scholarly journals Non-financial reporting by an international corporation in the light of new mandatory regulations

2020 ◽  
Vol 109 (165) ◽  
pp. 105-138
Author(s):  
Arleta Szadziewska ◽  
Beata Kotowska ◽  
Lina Kloviene ◽  
Sergiy Legenchyk ◽  
Darija Prša ◽  
...  
Keyword(s):  
Content Analysis ◽  
Financial Reporting ◽  
Financial Indicators ◽  
Financial Reports ◽  
Eu Member States ◽  
Wide Range ◽  
International Corporation ◽  
Definition Of ◽  
The Impact ◽  
The Eu

Purpose: Directive 2014/95/EU gave the EU Member States a certain flexibility when transposing it into national law. Each Member State could, therefore, decide to introduce regulations of varying degrees of stringency. Thus, the purpose of the article is: 1) to indicate the main differences in the implementation of the Directive and the national provisions in countries selected for the study; 2) to determine and compare the range of non-financial indicators published by branches of an international corporation that operates in the selected countries, after the introduction of changes to the reports; 3) to determine differences in the reporting of non-financial ratios existing between entities operating within one capital group in the EU and outside of it. Methodology/approach: Comparative analysis and content analysis were used to achieve the objectives of the article. Findings: The results suggest that countries should adopt into their national laws various items, including the definition of a large entity that is required to make non-financial disclosures, the need for external verification of this type of information, and the adoption of sanctions for failing to publish such information. The content analysis of individual branches’ non-financial reports also revealed a wide range of non-financial indicators. What is more, significant differ-ences were found between the scope of the non-financial indicators published by the capital group and those of its subsidiaries. Originality/value: To date, little research has been done on the impact of this regulation on the practice of non-financial reporting. Our research, therefore, expands the knowledge on the subject, despite the fact it does not cover a large number of enterprises. It constitutes a new approach to non-financial disclosure analysis since the study covers non-financial reports of a capital group and its subsidiaries that operate in different countries.

Part III Practical Challenges, 8 European Antitrust Criminalization and the First Challenge of Design: Defining the Criminal Cartel Offence

2014 ◽  
Author(s):  
Whelan Peter
Keyword(s):  
Criminal Offence ◽  
Member States ◽  
Eu Member States ◽  
Definition Of ◽  
The Impact ◽  
The Eu

This chapter analyses the first challenge of design for European antitrust criminalization: defining the criminal cartel offence itself. There are two problematic issues concerning the definition of a criminal cartel offence, both of which must be understood—if not resolved—by legislatures that are serious about the effective enforcement of their criminal cartel laws. First, the impact of Regulation 1/2003 on the design and operation of a national cartel offence needs to be articulated. This is an issue which is unique to the EU Member States. Second, the legislature which is responsible for drafting a given national criminal cartel law is required to make a decision about how to deal with ‘acceptable’ cartel activity. The challenge for the drafters of a criminal cartel offence is how to ensure that 'acceptable' cartel activity is carved out of the criminal offence without making the offence unworkable in practice.

The relationship between sustainability practices and financial performance of construction companies

2013 ◽  
Vol 2 (1) ◽  
pp. 6-27 ◽  
Author(s):  
Renard Y.J. Siew ◽  
Maria C.A. Balatbat ◽  
David G. Carmichael
Keyword(s):  
Financial Performance ◽  
Financial Reporting ◽  
Health And Safety ◽  
Financial Ratios ◽  
Financial Reports ◽  
Content Type ◽  
Construction Companies ◽  
Wide Range ◽  
Sustainability Practices ◽  
The Impact

PurposeOver recent years, a number of companies have committed to sharing information relating to their environmental, social and governance (ESG) activities, in response to a higher demand for transparency from stakeholders. This paper aims to explore the impact of such reporting on the financial performance of construction companies.Design/methodology/approachThis paper first examines the state of non‐financial reporting of publicly‐listed construction companies on climate change, environmental management, environmental efficiency, health and safety, human capital, conduct, stakeholder engagement, governance and other matters deemed to be of concern to institutional investors. It then presents the results of an empirical study on the impact of issuing non‐financial reports and the extent of companies’ sustainability practices (represented by ESG scores) on the financial performance of the companies. Financial performance is measured via a range of financial ratios.FindingsThe paper finds that a majority of the publicly‐listed construction companies studied have low levels of reporting, while construction companies issuing non‐financial reports largely outperform those which do not in a number of selected financial ratios, although the correlation between financial performance and ESG scores is not strong.Originality/valueThe originality of this research lies in its use of “hard data”, and it is supported by a wide range of financial ratios; this is distinguished from the existing, largely qualitative literature.

scholarly journals Environmental issues as a non-financial reporting area using the example of selected companies listed on the Warsaw Stock Exchange

