Financial Reporting vs. Non-financial Reporting: Differences and Recommendations

  • Cristian Florin Gheorghe “Valahia”University of Targoviste
Keywords: financial reporting, non - financial reporting, sustainable development, sustainability, economic entity

Abstract

International investors are now increasingly demanding the presentation of financial and non-financial information in order to understand how much the entity's performance can be affected by the way it handles environmental issues, human resources, anti-corruption, the relationship with the community as well as to understand the possible risks associated with the activity of an entity, risks that could be faced, precisely by detailing the non-financial information to be interpreted together with the financial one.

It is increasingly imperative to draw up a framework report on non-financial reporting that links financial and non-financial performance, with the possibility of long-term prioritization of business plans with benefits to the entity as well as to its outer sphere.

References

1.Fătu Simona, 2018, Revista de Studii Financiare, Vol. III, Nr. 4.
2. Reid, A, Miedzinski, M., 2008, Eco-Innovation Final Report for Sectoral Innovation Watch, Europe Innova Innovation Watch.
3. „Report of the Committee on the Financial Aspects of Corporate Governance” (Raportul Cadbury), 1992, p. 15, disponibil la adresa: http://www.ecgi.org/codes/documents/cadbury.pdf.
4.OCDE, „Principles of Corporate Governance”, 2004, p. 11, disponibil la adresa:http://www.oecd.org/dataoecd/32/18/ 31557724.pdf.
5. Code de gouvernement d ’ entreprise pour les valeurs moyennes et petites , decembrie 2009, Middlenext, disponibil la adresa: http://www.middlenext.com/.
6. Codul de guvernanță corporativă ( Corporate Governance Code ) al Regatului Unit, disponibil la adresa:http://www.frc.org.uk/corporate/ukcgcode.cfm.
7. Cartea verde privind politica de audit publicată în 2010, COM(2010) 561, disponibilă la adresa:http://ec.europa.eu/internal_market/consultations/docs/2010/audit/green_paper_audit_en.pdf.
8. Corporate Governance Guidance and Principles for Unlisted Companies in Europe , Confederația Europeană a Asociațiilor Administratorilor (EcoDa), disponibil la adresa:http://www.ecoda.org/docs/ECODA_WEB.pdf.
9. Buysse Code — Corporate governance recommendations for non-listed enterprises (http://www.codebuysse.be/downloads/CodeBuysse_EN.pdf);
10. Inițiativa Camerei de Comerț Centrale din Finlanda intitulată Improving corporate governance of unlisted companies (http://www.keskuskauppakamari.fi/content/download/19529/421972);
11. Corporate Governance Guidance and Principles for Unlisted Companies in the UK, Institute of Directors, Regatul Unit, (http://www.iod.com/MainWebsite/Resources/Document/corp_gov_guidance_and_principles_ for_unlisted_com panies_in_the_uk_final_ 1011.pdf).
12. Communication on the next steps for a sustainable European Future,13 Iunie 2017.
13. Legea societăţilor nr. 31/1990. cu modificările şi completările ulterioare.
Published
2020-12-14
Section
Financial Economics