The Integrated Reporting Framework of 2013 represents the latest international attempt to connect a firm’s financial and sustainability (i.e., environmental, social and governance) performance in one company report. An Integrated Report (IR) should communicate “concisely” about how a firm’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of sustainable value. At the same time, an IR needs to be “complete and balanced”, i.e., broadly including all material matters, both positive and negative, in a balanced way. Drawing on impression management studies, we examine a selection of performance determinants to gain insights into the factors associated with conciseness, completeness and balance in IR. The results from a sample of IR early adopters show that in the presence of a firm’s weak financial performance, the IR tends to be significantly longer and less readable (i.e., less concise), and more optimistic (i.e., less balanced). We additionally find that firms with worse social performance provide reports that are foggier (i.e., less concise) and with less information on their sustainability performance (i.e., less complete). Our evidence implies that IR early adopters employ quantity and syntactical reading ease manipulation as well as thematic content and verbal tone manipulation as impression management strategies. The results also suggest that such strategies depend not only on the level of firms’ performance but also on the type of performance (financial versus nonfinancial/sustainability). This paper adds to the limited literature on IR in sustainability accounting as well as to the research in mainstream financial accounting that examines disclosure quality using textual analysis.
{"title":"Saying More with Less? Disclosure Conciseness, Completeness and Balance in Integrated Reports","authors":"G. Melloni, A. Caglio, P. Perego","doi":"10.2139/ssrn.2861056","DOIUrl":"https://doi.org/10.2139/ssrn.2861056","url":null,"abstract":"The Integrated Reporting Framework of 2013 represents the latest international attempt to connect a firm’s financial and sustainability (i.e., environmental, social and governance) performance in one company report. An Integrated Report (IR) should communicate “concisely” about how a firm’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of sustainable value. At the same time, an IR needs to be “complete and balanced”, i.e., broadly including all material matters, both positive and negative, in a balanced way. Drawing on impression management studies, we examine a selection of performance determinants to gain insights into the factors associated with conciseness, completeness and balance in IR. The results from a sample of IR early adopters show that in the presence of a firm’s weak financial performance, the IR tends to be significantly longer and less readable (i.e., less concise), and more optimistic (i.e., less balanced). We additionally find that firms with worse social performance provide reports that are foggier (i.e., less concise) and with less information on their sustainability performance (i.e., less complete). Our evidence implies that IR early adopters employ quantity and syntactical reading ease manipulation as well as thematic content and verbal tone manipulation as impression management strategies. The results also suggest that such strategies depend not only on the level of firms’ performance but also on the type of performance (financial versus nonfinancial/sustainability). This paper adds to the limited literature on IR in sustainability accounting as well as to the research in mainstream financial accounting that examines disclosure quality using textual analysis.","PeriodicalId":240153,"journal":{"name":"SRPN: Corporate Reporting (Topic)","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116041613","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study analyses the structural factors that led to the emergence of the dominant aspirational norm of ‘social impact reporting’ in the social sector. While the results of this analysis are consistent with the existing literature on professionalisation and governmentality, they offer insights into the specific social structures that have underpinned this shift in norms of best practice. Such social structures have not been addressed in the accounting literature. This paper focuses on explaining how, rather than why, it was possible for this new way of thinking about performance reporting to emerge and be disseminated in the social sector. It finds that the structure of the niche community of social investment professionals and intermediaries was an important driver of this change in perceived best practice (see DiMaggio and Powell, 1983; Abbott, 1988; Hwang and Powell, 2009; Suddaby and Viale, 2011) and was at the heart of the emergence of this norm of performance measurement. Furthermore, the diffusion of this norm to the broader community of social enterprises and charities was enabled by investment flows (Granovetter, 1974; Padgett and Ansell, 1993; Watts and Strogatz, 1998, Strang and Soule, 1998; Padgett and Powell,2013).
