THE FUTURE OF CORPORATE REPORTING REFLECTIONS ON THE CRITICAL QUESTION OF THE NECESSITY OF FORWARD-THINKING PHILOSOPHY AND CULTURE OF REPORTING WORLDWIDE

2018 ◽  
Vol 28 (5) ◽  
pp. 1455-1466
Author(s):  
Hristina Oreshkova
Keyword(s):  
Financial Reporting ◽  
Biological Diversity ◽  
Radical Change ◽  
Green Economy ◽  
Critical Question ◽  
Corporate Reporting ◽  
Global Problems ◽  
The Future ◽  
Strategic Goals

Over the most recent decades corporate reporting has proved to be essential to achieving the strategic goals of humankinds and the ever-increasing necessity of truthful information and transparency. Corporate reporting is a socially significant process and practice. The quality of corporate reporting reflects the degree of relevance of the manner enterprises and businesses communicate with the surrounding world and environment (natural or industrial) and millions of people concerned – societies, present and future generations, employees, workers, and many other people, and other living beings. On most authoritative international scientific forums – symposia, conferences, congresses, assemblies, summit meetings and events, conducted in Europe and worldwide, it is pompously declared that corporate reporting should provide useful and reliable information both financial and non-financial one. The responsibilities of accountability and stewardship seem out to be of great importance to the fulfillment of the strategic goals of our centuries.The belief of the author is that the simultaneous analysis of the global problems challenging humankinds such as climate changes, destruction of biological diversity on the Planet, the matter of the necessity of actions of creating Green Ethics and Green Economy worldwide, the increasing need for combined and well-coordinated efforts in the combat supporting the eradication of poverty globally, and the relevance of corporate reporting to solving these unique problems the mankind is facing, would highlight and confirm their intricate interrelation (the key aim of the present research), consequently rendering the debate on the future of corporate reporting more meaningful and constructive. The debate would most probably promote the standpoint we personally maintain, which is also endorsed by an increasing number of supporters in Europe and around the world, implying in particular that apart from a process of unification and reduction of essential differences in the international financial reporting, what is also necessary is the radical change in the philosophy and culture of corporate reporting and presentation. Undeniably, it includes revealing of the financial state and the substantial effects and impacts of the businesses operating activities in a straightforward manner, as complete insights and understanding of the broader and far-reaching goals to which the corporate reporting must be subordinated – at present and in the long-lasting future.

Independent monitoring and review functions in a financial reporting context

2017 ◽  
Vol 25 (2) ◽  
pp. 268-290 ◽  
Author(s):  
Albertus Louw ◽  
Warren Maroun
Keyword(s):  
Empirical Evidence ◽  
Financial Reporting ◽  
Financial Statements ◽  
Reporting Standards ◽  
Content Type ◽  
Reporting Practices ◽  
Financial Reporting Standards ◽  
Corporate Reporting ◽  
Independent Review

Purpose Independent monitoring and review bodies have become a defining feature of the professional accounting and auditing space. Exactly how these institutions function to improve the quality of the corporate reporting or audit function is, however, poorly understood. Consequently, the purpose of this study is to provide empirical evidence on how the activities of an independent review process functions on individual preparers, auditors and those charged with an organisation’s governance. Design/methodology/approach The study is an interpretive one. Data are collected using semi-structured interviews and analysed by the researchers. Findings The review function performed by an independent body results in companies being more aware of the need for compliance with the applicable financial reporting standards. Independent reviews also act as a process of examination which functions at the level of the individual accountant, auditor or director. These subjects of regulation report an added sense of accountability to their respective employer and profession and a heightened awareness of the need for high-quality corporate reporting. Research limitations/implications Independent monitoring and review bodies are not just symbolic displays which reassure uninformed users that the quality of financial statements are sound. Examination of financial statements and identification of non-compliance with the applicable financial reporting standards drive actual changes in reporting practices. Originality/value This study complements the predominantly positivist financial reporting research which does not deal with precisely how the work of regulatory bodies operates on the subjects of regulation. The research makes an important practical contribution by providing empirical evidence in support of laws and regulations which promote independent review of the accounting profession.

scholarly journals Professional training intended for the future bachelors of Natural Sciences: regarding the issue of structure and component composition of the subject competence in Biology

2020 ◽  
Vol 2020 (3 (132)) ◽  
pp. 198-210
Author(s):  
Nadiia Gramatik
Keyword(s):  
Science Teachers ◽  
Spiritual Development ◽  
Professional Training ◽  
Radical Change ◽  
Professional Activity ◽  
Social Significance ◽  
Future Teachers ◽  
The Future ◽  
The Subject

