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Expected Risk Assessment—Annual Report versus Social Responsibility

Author

Listed:
  • Elvira Böcskei

    (Department of Social Science and International Studies, Faculty of Law, Károli Gáspár University of the Reformed Church, H-1091 Budapest, Hungary)

  • Veronika Fenyves

    (Institute of Accounting and Finance, Faculty of Economics and Business, University of Debrecen, H-4032 Debrecen, Hungary)

  • Emese Kinga Zsidó

    (Institute of Accounting and Finance, Faculty of Economics and Business, University of Debrecen, H-4032 Debrecen, Hungary)

  • Zoltán Bács

    (Institute of Accounting and Finance, Faculty of Economics and Business, University of Debrecen, H-4032 Debrecen, Hungary)

Abstract

Global economic, social and environmental changes are inspiring companies to behave responsibly towards the environment, not only in the interest of others, but also in that of the future of their companies. It is crucial that companies are able to recognize any lack in their ability to grow values in a timely manner, because issues at companies require immediate intervention. A key factor in maintaining operations is the time interval required for companies to adjust to challenges. Are Annual Reports capable of indicating problems or possibly to inform decision-makers that a company is entering a period of decline? Such information can be gathered from the notes to the financial statement. Are annually prepared statements capable of indicating problems? Definitely, yes. Do yearly once due statements provide enough information? The answer must be no, as we are not living in a static economic environment. The more dynamic our economic environment is, the greater the role played by the question of time. Thanks to improvements in accounting and technology, we are able to create up-to-date analyses, based on accounting statements. However, in order to be effective, teamwork inside the company is essential and controllers should play a key role.

Suggested Citation

  • Elvira Böcskei & Veronika Fenyves & Emese Kinga Zsidó & Zoltán Bács, 2015. "Expected Risk Assessment—Annual Report versus Social Responsibility," Sustainability, MDPI, vol. 7(8), pages 1-13, July.
    • Handle: RePEc:gam:jsusta:v:7:y:2015:i:8:p:9960-9972:d:53132
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    Citations

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    Cited by:

    1. Zoltán Szakály & József Popp & Enikő Kontor & Sándor Kovács & Károly Pető & Helga Jasák, 2017. "Attitudes of the Lifestyle of Health and Sustainability Segment in Hungary," Sustainability, MDPI, vol. 9(10), pages 1-16, September.
    2. Ildikó ORBÁN & Ágota KISS, 2018. "Practical Issues In The Adoption Of Ifrs For Individual Reporting Purposes In Hungary," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 17, pages 187-192, September.
    3. Baba Bacsne, Eva, 2015. "Examination of the organizational frameworks of sports enterprises in the light of good german practices," APSTRACT: Applied Studies in Agribusiness and Commerce, AGRIMBA, vol. 9(1-2), pages 1-6, March.
    4. Donghyun Kim & Junbeom Lee, 2016. "Development of a Web-Based Tool for Climate Change Risk Assessment in the Business Sector," Sustainability, MDPI, vol. 8(10), pages 1-22, October.
    5. Kerezsi Dora, 2017. "Disclosure Obligations Related To The Balance Sheet In The Hungarian And International Accounting," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 395-404, July.

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