A research forum published in Business & Society in 1995 (Issue 2) analyzed whether Fortune magazine's annual Reputation Survey (FRS) is viable as a corporate social performance (CSP) research database. We examine plausible alternative interpretations for a number of assertions and conclusions by the forum authors, including the premise for Brown and Perry's proposed transformation: that the Fortune data are confounded by the presence of a financial "halo," which biases ratings of nonfinancial attributes. Finally, we examine the appropriate roles of the two primary corporate rating systems in the context of CSP.
This article presents a condensed history of significant post 1900 developments in nonbusiness financial accounting practices and standards, and highlights some of the major issues in the recent increase in interest and activity in nonbusiness accounting. It includes consideration of federal, state, and local government units along with various types of nongovernmental nonbusiness entities. The initial section of the article traces both the development of fund accounting techniques and the discovery of their inadequacies. Next, the article discusses developments in standard-setting and the search for a sound theoretical foundation. Finally, it presents a current profile of nonbusiness accounting. The article implies that nonbusiness accounting can no longer be treated as a secondary consideration. The nonbusiness sector is a major component of the environment that requires sound financial accounting and reporting standards and practices.
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