The success of modern transformational changes in public life depends crucially on the quality of professional training of future professionals. In this view, under conditions of reforming the Ukrainian society, a social significance of a competent specialist is extremely growing. An important area of transformational changes is the training of future teachers on a competence basis, which is conditioned by qualitative features of the competence-based paradigm in the context of modern socio-economic and spiritual development of society, changes in the nature and content of work, complexity as well as increasing requirements to performance results, on the one hand; and on the other hand – by the need to more quickly overcome the negative phenomena occurring in the system of training future professionals. The modern labour market, above all, provides for the presence of a professionally competent worker who is fluent in the profession-centred assignments and well-oriented in related fields, ready for continuous personal growth, social and professional mobility. These requirements can be fully applied to the training intended for the future teachers. At the same time, since the future specialist of any profession begins with the school, namely "the school stands for their teacher", the solution of these complicated problems depends entirely on the teacher, the quality of his / her training. As the teacher’s professional activity under conditions of the New Ukrainian school is filled with qualitatively new content, conditioned by the new demands of the society, the professional requirements to the training of the future teacher are significantly strengthened. This outlines a radical change in approaches to the process of professional training intended for future teachers. This is the general pedagogical core of this training that is important, because it deals with the equipping of students with knowledge of the basics of pedagogical theory and school practice, the development of professional thinking, the developed pedagogical skills and abilities to implement social functions alongside the subject component of the professional development aimed at mastering the logic of deploying the specifics of the content. Based on the understanding that each subject, including Biology in particular, is a means of developing the student's personality; the problem of forming future Natural Science teachers’ subject competence in Biology is becoming extremely important. This also requires the expansion of scientific knowledge about the structure of originality, in particular the subject competence in Biology under conditions of the bachelor courses, where basic higher education is obtained.

scholarly journals Mandatory vs voluntary exercise on non-financial reporting: does a normative/coercive isomorphism facilitate an increase in quality?

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jonida Carungu ◽  
Roberto Di Pietra ◽  
Matteo Molinari
Keyword(s):  
Financial Reporting ◽  
Best Practice ◽  
Environmental Accounting ◽  
Voluntary Exercise ◽  
Financial Reports ◽  
Accounting Systems ◽  
Content Type ◽  
Reporting Practices ◽  
Corporate Reporting

Purpose This paper aims at investigating the quality of non-financial reporting (NFR) in light of Directive no. 2014/95/EU. Specifically, it focuses on the quality of NFR in Italian companies, as required by Legislative Decree no. 254/2016. Design/methodology/approach The method used to develop the analysis is mainly qualitative. A content analysis of 184 non-financial reports (NFRs) was conducted on a sample of 92 companies that have been previously involved in the process of NFR on a voluntary basis. Then, a longitudinal analysis was carried out to assess the quality of the NFR conducted from a voluntary to a mandatory basis. Findings This study shows that the quality of NFR does not increase when moving from a voluntary to a mandatory basis, especially for 25% of the companies that publish supplementary sustainability reports and/or plans. This result demonstrates that preparers may perceive mandatory NFR as a comprehensive best practice to adequately report their social, economic and environmental performance. Originality/value The contribution of this research is threefold. Firstly, it contributes to the social and environmental accounting literature that focuses on NFR quality assessment. Secondly, it contributes to the literature that emphasizes the role of mimetic, coercive and normative isomorphism mechanisms on accounting systems and reporting practices. Thirdly, it contributes to the research gaps for academics highlighted by previous literature on mandatory corporate reporting as a consequence of normative requirements and on the relationship between regulation and mimetic, coercive and normative isomorphic mechanisms within organizations.

Board Characteristics and Muslim Ownership Structure on Value Relevance of Accounting Information: Evidence from Malaysian Shariah Compliant Companies

2018 ◽  
Vol 15 (2) ◽  
pp. 39-53
Author(s):  
Abdelhakhem Hamed Mohamed Ali Adaa ◽  
Mustafa Mohd Hanefah
Keyword(s):  
Financial Reporting ◽  
Ownership Structure ◽  
Value Relevance ◽  
Accounting Information ◽  
Positive Association ◽  
Investment Efficiency ◽  
Corporate Reporting ◽  
The Board Of Directors ◽  
The Relationship

