Integrated Reporting Framework

Integrated Reporting Framework Essay example
Masters
Essay
Finance & Accounting
Pages 4 (1004 words)
Download 0
Integrated Reporting Introduction Over the years companies, investors and stakeholders in companies have seen the development and implementation of various rules and subsequently the development of conceptual frameworks for the preparation and presentation of financial statements…

Introduction

However, it was not until 1999 that the UK developed a framework which it described as – ‘Statement of Principles for Financial Reporting’. Both frameworks were based on work done in US, Canada and some other countries (Dyson 2007). Before that time the bases for financial reporting were various rules and custom and standards which were mainly ‘fire-fighting exercises’ (Dyson 200?). The USA, however, was much earlier in developing a conceptual framework in the 1970’s. This framework was also developed out of a number of crises over the years which led to the creation of the Securities and Exchange Commission in the United States in 1934 under whose charge the FASB falls. Subsequently, there have been additional crisis in the United States especially that which led to the Sarbanes Oxley Act 2002. This Act has laid down certain requirements for companies listed on the stock exchange. All these have one objective – the protection of stakeholders, while minimising the differences in reporting by companies. ...
Download paper
Not exactly what you need?

Related papers

The Choice between Formulation of Accounting Framework and Adoption of International Financial Reporting Standards: A Case of Developing Countries
With the adoption of accounting standards and frameworks, businesses are able to reduce their costs relating to financial reporting, particularly those countries where generally acceptable accounting principles are either nonexistent or are not effective enough to be relied upon or adopted. The adoption of international accounting frameworks not only benefits business entities adopting them but…
Conceptual Framework: Financial Reporting
The Conceptual Framework for Financial Accounting Accounting is at the core of business finance, and with the dynamic developments of the global economics, this subject has also become a key area of research and analysis. In this situation, even the most basic accounting concepts like assets, liabilities, revenue, debt, etc. are of critical importance. Terms based on the accounting concepts need…
Sustainability and Integrated Reporting - A New Approach
The benefits and challenges of this reporting is looked into and the need to adopt in corporations. Woolworth, a categorical large corporation is analysed in regards to the extent it has adopted integrated accounting. Guidelines for integrated reporting are set out globally through various bodies like the International integration reporting committee amongst others. The meaning of sustainability…
Integrated Reporting Framwork
This created the need to improve the financial reporting standards by having in place an improved conceptual framework. The main objective of financial reporting is outlined as providing information that is useful to present and potential investors and creditors in making investment and credit decisions and other users, and also in resource allocation. The previous concept that laid emphasis in…
Global Reporting Initiative and Sustainable Reporting
The increase in regulatory scrutiny, the emergence of new standards and the heightened interest on the part of public and private policymakers are the reasons why sustainability reporting becomes imperative for organizations today. To demonstrate this, this paper will explore one of the most widely recognized sustainability standards, the Global Reporting Initiative. Reporting Standard The Global…
International Financial Reporting Standards
Adoption of International Financial Reporting Standards and efforts to converge United States GAAP and Global Standards will provide a framework for conformity of global financial reporting principles (Ernst & Young 15). The international financial reporting standards will enhance the comparability of corporations internationally. The new system will provide investors and shareholders with better…
corporate reporting
It is also about the organization and the recognition of what the economy is now, and what the economy ought to be in the near future. Corporate governance explains the types of processes and the ways in which companies and businesses are controlled and directed. They also indicate the level in which the managerial status of company is and include the information containing the board and its…