Нови изисквания за отчитане във връзка с устойчивостта в банковия сектор
New Requirements of Sustainability Reporting in the Banking Sector

Author(s): Liliya Rangelova
Subject(s): Economy, Business Economy / Management, Financial Markets, Accounting - Business Administration, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: sustainability; bank; standards; sustainability report
Summary/Abstract: In recent years, the efforts of the government and institutions in Bulgaria have focused on creating an economy that benefits people and the environment. Banks have an important role and responsibilities, because they can channel investments to more sustainable technologies and businesses, finance growth in a sustainable way over the long term and contribute to the creation of a low-carbon, climate-resilient and circular economy. The latter gives rise to the need to create a regulatory framework that will determine the requirements for identifying, measuring and disclosing the risks and opportunities of banks. Accountants and auditors face new challenges related to the appropriate disclosure of these issues. The aim of this paper is to point out the key challenges for the banks in Bulgaria in dealing with ESG risks and sustainability reporting as result of the new regulations in the area of non-financial reporting and the disclosure of information related to environmental, social and governance risks. The author argues that gaps in the reporting of ESG risks could become a serious problem to the financial system if the banks do not integrate them into their business model, strategy and governance as soon as possible.

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