Corporate reporting is considered important because it provides information to assist internal and external corporate annual report users in making informed decisions. The high quality of financial reporting information is really significant, since employing this information can also lead to an increase in investment efficiency. Owners or shareholders need all necessary financial information for decision making. Nevertheless, even though they own the companies but the management is carried out by a pool of professionals – managers and directors. Thus, the directors set the directions and policies for the management team to run the company’s daily affairs. The separation between ownership and managers in firms leads to the agency problem between them. This study looks into the relationship between corporate governance characteristics (the size of the board of directors, the number of Shariah background directors, number of Muslim female in board, Muslim ownership structure) and value relevance of accounting information. Findings show a positive association between board size and value relevance of accounting information in Malaysian Shariah-compliant firms. However, there is not enough evidence to prove Shariah background members on board can enhance the value relevance of accounting information. Regarding the relationship between the presence of Muslim female directors in the board and the value relevance of accounting information, the results reveal insignificant relationship. The findings also indicate that companies with large Muslim ownership are negatively significant for value relevance of accounting information.

Environmental Corporate Reporting under eu Law: Historic Achievement or Just a Moderate Step Forward?

2017 ◽  
Vol 14 (1) ◽  
pp. 41-75
Author(s):  
Janja Hojnik
Keyword(s):  
Financial Reporting ◽  
Sustainability Reporting ◽  
Legal Aspects ◽  
The State ◽  
Eu Law ◽  
Integrated Reporting ◽  
Missed Opportunities ◽  
Corporate Reporting ◽  
The Future ◽  
State Of Affairs

This article deals with legal aspects of sustainable reporting in the eu. It explores the state of affairs in sustainability reporting regulation and points out recent increased support for integrated reporting by the eu institutions, which lead to the newly adopted Directive 2014/95/eu that obliged the Member States to adopt implementing regulation by 6 December 2016. Consequently large companies within its scope need to adjust their reporting as of their 2017 financial year. The article assesses its achievements as well as points out some missed opportunities of the Directive by deliberating legal alternatives for more effective regulation of non-financial reporting in the future.

Misstatements and Internal Control over Operations and Compliance

2020 ◽  
Author(s):  
Yu-Tzu Chang ◽  
Han-Chung Chen ◽  
Rainbow K. Cheng ◽  
Wuchun Chi
Keyword(s):  
Financial Reporting ◽  
Internal Control ◽  
Financial Statements ◽  
The Future ◽  
Financial Misstatements ◽  
Internal Control Deficiencies ◽  
A Company ◽  
Unique Dataset

This study examines whether the effectiveness of internal control over operations and compliance is associated with the likelihood of financial misstatements. Using a unique dataset from Taiwan, we find that the more deficiencies a company has in internal control over compliance, the greater the likelihood that the company’s financial statements will be restated in the future; indeed, severe misstatements are more likely for firms with more internal control deficiencies in compliance. However, we do not find a similar impact involving internal control over operations. As the literature contains little about internal control over operations and compliance, our study contributes by shedding light on the importance of control activities in operations and compliance in regard to the quality of financial reporting.

Benefits and Adoption of Integrated Reporting

2019 ◽  
Vol 9 (4) ◽  
pp. 50-64
Author(s):  
Prem Lal Joshi ◽  
Abdullah Sallehhuddin ◽  
Predeeban Munusamy ◽  
Ashutosh Deshmukh
Keyword(s):  
Financial Reporting ◽  
Statistical Tests ◽  
Relevant Information ◽  
Survey Method ◽  
Integrated Reporting ◽  
Corporate Reporting ◽  
Mandatory Requirement ◽  
Willingness To Adopt ◽  
Potential Benefits

Integrated reporting (IR) combines financial and other value relevant information of an organization into one report, innovative development in corporate reporting. This study reports the perceptions of accountants regarding benefits and possible adoption of IR in the Malaysian context. The authors used a survey method and received responses from 50 companies listed on the Bursa Malaysia. The statistical analyses provide the following results. IR is not adopted widely but 56% of companies are currently thinking of adopting IR. The top three perceived potential benefits include increased communication, transparency, and the breaking of functional silos. Statistical tests further indicate that large companies show more willingness to adopt IR and are also more aware of the potential benefits. The accountants from large organizations also believe that the quality of financial reporting and compliance practices will improve due to IR adoption. Furthermore, the results suggest that accountants expect Malaysian Institute of Accountants to be a lead agency for the enforcement of IR in Malaysia and also IR to be eventually made a mandatory requirement for corporate reporting. These results should be of interest to the policymakers in countries similar to Malaysia.

scholarly journals ENERGY STRATEGY IN THE REALITIES OF THE MODERN WORLD (REVIEW)

