PACC6005: Financial Accounting 3
财务会计作业代写 As a recent accounting graduate, you have just joined the reporting unit of a company listed on the Australian Securities Exchange
Trimester 1, 2023: Assignment 2
Due Date: 06 April 2023, Thursday, 23.59 AEDT Assessment Weight: 25%
Task: This assessment is an individual task in which the student is required to write a report on a topic included in this paper.
Total Marks: 25 marks (25% of total assessment).
Reading Materials: Journal Articles
Submission : Online submission through Blackboard.
Submission Guidelines: 财务会计作业代写
Assignments must be submitted by the due date.
Students should include the cover page designed by the University of Newcastle with the assignment.
All assignments must be submitted online. Submissions via email will not be accepted.
Assignment must be typed, and submission file should be in word. Each page of the assignment should be numbered.
Whenever necessary assignment must be properly referenced, and referencing should follow American Psychological Association (APA) 6th edition style.
Extensions of Submission Date:
All requests for extensions must be submitted through adverse circumstances
application before the assignment submission due date.
Late Submission:
The mark for an assessment item submitted after the designated time on the due date, without an approved extension of time, will be reduced by 10% of the possible maximum mark for that assignment item for each day or part day that the assessment item is late.
Note that this applies equally to week and weekend days. 财务会计作业代写
As a recent accounting graduate, you have just joined the reporting unit of a company listed on the Australian Securities Exchange (ASX). Your supervisor approaches you with your first assignment and sends you the following materials extracted from an article (Eccles & Serafeim, 2011) to read:
During the past two decades, there have been many ideas for improving business reporting, and nearly all of them focus on the importance of companies providing more nonfinancial information. One reason for the growth in disclosure of nonfinancial information is that the percentage of an entity’s market value that can be attributed to tangible assets has diminished from about 80% in 1975 to less than 20% in 2009. A 2003 Institute of Chartered Accountants of England and Wales white paper analysed 11 initiatives to reform reporting and reached the following conclusion:
“None of these models, whatever their merits, has so far succeeded in commanding general support. ” 财务会计作业代写
But if no framework for nonfinancial reporting has risen to the level of International Financial Reporting Standards (IFRS) or U.S. Generally Accepted Accounting Standards (GAAP), an increasing number of companies have been experimenting with more effective disclosure of nonfinancial information. According to CorporateRegister.com, a data repository with over 35,000 reports from 8,220 different companies in 168 countries, almost 5,400 reports containing sustainability and other nonfinancial information were published in 2010.
In addition to voluntary nonfinancial reporting by companies, other initiatives have been launched to push the development of more rigorous and systematic reporting of nonfinancial information. For example, South Africa has mandated “integrated reporting”—specifically, a single report that combines information on the company’s financial performance with information on its nonfinancial performance. In 2010, the Johannesburg Stock Exchange (JSE) codified the King III recommendations by amending its listing rules to require approximately 450 listed companies either to produce an integrated report in place of their annual financial and sustainability reports or to explain why they are not doing so.
Another example is the United Nations Principles for Responsible Investment’s (UNPRI) Sustainable Stock Exchange Initiative.
This initiative is aimed at exploring how exchanges, investors, regulators, and companies can work together to improve disclosure of ESG performance and encourage long-term approaches to investment. Emerging market exchanges are leading the way in terms of implementing sustainability disclosure and other measures to enhance corporate sustain-ability reporting of listed companies. For example, exchanges in Brazil, China, Egypt, India, Indonesia, Malaysia, and South Africa have all issued ESG disclosure rules in recent years.
In January 2011, a coalition of investors wrote to the CEOs of 30 stock exchanges to demand that sustainability reporting be embedded within listing rules and that listed companies put a forward-looking sustainability strategy to vote at their annual general meeting. The letter also sought opinions on, among other things, how companies should be integrating sustainability into long-term strategic decision-making and encouraging companies to undertake integrated reporting.
Reference:
Eccles, R. G., & Serafeim, G. (2011). Market interest in nonfinancial information. Journal ofApplied Corporate Finance, 23(4), 113-128. 财务会计作业代写
In addition, you also find the following information from the website of SCHRODERS:
“There had been increasing market debate on sustainability performance before the Covid- 19 crisis struck. Some took the view that sustainable investing was simply a luxury to be indulged in during a bull market, rather than a way to generate above-market returns throughout the market cycle. Recent market volatility has offered an opportunity to test our theory of sustainable investing during a sharp market drop and a similarly swift rebound. The results are noteworthy. ”
(Available at: https://www.schroders.com/en/insights/economics/how-have-sustainable- companies-performed-during-the-covid- 19-crisis/)
Required:
Write a report (maximum 2000 words) to discuss the economic consequences of nonfinancial information reporting. In your report, you are required to:
Identify and discuss the nature of nonfinancial information.
Identify and discuss of the nature of economic consequences.
Discuss how nonfinancial information should be reported. 财务会计作业代写
Integration of the discussion of these two concepts and discussion of economic
consequences of the nonfinancial information reporting.
Discussion of COVID-19 effects of the sustainable firms.
Guidelines for the report: 财务会计作业代写
- Lookfor UoN library for the research articles regarding the economic consequences of nonfinancial information.
- Nonfinancialinformation includes corporate social responsibility reporting/performance (CSR), environmental, social and governance (ESG) reporting/performance, environmental reporting/performance, social reporting/social performance, financial inclusion reporting, green banking disclosures.
- Economic consequences mean capital market and debt market impact of the information.
Note: Where you refer to the accounting standards, textbook, website or other resources you will need to include APA referencing. You should include a reference list at the end of your assignment.
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