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Chapter5ReportingandDisclosureDiscussionQuestionsAccountingmeasurementistheprocessofassigningnumericalsymbolstoeventsorobjects.Disclosure,ontheotherhand,isthecommunicationofaccountingmeasurementstointendedusers.Advancesinfinancialdisclosurearelikelytooutpacethoserelatedtoaccountingmeasurementforanumberofreasons.First,manywouldarguethatfinancialdisclosureisalesscontroversialareathanaccountingmeasurement.Second,changesindisclosurerequirementsaremorerapidlyimplementedthanchangesinaccountingmeasurementrules.Finally,whereasasinglesetofaccountingmeasurementrulesmaynotserveusersequallywellunderdifferentsocial,economicandlegalsystems,acompanycandisclosewithoutnecessarilysacrificingitsaccountingmeasurementsystem.Fourreasonswhymultinationalcorporationsareincreasinglybeingheldaccountabletoconstituenciesotherthantraditionalinvestorgroups:Thedevelopmentandgrowthoftheinfluenceoftradeunions.Thegrowingrecognitionoftheviewthatthosewhoaresignificantlyaffectedbydecisionsmadebyinstitutionsingeneralmustbegiventheopportunitytoinfluencethosedecisions.Therejectionbymanygovernmentsofclassicaleconomicpremisessuchasthebeliefthattheregulatedpursuitofprivategainmaximizessociety'swelfare.Theincreasingconcernoverthesocialandeconomicimpactofmultinationalcorporationsinhostcountries.Argumentsinfavorofequaldisclosureinclude:TheabsenceofequaldisclosurewouldcreateanunfairplayingfieldforU.S.companies.Non-U.S.companieswouldhaveacompetitiveadvantageinthattheywouldnothavetodisclosethesameinformationandsowouldnotincurthecostsinvolvedingeneratingandpublishingit.Investorsinnon-U.S.companieshavethesameinformationneedsasthosewhoinvestinU.S.companies.Amarketconcernedwithinvestorprotectionwouldmakesurethatinvestorshavetimelyandmaterialinformationonalllistedcompanies,notjustthosedomiciledintheUnitedStates.Unequaldisclosuremightimpedecross-companycomparisonsinvolvingU.S.andnonU.S.companies.Possiblereasonsagainstequaldisclosureinclude:ThehighcostofmeetingequaldisclosurerequirementsmaydeterforeignissuersfromlistingintheUnitedStates.Theextracostsinvolvedworkagainstthebenefitsoflistingtotheforeigncompanies.Evaluationofarguments:Alloftheseargumentshavemerit.Thereisnounambiguouslycorrectanswerastowhatdisclosurerequirementsshouldbeimposedonforeignissuers,andtherehasbeenacontentiousdebateonthissubjectintheU.S.inrecentyears.Inpractice,fairnessargumentsoftencarrygreatweightinpublicdebate,evenwhenobjectiveeconomicanalysisdoesnotsupportthem.ManagersinContinentalEuropeandinJapanhaveformanyyearsstronglyobjectedtodisclosinginformationaboutbusinesssegmentfinancialresults.Thesemanagershavearguedthattheinformationcanbeusedbytheircompetitors.Inaddition,ContinentalEuropeandJapanhavehadtraditionsoflowdisclosure.RequirementsfordisclosureaboutsegmentresultshavebecomemorestringentinJapan,France,andGermanyinresponsetostronginvestorandanalystdemandfortheinformation.Moregenerally,thethreecountriesarestrivingtoimprovethequalityoftheirfinancialreportingstandardsinordertoimprovethereputationandcredibilityoftheircapitalmarkets.Thesimpleansweristhatmandatorydisclosuresarecorporatedisclosuresmadeinresponsetoregulatoryrequirements(forexample,rulesissuedbynationalregulatorsorstockexchanges),andthatvoluntarydisclosuresarepurelydiscretionaryinnature.Thedistinctionbetweenmandatoryandvoluntarydisclosurescanbeambiguousinsomesettings,however.Forexample,therequirementthatU.S.companiesmustfileForm10-KswiththeU.S.SecuritiesandExchangeCommissionisstraightforward.However,measurementanddisclosureapproachesforsomeoftheitemsintheForm10-Karenot.Similarly,therearewidelydivergentviewsconcerningwhattypesofpressannouncementsaremandatoryversusvoluntary.Twopossibleexplanationsfordifferencesinmanagers'voluntarydisclosurepracticesare:(1)Managersinhighlycompetitiveindustriesmaybelessforthcomingthanmanagersinlesscompetitiveindustriesduetotheexpectedcostofreleasinginformationofpotentialusetotheircompetitors.(2)Managersareexpectedtobemoreforthcomingwhenthereisgoodnewstodisclose,thanwhenthereisbadnews,particularlywhenthenewscanbeexpectedtoaffectshareprices.Twoexplanationsfordifferencesinmanagers'mandatorydisclosurepracticesare:(1)Cross-jurisdictionaldifferencesindisclosurerequirements.(2)Differencesintheextentofcompliancewithdisclosurerulesduetocross-jurisdictionaldifferencesinenforcement.Triplebottomlinereportingreferstoreportingonacompany'seconomic,social,andenvironmentalperformance.Itisaformofsocialresponsibilityreportingdesignedtodemonstrategoodcorporatecitizenship.So-called“sustainabilityreportsareanincreasinglypopularmeansoftriplebottomlinereporting.Thereissubstantialvariationinsocialreportingtoday.Moreregulationwouldimprovecomparability,butitmightalsostiflereportinginnovations.Theusefulnessofsocialreportingtooutsideparties,particularlyinvestors,needstobedemonstratedbeforeimplementingmoreregulationforit.6.Oftenweexpecttoobservelessvoluntarydisclosurebycompaniesinemergingmarketcountriesthanbythoseindevelopedcountries:Equitymarketsarerelativelylessdevelopedinmanyemergingmarketcountries,resultinginlowertotaldemandforcompanyinformationbyinvestorsandanalysts.Inmanyemergingmarketcountries,mostfinancingissuppliedbybanksandinsiderssuchasfamilygroups.Thisalsoleadstolessdemandfortimely,crediblepublicdisclosure,andinthesemarketsenhanceddisclosuremayhavelimitedbenefits.Ingeneral,forthesamereasonsasinDiscussionQuestion7,weexpecttoobservefewerregulatorydisclosurerequirementsinemergingmarketcountriesthanindevelopedcountries.Theequitymarketsanddisclosurerequirementsinmanyemergingmarketcountriesarenotyetwelldeveloped,andaccountingandauditingsystemsinemergingmarketcountriesarelesswelldevelopedthaninmoredevelopedmarketcountries.Thetwobroadobjectivesofinvestor-orientedequitymarketsareinvestorprotectionandmarketquality.Intheabsenceofinvestorprotection,investorswillnotbewillingtoparticipateinamarket.However,intheabsenceofmarketquality,marketswillnotfunctionsatisfactorily.Manywouldconsidertheobjectivesequallyimportant.Itcertainlyispossiblethatmorerequireddisclosurewillfurtherencourageinvestorparticipationincapitalmarketsbyprovidingmoreandbetterinformationonwhichtobaseinvestmentdecisions.Benefitsofincreasedinvestorparticipationincludeincreasedliquidity,reducedtransactioncosts,andmoreaccurateandefficientmarketpricing.However,itcanalsobearguedthatinsomesituationsdisclosurerequirementsareexcessive.Inmarketswheredisclosurerequirementsareconsideredtoostringent,companiesmaybedeterredfrompubliclylistingtheirshares,andmaychoosetousesecondarymarkets(suchastheover-the-countermarketintheUnitedStates)thatlacktheinvestorprotectionsofregulatedstockexchanges,andwhichprovideinvestorswithlowerliquidityandhighertransactioncosts.Thus,morerequireddisclosureisnotnecessarilybetterthanless.Forecastsofrevenuesandincomearerelativelyuncommonbecausetherecanbelegalrepercussionsifforecastsarenotmet.Forecastsrelyonsubjectiveestimatesofuncertainfutureevents,makingthemunreliableinmanysituations.Vaguerformsofforwardlookinginformationaremorecommonthanpreciseforecasts.Forexample,directionalforecasts(upordown)ofrevenuesandincomearemorecommonthanrangeforecastswhichare,inturn,morecommonthanpreciseforecastsoftheseamounts.Corporategovernancereferstothestructureofrelationshipsandresponsibilitiesamongshareholders,boardmembers,andcorporatemanagers.Investorsandfinancialanalystsuseinformationaboutacompany'scorporategovernance(forexample,whetheranauditcommittee'smembersareindepentd,andresponsibilitiesandremunerationofboardmembers)tobetterassessthelevelofinvestorprotection(andtherefore,expectedcashflowstoinvestors)atthecompany.1.ExercisesTransparentfinancialreportingmeansthattimelyandaccuratedisclosuresaremadeonallimportantmattersaffectingacompany'fsinancialpositionandperformance.Itimpliesopenness,communication,andaccountability.Transparentfinancialreportingprotectsinvestorsbecausenothingishiddenfromthem.Investorscanbetterassesstherisksofowningsecuritieswheninformationistruthfulandcomplete.Transparentfinancialreportingalsoimprovesmarketquality.Itenhancesinvestorconfidence.Opencommunicationcreatesmarketsthatarefair,orderly,efficient,andfreefromabuseandmisconduct.ThefinancialreportingrequirementsontheHongKongExchangepromotetransparentfinancialreportingandtheyprotectinvestorsandpromotemarketquality.Forexample,theyrequireacompletesetofauditedfinancialstatements,includingabalancesheet,incomestatement,cashflowstatement,andexplanatorynotes.Substantialdisclosuresarealsorequired,includingsegmentsandforwardlookinginformationdiscussedinthechapter.Reportsmustincludeamanagementdiscussionandanalysis.AccountingprinciplesmaybeeitherHongKongFinancialReportingStandardsorInternationalFinancialReportingStandards.Bothsetsofstandardsareknownfortheirhighquality.AllreportsmustbeinEnglish.Therearerequirementsoncorporategovernance.Timelydisclosureofpricesensitiveinformationisrequired.Annualreportsmustbepublishedwithinfourmonthsofyear-endandhalf-yearlyreportsmustbepublishedwithinthreemonths.Overall,thereportingrequirementsaresubstantialandcomplete.ScheringAGprovidesaqualitativeforecastofone-year-aheadandtwo-year-aheadnetsales.One-year-aheadnetsalesareexpectedtoincreaseinthemidtohig“hsingle-digit”range.Fromthis,aninvestorwouldlikelyinfergrowthofbetween6and8percent.Two-year-aheadsalesareexpectedtoincreasefurther.Thus,thisforecastisdirectional(up).Therearesimilarforecastsofnetsalesforcertainproductsandforcertainregions.Forexample,Yasmin?isexpectedtoexperience“-ddigoituble”growth,whileBetaferon?isexpectedtogrowatsingle-digit”rates.NetsalesinEuropeareexpectedtogrowat-digit“m”riadtessin,gwlehilethoseintheUnitedStatesareforecasttobe“aboveaverage.”Scheringalsoforecastsanoperatingmarginof18percentforthenextyear.Thisisapreciseforecast.Thereisnoforecastofnetincome.Investorsshouldfindthisinformationuseful,butspecificgrowthpercentageswouldbeevenuseful.Investorsareconcernedaboutacompany'sfutureprospects.Management'sexpectationsguideusersowfonrecasts.Investorswouldalsofindaforecastofnetincomeuseful.IFRS8requiresthatthefollowingitemsbedisclosedforeachreportablesegment:a.Profitorloss.b.Assets.c.Particularincomeandexpenseitemsifsuchmeasuresareregularlyprovidedtothechiefoperatingdecisionmaker.Reconciliationsofreportablesegmentrevenues,profitorloss,assets,andliabilitiestoconsolidatedtotals.