...application * Reduction in risk * Strict rules that give clear guidelines and more accuracy * Requirements are set out in detail and compliance with the rules can be more easily monitored and enforced. Disavantanges of rules based approach * Can cause unnecessary complications * Confusion * Encourages financial engineering 2. Rules-based accounting adds unnecessary complexity, encourages financial engineering and does not necessarily lead to a ‘true and fair view’ or a ‘fair presentation’. Discuss Rules-based accounting has not worked in practice. The present U.S. system does not produce accurate reporting. This has made standards longer and complicated and has led to arbitrary criteria for accounting treatments that allows companies to structure transactions to circumvent unfavorable reporting . Lease accounting contains hundreds of pages of...
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...Report on Disclosure of BASs & BFRSs By Golden Harvest Agro Industries Ltd. & Bangladesh Steel Re-Rolling Mills United International University QUEST FOR EXCELLENCE acade Report On: Golden Harvest Agro Industries Ltd. & Bangladesh Steel Re-Rolling Mills Limited Topic: Disclosure of BASs & BFRSs Course Title: Corporate Financial Reporting Course Code: AIS 4303 Submitted To: James Bakul Sarkar Assistant Professor & Deputy Director, BBA Program United International University Submitted By: Name | ID | Section | Fyaz Mahbub Rohan | 114 121 025 | A | Md. Ariful Islam | 114 121 045 | | Md. Hasan Alif | 114 121 091 | | Safayet Mustafa | 114 121 107 | | Ahmed Zubaier | 114 121 020 | | Anik Kumar Das | 114 121 064 | | Moniruzzaman Khan | 114 131 048 | | Date of Submission: 20th April 2016 Fyaz Mahbub Rohan (114 121 025): a. Front Page DesignContribution of Group Members b. Introduction c. Summary of BAS s & BFRSs d. Company Overview e. Disclosure of BAS s & BFRSs f. Conclusion g. Data Collection Md. Ariful Islam (114 121 045) a. Letter of Transmittal b. Executive Summary c. Introduction d. Summary of BAS s & BFRSs e. Disclosure of BAS s & BFRSs Md. Hasan Alif(114 121 091) a. Summary of BAS s & BFRSs b. Disclosure of BAS s & BFRSs c...
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...EXTERNAL CORPORATE REPORTING ASSIGNMENT 1 2012 NAME: JYOTIKA RAJ S.I.D: 11015663 EXTERNAL CORPORATE REPORTING ASSIGNMENT 1 2012 NAME: JYOTIKA RAJ S.I.D: 11015663 http://www.xrb.govt.nz/Site/Financial_Reporting_Strategy/default.aspx In September 2011, the New Zealand Minister of Commerce announced a number of changes to the financial reporting framework. The Minister announced proposals to simplify the financial reporting framework for small and medium-sized businesses. The proposed reforms follow on from a review of the financial reporting framework which found that the framework was overly costly and not meeting users’ needs or expectations. The financial reporting obligations for small and medium- sized companies, that are non-issuers, have become over-complicated. The change will reduce the number of companies required to prepare general purpose financial reporting from 460,000 to less than 10,000, and is expected to cut business compliance costs by $90 million a year. This is a great opportunity to reduce the burden of compliance on the engine room of the New Zealand economy, whilst allowing accountants, managers and owners to focus more on business. However, the new framework will promote accountability of senior management and ensure people with an interest in the economic performance of a company can have confidence in the information they receive. The change will also be a welcome reduction in red tape for many businesses, but that it is important now...
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...Discuss the role that Corporate Social Reporting (sustainability reporting) plays in adding value to the Annual Report. Your answer could consider why organisations have chosen to disclose sustainability information when there is no legal requirement to do so, and how Sustainability Reports have developed in recent years. Whatever name they go by, corporate social responsibility reports are attempting to serve one essential purpose: they portray the relationship between a corporation and society. They seek to improve communications between the corporate world and the broader society within which companies report. The concept of corporate social responsibility first surfaced in the 1970s as both companies and governments began to look beyond financial performance, for a more comprehensive understanding of the company’s long-term value-creating potential. In subsequent years, a number of high-profile disasters, such as the 1984 Union Carbide gas leak in India brought the issue of corporate accountability and transparency to center stage. Following a series of other disasters involving corporate giants like Shell with its human rights violations in Nigeria and Exxon Valdez spill in the 1990s firm stakeholders and indeed the wider public started asking what the price of doing business was…was it enough to round of a year of negative publicity by a bottom line figure? Environmentalists and human rights activists were particularly critical of the human rights violations...
