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Mandatory Nonfinancial Reporting in the EU: Implications for U.S. CPAs

The CPA journal (1975), 2018-07, Vol.88 (7), p.58-60

COPYRIGHT 2018 New York State Society of Certified Public Accountants ;ISSN: 0732-8435

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  • Title:
    Mandatory Nonfinancial Reporting in the EU: Implications for U.S. CPAs
  • Author: Weber, Jessica ; Pippin, Sonja ; Vreeland, Jannet ; Wong, Jeff
  • Subjects: Accountants ; Accounting ; Annual reports ; Assurance services ; Auditors ; Audits ; Disclosure ; Employees ; Financial statements ; Human rights ; Insurance companies ; Laws, regulations and rules ; Management reports ; Multiculturalism & pluralism ; Public interest ; Responsible persons ; Social responsibility
  • Is Part Of: The CPA journal (1975), 2018-07, Vol.88 (7), p.58-60
  • Description: [...]of new regulation in the European Union (EU), in 2018 many companies will issue their first annual reports containing mandatory nonfinancial disclosures. According to this study, the key areas that exhibit differences across the EU are as follows: n The EU outlines that companies subject to the directive meet certain size criteria and be either banks, insurance companies, or other "public interest" entities. U.S. companies may not be aware of this requirement and may not know what kind of penalties would be imposed upon them for not providing the report. Because auditors of the financial statements will likely be responsible for this, they need to make sure that their clients are in compliance. With more international companies now issuing nonfinancial reports, auditors can help their clients improve the credibility of their nonfinancial reports by validating the contents. [...]companies (with help of their accountants and auditors) can differentiate themselves by not only broadcasting how they address environmental, social, human rights, anticorruption, and diversity issues, but also enhancing the credibility through the provision of external assurance.
  • Publisher: New York: New York State Society of Certified Public Accountants
  • Language: English
  • Identifier: ISSN: 0732-8435
  • Source: ProQuest Central
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