Risk Disclosure in Annual Reports of Oil and Gas Companies PDF Download

Author: Aisha Kadyrbaeva
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Author: Roberta Salomone
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Book Description
As environmental performance is increasingly seen to have an influence over financial performance and financial risk assessment, disclosure of environmental issues in the Annual Reports is a fundamental requirement for a company in order to satisfy the information needs of its stakeholders. Given this pressure there is a definite trend among leading companies to report their environmental performances within the financial statements, but the way companies disclose environmental-related information varies from company to company and from country to country. Besides, the qualitative level of this kind of disclosure, in term of relevance, comparability and credibility, is not generally very high. More and more voluntary and regulatory guidelines are emerging to encourage companies to disclose environmental issues in Annual Report. The aim of this paper is to examine literature relating to environmental disclosures in the Annual Report and to identify this environmental disclosure, but also its location and typology, thereby defining current practices on environmental reporting in Annual Reports of selected firms in the chemical and oil & gas industries.

Author:
Publisher:
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Category : Petroleum industry and trade
Languages : en
Pages : 104

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Author: Robert G. Eccles
Publisher:
ISBN:
Category :
Languages : en
Pages : 36

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We conducted a type of “field experiment” to evaluate how difficult it will be for companies to implement the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) published in June of 2017. These recommendations are based on the four categories of governance, strategy, risk management, and targets and metrics. Beneath these are 11 more detailed recommendations. We selected an industry that will be especially challenged by these recommendations -- oil & gas. We examined the disclosures of 15 of the largest oil & gas companies by market cap that had filed a 10-K or 20-F in 2016, so before the TCFD's recommendations were published. We also examined their sustainability reports. Our reasoning was that if companies were already doing a reasonable amount of disclosure before these recommendations were published, then it would be more feasible to implement the TCFD's recommendations than if virtually no related disclosures were being made. In general, we found reporting for that year uneven, with some TCFD categories fairly well covered and others not. We also found variation across companies, with most making fairly modest disclosures but some being fairly progressive in this regard. Significantly, we also found that most of the disclosures were in voluntary sustainability reports, not the financial filings required by statute and as recommended by the TCFD. Taken in the aggregate, at least one company was reporting on each of the 11 recommendations with one exception. This suggests that it is feasible for companies in this sector to follow the TCFD's recommendations if they are interested in doing so.

Author: Daniel B. Thornton
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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We hypothesize that oil and gas producers' 10-K market risk disclosures, recently mandated by SEC Financial Reporting Release Number 48 (FRR No. 48), convey useful information to investors about commodity betas (defined as the sensitivity of firms' equity price changes to commodity price changes). Consistent with the hypothesis, we find that a sample of firms disclosing sensitivity or value-at-risk (VAR), as mandated by FRR No. 48, tend to experience greater commodity beta shifts at 10-K filing dates than do non-disclosers in a matched control sample. To enhance confidence that the observed shifts are associated with FRR No. 48 disclosures, we repeat the analyses in the year before the release was effective, when firms did not disclose sensitivity or VAR. At the prior year 10-K filing dates, we find that neither the disclosure nor the control sample experienced significant commodity beta shifts. We conclude that the results are consistent with FRR No. 48-mandated sensitivity and VAR disclosures providing useful information to investors.

Author: M. V. Shivaani
Publisher: Springer
ISBN: 9811381410
Category : Business & Economics
Languages : en
Pages : 334

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Book Description
This book proposes three normative frameworks pertaining to risk-measurement, disclosure and governance using expert opinion and data from the top 429 non-financial companies (of the NIFTY 500 index) over a 10-year period. The book offers a novel contribution to the global literature on disclosure quality by presenting a composite measure of the quality as well as quantity of risk disclosures. Focusing on the quality of risk disclosures and risk governance structures, and using sophisticated methodology to tackle the issue of endogeneity, the book explores the important yet uncharted confluence of accounting information, risk and corporate governance. It addresses the interplay between three facets of risk, and is corroborated by practitioners’ perspectives as well as case studies. It is an excellent resource for practitioners, professionals and policy-makers, in addition to researchers working on the topic.

Author: Kenneth S. Most
Publisher:
ISBN:
Category : Financial statements
Languages : en
Pages : 72

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Author: Corporate Library Inc
Publisher:
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Category : Corporation reports
Languages : en
Pages : 45

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Author: Stefania Veltri
Publisher: Springer Nature
ISBN: 3030479218
Category : Business & Economics
Languages : en
Pages : 176

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Book Description
This book focuses on the impact of the disclosure of non-financial risk, which could be seen as the most relevant non-financial information (NFI), in the aftermath of the 2014/95/EU Directive. The author analyses whether the switch from voluntary to mandatory NFI enhance the quality of disclosed NF risk-related information and the usefulness of the risk disclosure for investors. The book focuses specifically on the mandatory disclosure of non-financial (NF) risks as required by the EU Directive for listed Italian companies, investigating both the state of art of its disclosure and its usefulness for investors. In doing so, the book contributes to fill two relevant gaps in risk literature. The first research gap is related to the insufficient investigation of the disclosure of NF risks. Companies mandated to disclose risk-related information focused mainly on financial risks, in spite of the width of the definition of risk, conceived as information about any opportunity, danger, threat, or exposure that has or could impact the company in the future. The second gap is that empirical evidence about the effects of corporate risk disclosures is still limited, and the potential benefits of the disclosure of information on risks have not been fully explored. In particular, the relationship between risk disclosures and firm value is under researched, as the risk literature mainly focuses on the incentives question, related to the motives for which companies decide to disclose. The research in this book focuses on Italy, a country that provides a unique opportunity to examine the impact of mandatory NF risk disclosure on firm market value, being one of the biggest industrial European countries that had not mandatory legislation for NFI disclosure, and also one of the leading countries in voluntary corporate social responsibility (CSR) reporting at an international level. It has been carried out in the fiscal year 2017, the first year of the application of the mandatory NF disclosure for obliged Italian listed PIEs. The book contributes both to the measurement literature, as it presents a self-constructed quality NF risks and to the value relevance analysis literature, providing evidence of the usefulness of financial and non-financial risk-related disclosures in the Italian context.

Author: AICPA
Publisher: John Wiley & Sons
ISBN: 1940235421
Category : Business & Economics
Languages : en
Pages : 272

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Book Description
At head of title: Audit & accounting guide.