Financial Accounting: Reporting, Analysis and Decision Making [5th ed.]

In recent years accounting education has seen numerous changes to the way financial accounting is taught. These changes reflect the demands of an ever-changing business world, opportunities created by new technology and instructional technologies, and an increased understanding of how students learn. The foundation of Financial Accounting is based on a number of unique principles and innovations in accounting education. The objective of Financial Accounting is to provide students with an understanding of those concepts that are fundamental to the preparation and use of accounting information. Most students will forget procedural details within a short period of time. On the other hand, concepts, if well taught, should be remembered for a lifetime. Concepts are especially important in a world where the details are constantly changing. Students learn best when they are actively engaged. The overriding pedagogical objective of Financial Accounting is to provide students with continual opportunities for active learning. One of the best tools for active learning is strategically placed questions. Discussions are framed by questions, often beginning with rhetorical questions and ending with review questions, and our analytical devices, called decision-making toolkits, use key questions to demonstrate the purpose of each.

Does the GRI influence sustainability disclosures in Asia-Pacific banks?

This article examines sustainability disclosures by the major banks in the Asia-Pacific region (the six largest banks from each of four countries: Australia, Japan, China and India) during the period 2005 to 2012. The findings show sustainability disclosures by banks that participate in the global reporting initiative (GRI) are significantly higher than disclosures by those banks that have not participated in the GRI. Amongst those banks that have participated in the GRI there is is a higher rate of disclosure by externally assured banks than by non-externally assured banks. Among the GRI

CSR in forest industry – Case study of reporting and implementation of social responsibility in three international companies

Corporate Social Responsibility (CSR) has become increasingly important topic in forest industries, and other global companies, in recent years. Globalisation, faster information delivery and demand for sustainable development have set new challenges for global companies in their business operations. Also the importance of stakeholder relations, and pressure to become more transparent has increased in the forest industries. Three dimensions of corporate responsibility economic, environmental and social, are often included in the concept of CSR. Global companies mostly claim that these dimensions are equally important. This study analyses CSR in forest industry and has focus on reporting and implementation of social responsibility in three international companies. These case-companies are Stora Enso, SCA and Sappi, and they have different geographical base, product portfolios and therefore present interesting differences about forest industry strategy and CSR. Global Reporting Initiative (GRI) has created the most known and used reporting framework in CSR reporting. GRI Guidelines have made CSR reporting a uniform function, which can also be measured between companies and different sectors. GRI Guidelines have also made it possible to record and control CSR data in the companies. In recent years the use of GRI Guidelines has increased substantially. Typically CSR reporting on economic and environmental responsibility have been systematic in the global companies and often driven by legistlation and other regulations. However the social responsibility has been less regulated and more difficult to compare. Therefore it has previously been often less focused in the CSR reporting of the global companies. The implementation and use of GRI Guidelines have also increased dialogue on social responsibility issues and stakeholder management in global companies. This study analyses the use of GRI´s framework in the forest industry companies´ CSR reporting. This is a qualitative study and the disclosure of data is empricially analysed using content analysis. Content analysis has been selected as a method for this study because it makes it possible to use different sources of information. The data of this study consists of existing academic literature of CSR, sustainability reports of thecase-companies during 2005-2009, and the semi-structured interviews with company representatives. Different sources provide the possibility to look at specific subject from more than one viewpoint. The results of the study show that all case-companies have relatively common themes in their CSR disclosure, and the differences rise mainly from their product-portfolios, and geographic base. Social impacts to local communities, in the CSR of the companies, were mainly dominated by issues concerning creating wealth to the society and impacting communities through creation of work. The comparability of the CSR reporting, and especially social indicators increased significally from 2007 onwards in all case-companies. Even though the companies claim that three dimensions of CSR economic, environmental and social are equally important economic issues and profit improvement still seem to drive most of the operations in the global companies. Many issues that are covered by laws and regulations are still essentially presented as social responsibility in CSR. However often the unwelcome issues in companies like closing operations are covered just briefly, and without adequate explanation. To make social responsibility equally important in the CSR it would demand more emphasis from all the case-companies. A lot of emphasis should be put especially on the detail and extensiveness of the social reponsibility content in the CSR.