本研究分析了导致社会部门“社会影响报告”这一主导理想规范出现的结构性因素。虽然这一分析的结果与现有的关于专业化和治理的文献一致，但它们提供了对支持最佳实践规范转变的特定社会结构的见解。这种社会结构在会计文献中尚未得到解决。本文的重点是解释这种关于绩效报告的新思维方式是如何出现并在社会部门传播的，而不是为什么。研究发现，社会投资专业人士和中介机构的利基社区结构是感知最佳实践变化的重要驱动因素(见DiMaggio和Powell, 1983;阿伯特,1988;Hwang and Powell, 2009;Suddaby和Viale, 2011)，是这种绩效衡量规范出现的核心。此外，投资流动使这一规范向更广泛的社会企业和慈善团体扩散(Granovetter, 1974;帕吉特和安塞尔，1993;Watts and Strogatz, 1998; Strang and Soule, 1998;帕吉特和鲍威尔，2013)。
{"title":"Elite Networks and the Rise of Social Impact Reporting in the UK Social Sector","authors":"Julia Morley","doi":"10.2139/ssrn.2736167","DOIUrl":"https://doi.org/10.2139/ssrn.2736167","url":null,"abstract":"This study analyses the structural factors that led to the emergence of the dominant aspirational norm of ‘social impact reporting’ in the social sector. While the results of this analysis are consistent with the existing literature on professionalisation and governmentality, they offer insights into the specific social structures that have underpinned this shift in norms of best practice. Such social structures have not been addressed in the accounting literature. This paper focuses on explaining how, rather than why, it was possible for this new way of thinking about performance reporting to emerge and be disseminated in the social sector. It finds that the structure of the niche community of social investment professionals and intermediaries was an important driver of this change in perceived best practice (see DiMaggio and Powell, 1983; Abbott, 1988; Hwang and Powell, 2009; Suddaby and Viale, 2011) and was at the heart of the emergence of this norm of performance measurement. Furthermore, the diffusion of this norm to the broader community of social enterprises and charities was enabled by investment flows (Granovetter, 1974; Padgett and Ansell, 1993; Watts and Strogatz, 1998, Strang and Soule, 1998; Padgett and Powell,2013).","PeriodicalId":240153,"journal":{"name":"SRPN: Corporate Reporting (Topic)","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115822260","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates whether corporate social responsibility disclosure (CSRD) is associated with firms’ market values in order to assess whether CSRD provides incremental value relevant information to investors. A modified Ohlson (1995) model is used, which is a widely accepted equity valuation model in accounting research. The findings suggest that investors in the UK consider CSRD information in the total information set they use for their investment decision-making, whereas Japanese investors do not appear to find that CSRD provides incremental information over and above financial information to assist in their valuations of firms. These findings have implications for investors and regulators, specifically around the control and governance of firms.
{"title":"The Effect of Corporate Social Responsibility Disclosures on Share Prices in Japan and the UK","authors":"S. Bowerman, Umesh Sharma","doi":"10.22495/COCV13I2C1P2","DOIUrl":"https://doi.org/10.22495/COCV13I2C1P2","url":null,"abstract":"This paper investigates whether corporate social responsibility disclosure (CSRD) is associated with firms’ market values in order to assess whether CSRD provides incremental value relevant information to investors. A modified Ohlson (1995) model is used, which is a widely accepted equity valuation model in accounting research. The findings suggest that investors in the UK consider CSRD information in the total information set they use for their investment decision-making, whereas Japanese investors do not appear to find that CSRD provides incremental information over and above financial information to assist in their valuations of firms. These findings have implications for investors and regulators, specifically around the control and governance of firms.","PeriodicalId":240153,"journal":{"name":"SRPN: Corporate Reporting (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134055202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2015-11-03DOI: 10.26595/EAMR.2014.2.1.1
J. Ferrero, Lázaro Rodríguez Ariza, Beatriz Cuadrado-Ballesteros
The aim of this research is to highlight the relationship between financial reporting quality and corporate social responsibility (CSR) on the family firm sphere. Using a database of 1275 companies for the period 2002–2010 and the GMM estimator of Arellano and Bond (1991) for panel data, our results show that those companies that report high-quality financial statements promote more CSR practices. However, this relationship is weaker in family firms which support the existence of an entrenchment effect that associates greater family ownership with poor-quality information. We argue that family firms differ from non-family regarding the effect of financial reporting quality on the level of CSR practices.
