COMPANY ATTRIBUTES AND THE TIMELINESS OF FINANCIAL REPORTING IN NIGERIA

Abstract This study examines the impact of company attributes on the timeliness of financial reports in Nigeria based on a sample of 61 companies’ annual reports for the years 1999-2008. The data were analyzed and results estimated using Ordinary Least Square (OLS) Regression which was complimented with the panel data estimation technique. The findings reveal that the age of company is the major company attribute that influences the overall quality of timeliness of financial reports in Nigeria. It was also observed that there is a significant difference in the timeliness of financial reporting among industrial sectors in Nigeria. The banking sector is found to be more timely in financial reporting. Though the results suggest that regulations are not enough to ensure that the quality of financial reports are timely in Nigeria, reporting lag may however be reduced by the existence and strict enforcement of rules and regulations of regulatory bodies. Key words: Audit Firm, Age, Companies Attributes, Company Size, Financial Reports, Financial Year, Information, legal Requirements, Nigeria, Nigeria Accounting Standards Boards Act, Profitability, Timeliness, Stakeholders

Authorization of Halal Certification in Indonesia, Malaysia and Singapore

The rapid development of the global halal industry has driven many countries to consider the halal industry. Southeast Asian countries including Indonesia, Malaysia, and Singapore are known as halal campaigners. These countries aspire to become a global halal hub. In order to realize this aspiration, they established an institution or agency to certify halal products. In Indonesia, it is managed by the Halal Certification Agency (BPJPH). Malaysia has the Department of Islamic Development (JAKIM) and Singapore has the Islamic Religious Council of Singapore (MUIS) or known as the Islamic Religious Council of Singapore. Halal certification in Malaysia and Singapore are voluntary, not mandatory as in Indonesia. Even though they do not have specific laws, in this case, these countries already have halal standardization. While Indonesia, currently still does not have an official standard issued by BPJPH and the halal standardization still uses LPPOM-MUI based on HAS 23000 MU

The Role of Internal Control in the Operation of Hotels

Purpose: The purpose of this thesis is to examine the role of internal control implementation that plays in the enterprises’ operation. We evaluate it from the Head of Finance (as Director of Finance in the enterprises) perspective and see whether adequate internal control implementation is important for the enterprises’ operation. Methodology: This thesis is based on a qualitative and deductive approach. Our empirical materials have been collected by semi structured interviews. Theoretical background: The thesis theoretical perspective describes COSO framework as a guideline of internal control implementation. It explains about the needs of internal control and how it is regulated in the enterprises. Further, the hotel industry in general is described as an introduction to the case study in hotel sector. Empirical findings: The empirical investigations were made based on semi structured interviews with the Head of Finance of five reputable hotels in Sweden and Indonesia with different business scale: international and local hotels. Besides, two interviews with external auditors from Audit Firm in Sweden and Indonesia had been made to get objective views. Analysis: This part describes and analyzes the findings on the internal control implementation, with the help of five internal control components from COSO Integrated Framework and Sarbanes-Oxley Act. The gaps between theories that are used as a base for this research and the facts are also examined in this chapter. Conclusion: The result of this study shows that with implementing internal control system based on COSO Framework helps on ensuring efficiency and effectiveness of operation. Based on the completed case studies, a well implemented internal control system is truly a tool to safeguarding assets, prevention of possible fraud and losses and a guideline for the enterprises to keep followed the good standards to produce accurate and reliable financial reports. In addition, it also increases the reliability of financial reports for the stakeholders of the enterprises

Contribution to Energy Management of the Main Standards for Environmental Management Systems: The Case of ISO 14001 and EMAS

The adoption of Energy Management Systems (EnMSs) based on international standards has gained momentum since the ISO 50001 standard was launched in 2011. Before that, the potential to improve the energy management with Environmental Management Systems (EMSs) based on ISO 14001 and EMAS was identified in the literature. However, no in-depth analysis reported in the literature has explored this claim. The need for research is now even more evident with the development of new versions of the standards for environmental management―ISO 14001:2015 and EMAS III. Since many companies that already have a certified EMSs might be uncertain whether to adopt an ISO 50001 based EnMSs, the present work aims to shed light on the contribution of ISO 14001:2015 and EMAS III to energy management. Furthermore, the work summarizes the results of an empirical exploratory study carried out in eight Spanish organizations, four with an EMS implemented and certified based on ISO 14001:2015 and four more with an EMS registered to EMAS III. The findings show that both ISO14001 and EMAS certified organizations carry out energy management practices, even though they have no formal EnMSs implemented. Implications for managers and policy makers are discussed, together with avenues for further research.This article is a result of a Research Group funded by the Basque Autonomous Government (Grupos de Investigacion del Sistema Universitario Vasco; IT1073-16)

Developing performance measures for a health, safety and environmental performance report for General Mills, Inc.

