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Advanced Financial Accounting - Sample Assignment

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Added on  2021-06-17

Advanced Financial Accounting - Sample Assignment

   Added on 2021-06-17

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Running head: ADVANCED FINANCIAL ACCOUNTING Advanced Financial AccountingName of the Student:Name of the University:Author’s Note:
Advanced Financial Accounting - Sample Assignment_1
2ADVANCED FINANCIAL ACCOUNTING Introduction In this assignment, proper emphasis had been given on explaining the role ofInternational Integrated Reporting Committee and this was done by referring to theInternational Integrated Reporting Committee website and use of applicable accountingliterature. The current study explain about the possible roles of integrated reporting withrespect to different attributes and these are stakeholder engagement, comparability ofreporting, users of reporting, usefulness of reporting and quality of reporting. In the nextsegment, comparison had been conducted to understand findings of the CPA report in alongwith the guiding principles and some of these guiding principles are stakeholderrelationships, reliability, materiality, conciseness, comparability and consistency. In additionto that, the study compares between the objective of International Framework and GeneralPurpose Financial Reporting and this was clearly highlighted in the IASB or AASBconceptual framework. Furthermore, the study even compares between four companies whereeach of the company had been taken into consideration and explain in detail and thesecompanies are HULAMIN LTD, DSM, MTN and CEMEX. These companies were comparedas to whether the companies aligns or abides by the IR guiding principles and these arestakeholder relationships, completeness, reliability, comparability and consistency (Adamsand Simnett 2011). Question 1Evaluating the role of IIRC by gathering information from International IntegratedReporting Committee website and applicable accounting literature In this question, proper emphasis had been given to understand the role of the IIRC bygathering information from the IIRC website as well as relevant accounting literature. TheInternational Integrated Reporting Committee can be termed as global coalition who act as aregulators and standard setters. In addition to that, the main role of this Committee is topropose a generally accepted framework in order to deal with a procedure that result inenhancing the level of communication within companies so that value creation can be donefor given period of time (Brown and Dillard 2014). It was decided by the Committee to bringforward or identify the development areas that is possible by conducting internationallyaccepted integrated reporting framework. Proper concise communication can be enhancedwithin the companies if there is proper development of international accepted reportingframework as it will help the business to understand how they involve in value creation
Advanced Financial Accounting - Sample Assignment_2
3ADVANCED FINANCIAL ACCOUNTING activities within specified time frame. Therefore, it is the responsibility of the InternationalIntegrated Reporting Committee to promote communication so that the companies can knowhow to create value in the next step and this can be done by development of commercialcommentary. Question 2Evaluating the existing as well as potential roles of integrated reporting that gets relatedwith following components as listed below: The information will be gathered byreferring to the research findings of CPA report and applicable accounting literature Part ACompanies should always update about the information to the shareholders as they arealways interested in getting access to these information about their work. Any of theenvironmental issues should be well communicated to the environmental stakeholders as theyare interested in know the issues or significance at the same time. These environmentalstakeholders have extensive but even gets access to varied informational needs and theseneeds cannot be well-addressed by any single or static or annual integrated reporting (Busco2016). Therefore, most the stakeholders make use of reports and treat it as backgroundinformation at the time of carrying out the research for a given company and the informationwas gathered by referring to the research findings of the CPA report as well as appropriateaccounting literature. Part B It is the stakeholder who receives information through direct engagement with any ofthe Business Corporation or enterprises. The stakeholders should be well-informed about anychanges planned by the companies as it is stakeholder engagement is necessary where thestakeholder after getting the information decides upon how to respond to the issueshighlighted by the company (Cheng et al. 2014). Part C It can be seen that the integrated reports could not meet the informational needs forboth the civic stakeholders as well as environmental stakeholders. It is the stakeholders whounderstand the issue or identified problems that results in comparability and quality of thesereporting system.
Advanced Financial Accounting - Sample Assignment_3
4ADVANCED FINANCIAL ACCOUNTING Part D As far as quality of integrated reporting is concerned, the financial stakeholders are ofthe opinion that this reporting reveals the variation through identified means. In addition tothat, financial stakeholders reveals the fact that integrated reporting fails to reports most ofcase studies and even fails at the time of setting targets and even does not have narrations onhow the given issues can be significant for any business. As far as environmentalstakeholders are concerned, they engages in pointing out the issues where the reports fails toidentify the right indicators such as amount of lending to fossil fuel projects and renderingheadline information on some of the smaller issues. Part EWhile engaging in decision-making activities, integrated reports plays major role hereand useful at the same time. The stakeholders had mixed views upon the usefulness ofintegrated reporting. Furthermore, it can be seen that the prime motive or objective ofintegrated reporting is to understand the perspectives of the stakeholders on understanding theusefulness of integrated reporting and this will be used while engaging in decision-makingactivities. Part FUsers of reporting It is essential to understand the fact that the users of integrated reporting are thestakeholders. It help in representing the producers of the integrated reports and it is comparedwith the usefulness of integrated reporting as viewed by different users of the reports.
Advanced Financial Accounting - Sample Assignment_4

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