Advanced financial reporting Essay Example | Topics and Well Written Essays - 3000 words

Advanced financial reporting - Essay Example Also, it includes comprehensive description of disclosures that ought to be given in an annual report that gives a transparent, true and fair picture of company’s performance to existing and potential investors. After this follows second question which focuses on comparison between voluntary and mandatory guidelines in respect of environmental reporting. It requires detailed discussion about effectiveness of both guidelines and what advantages and disadvantages does their compliance offer for a company. The last question inquires about the current and proposed programmes to be effective in future relating to environmental compliances and regulations and how they might be helpful in ensuring better transparency and clarity of environmental reporting. Further the discussion entails about corporate measures that organizations should use to become alert and informed about regulations which are applicable in their case, about amendments therein and strategies to comply with them ad equately. Finally, the paper closes with concluding statements about how companies should be more environmentally responsible in its operations and true in provision of its facts and disclosures in annual reports for its shareholders and potential investors. ... Therefore, they take reasonable steps to mitigate harmful and adverse effects to acceptable levels. Some examples of environmental footprints include water spills, contamination, poisonous wastages and leakages, air pollution, carbon emission, greenhouse gas emission etc. Regulatory bodies and environmental authorities have been working constantly to make environmental laws and regulations stricter to protect public interests and give better picture to investors. Few mandatory guidelines have already been placed that are compulsory to be followed while other voluntary guidelines have been published for different industries to identify best benchmark practices which might be followed by entities on own motion to depict ‘greener’ reputation and public image to satisfy its members and potential investors. However, in order to ensure compliance with environmental frameworks, it is pivotal to be fully aware of all applicable regulations. Environmental risks can be mitigated t hrough establishment of Environmental Management System and allotment of a dedicated team responsible for addressing all environmental concerns. Furthermore, organizations must account for relevant environmental costs and provisions for future obligations such as dismantling, cleanup and litigation costs in its financial statements. Environmental reporting disclosures can be as comprehensive as an entity would consider adequate since only few mandatory regulations exist. Therefore, environment-friendly stance of any organization shall depend on how detailed are the disclosures provided by it in its annual report and accounts. Question 1 In view of the contents of the document provided and the materials covered in the module, does the annual report currently