Análise da Transparência Corporativa através dos Relatórios de Sustentabilidade com base na Global Reporting Initiative de Empresas do Setor Brasileiro de Energia Elétrica

Este estudo realizou um exame crítico sobre os relatórios de sustentabilidade, com base na Global Reporting Initiative (GRI), elaborados pelas empresas do setor de geração de energia elétrica por hidroeletricidade no Brasil e avaliou a significância destes documentos em prestar informações claras sobre a eficácia do desempenho socioambiental. Os estudos acadêmicos relacionados com os relatórios de sustentabilidade, e especificamente com os relatórios da GRI, demonstram que há problemas na qualidade da informação com relação à completeza, padronização e credibilidade do conteúdo, porém sem aprofundar nas causas potenciais. Trata-se de um estudo com abordagem quali-quantitativa, com o emprego de pesquisa do tipo descritiva e a utilização de procedimentos bibliográfico e documental, por meio de análise de conteúdo. A quantificação das evidências foi desenvolvida com base nas informações contidas nos relatórios de sustentabilidade das empresas CPFL, EDP e Tractebel, que possuíam o nível mais alto de aplicação da GRI, associadas com as informações de seus desempenhos socioambientais disponíveis por outras fontes de consulta independentes. Os resultados da análise de conteúdo dos relatórios de sustentabilidade demonstraram que nenhuma das empresas atingiu o atendimento pleno de evidência da informação solicitada nas Unidades de Informação avaliadas. Esta constatação indica que todas as empresas avaliadas apresentaram falhas na validação das informações antes do início da elaboração propriamente dita do relatório, como determina a etapa de validação da GRI, sugerindo que os testes disponíveis nos princípios da GRI, provavelmente, não foram empregados ou foram adotados sem eficácia, afetando a qualidade da informação com relação à completeza e credibilidade do conteúdo. Questões que merecem ser aprofundadas em futuros trabalhos são: a influência dos limites da auditoria independente no resultado da verificação do relatório e a extensão da pesquisa de análise de conteúdo para outros setores industriais formados por grandes empresas e com elevado impacto ambiental potencial. O estudo contribui para o aumento de conhecimento sobre o tema, em destaque na atualidade, seja pelos esforços de normalização mundial do relatório de sustentabilidade GRI, e, principalmente, com a recomendação para o fomento destes relatórios incluída no documento final The Future We Want- O Futuro que Queremos da Conferência das Nações Unidas sobre Desenvolvimento Sustentável (Rio+20), no parágrafo 47, com potencial regulamentação brasileira compulsória dos mesmos.

Mired in the meaning: Sustainability in consultancy

This paper explores sustainability as it relates to the services, operations and management of engineering and design (E&D) consulting firms, revealing how sustainability has been adopted by the engineering consulting industry as a key influence on its business. The motivations behind sustainability as a business priority for E&D consulting do not appear to reflect a corporate belief or endorsement of sustainability principles, but rather a reflection of market, employee and government drivers. Through interview-based reporting, the implications of these motivations are the focus of this paper through an exploration of the meaning, understanding and operationalising of sustainability in engineering design, assessment of design and in-firm management and strategy.

Survival or Sustainability? Contributions of Innovatively-Managed News Ventures to the Future of Egyptian Journalism

In the repressive political climate prevailing in Egypt in 2013-15, news ventures aspiring to high standards of reporting were forced to innovate. This paper analyses three Egyptian start-ups that experimented with novel revenue streams and news services during that period, to gain insights into their approaches to managing journalism. In the process it compares different criteria for assessing sustainability and concludes that, in adverse political environments, narrow economic measures of profitability and survival may give a misleading picture as to the sustainability of the kind of journalism conducive to democratic practice. Operating collaboratively, transparently and ethically may slow productivity and profitability in the short term while laying stronger foundations for durable relations among media teams, as well as with readers and advertisers, in the long run.

Conceiving modern engineers within the framework of the sustainability action plan (PASUS) of ISEP: sustainability matters!

Engineering education practices have evolved not only due to the natural changes in the contents of the curricula and skills but also, and more recently, due to the requirements imposed by the Bologna revision process. In addition, industry is becoming more demanding, as society is becoming more and more aware of the global needs and consequences of industrial practices. Under this scope, higher education needs not only to follow but also to lead these trends. Therefore, the School of Engineering of the Polytechnic Institute of Porto (ISEP), a Global Reporting Initiative (GRI) training partner in Portugal, prepared and presented its Sustainability Action Plan (PASUS), with the main objective of creating a new kind of engineers, with Sustainable Development at the core of their graduation and MsC degrees. In this paper, the main strategies and activities of the referred plan along with the strategic approach, which guided its development and implementation, will be presented in detail. Additionally, a reflection about the above mentioned bridge between concept and application will be established and justified, in the framework of the action plan. Although in most of the situations, there was no prior discussion or specific request, many of the graduation and post-graduation programmes offered by ISEP already include courses that attend to PASUS philosophy. As a consequence, the number of Master thesis, Graduation projects and R&D projects that address sustainability problems has grown substantially, a proof that for ISEP community, sustainability really matters!

