Analysis of Corporate External Reporting Practices

This assignment analyzes the practices of corporate external reporting, including the history and development of conceptual framework for financial reporting. It discusses concerns of Australian accounting profession and the application of the conceptual framework by a specific company. It also compares sustainability reporting guidelines and integrated reporting framework.

Running Head: ACCOUNTING THEORY & CONTEMPORARY ISSSUES
ACCOUNTING THEORY & CONTEMPORARY ISSUES
Name of the Student
Name of the University
Author Note

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Executive Summary
The aim of this assignment is to do the analysis of the practices of the corporate
external reporting. For this, literature review of history and development of conceptual
framework for financial reporting will be discussed. In addition, concerns of Australian
accounting profession and academic concern regarding their application will be discussed.
Moreover, application of the conceptual framework by the Southern Cross Media Group
Limited will be discussed, which have described that company has prepared and recorded the
transactions as per the accounting standard. Further, Sustainability reporting guidelines and
Integrated Reporting framework has been compared, contrasted and its applicability will be
discussed. Moreover, integrated reporting checklist will be prepared and compared with the
Truworths International Limited. Lastly, comparison will be done on Australian company
corporate social responsibility report and financial report with South African company
integrated report, which states that integrated report is summary and one report that consist of
information of corporate social responsibility and financial performance.

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Table of Contents
Introduction................................................................................................................................3
Part A.........................................................................................................................................3
Literature Review...................................................................................................................4
Application of Conceptual Framework for Financial Reporting...........................................5
Academic Concerns about the Quality of Conceptual Framework for Financial Reporting. 6
Application of Conceptual Framework by the Company......................................................7
Part B..........................................................................................................................................8
Comparison between Sustainability Reporting Guidelines and International Integrated
Reporting Framework............................................................................................................8
Strengths and Weaknesses of Conventional Accounting.......................................................9
Applicability of Theories of contents of Sustainability and Integrated Reports..................11
Index of Integrated Report Components..............................................................................12
Comparison of contents of Australian company’s corporate social responsibility reporting
with Integrated Report of South African Company.............................................................16
Conclusion................................................................................................................................17
Reference..................................................................................................................................18

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Introduction
The aim of this assignment is to do the analysis on the different aspects of the
corporate external reporting practices. Therefore, for analysis, two companies will be taken
into consideration. First company will be STHN Cross Media and second company will be
Truworths International Limited. Southern Cross Media Group is known to be one of the
major media company of Australia (Southern Cross Austereo., 2019). Moreover, Truworths
is the retailer in clothing based in Cape Town, South Africa. This company is engaged in
selling cloths under various brands (Truworths, 2019). Hence, under this assignment,
discussion will be done on conceptual framework, which includes literature review of the
history and development of conceptual framework for the financial reporting, discussion on
Australian accounting profession’s concerns regarding the IASB/IFRS application. Moreover,
discussion will be on the review of the journal articles and application of the conceptual
framework by the company. Further, integrated/ sustainability reporting will be discussed that
includes comparison and contrast of sustainability reporting guidelines of Global Reporting
initiative and International Integrated Reporting framework of International Integrated
Reporting Council for the explanation of holistic view of the corporate social responsibility
and overall performance. In addition, rigour of conventional accounting, applicability of the
theory of the sustainability contents and integrated reports will be discussed. Moreover, index
will be prepared of the various components of the integrated reports of the South African
Company. Lastly, the comparison will be done on corporate social responsibility reporting,
and reporting of financial performance of Australian company with contents and index of the
South Australian, company integrated report (Cheng et al., 2014).
Part A
a)