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...Corporate Financial Accounting and Reporting Tim Sutton second edition Corporate Financial Accounting and Reporting We work with leading authors to develop the strongest educational materials in business and finance, bringing cutting-edge thinking and best learning practice to a global market. Under a range of well-known imprints, including Financial Times Prentice Hall, we craft high quality print and electronic publications which help readers to understand and apply their content, whether studying or at work. To find out more about the complete range of our publishing please visit us on the World Wide Web at: www.pearsoned.co.uk Corporate Financial Accounting and Reporting Second Edition Tim Sutton Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk First published 2000 Second edition published 2004 © Financial Times Management 2000 © Pearson Education Limited 2004 The right of Timothy G. Sutton to be identified as author of this work has been asserted by him in accordance with the Copyright, Designs, and Patents Act 1988. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior written permission of the publisher or a licence permitting restricted copying in the United...
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...Assignment 1 – Corporate Reporting – Second Trimester 2007 Question 1 A) The AASB 116 states that an asset must be revalued to its fair value, which is defined as “the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s-lenght transaction”. Fair values must be capable of reliable measurements and revaluations must be made, either upwards or downwards, with sufficient regularity to guarantee the carrying amount of each asset does not differ materially from its fair value. The carrying amount of an asset (also referred to as book value) refers to the amount at which an asset is recorded in the entity’s accounts after deducting accumulated depreciation and accumulated impairment losses. It is important to observe that the standard does not require an entity to revalue its assets, but if revaluations are made, the measurement method to apply is fair value. The main aim of the standard is to stipulate the accounting entries to use if an entity decides to revalue classes of its non-current assets to fair value. Under the AASB 136, if an asset’s carrying amount is in excess of its recoverable amount, an impairment loss should be recognized and the asset therefore written down to its recoverable amount. Recoverable amount is defined as the higher of an asset’s fair value less costs to sell and its value in use. Value in use is based on present value calculations of future net cash flows expected from the continuing use of an asset and...
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...The Consequences of Mandatory Corporate Sustainability Reporting Ioannis Ioannou London Business School George Serafeim Harvard Business School Abstract We examine the effect of mandatory sustainability reporting on several measures of socially responsible management practices. Using data for 58 countries, we show that after the adoption of mandatory sustainability reporting laws and regulations, the social responsibility of business leaders increases. We also document that both sustainable development and employee training become a higher priority for companies, and that corporate governance improves. Furthermore, we find that companies implement more ethical practices, reduce bribery and corruption, and that managerial credibility increases. These effects are larger for countries with stronger law enforcement and more widespread assurance of sustainability reports. We conclude with thoughts about mandatory sustainability and integrated reporting. Keywords: sustainability reporting, mandatory reporting, corporate social responsibility, integrated reporting Assistant Professor of Strategic and International Management, London Business School, Regent’s Park, NW1 4SA, London, United Kingdom. Email: iioannou@london.edu, Ph: +44 20 7000 8748, Fx: +44 20 7000 7001. Assistant Professor of Business Administration, Harvard Business School, Soldiers’ Field Road, Morgan Hall 381, 02163 Boston, MA, USA. Email:gserafeim@hbs.edu, Ph: +1 617 495 6548, Fx: +1 617 496 7387 (contact...
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...qwertyuiopasdfghjklzxcvbnmqwertyui opasdfghjklzxcvbnmqwertyuiopasdfgh jklzxcvbnmqwertyuiopasdfghjklzxcvb AF301 ACCOUNTING THEORY nmqwertyuiopasdfghjklzxcvbnmqwer & APPLICATIONS tyuiopasdfghjklzxcvbnmqwertyuiopas dfghjklzxcvbnmqwertyuiopasdfghjklzx Group Seminar Report cvbnmqwertyuiopasdfghjklzxcvbnmq TOPIC:2 – CORPORATE SOCIAL wertyuiopasdfghjklzxcvbnmqwertyuio & ENVIRONMENTAL REPORTING pasdfghjklzxcvbnmqwertyuiopasdfghj klzxcvbnmqwertyuiopasdfghjklzxcvbn mqwertyuiopasdfghjklzxcvbnmqwerty uiopasdfghjklzxcvbnmqwertyuiopasdf ghjklzxcvbnmqwertyuiopasdfghjklzxc vbnmqwertyuiopasdfghjklzxcvbnmrty uiopasdfghjklzxcvbnmqwertyuiopasdf ghjklzxcvbnmqwertyuiopasdzxcvbnm STUDENT NAME MELISA SINGH ASHVINI SAHAYAM SHABINA FARNAAZ SHANEEL PRASAD KRITHNEEL SINGH TOTORIAL DAY / TIME TUTORS NAME GROUP MEMBERS STUDENT ID NUMBER S11066108 S11065177 S11065043 S11065627 S11065615 THURSDAY 8 – 10AM MISS FAZEENA HUSSAIN TABLE OF CONTENTS DECLARATION OF ORIGINALITY ........................................................................................... 3 ACKNOWLEDGEMENT .............................................................................................................. 4 IMPORTANCE OF ACCOUNTING FOR SOCIAL AND ENVIRONMENTAL ISSUES ......... 5 INTRODUCTION .......................................................................................................................... 6 THEORETICAL UNDERPINNING ...........................................
