nce reporting corporate social responsibility and sustainability efforts is not required by generally accepted accounting principles (GAAP), why would a company bother reporting this information?
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Since reporting corporate social responsibility and sustainability efforts is not required by generally accepted accounting principles (GAAP), why would a company bother reporting this information?
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- Explain why it would be problematic for Company not to comply with good corporate governance principles.How does the Sarbanes–Oxley Act contribute to accurate and quality financial reporting by public corporations? Why is the act considered an excellent example of public corporations meeting a key ethical standard? To support responses, provide examples of companies that were negatively affected by a lack of ethical guidelines.Economic consequences of accounting standard-setting means: a. standard-setters must give first priority to ensuring that companies do not suffer any adverse effect as a result of a new standard. b. standard-setters must ensure that no new costs are incurred when a new standard is issued. c. the objective of financial reporting should be politically motivated to ensure acceptance by the general public. d. accounting standards can have detrimental impacts on the wealth levels of the providers of financial information.
- What is the role of accounting in corporate governance and accountability, and how can accounting practices be used to ensure that companies are operating in a responsible and sustainable manner?Companies have the moral obligation to conduct ethical operations. There are many cases where companies have different outcomes in their operations because of their interpretation of what ethics is. How can accounting ethics affect accounting operations and applications?The objectives of financial reporting for business enterprises are based on the need for conservative information the needs of the users of the information the need to report on management’s stewardship the need to comply with financial accounting standards
- The main purpose of company accounts is stewardship, so accounting standards based on ‘decision-usefulness for investors’ are misconceived. And making the standards compulsory ‘Instructions’ rather than voluntary ‘Suggestions’ causes problems. What are your thoughts on this in relation to PAS 1?Economic consequences of accounting standard-setting means:a. standard-setters must give fi rst priority to ensuring that companies do not suffer any adverseeffect as a result of a new standard.b. standard-setters must ensure that no new costs are incurred when a new standard is issued.c. the objective of financial reporting should be politically motivated to ensure acceptance by thegeneral public.d. accounting standards can have detrimental impacts on the wealth levels of the providers of financialinformation.“The relationship between corporate social responsibility and corporate financial performance concluded that there was a positive causal relationship between the two.” Discuss. If this is true, provide two (2) reasons why might unethical behaviours exist in so many business organizations?
- Management accounting reports on the profitability (and therefore the efficiency) of a business, whereas financial accounting reports om specifically what is causing problems and how to fix them. True or false?An ethical problem may arise for a company expert who is trying to address the needs of people who are interested in financial information.How.do changes in accounting standards, such as the transition from GAAP to IFRS, impact financial reporting practices and decision-making processes within multinational corporations, considering the potential effects on comparability, transparency, and the overall quality of financial information?"
