‘This is an outstanding new (fifth) edition of a well-established international accounting textbook from a highly experienced team of authors. Notably, there is a valuable focus on cultural and institutional influences along with a comprehensive coverage of key reporting issues.’ —Professor Sid Gray, University of Sydney, Australia ‘International Corporate Reporting is always part of my recommended textbooks to students across a wide variety of masters’ courses I have taught. It is a must for those who want to understand the current global corporate reporting landscape. And it is truly international in perspective!’ —Paul André, PhD, CPA-CA, Professor of Accounting, HEC Lausanne, Switzerland ‘International Corporate Reporting is about anything corporate reporting that is not financial accounting theory or financial statement preparation. It is logically structured, combines breadth with depth, and is impressive in its academic treatment of a great variety of relevant topics.’ —Carien van Mourik, Senior Lecturer in Accounting, The Open University, Faculty of Business and Law, UK ‘The book discusses a good variety of topics related to international accounting practice and regulation. Chapters are laid out in an easy-to-follow fashion, offering different ways in which to engage with the content, from brief overviews to detailed case studies. A very worthwhile read for those interested in the topic!’ —Anna Samsonova-Taddei, Professor of Accounting, Alliance Manchester Business School, University of Manchester, PhD Director (Accounting Pathway), UK International Corporate Reporting This textbook provides a comprehensive overview of international corporate reporting which enhances students’ understanding of diversity and convergence in the field. The authors discuss the institutional and cultural context in which international corporate reporting has developed over the years as well as the global reach of IFRS Standards from the IASB throughout and beyond the European Union, into interest groups and emerging economies. Other key elements explored throughout the book include assurance through auditing and corporate governance, narrative reporting, strategic and corporate social responsibility, group accounting, current accounting issues and taxation in corporate reports. Indicative research examples show how the methods used in research papers may be understood and applied. Case studies outline short projects based on corporate cases, with related links to material on corporate websites. Helpful and reliable sources of information and data are identified through hyperlinks to accessible websites. End-of-chapter questions encourage discussion of the main issues. Throughout there is a focus on accountability and the information needs of stakeholders. This new edition of a classic text is fully revised and updated in order to remain essential reading for students of international accounting and corporate reporting globally. The book will be an invaluable resource for postgraduate taught programmes and final-year undergraduate courses in accounting, finance and business studies. Pauline Weetman is Professor Emerita in Accounting at the University of Edinburgh and holds the Distinguished Academic Award 2005 of the British Accounting and Finance Association. She is a co-editor of The Routledge Companion to Accounting in Emerging Economies. Ioannis Tsalavoutas is Professor of Accounting and Finance at the University of Glasgow and holds a PhD in Accounting from the University of Edinburgh. His research on financial accounting and reporting has featured in leading journals. He is a co-editor of The Routledge Companion to Accounting in Emerging Economies. Paul Gordon is a lecturer in accounting and finance at Heriot-Watt University, having previously held positions at Glasgow, Aberdeen and Bangor. His teaching interests include international accounting and financial analysis. International Corporate Reporting Global and Diverse 5th Edition Pauline Weetman, Ioannis Tsalavoutas and Paul Gordon Fifth edition published 2020 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN and by Routledge 52 Vanderbilt Avenue, New York, NY 10017 Routledge is an imprint of the Taylor & Francis Group, an informa business © 2020 Pauline Weetman, Ioannis Tsalavoutas and Paul Gordon The right of Pauline Weetman, Ioannis Tsalavoutas and Paul Gordon to be identified as authors of this work has been asserted by them in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. First edition published by Financial Times Professional Limited 1998 Fourth edition published by Pearson Education 2008 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data Names: Weetman, Pauline, author. | Tsalavoutas, Ioannis, author. | Gordon, Paul, author. Title: International corporate reporting : global and diverse / Pauline Weetman, Ioannis Tsalavoutas and Paul Gordon. Description: 5th edition. | Abingdon, Oxon ; New York, NY : Routledge, 2020. | Previous edition entered under: Clare B. Roberts. | Includes bibliographical references and index. Identifiers: LCCN 2019049117 (print) | LCCN 2019049118 (ebook) | ISBN 9781138364981 (hbk) | ISBN 9781138364998 (pbk) | ISBN 9780429430985 (ebk) Subjects: LCSH: International business enterprises—Finance. | Accounting— Standards—International cooperation. Classification: LCC HF5686.I56 R634 2020 (print) | LCC HF5686.I56 (ebook) | DDC 657/.96—dc23 LC record available at https://lccn.loc.gov/2019049117 LC ebook record available at https://lccn.loc.gov/2019049118 ISBN: 978 - 1-138 - 36498 - 1 (hbk) ISBN: 978 - 1-138 - 36499 - 8 (pbk) ISBN: 978 - 0-429 - 43098 - 5 (ebk) Typeset in Bembo by Apex CoVantage, LLC Visit the companion website: www.routledge.com/cw/weetman To the many thousands of students who have enriched our academic lives and to our children, Aristotle, Athena, Linda, Heather and Ian, for sharing us with them. Also to Dionysia, whose sustained sensitive support is profoundly appreciated by Yannis. Her encouraging smile and intellectual energy have perpetually inspired him in all his intellectual endeavours. Contents List of exhibits and case studies xvii Author biographies xix Preface xx Acknowledgements xxiii Part I INSTITUTIONS, CULTURE AND RESEARCH METHODS 1 1 Global corporate reporting 3 Learning outcomes 3 1.1 Current trends in global corporate reporting 3 1.2 Overview of corporate reporting 7 1.3 Our approach in this book 10 1.4 The language we use 11 1.5 Establishing global authority in corporate reporting 12 1.6 Challenging globalisation 14 1.7 Summary and key points 16 Questions 17 References 18 2 Institutional and external influences 19 Learning outcomes 19 2.1 Introduction 20 2.2 Factors influencing the development of corporate reporting 21 2.3 The political and economic system 22 2.4 The legal system 24 2.5 The taxation system 26 2.6 The corporate financing system 27