Beyond financial reporting

CR – May 2019 – L3 – Q5a – Beyond financial reporting

The question asks for the factors motivating companies to disclose environmental and social information and the challenges in recognizing and measuring financial effects of environmental matters.

Question

The directors of Kibi Ltd, a bauxite mining company in East Akim Municipal Assembly, after reviewing their published financial statements, are of the view that their financial statements have limited environmental information and do not address a broad enough range of users’ needs.

Despite the difficulties in recognizing and measuring the financial effects of environmental matters in financial statements, Kibi Ltd discloses the following environmental information in its financial statements:

Release of minerals and other naturally occurring impurities including heavy metals;
Loss of natural fishing and recreational places;
Soil erosion and sedimentation, noise, and dust.

Required:
i) Explain THREE (3) factors which motivate companies to disclose social and environmental information in their financial statements. (3 marks)

ii) Identify FOUR (4) specific difficulties in recognizing and measuring the financial effects of environmental matters. (4 marks)

Answer

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Tags: Environmental Disclosure, Financial Statements, Social responsibility, Sustainability
Level: Level 3

Topic: Beyond financial reporting
Series: MAY 2019

CR – May 2018 – L3 – Q5a – Beyond financial reporting

Explain how integrated reporting merges sustainability reporting and financial reporting.

Question

“Integrated reporting advances the proposition that sustainability reporting and financial reporting are inherently linked and thus would benefit from merging.” – Bob Massie, co-founder of the Global Reporting Initiative.

Required:
Explain how integrated reporting merges sustainability reporting and financial reporting.

Answer

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Tags: Capitals, Financial Reporting, Integrated Reporting, Non-financial reporting, Stakeholders, Sustainability Reporting, Value Creation
Level: Level 3

Topic: Beyond financial reporting

CR – Nov 2018 – L3 – Q5a – Beyond financial reporting

Discuss what users might expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention.

Question

An increasing number of users have an interest in environmental matters, either as socially responsible investment (SRI) analysts, private investors, banks, employees, or customers. In cases where there are material environmental impacts, they will normally expect to see something in the annual reports.

Required:
What might users expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention?

Answer

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Tags: Corporate Responsibility, Environmental Reporting, Financial Reporting, Sustainability
Level: Level 3

Topic: Beyond financial reporting
Series: NOV 2018

CR – May 2016 – L3 – Q3a – Beyond financial reporting

Discuss principles and key components of the IIRC's Framework for integrated reporting, and concerns about its suitability for assessing entity prospects.

Question

At a recently concluded Annual General Meeting (AGM) of a company, one of the shareholders remarked; “historical financial statements are essential in corporate reporting, particularly for compliance purposes, but it can be argued that they do not provide meaningful information. After having issued a series of environmental and then sustainability reports, it is apparent that although the numbers were allowing a true and fair review of the company’s performance, operations and management they were not necessarily relevant to stakeholders. The International Integrated Reporting Council (IIRC) is calling for a shift in thinking more to the long term, to think beyond what can be measured in quantitative terms and to think about how the entity creates value for its owners” the statement concluded.

Required: Discuss the principles and key components of the IIRC’s Framework, and any concerns which could impede the Framework’s suitability for assessing the prospects of an entity.

Answer

Find Related Questions by Tags, levels, etc.

Tags: IIRC Framework, Integrated Reporting, Non-financial Information, Stakeholders, Value Creation
Level: Level 3

Topic: Beyond financial reporting
Series: MAY 2016

CR – Nov 2017 – L3 – Q5a – Beyond financial reporting

Identify limitations of financial reporting in social and environmental impact reporting and discuss current practices.

Question

In recent years, the discourse has shifted from Corporate Social Responsibility to Sustainability Reporting. Indeed, some critics would argue that there is very little difference between the two. However, sustainability in this context is a complex and contested concept as it is about ensuring that there are sufficient resources available for future generations. It is very difficult for this to be addressed at an individual firm level. There are huge external pressures for companies to disclose information in relation to their impacts on carbon emissions, waste management, protection of biodiversity, and health and safety. Expectations of key users (stakeholders) are changing.

Required:
i) Identify FOUR limitations of financial reporting in the context of reporting the social and environmental impacts of corporate activity to users of financial statements.
ii) What are companies currently doing to report their social and environmental performance?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting Limitations, Social and Environmental Reporting, Sustainability

Topic: Beyond financial reporting
Series: NOV 2017

CR – May 2019 – L3 – Q5a – Beyond financial reporting

The question asks for the factors motivating companies to disclose environmental and social information and the challenges in recognizing and measuring financial effects of environmental matters.

Question

Release of minerals and other naturally occurring impurities including heavy metals;
Loss of natural fishing and recreational places;
Soil erosion and sedimentation, noise, and dust.

Required:
i) Explain THREE (3) factors which motivate companies to disclose social and environmental information in their financial statements. (3 marks)

ii) Identify FOUR (4) specific difficulties in recognizing and measuring the financial effects of environmental matters. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Environmental Disclosure, Financial Statements, Social responsibility, Sustainability
Level: Level 3

Topic: Beyond financial reporting
Series: MAY 2019

CR – May 2018 – L3 – Q5a – Beyond financial reporting

Explain how integrated reporting merges sustainability reporting and financial reporting.