{"title":"Is Financial Reporting Quality Related to Corporate Social Responsibility Practices? Evidence from Family Firms","authors":"J. Ferrero, Lázaro Rodríguez Ariza, Beatriz Cuadrado-Ballesteros","doi":"10.26595/EAMR.2014.2.1.1","DOIUrl":"https://doi.org/10.26595/EAMR.2014.2.1.1","url":null,"abstract":"The aim of this research is to highlight the relationship between financial reporting quality and corporate social responsibility (CSR) on the family firm sphere. Using a database of 1275 companies for the period 2002–2010 and the GMM estimator of Arellano and Bond (1991) for panel data, our results show that those companies that report high-quality financial statements promote more CSR practices. However, this relationship is weaker in family firms which support the existence of an entrenchment effect that associates greater family ownership with poor-quality information. We argue that family firms differ from non-family regarding the effect of financial reporting quality on the level of CSR practices.","PeriodicalId":240153,"journal":{"name":"SRPN: Corporate Reporting (Topic)","volume":"331 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124664656","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Businesses believe that accounting is for financial reporting and to met statutory needs alone. Most enterprises that have Management Accounting systems do not utilize them effectively. The popular way company directors influence performance is performing postmortem adjustment on financial reports to look healthy. This has contributed to the whining efficiency, filthiness and diminishing popularity of capitalism. Entities waste opportunities to tremendously improve their performance using Management Accounting. Effective Management Accounting will assist enterprise to create value, innovate, promote efficiency and effectiveness in resources utilization to achieve enterprise objectives.
{"title":"Effective Management Accounting: The Place of Reporting, Budgeting & Analysis","authors":"Hameed Gbolahan Soaga","doi":"10.2139/ssrn.2477383","DOIUrl":"https://doi.org/10.2139/ssrn.2477383","url":null,"abstract":"Businesses believe that accounting is for financial reporting and to met statutory needs alone. Most enterprises that have Management Accounting systems do not utilize them effectively. The popular way company directors influence performance is performing postmortem adjustment on financial reports to look healthy. This has contributed to the whining efficiency, filthiness and diminishing popularity of capitalism. Entities waste opportunities to tremendously improve their performance using Management Accounting. Effective Management Accounting will assist enterprise to create value, innovate, promote efficiency and effectiveness in resources utilization to achieve enterprise objectives.","PeriodicalId":240153,"journal":{"name":"SRPN: Corporate Reporting (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127874263","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2014-08-01DOI: 10.26595/EAMR.2014.1.1.6
Ramon Saladrigues, M. Grañó
Financial information is an essential element in our society and in our economic system, as it plays a decisive role in the relationship between the various social agents. Therefore, this financial information must have a high level of quality, transparency and credibility. The expectation gap is the difference between the responsibility that auditors believe they have in developing their professional activity, and that which the users of the financial information attribute to them. Numerous analysed studies confirm that the audit expectation gap exists. Among the profusion of possible causes, the studies coincide in highlighting fraud detection, independence, erroneous expectations, nature of the audit process and the “going concern” analysis. Once the main factors have been presented, the article takes an in-depth look at one of these factors: the role of the auditor when fraud is detected.
