Professional Documents
Culture Documents
HODGSON
HOLMES
TARCA
CHAPTER 14
EMERGING ISSUES IN
ACCOUNTING AND AUDITING
XBRL
XBRL = Extensible business reporting language
Allows financial information to be presented
in an interactive way that in turn allows
individual items of data to be extracted by
software to produce reports custom designed
by individual users
SEC (2008)
500 of largest US companies
2009 financial reports
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XBRL
XBRL will loosen the control managers
currently have on data aggregation decisions
and place their performance under greater
scrutiny
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Sustainability accounting,
reporting and assurance
Companies are issuing sustainability reports
Sustainability accounting is a subset of social
accounting
Sustainability can be regarded as meeting the
needs of the present without compromising
the ability of future generations to meet their
own needs
environmental protection
justice between peoples and generations
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Recent developments in
sustainability reporting
Global reporting initiative (2006)
Accounting for carbon emissions
Sustainability reports are increasingly being
either audited or reviewed by independent
auditors
companies with the most to gain from increasing
the credibility of their reports are more likely to
seek assurance
little authoritative guidance
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Trends in sustainability
reporting
Some companies are now seeking assurance
for their sustainability reports
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Summary
One of the major influences on accounting
and auditing practice and research is the
growing internationalisation of accounting
and auditing standards
There have been recent developments in
sustainability reporting and assurance
Water accounting and greenhouse gas
emission accounting are new developments
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XBRL
Sarbanes-Oxley Act 2002
Fair value accounting and the GFC
Auditors and the GFC
Convergence project
Sustainability accounting and assurance
Water accounting
Greenhouse gas emission accounting
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