“Currently, most companies that report on sustainability publish stand-alone reports. However, a trend toward integrating sustainability reporting with financial results is emerging and is supported by the International Integrated Reporting Council’s (IIRC) efforts to develop a global integrated reporting framework. Both stand-alone and integrated sustainability reporting require the involvement of accounting professionals. Accounting majors, many of whom have grown up in an environment that strongly values ecologically, ethically, and socially responsible corporate behavior, represent the future accounting professionals” (James 2015, p.1). Disclosures on organisational behaviour in relation to the natural environment form an essential component of integrated sustainability reporting. This assignment would assist you to explore the ability of the current international financial reporting standards (IFRS) in monitoring the impacts of organisational operations on the natural environment.
(Reference: James, ML 2015, ‘The benefits of sustainability and integrated reporting: an investigation of accounting majors’ perceptions’, Journal of Legal, Ethical & Regulatory Issues, vol. 18, no. 1, pp. 1-20.,)
majors’ perceptions’, Journal of Legal, Ethical & Regulatory Issues, vol. 18, no. 1, pp. 1-20.,)
1. What is environmental reporting? Explain how reporting on environmental issues could be related to the objectives of general purpose financial reports (GPFR).
2. Identify two accounting standards (IAS/IFRS) that are relevant to environmental impacts of an organisational operation. Explain the relevance of these accounting standards with environmental issues related to business activities.
3. Select the most recently published annual report of a company from an environmentally sensitive sector. Provide a critical discussion of the environmental disclosures in relation to financial accounting reported by the company you selected.
Identify two accounting standards (IAS/IFRS) that are relevant to environmental impacts of an organisational operation. Explain the relevance of these accounting standards with environmental issues related to business activities.
Harvard Referencing System for referring both in-text and in the reference list.
– The minimum of 6 academic journal articles are expected to be cited.
– Reference from the Wikipedia, Investopedia and other business dictionary websites will not be accepted as proper reference and NO PLAGARISM PLEASE!
a) Your reading must include:
– Academic journal articles (minimum 6 should be referenced)
– International Accounting Standard Board (IASB) Frameworks and standards
– Corporate annual reports from any environmentally sensitive sector
– Recent corporate environmental news published in newspapers/magazines/online
b) You must provide appropriate referencing (both in-text and in the reference list) of the sources of information obtained.
c) Critical thinking and discussion in question no.3 should cover at least the followings:
– Identify environmental issues of the company you selected that could be considered relevant
– what is disclosed/not disclosed
– how disclosure/non-disclosure would affect the reporting of the financial performance and position of the company
– how disclosure could be improved from the perspective of decision usefulness and accountability
– Word limit: 2000 words excluding referencing
– Font: size – 12-point; style – Calibri;
– Line spacing: 1.5 line spacing; write on one side of the (A4) paper.
– Page margin: 3 cm/ 1 inch on each side (right, left, top and bottom)
– Insert page number
ORGANISATION OF THE ASSIGNMENT
ABSTRACT:
Abstract should cover the objective of the report, methods used (e.g., reviewing literature and corporate annual reports), findings and a concluding comment.
INTRODUCTION:
Introduction should cover background information regarding the importance of the assignment topic, underlying assumptions/ research questions and outlines of the report.
BODY:
Use appropriate headings for each of the three issues to be addressed in the assignment.
Use sub-headings under each issue if required.
For example, instead of simply writing “Answer to the question 1”, use a heading: “Environmental reporting and General Purpose Financial Report (GPFR)”
CONCLUSION:
Concluding comments or recommendations based on the discussion raised in the report are expected. Some discussion that the accounting profession uses a “mixed” approach of rules and principles to satisfy specific emerging accounting problems (rules), but also to ensure the higher status of accounting in that we have recognised principles (theory) as in other professions.
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