(Areportablesegmentisanoperatingsegmentaboutwhichseparatefinancialinformationisavailablethatisevaluatedregularlybymanagementinassessingsegmentperformanceanddecidinghowtoallocateresourcestooperatingsegments.)Inadditiontotheaboveitems,informationmustalsobedisclosedabout:Revenuesderivedfromproductsorservices.Revenuesderivedfromcountries.Majorcustomers.Howoperatingsegmentsaredetermined.Lafargedisclosesthatitsreportablesegmentsareitsfourproductlines.Thecompanydisclosesalloftheitemsrequiredtobedisclosedbyreportablesegment.Operatingincome,assets,andindividualincomeandexpenseitemsarereported.Segmentrevenues,operatingincome,assets,andliabilitiesarereconciledtoconsolidatedtotals.Lafargealsodisclosesrevenuesbyselectedcountriesandregionsoftheworld.Inaddition,capitalexpenditureandcapitalemployedbyselectedcountriesandregionsaredisclosed.Thereisnoinformationaboutmajorcustomers,butLafargemayhavealarge,diversifiedcustomerbase.Overall,LafargecomplieswiththerequirementsofIFRS8andevengoesbeyonditsrequirementsinsomecases.a.Overallheadcounthasincreasedbetweenthetwoyears.Bothofitsdivisions(pharmaceuticalsand”presumablydiagnostics)showincreasedlevelsofemployment.WiththeexceptionofLatinAmerica,allregionsoftheworldalsoshowincreasedlevelsofemployment.Rocheattributestheseincreasestothefactthatithasbeenexpandingfasterthanitscompetitors.b.c.Regrettedlosses”refersto“fluctuationsnotinitiatedbyRoche,whoquitthecompanyontheirownaccord.Whiletheoverallpercentageofemployeeslost(has”in)creasedbetweenthetwoyears,thepercentageofregrettedlosseshasdecreased.Rochestatesthatit"placesahighvalueondiversityandseekstobenefitfromit?•••.'Rocheseemstohavehadsomesuccessinimprovingdiversityinthecompany.Rochenotesthatitemployspeoplefromover190countriesandthatthe336employeesinitsCorporateCentercomefrom23countries.Generalmanagersfromthelocalcountryhead60percentofitsaffiliates,andthetrendisrising.Datapresentedonwomenintheworkplaceallshowimprovements.Outsideinvestorsmayfindthisinformationusefulbecauseitspeakstothewelfareofcompanyemployees.Forexample,satisfiedemployeeswillworkhardertoachieveacompany'gsoalsthanunsatisfiedoneswill.Theinformationisalsousefulinjudgingwhethercompaniescomplywithemploymentlaws,suchasthosedealingwithnondiscriminatoryhiring.TheoverallconclusionisthatRoche'safetyrecordworsenedwhileitsenvironmentalrecordimproved.Safety:NotethatRoche'stotalnumberofworkdaysincreasedby17percent,whilethetotalnumberofemployeesgrewby6percent.Accidentsandothermeasuresofsafetycanbeexpectedtoincrease,butnotatrateshigherthanthese.Occupationalaccidentsincreasedby14percent,whilework-relatedaccidentspermillionworkinghoursdecreased3percent.Thesemeasuressuggestthataccidentratesareaboutthesamebetweenthetwoyears.Therewerenowork-relatedfatalitiesineitheryear.Workdayslostduetowork-relatedaccidentsincreasedby31percent,occupationalillnessesincreasedby60percent,illnessespermillionworkinghourincreased36percent,andworkdayslostduetooccupationalillnessesincreased42percent.Thesemeasuresindicateaworseningsafetyrecord.Transportaccidentpermetrictontransporteddecreased.Ingeneral,mostmeasuresgotworse.Environmental:Energyconsumptionincreasedby5percentandTOCt/yearincreased36percent