2020 ◽  
Vol 64 (9) ◽  
pp. 45-56
Author(s):  
Hanna Czaja-Cieszyńska
Keyword(s):  
Financial Reporting ◽  
Raw Materials ◽  
Stock Exchange ◽  
Secondary Data ◽  
Environmental Issues ◽  
Financial Indicators ◽  
Financial Reports ◽  
Warsaw Stock Exchange ◽  
Financial Disclosures ◽  
The Impact

The purpose of this article is to assess the comparability of non-financial disclosures on the impact of economic activity on the natural environment in reports of selected companies listed on the Warsaw Stock Exchange. The ten largest listed companies listed in the WIG-20 index were selected for the study. The analysis of the reports was based on the following disclosure categories: Materials and raw materials, Fuels and energy, Water, Biodiversity, Emissions to the atmosphere, Waste and Effluents, and Others. Within these categories, 14 key environmental non-financial indicators were defined. The empirical study carried out confirmed that the non-financial reports analyzed in all of the seven categories of disclosures were not fully comparable. The research methods used were: literature studies, analysis of legal regulations, analysis of secondary data, as well as methods of induction and synthesis.

The Cross-Country Comparability of IFRS Earnings and Book Values: Evidence from France and Germany

2012 ◽  
Vol 11 (1) ◽  
pp. 155-184 ◽  
Author(s):  
Qing Liao ◽  
Thorsten Sellhorn ◽  
Hollis A. Skaife
Keyword(s):  
Financial Reporting ◽  
Financial Information ◽  
Financial Reports ◽  
Financial Reporting Standards ◽  
Eu Member States ◽  
Cross Country ◽  
The Cross ◽  
Book Values ◽  
The Eu ◽  
Ifrs Implementation

ABSTRACT Beginning in 2005, the EU began requiring consolidated financial reports of publicly traded firms to be prepared in accordance with EU-endorsed International Financial Reporting Standards (IFRS) in an effort to increase the comparability of financial information across EU Member States. While some expect IFRS reporting to increase the comparability of financial information across the EU, others argue that comparability is unlikely because IFRS implementation will vary conditional on national institutions and culture. We investigate the cross-country comparability of IFRS earnings and book values of French and German firms because these two EU states have well-developed equity markets and use the same currency, while having social-economic and cultural differences that can affect managers' IFRS implementation choices. Our results indicate that French and German IFRS earnings and book values are comparable in the year subsequent to IFRS adoption, but become less comparable in the years that follow. We document differences in accounting estimates, recognition of special items, and other equity reserves between French and German firms that help explain the decrease in comparability over time. Our study adds to the growing literature on the financial statement effects of mandatory IFRS reporting, and points to possible reasons for a sustained lack of cross-country comparability of financial information under a common accounting regime. JEL Classifications: G12, G14, G38, K22, M41, M42, M48

scholarly journals Non-financial reporting in selected European countries

2021 ◽  
pp. 73-90
Author(s):  
Nikolina Dečman ◽  
Petr Petera ◽  
Marzena Remlein ◽  
Ana Rep
Keyword(s):  
Financial Reporting ◽  
Financial Information ◽  
Annual Reports ◽  
Professional Background ◽  
Financial Reports ◽  
The Czech Republic ◽  
Eu Member States ◽  
Eu Directive ◽  
The Republic ◽  
The Eu

Directive 2014/95/EU gave the EU Member States a certain flexibility when transposing it into national law. Each Member State could, therefore, decide to introduce regulations of varying degrees of stringency. According to Directive 2014/95/EU, large companies have to publish reports on the policies they implement in relation to environmental protection, social responsibility and treatment of employees, respect for human rights, anti-corruption and bribery, diversity on company boards (in terms of age, gender, educational and professional background).In order to satisfy the EU rules, the Republic of Croatia has implemented into its legislation the provisions of the Directive 2014/95/EU regarding the disclosure of certain non-financial reporting, by amending the Accounting Act. Some companies registered in Croatia have been disclosing some of the required non-financial information in their reports even before the effective date of the Direc-tive, but conducted studies conclude that there is still a room for improvements.This chapter provides a short overview of regulation of non-financial reporting in the Czech Republic as well as overview of previous research on non-financial reporting in this country. The results of the research present that few Czech companies publish standalone corporate responsi-bility report. More popular is the disclosure of non-financial information within annual financial reports but even this approach is pursued by less than half of respondents. The amount of disclosed information in annual reports is mostly up to 5 pages. 11 companies (10.38%) provide more than 5 pages of environmental information and only 7 companies (6.60%) provide more than 5 pages of social information.In Poland, the requirement to present non-financial information relating to CSR was introduced by the Accounting Act. Public trust entities are required to present in the report on the activities a separate part called “Statement on non-financial information”. In 2017, the Polish Standard of Non-Financial Information (SIN, 2017) was published to help enterprises fulfil their obligations under the EU Directive.

