Environmental issues and external reporting in Bulgaria

Abstract

Having a relationship between environmental management systems and financial reporting practices
could potentially lead to discrepancy in management and reporting objectives. Not only do both disciplines
stand to benefit from each other, but they may also shape and inform mutual decision making. To
date, environmental financial reporting is highly variable across accounting regimes in Bulgaria, especially
on the estimation and reporting methods of environmental expenses and liabilities.
The paper discusses the needs for better financial reporting, stronger management practices, and sound
corporate governance.