.However,theotherpollutionmeasures(suchasCO2t/yearandNO2t/year)decreased.Figureslaterinthedisclosurecompareeco-efficiencymeasuresfor2005,2004,and1992.Long-termtrends(92/05)ofallmeasuresbesidetheoneforCO2showsignificantdecreases.Ingeneral,Roche'senvironmentalrecordhasimproved.a.AccordingtotheWebsite,theobjectiveoftheInternationalAuditingandAssuraneeStandardsBoard(IAASB)istoservethepublicinterestby:*setting,independentlyandunderitsownauthority,highqualitystandardsonauditing,qualitycontrol,review,otherassuranee,andrelatedservices,and*facilitatingtheconvergenceofnationalandinternationalstandards,therebyenhancingthequalityanduniformityofpracticethroughouttheworldandstrengtheningpublicconfidenceintheglobalauditingandassuranceprofession.b.AccordingtothisWebsite,auditingstandardsrefertotheauditorreviewofhistoricalfinancialinformation,whileassurancestandardsrefertoengagementsdealingwithsubjectmattersotherthanhistoricalfinancialinformation.PricewaterhouseCoopersstatesthatRoche'internalsustainabilityreportingguidelinesareproperlyapplied,thatitsdatacollectionsystemisfunctioningasdesigned,andthatits“sociadimensionreportingprovidesanappropriatebasisforthedisclosureofsocialdimensioninformation•••"Thus,Rochehasreceivedacleanopinion"onitssustainabilityreporting.a.Corporatesocialresponsibilityisabouthowcompaniesconductthemselvesinrelationto'stakeholders,suchasworkers,consumers,andthebroadersocietyinwhichfirmsoperate.b.Somearguethat“theousinessofbusinessisbusiness.'inconductingtheirbusiness,companiesprovidehugeandcriticalcontributionstosociety.Amongtheseareproductivitygains,innovationandresearch,employment,andhumancapitaldevelopment.Inpoorcountries,companiesoftencontributecriticalcapital,technology,andskillsthatreducepoverty.Companiesthatcompeteandprospermakesocietybetteroff.Underthisview,theproperguardianofthepublicinterestisgovernment,notbusiness.Anotherviewisthatsocialissues(andsocialresponsibility)arenottangentialtobusinessbutfundamentaltoit.Companiesthatignorepublicsentimentmakethemselvesvulnerabletoattack.Ignoringsocialissuesturnsablindeyetoforcesthat学习参考mayalteracompany'sstrategicfuture.Thus,companiesougdhottmoorethanthelawrequiressincesocialissuesultimatelyfeedintoshareholdervalue.Whethercompaniesoughttoreportontheirsocialresponsibilityactivitiesprobablydependsonone'sviewofcorporatesocialresponsibility.Nevertheless,astrongcasecanbemadethatproactivedisclosureofacompany'societalcontributionscanpositivelyaffectitsimageandultimatelyitsbottomline.Asnotedinc.,therelevanceofCSRdisclosuresforoutsideinvestorsisthatacompany'ssocietalcontributionscanpositivelyaffectitsimageandultimatelyitsbottomline.a.TheperformanceindicatorsrecommendedintheGRIguidelinesareasfollows:AdditionalIndicatorsEconomicPerformanceIndicatorsCoreIndicatorsDirectEconomicImpactsCustomersEC1.Netsales.EC2.Geographicbreakdownofmarkets.Foreachproductorproductrange,disclosenationalmarketsharebycountrywherethisis25%ormore.Disclosemarketshareandsalesforeachcountrywherenationalsalesrepresent5%ormoreofGDP.SuppliersEC3.Costofallgoods,materials,andservicespurchased.EC11.SupplierbreakdownbyOrganizationandEC4.Percentageofcontractsthatwerepaidincountry.Listallsuppliersfromwhichpurchasesinaccordancewithagterms,excludingagreedthereportingperiodrepresent10%ormoreoftotalpenaltyarrangements.purchasesinthatperiod.AlsoidentifyallTermsmacyountriesincludeconditionssuchasschedulingwhereofpayments,formofpatoytmalepnut,rcohraosthinegrrceopnrdeistieonts.5%orGDP.Thisindmicaotroeroisfthepercentofcontractsthatwerepaidaccordingtoterms,regardlessofthedetailsoftheterms.EmployeesEC5.Totalpayrollandbenefits(includingwages,pension,otherbenefits,andredundancypayments)brokendownbycountryorregion.Thisremunerationshouldrefertocurrentpaymentsandnotincludefuturecommitments.ProvidersofCapitalEC6.Distributionstoprovidersofcapitalbrokendownbyinterestondebtandborrowings,anddividendsonallclassesofshares,withanyarrearsofpreferreddividendstobedisclosed.Thisincludesallformsofdebtandborrowings,notonlylong-termdebt.EC7.Increase/decreaseinretainedearningsatendofperiod.PublicSectorEC8.TotalsumoftaxesofalltypespaidbrokenEC12.Totalspentonnon-corebusinessdownbycountry.infrastructuredevelopment.ThisisinfrastructureEC9.Subsidiesreceivedbrokendownbycountrybuiltoutsidethemainbusinessactivitiesoftheorregion.Thisreferstogrants,taxrelief,andreportingentitysuchasaschool,orhospitalforothertypesoffinancialbenefitsthatdonotemployeesandtheirfamilies.representatransactionofgoodsandservices.Explaindefinitionsusedfortypesofgroups.E10.Donationstocommunity,civilsociety,andothergroupsbrokendownintermsofcashandinkinddonationspertypeofgroup.IndirectEconomicImpactsEC13.TheOrganization'insdirecteconomicimpacts.IdentifymajorexternalitiesassociatedwiththereportingOrganization'sproductsa.ndservicesEnvironmentalPerformanceIndicatorsCoreIndicatorsAdditionalIndicatorsMaterialsEN1.Totalmaterialsuseotherthanwater,bytype.Providedefinitionsusedfortypesofmaterials.Reportintons,kilograms,orvolume.EN2.Percentageofmaterialsusedthatarewastes(processedorunprocessed)fromsourcesexternaltothereportingOrganization.Referstobothpostconsumerrecycledmaterialandwastefromindustrialsources.Reportintons,kilograms,orvolume.EnergyEN3.DirectenergyusesegmentedbyprimaryEN17.Initiativestouserenewableenergysourcessource.andtoincreaseenergyefficiency.ReportonallenergysourcesusedbythereportingOrganizationforitsownoperationsaswellasforofenergyproducts(e.g.,tootherOrganizations.ReportinEN4.IndirectReportonallenergyusedtoenergyproductspurchasedOrganization(e.g.,electricityjoules.EN18.Energyconsumptionfootprint(i.e.,theproductionanddeliveryannualizedlifetimeenergyrequirements)ofmajorelectricityorheat)products.Reportinjoules.joules.energyuse.produceEN19.Otherindirect(upstream/downstream)anddeliverbytheimplications,suchasOrganizationaltravel,reportingorheat).management,anduseofenergyintensivematerials.ReportinenergyuseandproductlifecycleWaterEN5.Totalwateruse.EN20.Watersourcesandrelatedecosystems/habitatssignificantlyaffectedbyuseofwater.IncludeRamsar-listedwetlandsandtheoverallcontributiontoresultingenvironmentaltrends.EN21.Annualwithdrawalsofgroundandsurfacewaterasapercentofannualrenewablequantityofwateravailablefromthesources.Breakdownbyregion.EN22.Totalrecyclingandreuseofwater.Includewastewaterandotherusedwater(e.g.,coolingwater).BiodiversityEN6.Locationandsizeoflandowned,leased,orEN23.Totalamountoflandowned,leased,ormanagedinbiodiversity-richhabitats.managedforproductionactivitiesorextractiveuse.EN24.Amountofimpermeablesurfaceasapercentageoflandpurchasedorleased.EN7.Descriptionofthemajorimpactsonbiodiversityassociatedwithactivitiesand/orEN25.Impactsofactivitiesandoperationsonproductsandservicesinterrestrial,freshwater,an