Environmental reporting in annual reports: an examination of Australian state government departments

The nature and extent of environmental reporting within the annual reports of four Australian state government departments over a six year period from 2000-2006 is examined in this study. The Victorian Government Department of Sustainability and Environment (DSE), the New South Wales Department of Energy, Utilities and Sustainability (DEUS), the South Australian Department for Environment and Heritage (DEH) and the Tasmanian Department of Primary Industries, Water and Environment (DPIWE) have been selected. These departments are responsible for environmentally sensitive areas such as conservation, water management and public land management. The nature of these areas is a factor which might potentially affect disclosure practices so it might be expected that these departments disclose more environmental information than departments in less environmentally and politically sensitive areas. These departments also have a number of politically active stakeholder groups, including Aboriginal communities and organisations, environmental groups and forest and timber industries. This study found a reduction in environmental reporting after a five year period of increases.

Measuring regional sustainability: lessons to be learned

Developing tools for measuring progress toward sustainability has proven a challenging task. Indicators offer an excellent means to explore the success or otherwise of management strategies. They also allow reporting social, economic and environmental aspects of sustainability. To ensure that the tools developed are effective in measuring the progress toward sustainable futures, an evaluation of the methods and the indicators used must be undertaken so that with progress there is learning and with the new knowledge methods can be redesigned to better advance sustainability. This paper discusses a study carried out in the south west region of Victoria, Australia, using indicators as the basis for developing a tool to measure progress toward sustainability. By evaluating the methods and indicators used in the study this paper provides an insight into the challenges encountered and the lessons learned. Issues explored include selecting indicators, collating data, integrating social, economic and environmental aspects of sustainability and using an adaptive approach.

Is the valuer the barrier to identifying the value of sustainability?

Purpose - Broad-scale investment in sustainability is limited due to the lack of evidence of the relationship between sustainability and the property’s market value. Although evidence is amassing and being analyzed through advanced modeling, this evidence is not being reflected in the valuation process. Valuers have a pivotal role in financial markets, in the reporting of asset values. Consequently, they are the current barrier in large-scale investment in sustainability, due to their lack of reporting or consideration of sustainability in the valuation process.

Design/methodology/approach - This research investigates, in the Australian context, whether valuers’ are incorporating sustainability as a consideration in the valuation process and their depth of reporting on it. Further, the research investigates whether valuers’ have the knowledge and skills to accurately report on sustainability in the valuation process. This research used an online survey to gather responses from valuers around Australia, using a combination of structured and semi-structured questions.

Findings - This paper has identified that valuers are identifying a value relationship between sustainability and market value, and clearly emphasizing that they are not the barrier to this relationship from a lack of inclusion in valuation practice. However, what this research has identified is that although valuers are acknowledging sustainability in their practice, they maybe inhibiting further investment in sustainability due to inaccurate or misjudged assessments of sustainability in valuations.

Practical implications - The research highlights the implications for the broader market and the valuation profession, as a result of the valuers’ current lack of knowledge, skills and ability to incorporate or consider sustainability in the valuation process. The potential for inaccurate knowledge regarding sustainability being incorporated in the valuation process is very high, and could potentially have litigious issues in the future.

Originality/value - The research has highlighted that although valuers are beginning to consider sustainability at some level in the valuation process, their current knowledge of sustainability and its implications to long term viability is limited and in some cases grossly inaccurate. Consequently, this research has identified there is an imperative requirement for investigation into appropriate, accurate knowledge development in the field of sustainability for the valuation profession.

Implementation of an audit with feedback knowledge translation intervention to promote medication error reporting in health care: a protocol.

