Contemporary Accounting Theory: Conceptual Framework and Integrated Reporting

Running head: ACCT CONTEMPORARY ACCOUNTING THEORY
ACCT Contemporary Accounting Theory
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1ACCT CONTEMPORARY ACCOUNTING THEORY
Executive Summary
The present report would be shedding lights on the important aspects of the accounting
namely the conceptual framework for financial reporting and integrated or sustainability
reporting. According to the findings of the report, there are several nations across the world
have adopted to conceptual framework for financial reporting of IFRS under the IASB to
assure that they are following a single accounting standards for accounting harmonization.
According to the findings of the Northern Star Pty Ltd has complied with the conceptual
framework of IFRS for financial reporting together with the identification and measurement
of different forms of substances. As per the findings in the second part of report it is noticed
that there are few differences amid the sustainability reporting framework of GRI Reporting
and the integrated reporting framework of IIRC. According to the findings Glencore PLC has
increased its efficiency in the social and environmental reporting than the Northern Star Plc
due to the adoption of integrated framework of reporting.

2ACCT CONTEMPORARY ACCOUNTING THEORY
Table of Contents
Introduction:...............................................................................................................................3
Part A:........................................................................................................................................3
Response to requirement (a)...................................................................................................3
Response to requirement (b)..................................................................................................4
Response to requirement (c)...................................................................................................4
Requirement [d].....................................................................................................................5
Answer to i.............................................................................................................................5
Answer to ii............................................................................................................................5
Answer to iii:..........................................................................................................................6
Part B..........................................................................................................................................6
Response to requirement (a)...................................................................................................6
Response to requirement (b)..................................................................................................7
Requirement [c]......................................................................................................................8
Requirement [d].....................................................................................................................9
Requirement [e]....................................................................................................................11
Conclusion:..............................................................................................................................12
References:...............................................................................................................................13

3ACCT CONTEMPORARY ACCOUNTING THEORY
Introduction:
The present report would be shedding lights on the important aspects of the
accounting namely the conceptual framework for financial reporting and integrated or
sustainability reporting. The primary objective of this report is to assess and evaluate the
different form of conceptual framework and integrated or sustainability reporting. Namely
there are two parts of report. According to the findings of the report, there are several nations
across the world have adopted to conceptual framework for financial reporting of IFRS under
the IASB to assure that they are following a single accounting standards for accounting
harmonization.
As per the findings in the second part of report it is noticed that there are few
differences amid the sustainability reporting framework of GRI Reporting and the integrated
reporting framework of IIRC. The first portion of the report takes into the account the
analysis of several aspects of conceptual framework namely the historical and development
of conceptual framework, concerns association to framework and others. The second portion
of this report would be addressing the analysis of integrated or sustainability reporting
particularly the comparison among the two reporting framework such as strength and
limitations. The companies that is selected for this report Northern Star Pty Ltd and Glencore
PLC.
Part A:
Response to requirement (a)
The conceptual framework’s design developed for reporting financial minutes under
the guidelines of International Accounting Standard Board (IASB) is subject to discussion
about a long history. The main intention of 1934 Securities Exchange Act and 1933 Securitas
Act in United States was to regain confidence of investors’ after the occurrence of sudden
crash in the financial market in 1992 and realization of economic recession in United State.
Keeping in mind this objective, the ‘Financial Accounting Standard Board (FASB)’ was
assigned with the responsibility of developing a proper conceptual framework to
acknowledge financial reporting (Cheng et al., 2014). In United Kingdom, the reason behind
development of a conceptual framework to report financial details is found to be different.
The main reason for designing a conceptual framework in the field of financial reporting was
the objective of the nation to shift from an accounting system that is based on principle to that
is mainly based on rules. This is the reason why UK chose to adapt a conceptual framework