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10/07/2001
GREEN ISSUES TO AFFECT FINANCIAL BENCHMARKING
THE Association of Chartered Certified Accountants (ACCA) has called for environmental accounting guidelines to be made compulsory for all large UK companies.
The guidelines, published by the European Commission, aim to standardise the disclosure of environmental data in company annual accounts and reports. In response to the report, ACCA has recommended the creation of detailed rules for accounting for environmental costs and liabilities.
The move is expected to lead to greater reliability and accuracy in environmental reporting, and to improve benchmarking for the benefit of investors and other stakeholders.
Roger Adams, ACCA Technical and Research Director, said: “Although this is, as yet, only a voluntary set of guidelines, we welcome the initiative taken by the European Commission. With a few notable exceptions – such as BP, BAA and Carillon – too little information of an environmental nature is provided to users of the annual report and accounts.
“We believe that this recommendation will help achieve a greater prominence for environmental matters and will serve to alert the financial markets to the implications of environmental issues at the corporate level.”
Mr Adams has also urged the Accounting Standards Board, the DTI and the new Department of Environment, Food and Rural Affairs to combine forces to encourage UK companies to adopt the new recommendation as soon as possible. (CL)
The guidelines, published by the European Commission, aim to standardise the disclosure of environmental data in company annual accounts and reports. In response to the report, ACCA has recommended the creation of detailed rules for accounting for environmental costs and liabilities.
The move is expected to lead to greater reliability and accuracy in environmental reporting, and to improve benchmarking for the benefit of investors and other stakeholders.
Roger Adams, ACCA Technical and Research Director, said: “Although this is, as yet, only a voluntary set of guidelines, we welcome the initiative taken by the European Commission. With a few notable exceptions – such as BP, BAA and Carillon – too little information of an environmental nature is provided to users of the annual report and accounts.
“We believe that this recommendation will help achieve a greater prominence for environmental matters and will serve to alert the financial markets to the implications of environmental issues at the corporate level.”
Mr Adams has also urged the Accounting Standards Board, the DTI and the new Department of Environment, Food and Rural Affairs to combine forces to encourage UK companies to adopt the new recommendation as soon as possible. (CL)
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