Project description
he corporate governance reporting explored in the exam concerns whether the comply or explain /principle approach to corporate governance reporting in the UK gives good quality corporate governance information for investors or whether it is merely boilerplate de minimus compliance
You will need to understand:
What quality of corporate governance communication could be defined a:
o This requires a consideration of the agency theory,
o the issue of information asymmetry,
othe purpose of governance disclosure as defined in the CCCG
oand the appropriate level of investor engagement.
What is the problem with governance disclosure from both academic research and the reports given by the FRC annually.
What are the issues of boilerplate disclosure and the challenge to discern best practice from minimum practice.
How is best practice developed and encoded and, using a key challenge of governance behaviour such as board diversity, risk management, remuneration practices or corporate ethics/culture discuss how pressure on the legitimacy of corporations drives voluntary disclosure in this arena.
What evidence is there whether the flexibility to disclose does result in corporations signalling or legitimising their positions to create a social consensus to change behaviour without recourse to legislation?.
Is there evidence of development of best practice within the code from the legitimacy challenge into a committee/report and thence into the code?.
This is a very wide question and I think only those of you who have studied either the optional module on Corporate Governance or positioned your dissertation in this area may wish to attempt it. Key information to start your research here is around the comments from the FRC regarding the quality of corporate reporting and the ideas of Michael Power in the Audit Society of accountability being used to drive change in society. If you get stuck with studying in this area email me for advice and Ill make sure you are on the right lines
Some References for this section by no means exhaustive:
Davison J (2014) Visual rhetoric and the case of intellectual capital Accounting Organizations and Society Volume 39, Issue 1 pp20-37
Niamh M. Brennan, Encarna Guillamon-Saorin, Aileen Pierce, (2009) “Methodological Insights: Impression management: Developing and illustrating a scheme of analysis for narrative disclosures a methodological note”, Accounting, Auditing & Accountability Journal, Vol. 22 Iss: 5, pp.789 832
Beattie V.A., McInnes, B., Fearnley, S. (2004), “A methodology for analysing and evaluating narratives in annual reports: a comprehensive descriptive profile and metrics for disclosure quality attributes”, Accounting Forum, Vol. 28 pp.205-36
FRC (2015) Financial Reporting Review Panel Annual Reports (all prior years) www.frc.org.uk
International Integrated Reporting Council (2013) IIRC Prototype Framework www.theiirc,org
PWC (2012) Integrated Reporting The Future of Corporate Reporting Pricewaterhouse Coopers pp1-45
The Strategic Review Companies Act 2013 access through www.legislation.gov.org
Beretta,S & Bozzolan, S (2008) Quality vs Quantity: the case for forward looking disclosure Journal of Accounting, Auditing and Finance, Vol.23 (No. 2) pp 333-76
Black Sun Plc (2010) Rethinking reporting available at www.blacksunplc.com
Courtis J (2004) Corporate report obfuscation: artefact or phenomenon? The British Accounting Review Vol 36 (No. 3) pp291-312
Deegan C (2002) The legitimising effect of social and environmental disclosures a theoretical foundation Accounting, Auditing and Accountability Journal Vol. 15 (No.3 ) pp 282 -311
Tilling M V (2004) Some thoughts on legitimacy theory in social and environmental accounting Social and Environmental Accountability Journal Vol 24 (No 2) pp3-7
Bird R and Smith E (2005) Signalling Theory, Strategic Interaction and Symbolic Capital Current Anthropolgy Vol 46, No 2
Flower J (2015) The International Integrated Reporting Council: A story of failure Critical Perspectives on Accounting Volume 27 pp 1-17
Adams C (2015) A rebuttal of the position of John Flower Critical Perspectives on Accounting Volume 27
www.theiirc.org explore their website for key documents on their developing perspectives and policies including the discussions of the different interest groups
www.frc.org explore this website for criticisms of financial reporting especially the current weaknesses that they report each year and the work of the financial reporting laboratory
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