BACKGROUND: Health professionals strive to deliver high-quality care in an inherently complex and error-prone environment. Underreporting of medical errors challenges attempts to understand causative factors and impedes efforts to implement preventive strategies. Audit with feedback is a knowledge translation strategy that has potential to modify health professionals' medical error reporting behaviour. However, evidence regarding which aspects of this complex, multi-dimensional intervention work best is lacking. The aims of the Safe Medication Audit Reporting Translation (SMART) study are to: 1. Implement and refine a reporting mechanism to feed audit data on medication errors back to nurses 2. Test the feedback reporting mechanism to determine its utility and effect 3. Identify characteristics of organisational context associated with error reporting in response to feedback METHODS/DESIGN: A quasi-experimental design, incorporating two pairs of matched wards at an acute care hospital, is used. Randomisation occurs at the ward level; one ward from each pair is randomised to receive the intervention. A key stakeholder reference group informs the design and delivery of the feedback intervention. Nurses on the intervention wards receive the feedback intervention (feedback of analysed audit data) on a quarterly basis for 12 months. Data for the feedback intervention come from medication documentation point-prevalence audits and weekly reports on routinely collected medication error data. Weekly reports on these data are obtained for the control wards. A controlled interrupted time series analysis is used to evaluate the effect of the feedback intervention. Self-report data are also collected from nurses on all four wards at baseline and at completion of the intervention to elicit their perceptions of the work context. Additionally, following each feedback cycle, nurses on the intervention wards are invited to complete a survey to evaluate the feedback and to establish their intentions to change their reporting behaviour. To assess sustainability of the intervention, at 6 months following completion of the intervention a point-prevalence chart audit is undertaken and a report of routinely collected medication errors for the previous 6 months is obtained. This intervention will have wider application for delivery of feedback to promote behaviour change for other areas of preventable error and adverse events.

A global sense of place: geography and sustainability education in a primary context

In this paper, I draw on Massey's conceptualisation of space and place and literature on children's geographies to argue for the importance of "a global sense of place" (Massey, 1991, p. 29) in geography (and sustainability) education. Reporting on interviews with six Victorian primary teaSustainability educationhers' and their conceptions and perceptions of geography, I contend that place in their imagining is commonly represented as bounded, contained and static. This is in contrast to Massey's understanding of place as immersed in global networks/processes, a product of interrelations and continuously changing. I conclude this paper by presenting an example of a primary unit that provides opportunities for students to develop an outward sense of place; one which foregrounds the interconnections and interdependence of places and processes.

Sustentabilidade organizacional: o processo de construção do Relatório de Global Reporting Iniciative (GRI) para a Unimed Bauru sob a ótica das Relações Públicas

The paper describes the ways of reporting business management, employing the model of sustainability report called the Global Reporting Initiative - GRI. This makes use of indicators based on the concept called Triple Bottom Line, which takes into account the economic, social and environmental. The study points out theoretical positions and concepts that have demonstrated an understanding of this issue and especially emphasizes the presence and experience of Public Relations in the environment of organizational communication, especially in the sphere of quality management activities, coupled with the operational processes and sustainable principles. The discussion is exemplified by a case study of quality management activities, coupled with the operational processes and sustainable principles. The discussion is exemplified by a case study of the Health Cooperative Medical Unimed Bauru that involves the process of preparing the report in GRI model of sustainability, held earlier in the year 2011

Environmental sustainability and the human element: Decision making in National Cancer Institute-designated cancer centers and Practice Greenhealth subscribing institutions

Background. Various aspects of sustainability have taken root in the hospital environment; however, decisions to pursue sustainable practices within the framework of a master plan are not fully developed in National Cancer Institute (NCI) -designated cancer centers and subscribing institutions to the Practice Greenhealth (PGH) listserv.^ Methods. This cross sectional study was designed to identify the organizational characteristics each study group pursed to implement sustainability practices, describe the barriers they encountered and reasons behind their choices for undertaking certain sustainability practices. A web-based questionnaire was pilot tested, and then sent out to 64 NCI-designated cancer centers and 1638 subscribing institutions to the PGH listserv.^ Results. Complete responses were received from 39 NCI-designated cancer centers and 58 subscribing institutions to the PGH listserv. NCI-designated cancer centers reported greater progress in integrating sustainability criteria into design and construction projects than hospitals of institutions subscribing to the PHG listserv (p-value = <0.05). Statistically significant differences were also identified between these two study groups in undertaking work life options, conducting energy usage assessments, developing energy conservation and optimization plans, implementing solid waste and hazardous waste minimization programs, using energy efficient vehicles and reporting sustainability progress to external stakeholders. NCI-designated cancer centers were further along in implementing these programs (p-value = <0.05). In comparing the self-identified NCI-designated cancer centers to centers that indicated they were both and NCI and PGH, the later had made greater progress in using their collective buying power to pursue sustainable purchasing practices within the medical community (p-value = <0.05). In both study groups, recycling programs were well developed.^ Conclusions. Employee involvement was viewed as the most important reason for both study groups to pursue recycling initiatives and incorporated environmental criteria into purchasing decisions. A written sustainability commitment did not readily translate into a high percentage that had developed a sustainability master plan. Coordination of sustainability programs through a designated sustainability professional was not being undertaken by a large number of institutions within each study group. This may be due to the current economic downturn or management's attention to the emerging health care legislation being debated in congress. ^ Lifecycle assessments, an element of a carbon footprint, are seen as emerging areas of opportunity for health care institutions that can be used to evaluate the total lifecycle costs of products and services.^

