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This paper aims to investigate the current state of knowledge in key reporting aspects in relation to sustainability reporting in general and to reflect on their relevance to Global Reporting Initiative (GRI) in particular. In doing so, the major gaps in that knowledge are identified, and the paper proceeds to suggest further research avenues.

The authors conduct a review of papers published in leading journals concerning sustainability reporting to analyse the progress in the literature regarding three important reporting topics: materiality, comparability and assurance.

The review conducted in this study shows that there is still work to be done to ensure high-quality and consistent sustainability reporting. Key takeaways from the review of the extant literature are as follows: there is ongoing debate about the nature of sustainability reporting materiality, and single versus double materiality. Clearer guidance and better contextualisation are seen as essential for comparability, and, as GRI suggests, there is an important link to materiality that needs to be considered. Finally, assurance has not been mandatory under the GRI, but the current development at EU level might lead to the GRI principles being incorporated in the primary assurance standards.

In this paper, the authors review and synthesise the previous literature on GRI reporting dealing with three key reporting aspects.

The authors extract some takeaways from the literature on materiality, comparability and assurance that will all be key challenges for GRI in the future.

This paper provides an updated review of the literature on GRI reporting dealing with three key reporting aspects.

The purpose of this paper is to investigate whether the interaction between mandatory and voluntary risk disclosure is a complementary or substitutive consequence of different risk regulatory regimes. The paper is a cross analysis comparing Germany, the US, Italy, France and the UK during the period 2007-2010.

Content analysis is used to examine mandatory and voluntary risk information in corporate annual reports. A framework for the identification and measurement of risk information is developed by considering national and supranational regulations.

A complementary effect between mandatory and voluntary risk disclosure exists in each risk regulation jurisdiction. This effect does not depend on the presence of national risk rules (Germany and the US) as against national risk guidelines (France and the UK). Some cross-country differences emerge in the extent of the complementary effect, which are based on the national risk regulations. Germany shows the highest degree of complementing mandatory with voluntary risk disclosures.

The main limitations relate to the sample size, which is based on the choice of a matched approach and to some country-specific influences on regulatory regimes, which are not analysed. The practical implications refer to the revision or addition of mandated rules by accounting standard setters.

The paper contributes to the literature in two ways. First, it proposes an incremental analysis of corporate risk disclosure by examining the interaction between mandatory and voluntary risk disclosure with a complementary or substitutive consequence in different risk regulatory settings not previously investigated. Second, the paper makes a method-based contribution by developing an original analytical framework based on the analysis of different regulatory regimes.

Following the mandatory IFRS adoption in 2005, the Continental European accounting systems changed. This study investigates if it influenced the value relevance of intangible assets in Italy.

To measure the value relevance of intangible assets of non-financial firms listed on Borsa Italiana from 2000 to 2015, this study isolates the impact of several classes of intangible assets on stock prices and then classifies firms according to intangible asset intensity.

Goodwill, intellectual property and other rights, start-up costs or other intangible assets are significantly correlated with stock prices when Italian accounting standards were applied prior to 2005, whereas research and development expenditures are not associated with stock prices. The mandatory IFRS adoption has exerted positive effects only for goodwill and research and development expenditures, and it is negative for start-up costs. Further, when intangible-intensive firms are considered in the post-IFRS adoption period, declining value relevance exists relative to intellectual property and other rights or research and development expenditures; goodwill and other intangible assets increase in value relevance.

This study is subject to country-specific determinants and firm-specific characteristics. It treats accounting standards as exogenous, and the classification reflects the concentration of intangible assets in an industry. By relying on investors’ assessments of risk, it does not sufficiently explore the risk conveyed by future abnormal earnings and earnings volatility.

This study offers insights for measuring and reporting intangible assets, by specifying that their value relevance depends on their level and aggregation.

This study investigates the value relevance of intangible assets in the post-IFRS period, in reference to intangible-intensive firms. It also divides intangible assets into several classes to specify the value relevance of goodwill.

The purpose of this paper is to investigate the extent of intellectual capital (IC) disclosure on the UK biotechnology initial public offering (IPO) prospectuses. The study is based on companies going public on the London Stock Exchange (LSE) and the London Alternative Investment Market (AIM) over the period 2005‐2007.

The extent of IC disclosure is collected and measured by using the IC disclosure index and the framework proposed by Bukh et al. The differences in the level of IC disclosure are analysed by modelling some firm‐specific determinants such as size, maturity, age and independence of the board.

It is shown that primary listing companies on the LSE disclose more IC information than those on the London AIM. Maturity and independence of the board are associated with IC disclosure, while size and age are not related, showing the importance of corporate communication as a signal of credibility to possible investors at IPO stage.

The main contribution of the paper is to analyse IC disclosure in the UK biotechnology IPO prospectuses. Previous literature does not focus on this reporting genre as an important corporate communication tool, as most research investigates IC disclosure only in annual reports and country regulation settings.

The purpose of the paper is to investigate intangibles disclosure in Italian initial public offerings (IPO) prospectuses. It seeks to examine whether intangibles disclosure in IPO prospectuses is correlated to some firm‐specific variables, which influence the information selected by a company for its admission on the stock exchange.

The paper is an empirical analysis of intangibles disclosure in Italian IPO prospectuses, and in particular an analysis of its association with some firm‐specific variables through a regression model.

The paper finds that intangibles information is increasing in Italian IPOs. Firm size and pre‐IPO managerial ownership are associated with intangibles disclosure, while firm age and level of technology are not related.

The paper shows that the IPO disclosure could not be exhaustive of the intangibles disclosure provided by Italian companies, because it is produced on a voluntary basis. Originality/value – The empirical results indicate that intangibles disclosure is important in the capital markets assessment of firm value.

The mandatory conversion to IFRS (International Financial Reporting Standards) has represented much more than a change in accounting rules. Firms’ main concerns have been to understand the extent to which accounting differences between national GAAP and IFRS could affect their reported performance. The purpose of this paper is to address this concern by providing empirical evidence of the nature and the size of the differences between Italian accounting principles and IFRS.

The total and individual differences between Italian GAAP and IFRS are identified and quantified in the reconciliations of net income and equity of companies listed on Borsa Italiana. The focus is to show the major consequences of the conversion to IFRS on accounting outcomes.

The empirical results indicate a more relevant total impact of such a transition on net income than equity. The analysis of individual adjustments shows a greater discrepancy between Italian GAAP and IFRS in the accounting treatment of intangible assets, income taxes, and business combinations with reference to both net income and equity.

The main contribution of the paper is to investigate the impact of mandatory IFRS adoption for Italian listed companies’ financial results. Previous literature does not focus on such a specific country, but it offers a comparative approach to different effects of IFRS on European countries.

To verify if the intellectual capital (IC) statement has some points of contact with environmental and social reports, or whether it can be considered as a brand‐new reporting model, which is completely detached and independent by the other two.

An empirical analysis of environmental and social reports in Italy, and in particular an analysis whether some elements of IC statement are present in the environmental and social reports.

A high level of dispersion in the information composing the environmental and social reports; a significant overlapping of data between these two sets of documents; and a quite relevant set of information in common between the environmental and social reports and the IC statement.

The environmental and social reports analysed could be not an exhaustive list, because Italian companies produce such reports on a voluntary basis and for internal purposes.

The lack of uniformity in and between environmental and social reports, and the correspondence between many elements of those documents and the IC statement information seem to suggest that the environmental and social reports could probably serve as a support for the development of IC statement in the Italian context in the near future.

Looks at the growing awareness of the multi‐dimensional nature of firm performance and the inadequacy of traditional accounting systems to account for issues posed by economic and technological environments.