Unfunded Public Employee Health Care Benefits and GASB No. 45

2007 ◽  
Vol 21 (3) ◽  
pp. 245-263 ◽  
Author(s):  
Elizabeth K. Keating ◽  
Eric S. Berman
Keyword(s):  
Health Care ◽  
Financial Reporting ◽  
Full Range ◽  
Financial Reports ◽  
Employment Benefits ◽  
Care Plans ◽  
Advantages And Disadvantages ◽  
Government Accounting ◽  
The Government ◽  
The Impact

The Government Accounting Standards Board (GASB) recently released Statement No. 45, Accounting and Financial Reporting by Employers for Post-Employment Benefits Other Than Pensions and its companion Statement No. 43 for pooled stand-alone health care plans, which will profoundly affect American governmental finance. The goal of this article is to encourage governments to consider carefully a full range of options in funding and restructuring other post-employment benefits (OPEB). This article will review Statement No. 45's potential impact on governments and review existing disclosures in financial reports as well as bond offering statements. The article will discuss the statement's impact on budgets and governmental operations, including collective bargaining. Funding options under Statement No. 45 will be detailed, including the advantages and disadvantages of irrevocable trusts and OPEB bonds. The article will also discuss the impact of Medicare Part D subsidies received by governments, as well as the bond rating implications of policy decisions surrounding OPEB. As the largest government entities are just now implementing GASB Statement No. 45, estimates of the magnitude of unfunded OPEB liabilities are limited as are the strategies likely to be adopted to cover these obligations. This article offers a summary of the unfunded OPEB liabilities reported by states and major cities and suggests some measures for assessing the ability of these entities to address these costs.

scholarly journals The impact of COVID-19 on households´ income in the EU

2021 ◽  
Author(s):  
Vanda Almeida ◽  
Salvador Barrios ◽  
Michael Christl ◽  
Silvia De Poli ◽  
Alberto Tumino ◽  
...  
Keyword(s):  
Fiscal Policy ◽  
Disposable Income ◽  
Income Loss ◽  
Eu Member States ◽  
Policy Interventions ◽  
Discretionary Fiscal Policy ◽  
Policy Measures ◽  
The One ◽  
The Impact ◽  
The Eu

AbstractThis analysis makes use of economic forecasts for 2020 issued by the European Commission in Autumn 2019 and Spring 2020, and of a counterfactual under a no-policy change assumption, to analyse the impact of the COVID-19 crisis on EU households´ income. Additionally, our analysis assesses the cushioning effect of discretionary fiscal policy measures taken by the EU Member States. We find that the COVID-19 pandemic is likely to affect significantly households’ disposable income in the EU, with lower income households being more severely hit. However, our results show that due to policy intervention, the impact of the crisis is expected to be similar to the one experienced during the 2008–2009 financial crisis. In detail, our results indicate that discretionary fiscal policy measures will play a significant cushioning role, reducing the size of the income loss (from −9.3% to −4.3% for the average equivalised disposable income), its regressivity and mitigating the poverty impact of the pandemic. We conclude that policy interventions are therefore instrumental in cushioning against the impact of the crisis on inequality and poverty.

The EU as an “enforcement patchwork”: the impact of national enforcement for compliance with EU water law in Spain and Britain

2013 ◽  
Vol 34 (2) ◽  
pp. 331-353 ◽  
Author(s):  
Mónica García Quesada
Keyword(s):  
Waste Water Treatment ◽  
National Level ◽  
State Level ◽  
Detailed Examination ◽  
Deterrent Effect ◽  
Eu Law ◽  
Wide Range ◽  
The Uk ◽  
The Impact ◽  
The Eu

AbstractFailures of compliance with European Union (EU) directives have revealed the EU as a political system capable of enacting laws in a wide range of different policy areas, but facing difficulties to ensure their actual implementation. Although the EU relies on national enforcement agencies to ensure compliance with the EU legislation, there is scarce analysis of the differential deterrent effect of national enforcement in EU law compliance. This article examines the enforcement of an EU water directive, the Urban Waste Water Treatment Directive, in Spain and the UK. It focuses on the existing national sanctions for disciplining actors in charge of complying with EU requirements, and on the actual use of punitive sanctions. The analysis shows that a more comprehensive and active disciplinary regime at the national level contributes to explain a higher degree of compliance with EU law. The article calls for a detailed examination of the national administrative and criminal sanction system for a more comprehensive understanding of the incentives and disincentives to comply with EU law at the national state level.

Developments and perspectives of health literacy in Europe

2017 ◽  
Vol 25 (1) ◽  
pp. 10-12 ◽  
Author(s):  
Kristine Sørensen ◽  
Helmut Brand
Keyword(s):  
Health Literacy ◽  
Member States ◽  
Eu Member States ◽  
The World ◽  
European Health ◽  
A Priority ◽  
The Impact ◽  
The Eu

Abstract A decade ago the European health literacy field was in its infancy. A comparable study among EU Member States was made to explore if health literacy was as much as a concern in Europe as elsewhere in the world. This article analyses the impact of the European Health Literacy project (2009–2012). Based on the outcomes new avenues for health literacy in Europe are proposed. In spite of progress there is still a strong call for actions to make health literacy a priority in the EU.

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