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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Which of the following items (correctly describes an important difference (in most countries and business environments) between traditional financial reporting and corporate sustainability reporting?

  1. a. Corporate sustainability reporting is required, while traditional financial reporting is not required.
  2. b. Corporate sustainability reporting is voluntary, but the contents of any such report are required to be verified by an independent third party. whereas traditional financial reporting is required and its contents must be verified by an independent third party.
  3. c. No published reporting standards exist for organizations to follow when preparing and issuing corporate sustainability reports, whereas published reporting standards do exist for organizations to follow when preparing and issuing traditional financial reports.
  4. d. None of these.

To determine

Identify the correct description of an important difference between traditional and sustainability reporting.

Explanation

Business Sustainability:

Business sustainability is increasing the business worth for a long term, by analyzing and managing threats and opportunities of the organization for achievement of organizational strategic plans and communicating the results transparently.

d.

Sustainability reporting is voluntary, such reports are not required to be verified by third parties, and standards are issued for preparation of such reports. Therefore, this is the correct option...

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