Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780134128528
Author: Karen W. Braun, Wendy M. Tietz
Publisher: PEARSON
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Textbook Question
Chapter 15, Problem 5QC
(Learning Objective 2) What is the current status of sustainability reporting in the United States?
- a. The SEC requires that publicly traded companies disclose any material information to prevent misleading the readers of financial statements.
- b. Sustainability reporting using the GRI G4 reporting guidelines is required for all companies doing business in the United States, regardless of size.
- c. All companies listed on the New York Stock Exchange (NYSE) must issue sustainability reports using the NYSE’s sustainability reporting guidelines.
- d. Sustainability reporting using the GRI G4 reporting guidelines is required for all publicly traded companies.
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Students have asked these similar questions
Which of the following is an international organization that develops and encourages the use of sustainability reporting standards?
a.
Global Reporting Initiative
b.
Financial Accounting Standards Board (FASB)
c.
United Nations
d.
International Accounting Standards Board (IASB)
Which statement is most TRUE regarding
Corporate Social Responsibility (CSR)
Reporting as of April, 2022?
[Most choices are blatantly, outrageously
false. This is a fluid area so next year the
answer may be different]
a. In the U.S., the PCAOB exercises
responsibility for setting CSR standards.
b. There are no requirements for CSR
Reporting for publicly-traded U.S.
companies
c. In the U.S., the SEC has delegated
standard-setting for CSR to the AICPA.
d. The FASB has agreed to endorse the use
of IASB standards, by U.S. companies, for
their CSR reports
E2
global accounting standards are compelling. High quality standards by companies throughout the world has the potential to improve the comparability and transparency of financial information,
List different types of accounting standards
In the U.S., Generally Accepted Accounting Practices (GAAP) are the standard. In 2002, the European Union adopted IFRS Standards. Differentiate between GAAP and IFRS
According to Ann Tarca (2012) “The Case for Global Accounting Standards: Arguments and Evidence” indicate several benefits in considering IFRS by the organization . Read the attached journal in the moodle and summarize the answers in your own words
IFRS and Market Effciency
IFRS and Economic development
Chapter 15 Solutions
Managerial Accounting (5th Edition)
Ch. 15 - (Learning Objective 1) Which of the following is...Ch. 15 - (Learning Objective 1) Which of the following...Ch. 15 - Prob. 3QCCh. 15 - Prob. 4QCCh. 15 - (Learning Objective 2) What is the current status...Ch. 15 - (Learning Objective 2) Which of the following...Ch. 15 - Prob. 7QCCh. 15 - Prob. 8QCCh. 15 - Prob. 9QCCh. 15 - Prob. 10QC
Ch. 15 - Prob. 15.1SECh. 15 - Identify aspects within each G4 category on a GRI...Ch. 15 - Identify aspects within each G4 Social subcategory...Ch. 15 - Prob. 15.4SECh. 15 - Prob. 15.5SECh. 15 - Prob. 15.6SECh. 15 - Define key sustainability terms (Learning...Ch. 15 - Prob. 15.8SECh. 15 - Prob. 15.9AECh. 15 - Prob. 15.10AECh. 15 - Prob. 15.11AECh. 15 - Prob. 15.12AECh. 15 - Prob. 15.13AECh. 15 - Sustainability and cost behavior (Learning...Ch. 15 - Prob. 15.15AECh. 15 - Prob. 15.16AECh. 15 - Sustainability and budgeting (Learning Objective...Ch. 15 - Prob. 15.18AECh. 15 - Prob. 15.19AECh. 15 - Sustainability and capital investments (Learning...Ch. 15 - Sustainability and the statement of cash flows...Ch. 15 - Prob. 15.22AECh. 15 - Prob. 15.23BECh. 15 - Prob. 15.24BECh. 15 - Prob. 15.25BECh. 15 - Prob. 15.26BECh. 15 - Sustainability and process costing (Learning...Ch. 15 - Prob. 15.28BECh. 15 - Sustainability and CVP concepts (Learning...Ch. 15 - Prob. 15.30BECh. 15 - Prob. 15.31BECh. 15 - Prob. 15.32BECh. 15 - Prob. 15.33BECh. 15 - Sustainability and capital investments (Learning...Ch. 15 - Prob. 15.35BECh. 15 - Prob. 15.36BECh. 15 - Prob. 15.37APCh. 15 - Prob. 15.38APCh. 15 - Prob. 15.39BPCh. 15 - Prob. 15.40BPCh. 15 - Each year for the past six years, Caesars...Ch. 15 - Discussion Questions 1. Pressure to become more...Ch. 15 - Corporate Sustainability Reports Note: In the...Ch. 15 - Sustainability and investment choices...Ch. 15 - Ethics of internal sustainability reporting...Ch. 15 - FirstEnergy and its sustainability report...