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會計專業Proposal范文

時間:2010-09-22 10:04來源:會計課程作業 作者:留學生作業 點擊:
會計專業Proposal范文 Research on the Environmental Risk Disclosure of the corporation

會計專業Proposal范文

Research on the Environmental Risk Disclosure of the corporation

1. Background of the research
Threats to the environment ranging from global warming to hurricanes, from deforestation to eco-system disruption, from terrorist attacks to industrial accidents, have been at the forefront of international debates and have also attracted a lot of public attention. According to scientists, increased industrialization has been a major contributor to the escalating environmental destruction witnessed today (Wikipedia, 2005). This has increased pressure on companies to be more responsible and accountable in the ways they operate. Thus, the basket of business risks to be managed is becoming more complex (Courtnage, 2001).

Due to increased pressure from governments and the market, coupled with the high costs (legal, economic and reputational) that result from environmental risks, businesses disclose, or are required to disclose, both actual and potential environmental risks arising from their operations and the measures they are taking to manage them. Transparency in environmental risk issues has become a critical component of corporate strategy (Anderson, 2002).

In endeavoring to attain their http://www.grlmh.club/Accounting_Essay/strategic objectives, to minimize damage to the environment in the future, and to assist in correcting legacies from the past, many companies have decided to disclose their environmental risk and risk management information voluntarily. They do this to reassure investors and other stakeholders that the organization’s long term objectives remain unaltered (Andrea et al, 1995). Research on how companies disclose risk information in their annual reports has highlighted the inadequacy, the ambiguity, and the lack of quantification of voluntary risk information (Lajili and Zeghal, 2005).

Voluntary risk reporting has also been criticised for insufficient forward looking information, which would enable stakeholders to make an informed assessment of a company’s performance (Dobler, 2005). To address the shortcomings of voluntary risk reporting and hence reduce information asymmetries, there has been a call for more formalized and comprehensive risk disclosures. This includes the recommendation of an accounting standard on risk reporting (Linsley and Shrives, 2000, 2003). These suggestions have lead to a paradigm shift – risk disclosure should be made mandatory, rather than it being left as voluntary, so that the quantity and quality of risk information reported will come up to the required level.

Countries are responding to this shift by enacting laws and formulating accounting standards to make risk reporting mandatory. Led by Germany, which was a forerunner in mandating risk reports, other European countries are following suit. In the European Community, risk reporting regulations similar to those in Germany, have been imposed. It has been stated that ‘By 2005, firms and Groups have to disclose the principle (sic) risks and the uncertainties they face’ (Dobler, 2005:2). Legislation requiring UK companies to disclose risk related information with effect from 1 April 2005 has been enacted (Department of Trade and Industry, 2004). However, the move from voluntary to mandatory risk disclosure has led to a questioning of the effectiveness of mandatory requirements as instruments for increasing disclosure of companies’ risk information.



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