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...CORPORATE REPORTING ASSIGNMENT On 1 January 2005 Upper Ltd acquired 60% of the shares in Lower Ltd for RM25,000 On that date the equity in Lower Ltd consisted of: Share capital RM15,000 Revaluation surplus RM3,000 General reserve RM5,000 Retained profits RM7,000 The directors of Upper Ltd believed the equity in Lower Ltd reflected the fair value of net assets with the exception of Land which was (and continues to be) carried at RM2,000 below its market value. Details of intragroup inventory sales for the year ended 31 December 2010 were: * Upper Ltd sold inventory with a carrying amount of RM22,000 to Lower Ltd for RM30,000. 15% of this inventory was held by Lower Ltd held at the end of the year. * Lower Ltd sold inventory with a carrying amount of RM10,000 to Upper Ltd for RM15000. 60% of this inventory was held by Upper Ltd held at the end of the year. Details of intragroup inventory sales for the year ended 31 December 2011 were: * Upper Ltd sold inventory with a carrying amount of RM15,000 to Lower Ltd for RM25,000. 40% of this inventory was held by Lower Ltd held at the end of the year. * Lower Ltd sold inventory with a carrying amount of RM12,000 to Upper Ltd for RM20000. 25% of this inventory was held by Upper Ltd held at the end of the year. During 2011 all upstream sales were for cash while all downstream sales were on credit with 5% remaining outstanding at the end of the year. Since the beginning of the current year...
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...79C FINANCIAL REPORTING QUALITY AND CORPORATE GOVERNANCE: THE PORTUGUESE COMPANIES EVIDENCE Cristina Gonçalves Góis Senior Lecture Instituto Superior de Contabilidade e Administração de Coimbra Instituto Politécnico de Coimbra Área temática: C) Dirección y Organización Palabras clave: gobierno corporativo; la calidad contable; información financiera; 1 FINANCIAL REPORTING QUALITY AND CORPORATE GOVERNANCE: THE PORTUGUESE COMPANIES EVIDENCE. ABSTRACT The main objective of this paper is to analyze the relationship between the composition and characteristics of corporate governance on the financial reporting quality of Portuguese companies. The major reference case studies on the relationship between corporate governance and the financial reporting quality are not validated by the results obtained. The results show that the board composition changes and its degree of independence do not produce any influence on the quality of the accounting information. Our study shows that although the main international guidelines relating to the rules of good governance have been followed closely by Portuguese institutions, the actual implementation of these rules did not occur. 2 1. INTRODUCTION The aim of this paper is to contribute to the study of the influence of the type of corporate governance on the financial reporting quality in countries with a tradition of continental accounting. Despite the profuse literature about this topic, adapted to Anglo-Saxon...
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...Essay Corporate social reporting: a tool to discharge corporate accountability or to enhance managerial capture? Introduction In the last two decades there has been an increased awareness by society in general on the societal and environmental consequences of human behavior, especially towards corporations and its effect on its surroundings. Investors these days are becoming ethically and socially aware, and are more drawn towards investing in companies that contribute positively to society and who are actively reducing any negative impacts it might have. Because of this emerging awareness by public in general and investors, companies need to actively show compliance with this trend. Also due to the damaged reputation corporations have these days due to several scandals that took place around 2001, investors want reassurance when investing in companies. A way to show compliance to these aspects is by producing sustainability reports, which are made available to the public. Sustainability reports, which can also be referred to as Corporate Social Reporting, is a report that shows how a corporation is complying to economic, environmental and societal issues in which it is active. World Business Council for Sustainability Development (WBCSD) established the current and mainly adopted definition for CSR, which states ‘CSR is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce...
