Integrated Reporting Framwork - Assignment Example

Only on StudentShare

Extract of sample
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 providing information to management and owners and others on enterprise performance or profitability in describing how management has performed is lacking enough information. The recognition of every user of financial information is the key for the conceptual framework. IASB recognises the following users of financial information equity investors, loan creditors, suppliers, employees, customers, members’ of public, the government and government bodies. With such robust of potential users it is important to provide financial information in a clear format that benefits all. ...
Download paper

Summary

Integrated Reporting Framework: Name: Institution: Instructor: Subject: Date: Integrated Reporting - Is it or will it be possible to produce and use an appropriate and acceptable integrated reporting framework? Introduction The tradition method of reporting financial information categorized items in the books of accounts initially under two sections – assets- that were defined as resources or rights that were controlled by an entity and expected to yield a return in the future; and liabilities – which are obligations of an entity at the accounting date to make future transfers of assets or services to other body organisation (Ernest, 2008, 122)…
Author : aisha19

Related Essays

Financial statements of a company
Center of discussion in this paper is Stewardship as the ethical responsibility of the managers to effectively and honestly manage the resources of the firm. Managers therefore are considered as stewards of the firm however, managers are also considered as self-interested individuals who can pursue their own objectives too. Such tendency of the managers therefore requires that the shareholders must use company financial statements to ensure that the managers are performing their stewardship duty. Through techniques such as financial ratio analysis, shareholders can actually look into the...
6 pages (1506 words) Essay
Integrated Reporting Framework
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...
4 pages (1004 words) Essay
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 In the business context, sustainability can be defined as an approach that attempts to achieve long-term shareholder value by taking opportunities and managing risks emanating from economic, social and...
8 pages (2008 words) Essay
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 composition, the development that it brings and the level of accountability that it holds. Lastly, it focuses on the type of relationship that the management has with its shareholder, seeing that they are...
8 pages (2008 words) Essay
Corporate Reporting
Rather, it is important that other key steps and approaches are taken towards the need to harness all the components of corporate reporting. In this respect, research has actually pointed to the fact that the regulation of corporate reporting is the key to achieving such benefits (Lang, Raedy and Wilson, 2006). Generally, a regulated corporate reporting is one that is taken from the institutional level to the political level in that it is given governmental backing in the regulation of basic rules governing finance and accounting principles (Coffee, 2007). This is normally done when the...
7 pages (1757 words) Essay
FINANCIAL REPORTING
The paper presents the financial evaluation of the company and for this particular purpose, the most effective tool of ratio analysis has been utilized. The financial ratios are usually divided into various sub categories such as profitability, gearing and liquidity, each put emphasis on a different area of the financial outlook of the organization. These analyses form an integral part of the financial statement analysis, especially from the investor’s point of view, which are always looking for avenues to invest in countries having strengthened and stabilized financial ratios and...
14 pages (3514 words) Assignment
Financial Reporting
The assets listed in Coca-Cola Company’s balance sheet are classified into two main categories, current and other assets. Current assets are divided into two sections, with the first one being cash and cash equivalents and short term investments (The Coca-Cola Company, 2013). All the other assets that do not make up part of current assets are the long-term assets that are listed individually. In a balance sheet, cash equivalents always appear with cash as the first of current assets. From research, it is noted that cash equivalents are non-cash assets that are highly liquid or can be...
3 pages (753 words) Assignment
Got a tricky question? Receive an answer from students like you! Try us!