Environmental Liabilities and the Move to International Financial Reporting Standards PDF Download
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Author: Thomas Ervin Schneider
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Recent reports from envir ...
Author: Thomas Ervin Schneider
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Recent reports from envir ...
Author: Giovanna Michelon
Publisher:
ISBN:
Category :
Languages : en
Pages : 37
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Book Description
Our purpose is to encourage accounting regulators to address diversity in practice in the reporting of environmental liabilities. When Canada changed to IFRS in 2011, Canadian regulators asked the IFRS Interpretations Committee to interpret whether the discount rate to value environmental liabilities should be a risk-free discount rate. Old Canadian GAAP, and current U.S. GAAP, allow for a higher discount rate, resulting in commensurately lower liabilities. International regulators refused to address this issue expecting no diversity in practice in Canada. We investigate discount rate choices for a sample of Canadian oil and gas and mining firms and we show the expectation of no diversity in practice was wrong. Significant diversity in practice is evident: about one third of the sample firms choose a higher discount rate, avoiding a major increase in environmental liabilities on transition to IFRS. The evidence suggests that these firms had relatively larger environmental liabilities and that the discount rate decision is a strategic choice. The current diversity in practice in accounting for environmental liabilities is not acceptable as it is not consistent with the enhancing qualitative characteristic of comparability under the Conceptual Framework. Accounting regulators should act to create consistent and comparable reporting practice. Firms and managers facing larger environmental liabilities can choose to minimize environmental liabilities under IFRS, while it is the general public and society at large that bear the ultimate risk. The paper pushes forward the debate on whether recognised environmental liabilities should reflect the interests of equity investors, or if other investors and stakeholders should be taken into account.
Author: C. Gregory Rogers
Publisher: John Wiley & Sons
ISBN: 0471746959
Category : Business & Economics
Languages : en
Pages : 407
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Book Description
Financial Reporting of Environmental Liabilities and Risks is a complete guide to developing the underlying business systems to successfully report environmental matters in audited financial statements and reports filed with the Securities Exchange Commission (SEC). It sets forth relevant reporting and internal control standards and discusses important issues affecting reporting entities, accountants, lawyers, and environmental professionals.
Author: Canadian Institute of Chartered Accountants
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 160
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Author: United Nations. Transnational Corporations and Management Division
Publisher: New York : United Nations
ISBN:
Category : Business & Economics
Languages : en
Pages : 104
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Book Description
Author: United States. Office of Management and Budget
Publisher:
ISBN:
Category : Auditing
Languages : en
Pages : 26
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Author:
Publisher:
ISBN:
Category : International business enterprises
Languages : en
Pages : 224
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Author: United States. Government Accountability Office
Publisher:
ISBN:
Category : Environmental auditing
Languages : en
Pages : 72
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Book Description
Author: Alok Kumar Pramanik
Publisher: Kanishka Publishers
ISBN: 9788184570779
Category : Environmental auditing
Languages : en
Pages : 132
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Book Description
Author: Mohammad Firoz
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
As financial globalization proceeds, international financial reporting and auditing standards are increasingly becoming important instruments of integration. This has been observed in both the London and Pittsburg summits of the G20 leaders in 2009. The G20 leaders reinforced the influence of International Financial Reporting Standards (IFRS) in that they called for the implementation of global accounting standards by 2011. By the end of 2008, there were over 100 countries that had adopted IFRS. Another parallel summit was the United Nations special summit on the environment which was held on 22 September 2009. The United Nations' summit underscored the link between environment and finance. This research paper makes a critical appraisal of the contemporary environmental accounting literature and examines the applicable and relevant paragraphs of the global financial reporting standards (IFRS). The relevant paragraphs for environmental accounting have been analyzed in relation to the environmental financial reporting.