{"title":"Audit Expectation Gap: Fraud Detection and Other Factors","authors":"Ramon Saladrigues, M. Grañó","doi":"10.26595/EAMR.2014.1.1.6","DOIUrl":"https://doi.org/10.26595/EAMR.2014.1.1.6","url":null,"abstract":"Financial information is an essential element in our society and in our economic system, as it plays a decisive role in the relationship between the various social agents. Therefore, this financial information must have a high level of quality, transparency and credibility. The expectation gap is the difference between the responsibility that auditors believe they have in developing their professional activity, and that which the users of the financial information attribute to them. Numerous analysed studies confirm that the audit expectation gap exists. Among the profusion of possible causes, the studies coincide in highlighting fraud detection, independence, erroneous expectations, nature of the audit process and the “going concern” analysis. Once the main factors have been presented, the article takes an in-depth look at one of these factors: the role of the auditor when fraud is detected.","PeriodicalId":240153,"journal":{"name":"SRPN: Corporate Reporting (Topic)","volume":"2014 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117064806","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study employs the use of a linguistic based theory and analytical tool – Semiotics – to investigate the quality and veracity of Corporate Social Responsibility (CSR) as disclosed in annual reports. To do this, the texts of Corporate Community Involvement (CCI) narratives in the annual reports of sampled companies were analysed in order to reveal the reality of the disclosures. The study revealed that signification of reality is either doubtful or unreal for most sampled companies. Consequently, CCI disclosure could be perceived as just another management process which enables companies to signal CSR compliance. As well as the novelty of introducing semiotics into the CSR disclosure literature, this paper presents a unique CSR Semiotic Reality Model capable of guiding corporations in their CSR activities and reporting.
{"title":"Semiotic Approach to Evaluating the Quality and Veracity of CSR Reporting","authors":"K. Yekini, L. Burrows, Kamil Omoteso","doi":"10.2139/ssrn.2474117","DOIUrl":"https://doi.org/10.2139/ssrn.2474117","url":null,"abstract":"This study employs the use of a linguistic based theory and analytical tool – Semiotics – to investigate the quality and veracity of Corporate Social Responsibility (CSR) as disclosed in annual reports. To do this, the texts of Corporate Community Involvement (CCI) narratives in the annual reports of sampled companies were analysed in order to reveal the reality of the disclosures. The study revealed that signification of reality is either doubtful or unreal for most sampled companies. Consequently, CCI disclosure could be perceived as just another management process which enables companies to signal CSR compliance. As well as the novelty of introducing semiotics into the CSR disclosure literature, this paper presents a unique CSR Semiotic Reality Model capable of guiding corporations in their CSR activities and reporting.","PeriodicalId":240153,"journal":{"name":"SRPN: Corporate Reporting (Topic)","volume":"19 70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116558320","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Spanish Abstract: En este trabajo se reflexiona sobre la profunda reforma contable llevada a cabo entre los anos 2001 y 2010 en Espana, cuyo hito mas importante fue la promulgacion del Plan General de Contabilidad revisado en 2007. Los razonamientos se hacen desde el objetivo declarado de hacer converger la normativa espanola con las Normas Internacionales de Informacion Financiera, haciendo un balance del proceso, de las consecuciones y de los problemas que se han planteado en el sistema contable espanol, que ha cambiado fuertemente su orientacion de una manera poco usual para un pais de tradicion continental europea.Como resultado del proceso, se han introducido importantes novedades en la informacion financiera de todas las empresas, que han aceptado modernizarse como una forma de participar en el proceso de internacionalizacion que caracteriza