Asked by anosha valavan on Jul 17, 2024
Verified
Which of the following statements regarding CSR and sustainability reporting is false?
A) Generally accepted accounting principles require firms to report CSR and sustainability efforts.
B) The Global Reporting Initiative is an international organization that develops the use of sustainability reporting standards.
C) Many corporations use a triple bottom line approach to sustainability reporting.
D) The triple bottom line approach includes financial, social, and environmental performance components.
Generally Accepted Accounting Principles
A collection of commonly-followed accounting rules and standards for financial reporting.
Triple Bottom Line
A framework for evaluating a company's performance based on its impact on people, planet, and profit.
Sustainability Reporting
The practice of disclosing a company's environmental, social, and governance (ESG) impacts and sustainability practices to stakeholders.
- Outline the constituents and role of the triple bottom line in determining the sustainability and societal impact of business activities.
Verified Answer
TH
Tr?n Hà Minh Ng?cJul 21, 2024
Final Answer :
A
Explanation :
Generally accepted accounting principles (GAAP) do not require firms to report on CSR (Corporate Social Responsibility) and sustainability efforts. These reports are often voluntary and guided by different frameworks, such as those provided by the Global Reporting Initiative or based on the triple bottom line approach.
Learning Objectives
- Outline the constituents and role of the triple bottom line in determining the sustainability and societal impact of business activities.