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Integrated Reporting Framework - Essay Example
Author : brownkatrine
Finance & Accounting
Pages 4 (1004 words)
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…
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. ...