a la economia espanola, de forma que conceptos tales como la clasificacion de los instrumentos financieros, los ajustes en otro resultado integral o la contabilidad del efecto impositivo basada en el enfoque del balance son moneda comun en la practica contable.El cambio, que se gesto de una forma participativa (Libro Blanco de la contabilidad en Espana) ha preservado el instrumento de la normalizacion por excelencia, que es el Plan General de Contabilidad, a la vez que ha consolidado la independencia coordinada de los ambitos contable y fiscal. El trabajo resalta algunas deficiencias del sistema contable espanol, entre las que destaca la poca flexibilidad para posteriores cambios, ya que el Plan General de Contabilidad se concibe como un codigo de reglas interconectadas que admite con dificultad las enmiendas, que por causa del proceso administrativo para su introduccion pueden hacer que los cambios futuros se retrasen, perjudicando el objetivo de acercamiento continuo a las normas internacionales.English Abstract: This article presents some reflections on the in-depth Spanish accounting reform carried out between the years 2001 and 2010, where the more important milestone is the promulgation of the General Accounting Plan revised in 2007. Arguments are made from the stated goal of converging the Spanish standards with International Financial Reporting Standards, making a balanced review of the process, the achievements and the problems that have arisen in the Spanish accounting system, which has greatly changed its orientation in an unusual way for a country of continental Europe accounting tradition. As a result of the process, Spain has introduced huge innovations in the financial reporting of all companies which have agreed to modernize in order to participate in the internationalization process that characterizes the Spanish economy, so that concepts such as the classes of financial instruments, other comprehensive income or the deferred tax accounting based on the balance sheet approach are common accepted in accounting practice. The change, which was developed in a participatory manner (White Pap
西班牙语摘要:本文回顾了西班牙在2001年至2010年间进行的深刻的会计改革，其最重要的成就是2007年修订的会计总计划的颁布。在依据目标做出同意西班牙语的标准与国际标准进程的金融信息,做一个平衡,成绩和问题也提出了在西班牙会计系统,大力改变orientacion一个不寻常的方式为欧洲大陆传统的国家。进程的结果,但也发生了重大的所有企业的财务信息,接受了现代化进程的参与的一种形式internacionalizacion出面西班牙语的,经济概念clasificacion等全面金融工具,设置在另一个结果或影响会计要求在共同货币平衡的方法是基于会计实践。以参与式方式进行的变革(西班牙会计白皮书)保留了最优秀的标准化工具，即会计总计划，同时巩固了会计和财政领域的协调独立性。西班牙工作呈现出一些会计体系的不足,强调缺乏后变化的灵活性,因为计划被视为一个会计规定相互承认奋力代码修改,因的行政流程简介可以使未来的变化出现延迟,对目标的方法的效果与国际标准相一致。英文摘要:本文对2001年至2010年期间实施的西班牙会计改革进行了一些反思，其中最重要的里程碑是2007年修订的《总会计计划》的颁布。论点are made from the stated goal of纳米级的[标准与国际财务报告准则,making a平衡review of the process, the成效and the problems that have arisen in the[会计system, which has been changed its orientation in an不寻常greatly大陆way for a country of Europe会计tradition。因此of the process, Spain使huge innovations in the financial reporting of all companies which的modernize in order to participate in the process that characterizes升级[economy, so that the签署金融文书概念,如其他综合收入或the deferred税核算based on the http://siteresources.worldbank. org approach are common的平衡in会计惯例。以参与式方式制定的改革(白皮书)保留了基本的标准化工具，即总会计计划，同时巩固了会计和税务规则的独立性。The paper关于一些[会计系统的优缺点,most notably缺乏flexibility for further changes,由于一般会计计划是conceived as a code that supports hardly任何修正,not only因为of The companies’reluctance to change,采取的确保for The time for行政过程对改善。因此，可能会推迟到可预见的未来进行修改，从而损害继续采用国际标准的目标。
{"title":"La Reforma Contable Española de 2007: Un Balance (The 2007 Spanish Accounting Reform: A Reflection)","authors":"J. A. Gonzalo-Angulo","doi":"10.2139/ssrn.2540833","DOIUrl":"https://doi.org/10.2139/ssrn.2540833","url":null,"abstract":"Spanish Abstract: En este trabajo se reflexiona sobre la profunda reforma contable llevada a cabo entre los anos 2001 y 2010 en Espana, cuyo hito mas importante fue la promulgacion del Plan General de Contabilidad revisado en 2007. Los razonamientos se hacen desde el objetivo declarado de hacer converger la normativa espanola con las Normas Internacionales de Informacion Financiera, haciendo un balance del proceso, de las consecuciones y de los problemas que se han planteado en el sistema contable espanol, que ha cambiado fuertemente su orientacion de una manera poco usual para un pais de