There is substantial interest in Health, Safety and Environmental (HSE) performance as investors are becoming more aware of HSE issues and are beginning to index companies based on their environmental performance. Many other stakeholders are interested in the HSE performance of companies including that of General Mills. They want to be able to compare and contrast HSE performance both within and across industrial sectors. General Mills is responding to this interest and sees an opportunity to take HSE activities to the next level. This thesis reviews current HSE performance reporting trends in general industry and the food industry and proposes useful performance measures for General Mills. It identifies potential HSE performance indicators while considering industry accepted formats, commonly reported indicators in the food industry and the needs of stakeholders. The results were as follows: 1) The most globally accepted reporting format is the Global Reporting Initiative (GRI); 2) In a cross-section of general industry, all aligned their HSE performance reports with GRI; 3) Reporting in the food industry varies widely from no reporting to extensive reporting against GRI; 4) The most global food companies have the most extensive HSE reports; and 5) General Mills is currently collecting data that, when publicly reported, will place them in the top tier of food companies in terms of HSE performance reporting. This thesis also discusses the format that HSE performance indicators are reported and suggests that GRI indicators may lead to misrepresentation between reporting companies. Key Words: stakeholders; intangible business value; triple bottom line; health; safety; environment; environmental; environmental management; management; environmental, health, and safety management; health, safety, and environmental management; indicators; performance indicators; metrics; business metrics; guidelines; principles; Global Reporting Initiative; GRI; corporate sustainability reports; environmental reports; corporate reporting; safety performance; environmental performance; sustainability; sustainable development; food industry; general industry; General Mill

Characterisation framework of key policy, regulatory and governance dynamics and impacts upon European food value chains: Fairer trading practices, food integrity, and sustainability collaborations. : VALUMICS project “Understanding Food Value Chains and Network Dynamics” funded by EU Horizon 2020 G.A. No 727243. Deliverable D3.3

The report provides a framework that categorises the different European Union (EU) policies, laws and governance actions identified as impacting upon food value chains in the defined areas of: fairer trading practices, food integrity (food safety and authenticity), and sustainability collaborations along food value chains. A four-stage framework is presented and illustrated with examples. The evidence shows that European Union policy activity impacting upon food value chain dynamics is increasing, both in terms of the impacts of policies upon the chains, and, in terms of addressing some of the more contentious outcomes of these dynamics. A number of policy priorities are at play in addressing the outcomes of food value chain dynamics. unevenness of the distribution of profit within food value chains, notably to farmers. Regulation of food safety and aspects of authenticity has been a key focus for two decades to ensure a functioning single market while ensuring consumer health and wellbeing. A food chain length perspective has been attempted, notably through regulations such as the General Food Law, and the rationalisation of the Official Controls on food and feed safety. However, there are still gaps in the effective monitoring and transparency of food safety and of food integrity along value chains, as exemplified by misleading claims and criminal fraud. This has led to renewed policy actions over food fraud, in particular. EU regulations, policies and related governance initiatives provide an important framework for national-level actions for EU member states and for EEA members. The more tightly EU-regulated areas, such as food safety, see fewer extra initiatives, but where there is a more general strategic policy and governance push, such as food waste reduction or food fraud, there is greater independent state-level activity. Likewise, there is much more variation in the application of both national and European (Competition) law to govern unfair trading practices impacting upon food value chains. This report presents the findings of a survey of members from the VALUMICS stakeholder platform, that were policy facing food value chain stakeholders across selected European countries, including both EU and EEA Member States. The survey was conducted to check the significance of the main policies identified in the mapping exercise at EU and national levels and so to incorporate the views of stakeholders in the research. The responses suggest the policy concerns identified in EU and national-level research resonate with food value chain stakeholders in participating nations. The report concludes by exploring in more detail how the themes of fairness and of transparency are being handled in the policy activities presented. Highlighted are the ways that both fairness and transparency can be extended within the existing frameworks of EU policy activity. The findings in this report provide an important context for further and detailed research analysis of the workings and dynamics of European food value chains under the VALUMICS project

ACCOUNTING STANDARDS AS A SUPPORT FOR QUALITY DECISION MAKING

Decision making should be based on high quality information relevant for guiding companies towards achieving sustainable goals and objectives. Accounting and sustainability standards as well as chosen accounting instruments have significant impact on quality of information and possibilities of their comparison (benchmarking). This paper will present the research results of achieved level of sustainability accounting reporting system in Croatian hotel industry, especially in the field in which internal results can be used for external purposes. Outcomes of this research have great implications on the improvement of sustainability reporting system in Croatian hotel industry that is based on successful implementation of USALI and IFRS 8 standards and best EU practice. The research results indicate that Croatia has tradition of more than 20 years of segment reporting implementation, according to USALI standards, compatible with IFRS 8 (adopted from 1st January, 2009). Highest number of Croatian hotel companies report information only on two segments (room, food & beverage)significantly lower than 10th edition framework of USALI standards offer. Sustainable development information is presented only in few companies in Croatia, in order to satisfy formality, other than present useful information, made in accordance with Global Reporting Initiative (GRI). The improvement in sustainability reporting system will enhance information transparency between companies and external users, and contribute to raising awareness of sustainability issues crucial for the development of the hotel itself and entire destination. For the purpose of enhancing quality sustainable reporting system for managers and external users (especially for nonfinancial information of sustainability), criteria of financial information presented according to standards USALI & IFRS 8 were applied. Contribution of this paper is in assessing the model of internal sustainability reporting, based on the hotel management information requirements and at the same time harmonized with the legal requirements and internationally accepted standards, with the possibility of international comparison