Question

Required:
Explain how integrated reporting merges sustainability reporting and financial reporting.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capitals, Financial Reporting, Integrated Reporting, Non-financial reporting, Stakeholders, Sustainability Reporting, Value Creation
Level: Level 3

Topic: Beyond financial reporting

CR – Nov 2018 – L3 – Q5a – Beyond financial reporting

Discuss what users might expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention.

Question

Required:
What might users expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Responsibility, Environmental Reporting, Financial Reporting, Sustainability
Level: Level 3

Topic: Beyond financial reporting
Series: NOV 2018

CR – May 2016 – L3 – Q3a – Beyond financial reporting

Discuss principles and key components of the IIRC's Framework for integrated reporting, and concerns about its suitability for assessing entity prospects.

Question

Required: Discuss the principles and key components of the IIRC’s Framework, and any concerns which could impede the Framework’s suitability for assessing the prospects of an entity.

Answer

Find Related Questions by Tags, levels, etc.

Tags: IIRC Framework, Integrated Reporting, Non-financial Information, Stakeholders, Value Creation
Level: Level 3

Topic: Beyond financial reporting
Series: MAY 2016

CR – Nov 2017 – L3 – Q5a – Beyond financial reporting

Identify limitations of financial reporting in social and environmental impact reporting and discuss current practices.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting Limitations, Social and Environmental Reporting, Sustainability

Topic: Beyond financial reporting
Series: NOV 2017

Topic: Beyond financial reporting

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CR – May 2019 – L3 – Q5a – Beyond financial reporting

The question asks for the factors motivating companies to disclose environmental and social information and the challenges in recognizing and measuring financial effects of environmental matters.

CR – May 2018 – L3 – Q5a – Beyond financial reporting

Explain how integrated reporting merges sustainability reporting and financial reporting.

CR – Nov 2018 – L3 – Q5a – Beyond financial reporting

Discuss what users might expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention.

CR – May 2016 – L3 – Q3a – Beyond financial reporting

Discuss principles and key components of the IIRC's Framework for integrated reporting, and concerns about its suitability for assessing entity prospects.

CR – Nov 2017 – L3 – Q5a – Beyond financial reporting

Identify limitations of financial reporting in social and environmental impact reporting and discuss current practices.

CR – May 2019 – L3 – Q5a – Beyond financial reporting

The question asks for the factors motivating companies to disclose environmental and social information and the challenges in recognizing and measuring financial effects of environmental matters.

CR – May 2018 – L3 – Q5a – Beyond financial reporting

Explain how integrated reporting merges sustainability reporting and financial reporting.

CR – Nov 2018 – L3 – Q5a – Beyond financial reporting

Discuss what users might expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention.

CR – May 2016 – L3 – Q3a – Beyond financial reporting

Discuss principles and key components of the IIRC's Framework for integrated reporting, and concerns about its suitability for assessing entity prospects.

CR – Nov 2017 – L3 – Q5a – Beyond financial reporting

Identify limitations of financial reporting in social and environmental impact reporting and discuss current practices.

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CR – May 2019 – L3 – Q5a – Beyond financial reporting

The question asks for the factors motivating companies to disclose environmental and social information and the challenges in recognizing and measuring financial effects of environmental matters.

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CR – May 2018 – L3 – Q5a – Beyond financial reporting

Explain how integrated reporting merges sustainability reporting and financial reporting.

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CR – Nov 2018 – L3 – Q5a – Beyond financial reporting

Discuss what users might expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention.

You're reporting an error for "CR – Nov 2018 – L3 – Q5a – Beyond financial reporting"

CR – May 2016 – L3 – Q3a – Beyond financial reporting

Discuss principles and key components of the IIRC's Framework for integrated reporting, and concerns about its suitability for assessing entity prospects.

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CR – Nov 2017 – L3 – Q5a – Beyond financial reporting

Identify limitations of financial reporting in social and environmental impact reporting and discuss current practices.

You're reporting an error for "CR – Nov 2017 – L3 – Q5a – Beyond financial reporting"

CR – May 2019 – L3 – Q5a – Beyond financial reporting

The question asks for the factors motivating companies to disclose environmental and social information and the challenges in recognizing and measuring financial effects of environmental matters.

You're reporting an error for "CR – May 2019 – L3 – Q5a – Beyond financial reporting"

CR – May 2018 – L3 – Q5a – Beyond financial reporting

Explain how integrated reporting merges sustainability reporting and financial reporting.

You're reporting an error for "CR – May 2018 – L3 – Q5a – Beyond financial reporting"

CR – Nov 2018 – L3 – Q5a – Beyond financial reporting

Discuss what users might expect to see in a company’s annual report to indicate that environmental concerns are receiving adequate attention.

You're reporting an error for "CR – Nov 2018 – L3 – Q5a – Beyond financial reporting"

CR – May 2016 – L3 – Q3a – Beyond financial reporting

Discuss principles and key components of the IIRC's Framework for integrated reporting, and concerns about its suitability for assessing entity prospects.

You're reporting an error for "CR – May 2016 – L3 – Q3a – Beyond financial reporting"

CR – Nov 2017 – L3 – Q5a – Beyond financial reporting

Identify limitations of financial reporting in social and environmental impact reporting and discuss current practices.

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