tradicion continental europea.Como resultado del proceso, se han introducido importantes novedades en la informacion financiera de todas las empresas, que han aceptado modernizarse como una forma de participar en el proceso de internacionalizacion que caracteriza a la economia espanola, de forma que conceptos tales como la clasificacion de los instrumentos financieros, los ajustes en otro resultado integral o la contabilidad del efecto impositivo basada en el enfoque del balance son moneda comun en la practica contable.El cambio, que se gesto de una forma participativa (Libro Blanco de la contabilidad en Espana) ha preservado el instrumento de la normalizacion por excelencia, que es el Plan General de Contabilidad, a la vez que ha consolidado la independencia coordinada de los ambitos contable y fiscal. El trabajo resalta algunas deficiencias del sistema contable espanol, entre las que destaca la poca flexibilidad para posteriores cambios, ya que el Plan General de Contabilidad se concibe como un codigo de reglas interconectadas que admite con dificultad las enmiendas, que por causa del proceso administrativo para su introduccion pueden hacer que los cambios futuros se retrasen, perjudicando el objetivo de acercamiento continuo a las normas internacionales.English Abstract: This article presents some reflections on the in-depth Spanish accounting reform carried out between the years 2001 and 2010, where the more important milestone is the promulgation of the General Accounting Plan revised in 2007. Arguments are made from the stated goal of converging the Spanish standards with International Financial Reporting Standards, making a balanced review of the process, the achievements and the problems that have arisen in the Spanish accounting system, which has greatly changed its orientation in an unusual way for a country of continental Europe accounting tradition. As a result of the process, Spain has introduced huge innovations in the financial reporting of all companies which have agreed to modernize in order to participate in the internationalization process that characterizes the Spanish economy, so that concepts such as the classes of financial instruments, other comprehensive income or the deferred tax accounting based on the balance sheet approach are common accepted in accounting practice. The change, which was developed in a participatory manner (White Pap","PeriodicalId":240153,"journal":{"name":"SRPN: Corporate Reporting (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129338185","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Financial Action Task Force (FATF), the independent intergovernmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and financing the proliferation of weapons of mass destruction, advised countries to enact laws that mandate financial institutions and designated nonfinancial businesses and professions (DNFBPs) to file certain reports. These reports are to be filed when a financial institution or DNFBP suspects or has reasonable grounds to suspect that funds are the proceeds of a criminal activity or are related to terrorist financing. Although countries have followed the advice of the FATF, the reporting requirements in different countries are not the same. For example, Nigeria and the United States require financial institutions to file suspicious transaction reports (STRs) and currency transaction reports (CTRs), while countries like the United Kingdom require financial institutions to file only a suspicious activity report (SAR). This paper, therefore, compares the reporting requirements in Nigeria with those of the United States and the United Kingdom. The aim of such comparison is to determine if Nigeria needs to adopt the approach in these countries or if there is no need for reform.This paper briefly highlights the relevant money laundering laws/regulations in Nigeria, the United States and the United Kingdom. It will then compare the reporting requirements in Nigeria with those of the United States and the United Kingdom under five subheadings: ‘What to File’, ‘Where to File’, ‘When to File’, ‘Confidentiality of SARs’ and ‘Penalties’. This paper will later analyse issues that arise from the earlier comparison, with the aim of determining if there is need for reform.
