Analysis of IAS 8 Exposure Draft on Accounting Policies, Changes in Accounting Estimates and Errors

Audit Assignment

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By student name
Professor
University
Date: 20th Sep 2018.
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Contents
Question 1........................................................................................................................................3
Question 2........................................................................................................................................6
References........................................................................................................................................4
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Question 1
Introduction
In the given assignment a news article has been selected to be presented in front of the
team to put their opinions on the same. The article that has been selected is “'Worrying':
Companies' reporting of climate risks goes 'backwards', this article highlights the needs of
disclosures that the companies make with relation to environmental issues that occur because of
their activities and what are the steps that they are taking to take care of that (Abdullah & Said,
2017). The article is discussing an important topic of corporate social responsibility that occurs
due to increased dependence of the companies with relation to the various stakeholders that are
dependent on the company in some way or the other. The companies have some important
responsibility towards the environment in which they are functioning and thus it is important that
proper disclosures are being made with relation to that. It has also highlighted how companies
have reduced providing proper disclosures with relation to environmental effects that they are
making. The article highlights how the annual reports of various companies have been
downloaded and making sure that how they have changed with relation to environmental
disclosures that they are making in their annual report (Alexander, 2016). It has also shown how
the investors are being affected with the fragmented information that they have provided in their
annual report with relation to environmental disclosures. It thus raises an important point how
accounting standards and regulations are there that are guiding how companies should fulfil their
responsibility that they have towards the stakeholders.
A copy of the news article has been given below:
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