Halal certification for an industrial machine intended to come in contact with food

Halal Certification is a worldwide recognition that the products are permissible under Islamic law. These products are thus edible, drinkable or usable by Muslims. It can be extended to industrial machinery and tools. This Certification must be issued by a Notified Body under the supervision of an IMAM. Focus of the Certification are GMPs and Food Contact Materials and Articles. Four main phases to achieve Certification (the scheme is the same of ISO 14001, ISO 18001 and ISO 9001): Pre-Audit - The activity is to evaluate the documentation describing our internal system. Audit - The activity is to evaluate how the Organization works in coherence with the documentation. Issue of Certification - Released by an accredited Imam. System verifications - The Certification has to be revised and confirmed every year by the Notified Body and after three years a new complete audit has to be carried out

ACCOUNTING STANDARDS AS A SUPPORT FOR QUALITY DECISION MAKING

Decision making should be based on high quality information relevant for guiding companies towards achieving sustainable goals and objectives. Accounting and sustainability standards as well as chosen accounting instruments have significant impact on quality of information and possibilities of their comparison (benchmarking). This paper will present the research results of achieved level of sustainability accounting reporting system in Croatian hotel industry, especially in the field in which internal results can be used for external purposes. Outcomes of this research have great implications on the improvement of sustainability reporting system in Croatian hotel industry that is based on successful implementation of USALI and IFRS 8 standards and best EU practice. The research results indicate that Croatia has tradition of more than 20 years of segment reporting implementation, according to USALI standards, compatible with IFRS 8 (adopted from 1st January, 2009). Highest number of Croatian hotel companies report information only on two segments (room, food & beverage)significantly lower than 10th edition framework of USALI standards offer. Sustainable development information is presented only in few companies in Croatia, in order to satisfy formality, other than present useful information, made in accordance with Global Reporting Initiative (GRI). The improvement in sustainability reporting system will enhance information transparency between companies and external users, and contribute to raising awareness of sustainability issues crucial for the development of the hotel itself and entire destination. For the purpose of enhancing quality sustainable reporting system for managers and external users (especially for nonfinancial information of sustainability), criteria of financial information presented according to standards USALI & IFRS 8 were applied. Contribution of this paper is in assessing the model of internal sustainability reporting, based on the hotel management information requirements and at the same time harmonized with the legal requirements and internationally accepted standards, with the possibility of international comparison

Waste sector small and medium-sized enterprises and their role in the extended producer responsibility; a case study of environmental responsibility in SMEs in eThekwini, KwaZulu-Natal (South Africa).

Masters Degree. University of KwaZulu-Natal, Pietermaritzburg.Both the waste sector and corporate enterprises, under the banner of corporate social and environmental responsibility (CSER), have a role to play in sustainable development, particularly in the South African context where legislation supports the waste hierarchy in its approach to waste management, and the promotion of employment and small and mediumsized enterprises (SMEs). SMEs, due to their vast number and the significance of their aggregate contribution to the global economy, have been identified as key contributors to sustainable development. Global supply chains rely heavily on SME suppliers and service providers, yet the combined environmental impact of SMEs remains un-quantified and their engagement in CSER is underexplored. This research explores the role that SMEs play in extended producer and environmental responsibility from a waste management perspective in the eThekwini Municipal area, describes the barriers that SMEs face when implementing environmental measures and provides a critical assessment of environmental responsibility in waste management supply chains. Case studies, where interviews and documentations were used as data collection methods, on waste management supply chains are provided. It is evident that there is a culture of outsourcing of the waste management function in the eThekwini municipal area and SMEs are an important component of the waste management value chain. However, environmental responsibility amongst the SMEs is poor as the SMEs response to supply chain or legislative pressure is weak. The bureaucracy of legal requirements of the waste sector, an ill-informed public and business sector regarding environmental issues, and the highly competitive nature of the waste sector are common obstacles experienced. In the face of difficulties such as limited resources, some SMEs are responding to legislative pressure and adopting the ISO 14001 certification. Many SMEs are responding to supply chain pressure in terms of the Broad Based Black Economic Empowerment Act and participating in social responsibility activities. Findings from this research support the government’s vision of the creation of employment, the promotion of small business within the waste sector and the role that SMEs play in sustainable development in South Africa however; there is a need for strategies to address the environmental problems of small business