International Accounting and Reporting Issues - 2012 Review

image of International Accounting and Reporting Issues - 2012 Review
This publication provides an overview of major trends and challenges on regulatory and institutional developments at global, regional and national levels. It also discusses some of the major challenges such as a need to develop mechanisms to ensure consistent application of international standards and monitoring of compliance, with a higher demand for non-financial reporting and a greater pressure for stakeholder coordination at all levels. Case studies on financial reporting aspects include one on Romania and one on Turkey. Also included are four case studies on non-financial reporting aspects on Romania, corporate climate change-related reporting, Japan disclosure, and stock exchanges role in reporting developments. More case studies cover the human capacity aspect on the training of professional accountants and on professional accounting qualification systems.



Non-financial reporting

Whether we like it or not, we are all born on this planet, being part of the great human family, and each one of us has the same right to live in a clean environment and to be healthy, while having the mission to leave behind a legacy untainted by own actions. In this context, the business community acknowledges and gradually accepts the need to implement a social and environmental policy. Environmental protection is no longer considered an area reserved exclusively for Government and community, but rather the common responsibility of several interest groups; companies, financial institutions, managers, creditors, contractors, customers and the public. Financial consequences, Environmental responsibilities and the risk of destroying a company’s reputation are good reasons to adopt standards of ethical responsibility and environmental protection in each company. Civil society requires in turn to be consulted by industry actors, and organizations are more often asked to make public their standards of ethical conduct and the financial statements or market values. Certain industrial sectors are particularly sensitive to public opinion, in a world where communication is global and instantaneous.


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