Стандарти за отчитане на устойчивостта във Великобритания – концептуална основа и перспективи
Sustainability Reporting Standards in the UK – Conceptual Basis and Perspectives

Author(s): Snejana Bacheva, Roumiana Pozharevska
Subject(s): Economy, Accounting - Business Administration, Green Transformation
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: sustainability; sustainability standards; international sustainability standards council; UK sustainability standards
Summary/Abstract: In recent years, governments have been working to create an appropriate framework for the disclosure of reliable and relevant sustainability-related information. Several processes are underway around the world to develop such a framework. On the one hand, the European Commission has adopted the Corporate Sustainability Reporting Directive (CSRD) and European Reporting Standards for sustainability reporting. On the other hand, the newly established International Sustainability Standards Board (ISSB), in close cooperation with the International Accounting Standards Board (IASB), has developed and adopted two international standards - IFRS S1 General Requirements for Sustainability-Related Financial Disclosures and IFRS S2 Climate-Related Disclosures for the Disclosure of Sustainability and Climate-Related Risks and Opportunities. The adoption of standards increases consumer confidence in sustainability-related disclosures, leads to the application of a common conceptual basis for disclosure and overcomes the asymmetry between investors' information needs and the disclosed information. UK stakeholders also recognise that businesses are exposed, directly or through third parties, to significant risks from climate change and that investors need accurate and timely information to assess how climate-related risks and opportunities impact their financial position. This raises the need for an appropriate regulatory framework to set out disclosure requirements. The report highlights the approach taken in the UK to develop an appropriate disclosure framework and to introduce sustainability reporting standards – UK SRS S1 and UK SRS S2.

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