Performance Reporting Choices after the Adoption of IAS 1 Revised: Comparative Evidence from Europe and the USA

Motivated by the issuance of International Accounting Standard 1 revised, this paper investigates reporting choices on the Comprehensive Income of listed companies from Europe and the USA. This research aims at verifying the effects of the requirements issued by the International Accounting Standard 1 revised in improving performance evaluation towards the convergence between European and American accounting standards, Our research tests the correlation between the choice of Income Statement format and different variables, such as the size of companies, sign of Other Comprehensive Income, leverage and status of a US listing. This paper also evaluates the effect of Comprehensive Income on financial performance by calculating the Return On Equity. The main findings underline that the format of Income Statement and the “location” of the Comprehensive Income can be interpreted both as factors that can influence the choices of investors and as a tool available to managers to alter the communication of the firm's performance choices. Keywords: Comprehensive Income; convergence; performance JEL Classifications:  M10, M16, M40, M4

comparability of company accounts using ifrs and us gaap empirical evidence of european and us financial statements

Purpose-The main objective of this study is to provide a judgment on the comparability of financial statements prepared under IFRS and US-GAAP. We developed two research questions for evaluating comparability within Europe (IFRS) and within the US (US GAAP) and for testing whether comparability is higher or lower when the US companies are included with the European countries.Design/Methodology/Approach-The T index framework was used to summarize the level of comparability for 13 accounting items using data from 250 companies.Findings-Empirical results are mixed. Of 13 accounting items considered, international comparability is significantly lower for 7 items and significantly higher for 4 items when the US companies are included. Furthermore, comparability amongst companies using IFRS is not consistently higher or lower than comparability amongst companies using US GAAP.Practical implications-Answers to the research questions may provide useful suggestions for IASB's current policy direction towards global accounting standards convergence, and in particular for the IASB-FASB convergence project. The results also have implications for companies or countries considering shifting to IFRS or US GAAP.Research limitations/implications-Lack of comparability within countries, rather than between countries, suggests a need to focus on reducing options within standards rather than on differences between standards or countries.Originality value-Our empirical results show that in most cases lack of comparability may be driven by options within a standard rather than by explicit differences between standards

Exploring the effectiveness of sustainability measurement: which esg metrics will survive covid-19?

This paper aims to investigate the current state of play on Environmental Social and Governance (ESG) integration and check the validity of the current metrics system by assessing if it will survive the COVID-19 crisis. By adopting a qualitative research approach through semi-structured anonymous interviews with 14 senior managers of six European listed companies we use a framework by assessing the mechanisms of reactivity on the effectiveness of ESG measures in times of COVID-19. By interpreting the practitioners’ points of view through the lens of the sociological framework by Espeland and Sauder (Am J Sociol 113:1–40, 2007) our findings show different mechanisms of reactivity by companies on the effectiveness of ESG measures in times of COVID-19, i.e., active and passive conformity and active resistance. We also identified the main Corporate Social Responsibility (CSR) institutional factors that affect managers’ reactivity. An extensive re-formulation of the ESG metrics is required in the light of times of crisis, given that accountability and transparency are strongly linked to quantitative measures which can play a critical role in the financial system and investors’ engagement. Particularly, the strict distinction between “E”, “S” and “G” issues should be abandoned claiming a different holistic re-design of sustainability measures by considering the increasing relevance of the Social dimension in time of COVID-19. This study provides a valuable contribution to the existing literature on the measurement of sustainability within the link of accountability and crisis by highlighting new corporate needs to re-design the ESG metrics system

The economics of the UN Sustainable Development Goals: does sustainability make financial sense?

The implementation of the UN Sustainable Development Goals is a global priority, but one whose full implementation is vulnerable to the high costs associated with it. This raises the question: does the implementation of the SDGs make financial sense? This article addresses this question and outlines the need to raise awareness of the economic benefits of implementing the global goals. Further, it presents and discusses the main financial gaps to achieve the Sustainable Development Goals by 2030

Exploring iron-binding to human frataxin and to selected Friedreich ataxia mutants by means of NMR and EPR spectroscopies

The neurodegenerative disease Friedreich ataxia results from a deficiency of frataxin, a mitochondrial protein. Most patients have a GAA expansion in the first intron of both alleles of frataxin gene, whereas a minority of them are heterozygous for the expansion and contain a mutation in the other allele. Frataxin has been claimed to participate in iron homeostasis and biosynthesis of FeS clusters, however its role in both pathways is not unequivocally defined. In this work we combined different advanced spectroscopic analyses to explore the iron-binding properties of human frataxin, as isolated and at the FeS clusters assembly machinery. For the first time we used EPR spectroscopy to address this key issue providing clear evidence of the formation of a complex with a low symmetry coordination of the metal ion. By 2D NMR, we confirmed that iron can be bound in both oxidation states, a controversial issue, and, in addition, we were able to point out a transient interaction of frataxin with a N-terminal 6his-tagged variant of ISCU, the scaffold protein of the FeS clusters assembly machinery. To obtain insights on structure/function relationships relevant to understand the disease molecular mechanism(s), we extended our studies to four clinical frataxin mutants. All variants showed a moderate to strong impairment in their ability to activate the FeS cluster assembly machinery in vitro, while keeping the same iron-binding features of the wild type protein. This supports the multifunctional nature of frataxin and the complex biochemical consequences of its mutations.Fil: Bellanda, Massimo. Università di Padova; ItaliaFil: Maso, Lorenzo. Università di Padova; ItaliaFil: Doni, Davide. Università di Padova; ItaliaFil: Bortolus, M.. Università di Padova; ItaliaFil: De Rosa, E.. Università di Padova; ItaliaFil: Lunardi, Federica. Università di Padova; ItaliaFil: Alfonsi, Arianna. Università di Padova; ItaliaFil: Noguera, Martín Ezequiel. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Química y Físico-Química Biológicas "Prof. Alejandro C. Paladini". Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Química y Físico-Química Biológicas; ArgentinaFil: Herrera, Maria Georgina. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Química y Físico-Química Biológicas "Prof. Alejandro C. Paladini". Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Química y Físico-Química Biológicas; ArgentinaFil: Santos, Javier. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Química y Físico-Química Biológicas "Prof. Alejandro C. Paladini". Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Química y Físico-Química Biológicas; ArgentinaFil: Carbonera, Donatella. Università di Padova; ItaliaFil: Costantini, Paola. Università di Padova; Itali

