ENVIRONMENTAL FINANCIAL ACCOUNTING AND REPORTING AT THE CORPORATE LEVEL

The Bank also supports UNCTAD s work on environmental aspects of corporate financial accounting.

TD B COM.2 ISAR 2 Environmental Financial Accounting and Reporting at the Corporate Level report by the UNCTAD secretariat

Developing competitive professional services in developing countries is particularly important given their contribution to furthering development and good corporate governance (e.g. accounting).

12. Stresses the need for structural reforms to strengthen corporate governance, accounting and auditing, in particular when inadequate policies can have systemic consequences

7. Stresses the need for structural reforms to strengthen corporate governance, accounting and auditing, in particular when inadequate policies can have systemic consequences

To complement UNCTAD's work on corporate governance in the context of the Intergovernmental Group of Experts on International Standards of Accounting and Reporting.

Thought should therefore be given to system wide corporate governance principles, system wide revision of detailed accounting and financial disclosure standards and system wide basic management practices.

This interim statement attempts to bring together in one place most of the issues which have been raised in corporate accounting and reporting of environmental impacts.

Stresses the need to continuously improve standards of corporate and public sector governance, including accounting, auditing and measures to ensure transparency, noting the disruptive effects of inadequate policies

18. Stresses the need to continuously improve standards of corporate and public sector governance, including accounting, auditing and measures to ensure transparency, noting the disruptive effects of inadequate policies

20. Stresses the need to continuously improve standards of corporate and public sector governance, including accounting, auditing and measures to ensure transparency, noting the disruptive effects of inadequate policies

21. Stresses the need to continuously improve standards of corporate and public sector governance, including accounting, auditing and measures to ensure transparency, noting the disruptive effects of inadequate policies

24. Stresses the need to continuously improve standards of corporate and public sector governance, including accounting, auditing and measures to ensure transparency, noting the disruptive effects of inadequate policies

These measures could be coupled with legislation and regulations to ensure transparency in the accounting of business expenses of individual or corporate entities doing business with the Government.

(4) important accounting policies and accounting estimates

With regard to corporate governance, at the twenty first session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), which took place in Geneva from 27 to 29 October 2004, the Secretariat reviewed recent trends in corporate governance disclosures.

The role of the corporate sector, and corporate strategies

Expected accomplishment (c) should read as follows Improved opportunities for enterprises in developing countries and countries with economies in transition to enhance their competitiveness through deepened linkages between domestic and foreign firms and better understanding of emerging issues in accounting and reporting standards, corporate responsibility, transparency and good corporate practices .

The flavor of the week in Rio is sustainability indexing for corporations, by way of corporate social responsibility (CSR). Such indexing is being compared to accounting standards.

In most circumstances, the financial reporting standards required for corporate reporting are contained in the generally accepted accounting principles recognized in the country where the entity is domiciled.

For example ISO 14064 on Greenhouse gases, US DOE 1605(b) on General Guidelines for Voluntary Greenhouse Gas Reporting, WRI WBCSD on The Greenhouse Gas Protocol A Corporate Accounting and Reporting Standard.

In response to the above request, the seventeenth session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) decided to review existing corporate governance practices, codes and principles.

This model leaves the assessment and administration of corporate taxes entirely in the hands of member states, and would not require harmonization of legal and accounting rules. It would be transparent, simple, and easy to administer.

For example ISO 140645 3 on Specifications with Guidance at the Organization Level for Quantification and Reporting of Greenhouse Gas Emissions and Removals and WRI WBCSD on The Greenhouse Gas Protocol A Corporate Accounting and Reporting Standard.

Securities laws require that issuers of corporate bonds spell out all possible risks. By contrast, governments pay no penalties for outrageous misrepresentation or fraudulent accounting, as the Greek debacle shows.

Corporate and income tax

Grundsatzkommission Corporate Governance (German Panel for Corporate Governance) (2000). Corporate Governance Rules for German Quoted Companies.

Registration and accounting obligations

Financial accounting and reporting

Accounting standards and practices

(a) Corporate and product databases.

Chapter I of the secretariat s report on this item, entitled Environmental financial accounting and reporting at the corporate level (TD B COM.2 ISAR 2) is a synthesis of best practices which emerged from the review.

Statement on Global Corporate Governance Principles. International Corporate Governance Network.

Accounting

(a) Capping of corporate costs, while corporate functions address strategic matters of governance, oversight and inspection

This is also in accordance with the generally accepted accounting principles and international accounting standards.

International accounting and reporting standards

Corporate strategy

Corporate responsibility

Revised Statement on Global Corporate Governance Principles. International Corporate Governance Network.

Finance Committee on Corporate Governance (2000). Malaysian Code on Corporate Governance.

(5) Corporate governance and its status

Internal audit and corporate risk management

(l) Forest ethics and corporate responsibility