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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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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Author: Greg F. Burton
Publisher: Routledge
ISBN: 113407042X
Category : Business & Economics
Languages : en
Pages : 1163
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International Financial Reporting Standards: A Framework-based Perspective links broad concepts and general accounting principles to the specific requirements of IFRS to help students develop and understand the judgments required in using a principle-based standard. Although it is still unclear whether the US will adopt IFRS, the global business environment makes it necessary for accounting students and professionals to be bilingual in both US GAAP and IFRS. This comprehensive textbook offers: A clear presentation of the concepts underlying IFRS A conceptual framework to guide students in interpreting and applying IFRS rules A comparison between IFRS and US GAAP to develop students’ understanding of the requirements of each standard Real world examples and case studies to link accounting theory to practice, while also exposing students to different interpretations and applications of IFRS End of chapter material covering other aspects of financial reporting, including international auditing standards, international ethics standards, and corporate governance and enforcement, as well as emerging topics, such as integrated accounting, sustainability and social responsibility accounting and new forms of financial reporting Burton & Jermakowicz have crafted a thorough and extensive tool to give students a competitive edge in understanding, and applying IFRS. A companion website provides additional support for both students and instructors.
Author: United States. Office of Management and Budget
Publisher:
ISBN:
Category : Auditing
Languages : en
Pages : 26
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Author:
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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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Author: Alok Kumar Pramanik
Publisher: Kanishka Publishers
ISBN: 9788184570779
Category : Environmental auditing
Languages : en
Pages : 132
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Book Description
