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Topic: Topic: Financial Reporting Standards and Environmental Disclosures
“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.