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Literature Review
History and Development of Conceptual Framework for Financial Reporting
Around the world, USA has major influence on accounting standard. They follow
Financial Accounting Standard Board that includes various standards, which are disseminated
by committee of international accounting standard. However, rest of the world follows IASB.
Moreover, moving towards principles based accounting from the rules-based accounting, UK
has introduced conceptual framework. Since 1980s, conceptual framework statements are in
existence in Australia, UK and Canada (Henderson et al., 2015).
After the depression of 1929-1923, the Tentative Statement of the Accounting
Principles Underlying the Corporate Financial Statements influenced Patron and Littleton
monograph. It was the USA first institutional effort for developing the conceptual framework
of the business organizations. After the World War II, the need for the accounting standards
as well as globally accepted conceptual framework has increased. During the year 1973,
Wheat Committee recommendations has started the new era of the standards setting in USA
along with the formation of Financial Accounting Standards Board of the standard setting,
Financial Accounting Standards Advisory Council as well as Financial Accounting
Standards. Further, for addressing harmonization accounting standards need, International
Accounting Standards Committee was formed in the year 1973.During the year 1978 and
2000; 7 Statements of the Financial Accounting Concepts were published by FASB. This
serves as the conceptual framework of FASB. During the year 1989, single document of the
framework was published by the IASC. IASB and FASB has announced for their new joint
agenda in order to revisit both of the company’s conceptual frameworks. Moreover, in the
year 2010, the first stage of joint project of conceptual framework was published by the IASB
and FASB. This phase of conceptual framework dealt with the qualitative characteristic and
objectives of the financial reporting. Later, in the year 2013, IASB has published for the

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discussion paper in order to request for the comments for releasing the exposure draft of
revised sections for the first quarter of the year 2015 (Tschopp & Huefner, 2015).
According to Dickson Adom, theoretical and conceptual framework guided the
research path and offered the foundation for the credibility establishment (THEORETICAL AND
CONCEPTUAL FRAMEWORK: MANDATORY INGREDIENTS OF A QUALITY RESEARCH, 2019).
According to Rosa Caiazza, conceptual framework works for the innovations for the
sustainability. It is because conceptual framework aims for providing the framework for the
classification of the transfer of the knowledge as well as their effects on the competitiveness
of firms (Innovation for sustainability, 2019).
b)
Application of Conceptual Framework for Financial Reporting
There is no guarantee of the high quality financial reporting solely by the
development of the accounting standards with strong theoretical bases. There are various
issues and concerns regarding the application of the conceptual framework for the financial
reporting. Following are the some of the Australian profession’s concerns and application
issues that arises while applying IFRS/IASB:
 According to ACCA, the restructured conceptual framework of IASB has raised the
thorny issues. There are some proposals from the IASB, in order to update the
conceptual framework for financial reporting that has led to the detailed discussions
(ACCA Global, 2019).
 According to KPMG Luxembourg, the financial statements information are not
enough, too much irrelevant, and not effectively communicated (Danilenko, 2018).
 According to Leavitt Walmsley Associates, the purpose of framework document is for
setting out the concepts, which underlie the presentation and preparation of the

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financial statements for the external users as described in the conceptual framework
for the financial reporting. Application of which enhances qualitative characteristics
(Collings & Profile, 2019).
c)
Academic Concerns about the Quality of Conceptual Framework for Financial
Reporting
According to Siriyama Herath, the determination of the quality of the financial
reporting depends upon the accounting reporting value. All across the world, there is the great
demand for providing the more clearer and full definitions of the quality of the financial
reporting. The high quality financial reporting helps in influencing the users for making the
investments decisions and enhancing the market efficiency. Moreover, providing the ideal
methods for the assessment of the financial reporting quality is another globalized demand.
The higher financial reporting quality the more beneficial will be for the investors and the
users of financial reports (Herath & Albarqi, 2017).
According to Ying Zhang, the current corporate governance that is conducted by the
IASB and FASB provides broader literature on the financialisation and neoliberalism.
Through the configuration of newly globalized conceptual framework, the architecture of
regulatory in accounting will work for sustaining finance centrality in the economy of GFC,
despite of the many deficiencies (Zhang & Andrew, 2014)
According to R Macve, the inherent limitations of the value and income measurement
is remain unrealistic for expecting official attempts to develop the conceptual frameworks for
the financial reporting in order to provide coherent basis for resolving accounting problems
(Macve, 2015).
d)