The humoral pattern recognition receptor PTX3 is stored in neutrophil granules and localizes in extracellular traps

The long pentraxin (PTX) 3 is produced by macrophages and myeloid dendritic cells in response to Toll-like receptor agonists and represents a nonredundant component of humoral innate immunity against selected pathogens. We report that, unexpectedly, PTX3 is stored in specific granules and undergoes release in response to microbial recognition and inflammatory signals. Released PTX3 can partially localize in neutrophil extracellular traps formed by extruded DNA. Eosinophils and basophils do not contain preformed PTX3. PTX3-deficient neutrophils have defective microbial recognition and phagocytosis, and PTX3 is nonredundant for neutrophil-mediated resistance against Aspergillus fumigatus. Thus, neutrophils serve as a reservoir, ready for rapid release, of the long PTX3, a key component of humoral innate immunity with opsonic activity

The economics of the UN Sustainable Development Goals: does sustainability make financial sense?

The implementation of the UN Sustainable Development Goals is a global priority, but one whose full implementation is vulnerable to the high costs associated with it. This raises the question: does the implementation of the SDGs make financial sense? This article addresses this question and outlines the need to raise awareness of the economic benefits of implementing the global goals. Further, it presents and discusses the main financial gaps to achieve the Sustainable Development Goals by 2030

International Trends and Practices on Sustainability Reporting in Higher Education Institutions

Sustainability reports are regarded as important tools in offering information about the environmental, social, economic, and institutional performance of an institution, and in demonstrating a commitment to matters related to sustainable development. But even though sustainability reporting has been used by a variety of higher education institutions to date, it is not as widely practiced as it should be. To further investigate this topic, a twofold approach was used: a study focusing on sustainability reporting approaches deployed in a sample of 30 universities across a set of countries; and a survey with a sample of 72 universities from different global regions to assess the extent to which they are deploying sustainability reporting as part of their activities. The scientific value of the paper resides in the fact that it offers a comprehensive overview of the subject matter of sustainability reporting, and how higher education institutions handle it. It also outlines the efforts in developing these documents which may catalyse further progress in this key area

THE SDGs IN THE REPORTS OF THE ITALIAN COMPANIES. RESEARCH DOCUMENT N. 16

The document represents the first result of the study conducted by the research group "SDGs and business reporting" and aims to be the starting point of a process for corporate awareness towards sustainable development objectives. The document reveals our country commitment on Agenda 2030; a commitment that involves the entire "Italian system" in pursuit of the 17 sustainable development goals, through the active role of Italian companies as operators. Hence, it not only creates economic value on sustainable development but also it sensitize other companies, end users and the community in general. Although the results depict a sustainable development goals reporting in becoming and not entirely conscious, they provide inputs for entrepreneurs, directors, managers, regulators, consultants, etc. who, for various reasons, are the actors in a process of profound business change that is affecting the corporate reporting and disclosures. The document provides, in this context, useful hints to a better understanding the new corporate reporting direction; indeed, reporting is increasingly affected by an accountability process and responsibility towards both internal and external stakeholders

Assessing ethics and sustainability standards in corporate practices

Purpose: This study aims to investigate how sustainability and ethics are being addressed both by the literature and companies. Furthermore, it seeks to identify the specific strategies that these companies use to foster ethical behaviour and promote sustainability in their business operations. Design/methodology/approach: The study entails a bibliometric analysis and a set of case studies from a sample of companies working in different industry sectors. Based on these tools, it analyses whether – and how – enterprises are placing an emphasis on sustainability and ethics as part of their businesses. In addition, the selected companies' unethical practices or socially irresponsible corporate activities were investigated and presented. Findings: The findings suggest that using an ethics perspective can be a valuable tool in improving the accuracy and correctness of business decision-making. In addition, the paper has identified the fact that sustainability standards can be used to improve customer satisfaction as many important issues are addressed. Finally, the paper highlights the importance of ethical considerations when designing and implementing sustainability standards at enterprises and the need for regulatory guidance in this regard. Originality/value: The paper addresses the need for studies on how sustainability and ethics are being discussed by both the literature and companies. The paper presents some elements that can be used as possible corporate indicators for a wider implementation of sustainability and ethics objectives in enterprises