content of the contemporary corporate reports and the absence of a relation between the incorporated financial and non-financial information presented in separate reports determine the necessity of preparing one single integrated report.