SUSTAINABILITY ACCOUNTING REPORTING IN ACCORDANCE WITH THE
NEW EU LEGISLATION IN CROATIAN HOTEL COMPANIES
MILENA PERŠIĆ, FMTU, OpatijaKATARINA BAKIJA, DOBA, Maribor DUBRAVKA VLAŠIĆ, FMTU, Opatija
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
Content of presentation
ACHIEVED LEVEL OF SEGMENT & SUSTAINABILITY REPORTING IN CROATIAN HOTEL COMPANIES
RECCOMONDATIONS FOR NEW APPROACH IN THE SYSTEM OF SUSTAINABILITY REPORTING
EU DIRECTIVE 2014/95/EU, AND OTHER STARTING POINTS
AS A FRAMEWORK FOR SUSTAINABILITY REPORTING
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
DIRECTIVE 2014/95/EUSUSTAINABILTY REPORTING DIRECTIVE (22 October 2014)
Amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large
undertakings and groups - Text with EEA relevance of the European Parliament and of the Council
EU sustainable development strategy (EU SDS) launched by the European Council in Gothenburg in 2001 and renewed in June 2006.
Eurostat publish monitoring reports every two years (last in 2013)
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
Implementation of new Directive 2014/95/EU
This Directive is essentially an amendment to the existing Directive (2013/34/EU - http://eur-lex.europa.eu ) – financial reporting
Important novelty lays in the fact that relevant sustainability and social responsibility information should be prepared and disclosed in non-financial statement in accordance with the EU or international regulations or standards - GUIDELINES
New EU Directive obligates all EU members to include this kind of EU regulations in the framework of national legislation by the financial year 2017
Big companies are mandatory to disclose non-financial and diversity information within the framework of existing financial statements, no later than December 2018
This also means the obligation for big companies of applying specific tools and techniques of strategic accounting which offers information for long-term decision making.
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
The Accounting Act in Croatia
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
GRI – Global Reporting Initiative• ECONOMIC CATEGORY:
economic performance, market presence, economic impacts and procurement practices
• ENVIRONMENTAL CATEGORY: materials, energy, water, biodiversity, emissions, effluents and waste, compliance, overall and supplier environmental assessment
• SOCIAL CATEGORY: labor practices, human rights, society and product responsibility.
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
EUROSTAT use in process of monitoring, more than 100 indicators, and below have been identified headline indicators which
give an overall picture of whether the EU has achieved progress towards sustainable development, in terms of the objectives and targets defined
in the EU Sustainable Development Strategy (EU SDS)
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
Research was conduct in the middle of 2013 on the sample of 64 listing Croatian companies, member of the
CSR- Corporate Social Responsibility group
In the sample was included 33% companies with core business in the hospitality industry and tourism
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
Sustainability reporting of Croatian companies• 39 (19%) Croatian listed companies are member of HR BCSD
• 23 (11%) members of Croatian Business Council for Sustainable Development (HR BSCD) disclose information about sustainability and / or environmental care, in special reports (HRBSCS website)
• 11 (5%) of them disclose their sustainability report on the web sites of HR BCSD (last three years)
• Reported information are not prepared according to the same criteria, it do not provide comparison between companies, because volume, manner and character of reported information is not of high quality level
Presented information are primarily oriented to satisfy formality, and not to be really involved in process of achieving the goals of sustainable
development
(do not follow the goals of National Sustainable Development Strategy)
INFORMATIONFOR LONG TERMDECISION MAKING
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
Responsibility segment reporting of Croatian listed companies
INFORMATIONFOR SHORT TERMDECISION MAKING
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
Environment care in Croatian hotel companies
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
Sustainability in the practice of Croatian hotel companies
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
Sustainable development & business success
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
SBSC - STRATEGY MAP, CONVERTING INTANGIBLE ASSETS INTO TANGIBLE OUTCOMES – for long term decision making
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
Question in process of long term decision makingThe general approach of sustainability should be adjusted to the specifics of the real circumstances of a particular hotel or hotel company to answer to the following questions
– Which natural resources and services are used to produce and offer target product and services?
– How should the costs and benefits of resource use be measured?– How integrated are energy, motivation, knowledge, capacity for
relationships, and other forms of human capital? – What types of and how much direct and indirect value does integration
create?– How do the tourism products and services create value for local
individuals, social groups and their relationships, and how can this be measured?
– Can existing manufactured stock and infrastructure be used in way that requires fewer resources and more human creativity?
– Can these efficiencies and their value be measured?– Can sustainable business practices be used to create or increase value for
a hotel’s or hotel company’s stakeholders?
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
INFORMATIONFOR LONG- AND SHORT TERMDECISION MAKING
Sustainable reporting - regulations and standards
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
"What can not be measured, it can not be improved"
Accounting tools provide information for long and short term decision making, whether are achieving the strategic goals, defined through sustainable strategies!
ToSEE - Tourism in South East Europe 3rd International Scientific Conference Sustainable Tourism, Economic Development and Quality of LifeUniversity of Rijeka, Faculty of Tourism and Hospitality Management Opatija
COMPANIES SHOULD NO LONGER ASK WHETHER, OR NOT PUBLISH A
CORPORATE RESPONSIBILITY REPORTS, THE EMPHASIS IS NOW ON THE
REPORTING QUALITY AND THE BEST MEANS TO REACH RELEVANT AUDIENCES
KPMG, 2013
Instead of conclusion:
Thank you for your attention!
Prof. Milena Peršić, Ph.D.Faculty of tourism and hospitality management (www.fthm.uniri.hr)University of Rijeka (www.uniri.hr) E-mail: [email protected] Tel.: 00385 51 294 698
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