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Application of Conceptual Framework by the Company
STHN Cross Media has used the significant as well as other policies of accounting,
which summarizes the basis of measurement used and they are relevant for understanding the
financial statements, which is being provided through the financial statements notes. For all
the presented years, the policies have been applied consistently. The company has prepared
general purpose financial report according to the Corporation Act 2001 and Australian
Accounting Standards. The company operates for profit motive for the purpose of the
preparations of the financial statements. Apart from that, financial statements are prepared in
compliance with the Australian Accounting Standards that ensures that financial statements
as well as its notes are prepared and complied with the International Financial Reporting
Standards that is issued by International Accounting Standards Board
(Southerncrossaustereo.com.au, 2019).
i)
The financial statements that have been prepared are Statements of Comprehensive
Income, Statements of financial position, Statements of changes in equity and Statements of
cash flows. The company prepares these statements for presenting the financial performance
of the company at the particular time period. Southern Cross Media Limited has prepared
general purpose financial statements such as income statements, balance sheet, owners’
equity as well as cash flows statement. The company has aimed for providing relevant
information through these statements, which are useful for the stakeholders for taking
necessary decisions (Southerncrossaustereo.com.au, 2019).
ii)
Moreover, the preparation of the financial statements is done under historical cost
convention that is modified by revaluation of some of the financial assets as well as liabilities

8ACCOUNTING THEORY & CONTEMPORARY ISSUES
at the fair value and through the profit or losses. Further, as and when necessary, the
adjustments have been done to comparative figures for conforming to the changes in current
year. Southern Cross Media has opted for the historical cost accounting because it is
considered more comparable, reliable, verifiable as well as consistent.
iii)
The qualitative characteristic of the information that has been exhibit in the various
financial reports of the company is relevance. This qualitative characteristic of the
information exhibit in the financial reports of the company. Generally, relevance is associated
with the information that is useful, timely, going for making the difference and has the
predictive value (Southerncrossaustereo.com.au, 2019).
Part B
a)
Comparison between Sustainability Reporting Guidelines and International Integrated
Reporting Framework
Sustainability Reporting Guidelines
The guidelines of GRI are used by the reporting organizations for disclosing the most
critical impacts whether positive or negative on the environment, economy and the society. It
helps in generating the relevant, reliable as well as the standardized information for assessing
the risks and the opportunities as well as enabling more of the informed decision-making that
is within the business entity and among the stakeholders. G4 has been designed for applying
it universally to all the sectors, types and the organizations whether it is small or large all
across the world. The presentation of the guidelines is in two parts. First part is reporting
principles and standard disclosures, which contains the reporting principle, standardized
disclosures as well as criteria that are to be applied by the organizations for preparing their

9ACCOUNTING THEORY & CONTEMPORARY ISSUES
sustainability report, which is according to the guidelines. The second part is implementation
manual that includes explanations of way of applying the reporting principles, way of
preparing the information to be disclosed as well as way for interpreting different concepts in
the given guidelines. Moreover, glossary, other sources references and general reporting
notes are included as well (Global Reporting Initiative, 2019).
International Integrated Reporting Framework
It is the process that is founded on the integrated thinking, which results in the
periodically issued integrated report by the company about the creation of the value over time
as well as is related to the communications regarding the various aspects of the value
creation. It is the concise communication that is about the governance, performance,
prospects and the strategy, which is in context of the external environment in order to lead for
creating value in short-term, medium-term and long-term.
In order to accelerate adoption of the integrated reporting, International Integrated
Reporting Framework is used. The framework has the purpose of establishing the content
element and guiding principles, which governs overall content of integrated report as well as
explaining the fundamental concepts that helps in underpinning them (Integrated Reporting,
2019).
Therefore, sustainability reporting is all about the communication of the approach of
the entity for the key environmental as well as social issues management. It is relating to the
one of the most important factor of the performance of the company, without the help of
which the integrated report will be complete.
b)

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Strengths and Weaknesses of Conventional Accounting
Conventional accounting is the system of the accounting that is used for providing the
information to the managers within the organization. The powerful tool that is used for the
business organization for reporting performance of profit to the investors and other
stakeholders. It is also known as historical accounting.
Strength of Conventional Accounting
 It helps in maintaining the objectivity as well as reliability of the accounting
information. Manipulations of data cannot be done because the business transactions
are recorded on the objective basis.
 The concept of conventional accounting is quite simple. The record of the transactions
is at the original amounts. Restatement of the financial statements does not have to be
done every year for reflecting the changes in the values.
 It is used consistently over the time, which enhances inter and intra comparability of
the financial statements (Schaltegger & Burritt 2017)
Limitations of Conventional Accounting
 Under this, price level changes are not taken into account. If the financial statements
are prepared by the system of conventional then it states only the historical facts. It
fails to give the correct and realistic picture of the state of the affairs for the concern.
 Gain or losses on the account of the holding inventories might be mixes up with the
operating gains or losses. For determining the true operating performances, the
holding gains or the losses are segregated from the operating losses and gains.
 Tax is generally levied on the money profit. In conventional accounting, the money
profit does not represent the real profit. Therefore, there is overstatement of the