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following items (correctly describes an important difference (in most countries and business environments) between traditional financial reporting and corporate sustainability reporting? a. Corporate sustainability reporting is required, while traditional financial reporting is not required. 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. 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. d. None of these.arrow_forward#4 of 9 The SASB D a. requires companies to provide information to replace certain financial statements. O b. standards must be followed by all businesses in the United States. O c. was organized in 1971. O d. developed accounting standards that help companies report decision-useful sustainability information to externarrow_forwardActing and Reporting on Sustainability Sustainability and the environment are topics of increasing importance in business and society today. Locate an article that profiles an organization from one of the sectors we have studied in this course (governments, not-for-profit organizations, and colleges or universities) and how that organization is addressing and reporting their activities related to sustainability. What can you learn about the organization’s commitment to sustainability from their financial statements and reporting? (Note: This may require more research than just one article.) Compare your findings to those of your classmates. What conclusions can you draw from the information shared?arrow_forward
- TUTORIAL QUESTIONS b) The CSR is a concept whereby companies integrate social & environmental concerns into their business operations and in their interaction with their shareholders on a voluntary basis (European Commission, 2001). Required: Based on your view, discuss FOUR (4) benefits of CSR. c) A study conducted by Thompson & Zakaria (2004) addressed that 209 out of 257 companies in Malaysia have made some form of CSR disclosure. Required: Based on the findings in the above articles, justify FOUR (4) reasons of some companies for NOT reporting the CSR.arrow_forwardWhat is sustainability accounting and why has the practice of sustainability reporting (and assurance) varied around the world? How does sustainability reporting relate to social accounting?arrow_forwardWhy do corporations want to establish a sustainability report? What types of information should such a report contain?arrow_forward
- From a Corporate Governance perspective discuss the potential impact on Barita’s business after receiving an A-rating from the PSOJ and JSE.arrow_forwardWhich of the following statements is correct about the Global Reporting Initiative (GRI)? a) Only US companies are required to file a report based on the GRI. b) Its sole focus is on the shareholders of the company. c) Only corporations that have previously gotten in trouble and are on probation are included on GRI. All publicly traded companies are required by law to report based on the GRI (p standards. e) It facilitates companies to report on social, environmental, and economic performance.arrow_forwardThe CSR is a concept whereby companies integrate social & environmental concerns into their business operations and in their interaction with their shareholders on a voluntary basis (European Commission, 2001). Required: Based on your view, discuss FOUR (4) benefits of CSR. A study conducted by Thompson & Zakaria (2004) addressed that 209 out of 257 companies in Malaysia have made some form of CSR disclosure. Required: Based on the findings in the above articles, justify FOUR (4) reasons of some companies for NOT reporting the CSR.arrow_forward
- There are several organizations making standards for companies to follow when making Sustainability Reports. From the list below choose the two (2) organizations that make rules for preparing Sustainability Reports. O FASB O SASB GRI O AACSBarrow_forwardhe UK regulatory framework related to environmental sustainability that affects your selected business and how it applies to it.arrow_forwardReview the new revenue recognition guidance issued by the Financial Accounting Standards Board http://www.fasb.org/jsp/FASB/Page/ImageBridgePagecid=1176169257359 and answer the following questions. What is the new standard as of ASC 606? What does that mean to you? What are the recommended steps companies should follow to achieve the core principle? How does this change current GAAP standards? Who is required to adhere to this new standard?arrow_forward
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