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Professional Paper P2

Corporate Reporting (International and UK )

1:Financial reporting framework

National Listing Rules to be complied with by listed companies.Listed companies have complied with IAS since 2005.

Stock Exchange National laws Take precedence over IFRS/IAS

OECD

Undertakes its own research into accounting standards, via

ad hoc working groups,

issuing guidelines for

members

Conceptual framework – a statement of generally accepted theoretical principles which form the

frame of reference for financial reporting.

IASB Conceptual Framework

The IASB Framework for the Preparation and Presentation of Financial Statements was produced in 1989 and is gradually being replaced by the new Conceptual Framework for Financial Reporting.

It is a joint IASB/FASB project and is being produced in phases.

Phase 1:Chapters 1 and 3, published in September 2010

– Chapter 1:The objective of general purpose financial reporting

– Chapter 3:Qualitative characteristics of useful financial information

Chapter 2 The Reporting Entity has not yet been published and is still an ED

Chapter 4 includes the remaining chapters of the 1989 Framework:

– Underlying assumption

– The elements of financial statements

– Recognition of the elements of financial statements

– Measurement of the elements of financial statements

– Concepts of capital and capital maintenance

2:Professional and ethical duty of the accountant

Lack of objective standards

Non-cognitivism – no possibility of acquiring objective knowledge of moral principles.

Moral relativism – right and wrong are culturally determined.

Objective standards

Cognitivism – objective, universal principles exist and can be known, ethics can be regarded as absolute.

Pluralism

Different views may exist but it should be possible to

Egoism

Act is ethically justified if decision-makers pursue short-term desires or long-term interests (justification Teleological Consequentalist ethics

Deontological ethics

Moral judgements based on outcomes or

consequences.Utilitarianism means acting for the greatest good to the greatest number.

Kant stated that acts can be judged in advance by moral criteria:

Do what others should be doing

Treat people as autonomous beings and not as means to an end

Act as if acting in accordance with universal laws

National and cultural beliefs

Differences lie in four main areas.

Role of individual v collective good

Acceptance of power distribution

Desire to avoid uncertainty

Masculinity v femininity (money/possessions v

people/relationships)

Psychological factors

Focus is on how people think and how they decide

what is morally right and wrong.

Moral development

Locus of control

Education and employment

People’s education/work background seems to be more

significant with globalisation.

Influence individuals believe they have over their own

lives.

Internal– individuals have significant influence

External – lives shaped by luck/ circumstances

Ethics

Not necessarily enforced by law A code of moral principles that people follow with respect to what is right or wrong Personal ethics – eg deriving from upbringing or political or religious beliefs

Professional ethics – eg medical ethics

Organisation culture

Organisation systems – may be in a formal code reinforced by the overall statement of

values Ethical systems

Two approaches Compliance based – ensures that the company acts within the letter of the law.Violations are prevented, detected and punished. Integrity based – combines a concern for the law with an emphasis on managerial responsibility for ethical behaviours.Strives to define companies’guiding values, aspirations and

pattern of thought and conduct.

Ethics are most likely to be considered in the context of the accountant’s role as adviser to the directors.

Question 1,the case study,nearly

always involves an ethical dilemma

relating to ‘creative’accounting.

3:Environmental and social reporting

Environmental accounting

Environmental issues are likely to have a growing impact on business in the future due to forthcoming legislation, consumer pressure and so on.

What is environmental accounting?

Recognising and seeking to mitigate the negative environmental effects of conventional accounting practice

Separately identifying environmentally related costs and revenues within the conventional accounting systems

Taking active steps to set up initiatives in order to ameliorate existing environmental effects of conventional accounting practice

Devising new forms of financial and non-financial accounting systems, information systems and control systems to encourage more environmentally benign management decisions

What is environmental reporting?

Developing new forms of performance

measurement, reporting and appraisal for both

internal and external purposes

Identifying, examining and seeking to rectify areas

on which conventional (financial criteria) and

environmental criteria are in conflict

Experimenting with ways in which sustainability

may be assessed and incorporated into

organisational orthodoxy

Impact on financial statements

No disclosure requirements relating to environmental

issues at present.Some companies adopt voluntary

disclosures (descriptive and unquantified) in the

following areas.

Contingent liabilities

Exceptional charges

Management Commentary comments

Profit and capital expenditure forecasts

IAS 37 Provisions, contingent liabilities and contingent

assets(see Chapter 9) addresses environmental

liabilities (including site restoration costs). Questions on environmental accounting are a good bet – you can always write something!

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