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reported profits and the assets under this are understand in the conditions of
inflationary.
 In the position statements, the fixed assets are shown at the cost of its acquisitions.
Moreover, the purchases of the assets at the different point of time are mixed up
together in additions to the existing assets.
 The depreciation is charged on historical cost of assets. Depreciation charges of the
fixed charges are based on original purchases price. The assets replacement cost
exceeds far of the original cost (Kirkman, 2014)
Therefore, in order to promote the uses of the sustainability as well as contributing to the
sustainable global economy, conventional accounting plays the important role for the welfare
of the society as a whole. In addition, integrated reporting with the help of conventional
accounting enhances the decision-making powers of the investors and other stakeholders.
c)
Applicability of Theories of contents of Sustainability and Integrated Reports
According to Cory Searcy, the research has showed that report content are determined
by the conducting the internal evaluation, following standards and other methods. Around
five companies were found developing fully integrated reports and other fifteen was found
including some aspects of sustainability in the annual reports. However, for the development
of the sustainability reports, the key challenges was identified such as data collection,
timeliness, selecting content as well as striking the appropriate balance in the reporting.
Moreover, there is various potential future for the uses of sustainability reports such as
improvement for the ability of tracking performance of real-time (Searcy & Buslovich, 2013)
According to Ronel Rensburg, potential benefits of the integrated reporting are
measured by the effectiveness from the perspective of the stakeholders. It has been found in

12ACCOUNTING THEORY & CONTEMPORARY ISSUES
the study that very few of the stakeholders use integrated reports as one of the main source of
the investment and financial investments. Further, the companies use still interim and annual
reports as the main source of financial information. However, there are various opportunities
for the integrated reporting in future (Rensburg & Botha, 2014).
d)
Index of Integrated Report Components
Preparation of Index of the various Components of Integrated Report
Components of Integrated Report
1 Organizational Overview and External Environment
The main activities of organization and environment in which it operates has to be
disclosed in the integrated reports.
 Organization’s
o Principal activities as well as markets
o Ethics, culture and the values
o Position within value chain
o Operating and Ownership Structure
o Factors of market positioning and competitive landscape.
 Key Qualitative Structure such as total number of employees,
revenues and total number of operating countries and so on.
 Factors that affects organization’s response and external response,
which includes social, commercial, environmental, political and
legal context that affects the ability of the company for creating
value in short, medium and long-term.
2 Governance

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Integrated report must provide the insights about the organizational governance
structure, which creates value.
 Leadership structure of organization that includes skills as well as
diversity of those who are charged with the governance.
 Mandatory as well as voluntary code of the corporate governance.
 Code of ethical conduct.
 Uses of strategic purposes for making strategic decisions.
 Remunerations and Incentives linking with the value creation in the
short, medium and long-term.
 Risk management.
3 Stakeholders Relationships/Identification
 Identifications of stakeholders
 Engagement Methodology of stakeholders.
 Identifying material matters of the stakeholders.
 Application of such matters by the company.
 Assessments of the impacts, implications as well as outlook by the
stakeholders of the business model of company.
4 Business Model
 Business Activities
 Inputs
 Outputs
 Outcomes
5 Performance
 Quantitative Indicators for targets, risks and opportunities.
 The effect of organization on the capital.