The EU regime on biofuels in transport: Still in search of sustainability. Egmont Paper No. 68, July 2014

Like other regions of the world, the EU is developing biofuels in the transport sector to reduce oil consumption and mitigate climate change. To promote them, it has adopted favourable legislation since the 2000s. In 2009 it even decided to oblige each Member State to ensure that by 2020 the share of energy coming from renewable sources reached at least 10% of their final consumption of energy in the transport sector. Biofuels are considered the main instrument to reach that percentage since the development of other alternatives (such as hydrogen and electricity) will take much longer than expected. Meanwhile, these various legislative initiatives have driven the production and consumption of biofuels in the EU. Biofuels accounted for 4.7% of EU transport fuel consumption in 2011. They have also led to trade and investment in biofuels on a global scale. This large-scale expansion of biofuels has, however, revealed numerous negative impacts. These stem from the fact that first-generation biofuels (i.e., those produced from food crops), of which the most important types are biodiesel and bioethanol, are used almost exclusively to meet the EU’s renewable 10% target in transport. Their negative impacts are: socioeconomic (food price rises), legal (land-grabbing), environmental (for instance, water stress and water pollution; soil erosion; reduction of biodiversity), climatic (direct and indirect land-use effects resulting in more greenhouse gas emissions) and public finance issues (subsidies and tax relief). The extent of such negative impacts depends on how biofuel feedstocks are produced and processed, the scale of production, and in particular, how they influence direct land use change (DLUC) and indirect land use change (ILUC) and the international trade. These negative impacts have thus provoked mounting debates in recent years, with a particular focus on ILUC. They have forced the EU to re-examine how it deals with biofuels and submit amendments to update its legislation. So far, the EU legislation foresees that only sustainable biofuels (produced in the EU or imported) can be used to meet the 10% target and receive public support; and to that end, mandatory sustainability criteria have been defined. Yet they have a huge flaw. Their measurement of greenhouse gas savings from biofuels does not take into account greenhouse gas emissions resulting from ILUC, which represent a major problem. The Energy Council of June 2014 agreed to set a limit on the extent to which firstgeneration biofuels can count towards the 10% target. But this limit appears to be less stringent than the ones made previously by the European Commission and the European Parliament. It also agreed to introduce incentives for the use of advanced (second- and third-generation) biofuels which would be allowed to count double towards the 10% target. But this again appears extremely modest by comparison with what was previously proposed. Finally, the approach chosen to take into account the greenhouse gas emissions due to ILUC appears more than cautious. The Energy Council agreed that the European Commission will carry out a reporting of ILUC emissions by using provisional estimated factors. A review clause will permit the later adjustment of these ILUC factors. With such legislative orientations made by the Energy Council, one cannot consider yet that there is a major shift in the EU biofuels policy. Bolder changes would have probably meant risking the collapse of the high-emission conventional biodiesel industry which currently makes up the majority of Europe’s biofuel production. The interests of EU farmers would have also been affected. There is nevertheless a tension between these legislative orientations and the new Commission’s proposals beyond 2020. In any case, many uncertainties remain on this issue. As long as solutions have not been found to minimize the important collateral damages provoked by the first generation biofuels, more scientific studies and caution are needed. Meanwhile, it would be wise to improve alternative paths towards a sustainable transport sector, i.e., stringent emission and energy standards for all vehicles, better public transport systems, automobiles that run on renewable energy other than biofuels, or other alternatives beyond the present imagination.