Lit 10: Responsible Accounting & Controlling Systems
22 important questions on Lit 10: Responsible Accounting & Controlling Systems
What is stakeholder accountability?
What is organisational accountability?
What are the most important qualitative characteristics of accounting data?
2. Reliability (verifiability and neutrality of the data)
3. Comparability (to the market and in terms of time consistency)
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What are the 4 key concepts of accounting?
2. The going concern
3. The unit of measure
4. The reporting period
What are ethics of accounting?
What is responsible accounting and controlling?
In what ways are business, the government and society a key driver in sustainability accounting?
2. Government: increase in business legal responsibility and global/national economy externalities valuation
3. Society: increases in power of lobbying groups, enhanced awareness of interconnectedness, impact, and moral responsibilities of businesses/society
What are the main incentives for sustainable accounting and reporting?
2. The possibility to track and manage the energy and material utilisation better
3. Gain a better image with customers, employees and local communities because of the accurate information you provide
What are the perceived downsides of sustainable accounting and reporting?
2. Inadequate information systems in place
3. Lack of standards
4. Insufficient information
What are the main objectives of sustainability accounting and reporting?
2. Management control - focus on organisational transformation
What are the 4 types of goods and resources?
2. Contestable resources - excludability, no rivals
3. Common property resources - no excludability, rivals in use
4. Private goods - excludability, rivals in use
What are the solutions to the tragedy of the commons?
2. Micro level: make benefits of public goods quantifiable to aid the valuation of creation activities
What are the key factors of the sustainable accounting and reporting process?
2. Trying to include a broad range of stakeholders, and not just focus on the shareholders
3. This form of accounting is voluntary, and is not regulated by law
What are the main costing models that determine how social and environmental performance is recorded?
2. Activity-based costing
3. Life-cycle assessment
4. Natural capital inventory accounting
What is social return for investment?
What are the different GRI application levels?
B - intermediate reporting. Companies that have already established certain policies for their sustainability performance, and which are required to report on at least 20 performance indicators
A - advanced reporting. Company has thoroughly assessed the materiality together with the stakeholders, and should report on all core performance indicators
What is integrated reporting?
What are the requirements of integrated reporting?
2. Connectivity of information
3. Future orientation
4. Responsiveness and stakeholder inclusiveness
5. Conciseness, reliability and materiality
What are the relevant capitals that businesses rely on according to the international integrated reporting council?
2. Manufactured capital
3. Human capital
4. Intellectual capital
5. Natural capital
6. Social capital
What is ethical accouting?
What 4 tasks must accounting engage in, in the control phase?
2. The formal examination of results, processes and inputs
3. The facilitation or criticising of management decisions based on the executed examination
4. The provision of support for communication review of reports
What is responsible management dashboard?
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