In Australia sustainability reporting is voluntary. Companies which choose to prepare sustainability reports do so for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In Australia sustainability reporting is voluntary. Companies which choose to prepare sustainability reports do so for a range of reasons. Companies are increasingly prepared to disclose additional information beyond that required by legislation. And now, it appears inevitable that COVID19 will have a permanent impact on the way businesses think and communicate about human, social and manufactured capital as well. These types of voluntary disclosures may include information about environmental actions, sustainability, employee initiatives and community impacts. Like financial reporting, there is a significant cost attached to the preparation and dissemination of these reports. It is likely, therefore, that companies provide this information because they believe that there may be long term benefits in doing so. Based on your group research, answer the following questions. 1. What are the financial reporting requirements by legislation? 2. Discuss the challenges for corporate reporting post COVID-19 3. What benefits companies would expect to reap from preparing sustainability reports 4. How has the accountancy profession evolved over the years? 5. Identify future required skills and areas of demand for our skills 6. Discuss what aspects of ethics and regulatory framework should be considered 7. Does the changing world of professional work need a new approach to accounting education? 8. What is your group opinion on the value of studying accounting? In Australia sustainability reporting is voluntary. Companies which choose to prepare sustainability reports do so for a range of reasons. Companies are increasingly prepared to disclose additional information beyond that required by legislation. And now, it appears inevitable that COVID19 will have a permanent impact on the way businesses think and communicate about human, social and manufactured capital as well. These types of voluntary disclosures may include information about environmental actions, sustainability, employee initiatives and community impacts. Like financial reporting, there is a significant cost attached to the preparation and dissemination of these reports. It is likely, therefore, that companies provide this information because they believe that there may be long term benefits in doing so. Based on your group research, answer the following questions. 1. What are the financial reporting requirements by legislation? 2. Discuss the challenges for corporate reporting post COVID-19 3. What benefits companies would expect to reap from preparing sustainability reports 4. How has the accountancy profession evolved over the years? 5. Identify future required skills and areas of demand for our skills 6. Discuss what aspects of ethics and regulatory framework should be considered 7. Does the changing world of professional work need a new approach to accounting education? 8. What is your group opinion on the value of studying accounting?
Expert Answer:
Answer rating: 100% (QA)
1 Financial Reporting Requirements by Legislation in Australia Financial reporting requirements in Australia are primarily governed by the Australian ... View the full answer
Related Book For
Auditing Cases An Interactive Learning Approach
ISBN: 9780134421827
7th Edition
Authors: Mark S Beasley, Frank A. Buckless, Steven M. Glover, Douglas F Prawitt
Posted Date:
Students also viewed these accounting questions
-
The chart below contains the data showing wait times (minutes) for a sample of patients at offices that do not have an office tracking system and wait times for a sample of patients at offices with...
-
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
-
This chapter has focused on Australian financial reporting as legislated by the Corporations Act. However, companies are increasingly prepared to disclose additional information beyond that required...
-
Shortly after Murray began working in the tax department of the public accounting firm of Dewey, Cheatham, and Howe, he was preparing a tax return and discovered an error in last year's work papers....
-
Sand particles (SG = 2.7), approximately spherical with diameters from 100 to 250 m, are introduced into an upward-flowing water stream. What is the minimum water velocity to carry all the particles...
-
In problems, find the exact value without using a calculator. (a) arcos(2/2) (b) arcsin(-3/2) (b) sin-1(-3/2) (d) sin-1(-2/2)
-
The Graduate Management Admission Test (GMAT) is a standardized exam used by many universities as part of the assessment for admission to graduate study in business. The average GMAT score is 547...
-
Blanka Transport, Inc. After several years of driving long-haul trucks, Joe Blanka founded his own trucking company, Blanka Transport Inc. (BTI), which specialized in less-than-carload shipments in...
-
Rose is considering investing $5,500 dollars at the end of each year for the next 40 years. Assuming she anticipates receiving a rate of return of 6.2% compounded annually, what will be the value of...
-
The income statement for Weatherford International Inc.?s year ended December 31, 2020, was prepared by an inexperienced bookkeeper. As the new accountant, your immediate priority is to correct the...
-
Suppose the text decides to use a rush order policy for the comb in case of a shortage, to avoid a production outage. The goods will reach the factory in a few hours, and shortages will be avoided....
-
Prepare an income statement. Fees earned Line Item Description Expenses: Income Statement For the Year Ended April 30, 20Y1 Amount Shaw Messenger Service Salaries expense Rent expense Utilities...
-
Label the following cells A16= "Total" A17 = "Avg. Sale" A18 = "# of Sales" A19 = "Max. Sale" A20 "Min. Sale"
-
3. Let R(x) = -0.2x +40x thousand dollars be the monthly revenue of the Acme Corp where x is the number of items sold in the month, 0 < x < 80. (a) Identify the input and output of R and list their...
-
Cargo Corporation is a major producer of lawn care products. Cargo stock currently sells for RM80 per share; there are 10.5 million shares outstanding. Cargo also has debt outstanding with an...
-
When two electric charges are held a distance r apart, the electrostatic force between them is FE. The distance between the charges is then changed to 1r. (Enter numerical value only) The new...
-
clantic string. string are fastended to a particle avel their other ends to fixed points tewn't. The light of ma so that the string are each ind, the tension I and length that the period on a...
-
Derive Eq. (18.33) from Eq. (18.32).
-
Wallys Billboard & Sign Supply, Inc. was founded four years ago by Walter Johnson. The company specializes in providing locations for sign and billboard advertising and has recently begun to enter...
-
Henrico Retail, Inc. is a first year audit client. The audit partner obtained the following description of the sales system after recently meeting with client personnel at the corporate office....
-
After being in business for only two years, Your1040Return.com has quickly become a leading provider of online income tax preparation and filing services for individual taxpayers. Steven Chicago...
-
Continuing problem 6, CardioMeds cost accountants have identified cost totals for the periods production support activities and other overhead. The table below provides this information, along with...
-
Which are the two fundamental decisions associated with inventory valuation of a manufacturing firm? What are the key questions they answer?
-
Which are the main cost types in inventory valuation for manufacturing companies? What are the criteria for their classification?
Study smarter with the SolutionInn App