2019 ◽  
Vol 41 (1) ◽  
pp. 34-42
Author(s):  
B.I. Basok ◽  
Ye.T. Baseyev
Keyword(s):  
Radical Change ◽  
Modern World ◽  
Time Interval ◽  
Main Task ◽  
Energy Strategy ◽  
Significant Discrepancy ◽  
Advantages And Disadvantages ◽  
The Future ◽  
Forecasting System

Starting the year 1996, energy strategies of Ukraine, one by one, before the completion of the next. In view of the implementation of forecasting indications of leather strategies, it is impossible. At the same time, the obtained reference values did not coincide with the projected. Where to find the reasons for such "results of implementation" strategies? In the methods and tools of forecasting, management of ways and mechanisms for implementation, socio-economic and geopolitical turbulence, in the global financial and economic crisis? Or, in principle, the impossibility of knowing the future (at a sufficiently remote time interval)? An overview of conceptual approaches to forecasting the future is given and the impossibility to predict the future is emphasized. The risk of unpredictability of its development and such a complex sector of the economy as energy. With geopolitical turbulence, with a radical change in the socio-economic system in the country, accompanied by a downturn in the economy, including production in the fuel and energy sector, at any time stage in the implementation of the energy strategy, bifurcation points may appear in the vicinity of which small fluctuations of external influence will sharply increase and indicators forecast in strictly time intervals may become slightly realized, and scenarios for the development of the fuel and energy complex may change. For some indicators, there may be a good match, for others - acceptable, and for a number of indicators - a significant discrepancy with forecasts. The main task is to determine the range of values of key indicators and trends in the development of energy and its individual industries. It was emphasized that the problem of the quality of energy forecasting is not sufficiently developed, since there are no established criteria by which one can objectively evaluate the advantages and disadvantages of a given forecasting system. There are well-established criteria by which one can objectively evaluate the advantages and disadvantages of a particular forecasting system. Despite the lack of objective criteria for assessing the quality of predictive tools, at present systemic forecasting of energy as an integral part of the triad: energy-economy-ecology is generally accepted and is used in leading energy countries. Propositions regarding the need for the super water pipeline in Ukraine in 2017 are involved in the strategy of operational documents - operational plan-forecasts (road maps) for managing and monitoring the implementation of the strategy for promotional projects in 2014, in the disciplines, in the disciplines. References 29, figures 3.

Using the alveograph in developing requirements for the quality of flour for wafer sheet production

2020 ◽  
Vol 29 (12) ◽  
pp. 52-58
Author(s):  
E.P. Meleshkina ◽  
◽  
S.N. Kolomiets ◽  
A.S. Cheskidova ◽  
◽  
...  
Keyword(s):  
Rheological Properties ◽  
Quality Indicators ◽  
Wheat Flour ◽  
Mathematical Statistics ◽  
Intended Purpose ◽  
The Future ◽  
Relationship Of ◽  
The Relationship

Objectively and reliably determined indicators of rheological properties of the dough were identified using the alveograph device to create a system of classifications of wheat and flour from it for the intended purpose in the future. The analysis of the relationship of standardized quality indicators, as well as newly developed indicators for identifying them, differentiating the quality of wheat flour for the intended purpose, i.e. for finished products. To do this, we use mathematical statistics methods.

Pengaruh Budaya Terhadap Akuntansi, Auditing Dan Praktik Akuntansi Internasional

2016 ◽  
Vol 3 (1) ◽  
pp. 78-95
Author(s):  
Priyastiwi Priyastiwi
Keyword(s):  
Cultural Values ◽  
Leadership Style ◽  
Financial Reporting ◽  
National Level ◽  
Deep Understanding ◽  
Cultural Dimensions ◽  
Financial Disclosure ◽  
Cross Cultural Differences ◽  
The Future ◽  
The Impact

The purpose of this article is to provide the basic model of Hofstede and Grays’ cultural values that relates the Hofstede’s cultural dimensions and Gray‘s accounting value. This article reviews some studies that prove the model and develop the research in the future. There are some evidences that link the Hofstede’s cultural values studies with the auditor’s judgment and decisions by developing a framework that categorizes the auditor’s judgments and decisions are most likely influenced by cross-cultural differences. The categories include risk assessment, risk decisions and ethical judgments. Understanding the impact of cultural factors on the practice of accounting and financial disclosure is important to achieve the harmonization of international accounting. Deep understanding about how the local values may affect the accounting practices and their impacts on the financial disclosure are important to ensure the international comparability of financial reporting. Gray’s framework (1988) expects how the culture may affect accounting practices at the national level. One area of the future studies will examine the impact of cultural dimensions to the values of accounting, auditing and decision making. Key word : Motivation, leadership style, job satisfaction, performance

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