14ACCOUNTING THEORY & CONTEMPORARY ISSUES
 State of relationships of key stakeholders.
 Link between current and past performance as well as between
organization’s outlook and current performance.
6 Risk, Opportunities & Internal Control
 Internal and external are the two sources of risk and opportunities.
 Steps for mitigating risk.
 Risk Management Report.
 Disclosures of responses to internal control effectiveness and
responsibility of board for safeguarding interest of stakeholders.
7 Strategy and Resource Allocations
 Short, medium as well as long-term strategic objectives of the
organizations.
 Implementations of the objective.
 Positioning in the wider market.
 Long-term strategy of the current business model.
 Link between organization’s strategy and resource Implementations
plan.
 Competitive Advantages
8 Outlook
 Highlights of the anticipation of the changes over time and provides
the information on the expectations affects and respond to the
uncertainty.
 Potential Implications, which includes future financial performance
implications.
 Providing the lead indicators, objective or KPIs, sensitivity analysis

15ACCOUNTING THEORY & CONTEMPORARY ISSUES
and relevant information from the recognized external sources.
9 Basis of the Preparation and Presentation
 Summary of the materiality determination process of organization.
 Description and determination of reporting boundary.
 Summary of methods and significant framework for the evaluation
of the material matters.
Table 1: Integrated Reporting Checklist (The IIRC | Integrated Reporting. 2019)
Truworths International Limited has disclosed the information on the following
components:
 Overview: This Company provides the review of the year 2018 and outlook for the
year 2019, the reporting approach, profile of the company, investment case and retail
trading environment.
 Creation of the Sustainable Value: It consists of disclosure by the company on
business philosophy, group strategy, material issues, risks and opportunities, business
model of value creation and building of the quality relationship with stakeholders.
 Governance: The Company provides the report from the chairman, disclosures of
board of directors, group leadership, board and governance process and report of
remuneration committee.
 Performance Review: The Company provides report of the CEO, CFO report, Five-
year review of the financial performance and summarized annual financial statements.
 Operational Review: Company has disclosed the information that includes market-
leading brand portfolio, management of the fashion risk, and optimization of supply
chain efficiency, management of account risk, retail presence and human capital
report.

16ACCOUNTING THEORY & CONTEMPORARY ISSUES
 Shareholders Information: This Company provides the additional information that
is relevant to the shareholders as well as other stakeholders.
 Financial Performance: The company’s gross profit margin is stable, operating
margin is down, cash from operations is high, net asset value per share is high, annual
dividend per share is down and comparable diluted headline earning per share is
down.
 Outlook: For the year 2019, the company has primarily focused on the growing
business of the e-commerce, the trading environment will be continuing for negatively
impact by the political uncertainty that relates to Brexit negotiations outcomes and
stability of inflation, better growth of employment and expectation of positive wage
inflation for UK household disposable income (Truworths International, 2019).
Therefore, Truworths has disclosed the information against each of the components.
e)
Comparison of contents of Australian company’s corporate social responsibility
reporting with Integrated Report of South African Company.
Southern Cross Media Group does not prepare the integrated report, rather company
prepares the report on the corporate governance statement, which describes the way the
business is managed and it describes how the company is carrying out the business as per the
desires of the stakeholders that is conducted by concerned committees and board of directors.
In addition, the company prepares annual report, which is prepared for disclosing financial
performances of the company. The corporate social responsibility report of the company
consists of board of directors which includes their composition, skill, independence, role,
remuneration and so on, board committee, executive remuneration and performances, risk
management and integrity of the financial reporting, company policies and sustainability.

17ACCOUNTING THEORY & CONTEMPORARY ISSUES
Moreover, annual report of the company consists of the financial performance of company
that includes income statements and balance sheet as well as activities of the company
(Southerncrossaustereo.com.au. 2019).
Hence, the difference between the integrated report and corporate social responsibility
reporting and annual report is that integrated report summarizes all information of corporate
social responsibility and annual report in one report as compare to disclosing in two different
reports.
Conclusion
Therefore, it is concluded from the analysis that conceptual framework provides the
basis and sets the objectives for the general purpose financial reporting. However, there are
certain concerns of accounting professional and academic regarding the benefits as well as
limitations of the conceptual framework for the financial reporting. Moreover, Southern
Cross Media Group has prepared the financial statements according to the guidelines set by
the Australian accounting standards and Corporation Act 2001. Further, comparison has been
done on Sustainability reporting guidelines and International integrated reporting. In addition,
rigour of conventional accounting has been discussed. Moreover, theories have been
explained regarding contents of sustainability and integrated reports. Further, checklist of
integrated reporting has been prepared. Lastly, comparison has been done on integrated report
of South African company, corporate social responsibility report, and financial report of
Australian company.

18ACCOUNTING THEORY & CONTEMPORARY ISSUES
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