AICPA/Special committee on financial reporting

Nusbaum, Edward E.; Weiß, Joseph

doi:10.1002/jcaf.3970050215

Cited by 7 publications

(2 citation statements)

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“…For methods on reporting triple bottom line, see reporting on the triple bottom line Gray and Milne (2004). He chaired a special committee on financial reporting that was formed by American Institute for Certified Publish Accountants (AICPA), also officially known Improving Business Reporting-A Customer Focus, the report is available: http://www.aicpa.org/ InterestAreas/FRC/AccountingFinancialReporting/DownloadableDocuments/Jenkins%20Committee%20Report.pdf (accessed on 4 March 2022), Some have commented on the report, e.g., Noll and Weygandt (1997) and Nusbaum and Weiss (1993). Jenkins later led the Financial Accounting Standard Board (FASB).…”

Section: Discussionmentioning

confidence: 99%

Empirically Investigating the Disclosure of Nonfinancial Information: A Content Study on Corporations Listed in the Saudi Capital Market

Alshiban

Al-Adeem

2022

JRFM

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This study empirically assesses the disclosure of nonfinancial information in corporate reporting. In examining the contents of annual and board reports for 50 listed corporations, a coding sheet was developed by combining the two coding sheets of Boshnak and the European Directive 2014/95/EU. All corporations in three sectors—energy, utilities, and materials, which collectively represents 85.51% of the Saudi market capitalization—encompass the sample. Results reveal that employees, community, and products and services information have a moderate disclosure level. In contrast, environmental, customers, and fighting corruption have a low level. The findings also show that nonfinancial disclosure of the selected sectors on average range between 28.85% for the corporations in the material sector to 39.22% for the corporations in utilities sector. The corporations in the energy sector scored, on average, 37.65%. The mean for the entire sample of the ratios of disclosed nonfinancial items is 30.35%. However, the average disclosure level is without substantial improvement since 2012 and 2013, as previously reported The Capital Market Authority (CMA) is recommended to mandate nonfinancial information disclosure. It is a step toward realization aspects of Saudi Vision 2030 concerning with, for instance, protecting environment and other related matters.

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Section: Discussionmentioning

confidence: 99%

Empirically Investigating the Disclosure of Nonfinancial Information: A Content Study on Corporations Listed in the Saudi Capital Market

Alshiban

Al-Adeem

2022

JRFM

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“…The American Institute of Certified Public Accountants' (AICPA) Special Committee on Financial Reporting, also known as Jenkins' Committee and officially as Improving Business Reporting-A Customer Focus: Meeting the information needs of Investors and Creditors, recommends that corporate reporting contains information on the corporation's outlook [56,57]. Section 3 of the Committee's recommendation commends the disclosing of forward-looking information on the corporation.…”

Section: Possible Unsuitableness Of Historical Cost As An Accounting mentioning

confidence: 99%

A Need for Theorizing Corporation: An Accounting Perspective

Al-Adeem¹

2017

Int J Account Res

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IntroductionAccounting practice has emerged without a theory guiding its development [1,2]. By quantifying humans and entities' commercial activities and measuring the economic effects of such activities, accounting has pragmatically responded to the needs of businesses and societies. Accounting practices evolved as a reaction to real problems [3]. Such an emergence may have affected the manner in which some early accounting writers viewed accounting. Vatter, for instance, contends that "the process of accounting is primarily narrative and analytical process" [4]. However, as societies continue advancing and progressing and new forms of businesses are being invented and introduced, accounting can "no longer be regarded as a mere collection of techniques..." [5].Theorizing and conceptualizing practiced accounting has become an urgent need since the emergence of "investors" as a segment of society [6]. Such a segment has a political weight causing governments to react when their capital markets display failures. The US government's recent action "represented by the Sarbanes-Oxley Act, to ensure confidence in the capital market" is only an example of governments' care to investors [7]. If the accounting profession does not serve them well, then governments act. The divorce between ownership and management contributes to the existence of members in society who own but do not control their invested wealth in a corporation. The attempt to serve two "masters" in a corporation, that is, shareholders and other stakeholders, remains a challenge in accounting [8]. Shareholders contribute a portion of their wealth and savings to create giant corporations. Following the creation of publicly held corporations, the task of accounting, specifically financial accounting, is to inform these shareholders. Property rights entitle shareholders the right to be aware of their invested wealth [9]. A way to communicate to them information on their investment interments, for example, their property in corporations, is through financial statements and reports that best address the needs of passive owners and finance-illiterate investors. Accounting theorists, academic accounting organizations, and professional accounting bodies vary in their position on a suitable approach to decide upon the content presented in such statements and reports. While some accounting theorists, for example, Sanders et al. [10] believe that theorization in accounting should be directed toward describing practiced accounting, others, such as Paton and Littleton, prescribe how accounting should be practiced [11].Practiced accounting cannot be entirely rationalized in theory. This especially holds true for corporate accounting as practiced accounting emerged in response to the needs of sole and partnership businesses. Contemporary corporate accounting is justifiable mostly in reference to accounting rules [12][13][14]. Double-entry bookkeeping is taken as an act of rule, not a theorized concept [15]. Rules cannot be integrated to form a theory [15] and some other ...

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