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...Accounting, Auditing & Accountability Journal Corporate social reporting and reputation risk management Jan Bebbington Carlos Larrinaga Jose M. Moneva Article information: Downloaded by University of Strathclyde At 07:57 17 October 2014 (PT) To cite this document: Jan Bebbington Carlos Larrinaga Jose M. Moneva, (2008),"Corporate social reporting and reputation risk management", Accounting, Auditing & Accountability Journal, Vol. 21 Iss 3 pp. 337 - 361 Permanent link to this document: http://dx.doi.org/10.1108/09513570810863932 Downloaded on: 17 October 2014, At: 07:57 (PT) References: this document contains references to 70 other documents. To copy this document: permissions@emeraldinsight.com The fulltext of this document has been downloaded 10839 times since 2008* Users who downloaded this article also downloaded: Jeffrey Unerman, (2008),"Strategic reputation risk management and corporate social responsibility reporting", Accounting, Auditing & Accountability Journal, Vol. 21 Iss 3 pp. 362-364 Carol A. Adams, (2008),"A commentary on: corporate social responsibility reporting and reputation risk management", Accounting, Auditing & Accountability Journal, Vol. 21 Iss 3 pp. 365-370 Pekka Aula, (2010),"Social media, reputation risk and ambient publicity management", Strategy & Leadership, Vol. 38 Iss 6 pp. 43-49 Access to this document was granted through an Emerald subscription provided by 117974 [] For Authors If you would like to...
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...exceeded S$75 million at the time of listing (based on the IPO issue price); or (c) its market capitalization is S$75 million or higher on the last trading day of each calendar year commencing from 31 December 2006. If it subseuqnetly drops below 75 mil, will not be permitted to go back. Full explanatory notes are not required if they are similar to those disclosed in the most recent annual report. However, updates and changes from the last financial year-end are required to be disclosed. Financial report fot eh final interim period (i.e. 4th quarter) is not necessary, but … if an estimate is changed significantly during the final interim eriod, the nature nad amount of the change should be disclosed in the annual statements. Corporate disclosure policy – price-sensitive information That is necessary to avoid the...
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...[pic] SOUND FINANCIAL REPORTING IS A GOOD THING FOR BRINGING CONFIDENCE BACK TO THE CORPORATE WORLD Submitted By: Ahmed Shafiul Huq 801414063 Principle of Accounting (EIB505) Section: B Executive Master of Business Administration Submitted To: Mr. Mohammad Rakib Uddin Bhuiyan Assistant Professor Department of International Business Faculty of Business Studies EXECUTIVE SUMMARY A company’s financial reporting amalgamates important documents to create an effective spreadsheet to simplify the financial data of an organization. It captures much of the information that organizations prepare, publish, and use. Financial reporting plays an integral role in the capital markets and economic stability and growth, and efforts to enhance its quality are vital. A Sound Financial Reporting provides us relevant, meaningful, reliable, accurate and comprehensive reporting of management stewardship whether in the form of numbers or other operating data. It is increasingly important for businesses to be financially transparent and for governments to establish a sound regulatory environment for corporate financial reporting. Sound financial reporting can benefit business by some ways just like valuing business, easy to identify...
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...Executive Summary Non-Bank Financial Institutions (NBFIs) play a significant role in meeting the diverse financial need of various sectors of an economy and thus contribute to the economic development of the country as well as to the deepening of the country’s financial system. According to Goldsmith (1969), financial development in a country starts with the development of banking institutions. As the development process proceeds, NBFIs become prominent alongside the banking sector. The major business of most NBFIs in Bangladesh is leasing, though some are also diversifying into other lines of business like term lending, housing finance, merchant banking, equity financing, venture capital financing etc. Lease financing, term lending and housing finance constituted 94 percent of the total financing activities of all NBFIs up to June 2006. Industrial Promotion and Development Company (IPDC) was the first private sector NBFI in Bangladesh, which started its operation in 1981. Since then the number has been increasing and in December 2006 it reached 29. Of these, one is government owned, 15 are local (private) and the other 13 are established under joint venture with foreign participation. Leasing in Bangladesh, like in many of its peer countries, owes its origin to the efforts of the International Finance Corporation (IFC), Washington. At the instance of IFC, the first leasing company in Bangladesh, Industrial Development Leasing Company of Bangladesh Ltd. (IDLC) was set...
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