{"title":"A Comparative Study of the Money Laundering Laws/Regulations in Nigeria, the United States and the United Kingdom: Reporting Requirements","authors":"Ehi Eric Esoimeme","doi":"10.2139/SSRN.2441086","DOIUrl":"https://doi.org/10.2139/SSRN.2441086","url":null,"abstract":"The Financial Action Task Force (FATF), the independent intergovernmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and financing the proliferation of weapons of mass destruction, advised countries to enact laws that mandate financial institutions and designated nonfinancial businesses and professions (DNFBPs) to file certain reports. These reports are to be filed when a financial institution or DNFBP suspects or has reasonable grounds to suspect that funds are the proceeds of a criminal activity or are related to terrorist financing. Although countries have followed the advice of the FATF, the reporting requirements in different countries are not the same. For example, Nigeria and the United States require financial institutions to file suspicious transaction reports (STRs) and currency transaction reports (CTRs), while countries like the United Kingdom require financial institutions to file only a suspicious activity report (SAR). This paper, therefore, compares the reporting requirements in Nigeria with those of the United States and the United Kingdom. The aim of such comparison is to determine if Nigeria needs to adopt the approach in these countries or if there is no need for reform.This paper briefly highlights the relevant money laundering laws/regulations in Nigeria, the United States and the United Kingdom. It will then compare the reporting requirements in Nigeria with those of the United States and the United Kingdom under five subheadings: ‘What to File’, ‘Where to File’, ‘When to File’, ‘Confidentiality of SARs’ and ‘Penalties’. This paper will later analyse issues that arise from the earlier comparison, with the aim of determining if there is need for reform.","PeriodicalId":240153,"journal":{"name":"SRPN: Corporate Reporting (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130204350","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This chapter discusses the role of voluntary standards for corporate sustainability and responsibility as enablers of and impediments to sustainable consumption. We start by theoretically reflecting on the notion of standards, discussing different characteristics of this mode of regulation. Next we distinguish different types of standards for corporate sustainability and responsibility. Our subsequent analysis shows that standards enable sustainable consumption by (1) reducing information asymmetries, informing consumers about the social and environmental conditions under which products and services are created, (2) supporting the disclosure of firms’ sustainability-related information (potentially leading to increased consumer loyalty), and (3) further institutionalizing the discourse around sustainable consumption. However, our discussion also emphasizes that voluntary standards can impede sustainable consumption, because (1) the coexistence of a variety of competing initiatives in some sectors (e.g. fair trade coffee) is likely to confuse consumers, (2) consumers may question the credibility of selected standards, since highly public scandals have revealed the limits of auditing and monitoring practices, and (3) while many standards are designed as multi-stakeholder initiatives, only few of them directly involve consumer representatives, leaving the impression that some standards define practices for consumers but not with them.
{"title":"Voluntary Standards as Enablers and Impediments to Sustainable Consumption","authors":"A. Rasche","doi":"10.2139/ssrn.2402701","DOIUrl":"https://doi.org/10.2139/ssrn.2402701","url":null,"abstract":"This chapter discusses the role of voluntary standards for corporate sustainability and responsibility as enablers of and impediments to sustainable consumption. We start by theoretically reflecting on the notion of standards, discussing different characteristics of this mode of regulation. Next we distinguish different types of standards for corporate sustainability and responsibility. Our subsequent analysis shows that standards enable sustainable consumption by (1) reducing information asymmetries, informing consumers about the social and environmental conditions under which products and services are created, (2) supporting the disclosure of firms’ sustainability-related information (potentially leading to increased consumer loyalty), and (3) further institutionalizing the discourse around sustainable consumption. However, our discussion also emphasizes that voluntary standards can impede sustainable consumption, because (1) the coexistence of a variety of competing initiatives in some sectors (e.g. fair trade coffee) is likely to confuse consumers, (2) consumers may question the credibility of selected standards, since highly public scandals have revealed the limits of auditing and monitoring practices, and (3) while many standards are designed as multi-stakeholder initiatives, only few of them directly involve consumer representatives, leaving the impression that some standards define practices for consumers but not with them.","PeriodicalId":240153,"journal":{"name":"SRPN: Corporate Reporting (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126977446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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