Advanced Financial Accounting Assesment

Running head: ADVANCED FINANCIAL ACCOUNTING
ADVANCED FINANCIAL ACCOUNTING
Name of the Student
Name of the University
Author Note

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ADVANCED FINANCIAL ACCOUNTING
Table of Contents
1. Role of IIRC in Integrated Reporting.................................................................................3
2. Potential roles of integrated reporting................................................................................4
A. Providing information that is relevant to stakeholders................................................4
B. Stakeholder engagement..............................................................................................4
C. Comparability of reporting..........................................................................................5
D. Quality of reporting.....................................................................................................5
E. Usefulness of reporting................................................................................................5
F. Users of reporting............................................................................................................5
3. Findings of CPA report.......................................................................................................6
Stakeholder relationships:......................................................................................................6
Materiality:.............................................................................................................................6
Conciseness:...........................................................................................................................7
Reliability and completeness:................................................................................................7
Consistency and comparability:.............................................................................................7
4. Identification of similarities and differences......................................................................8
A. The framework of integrated reporting.......................................................................8
B. Uses of the general purpose financial report (GPFRs):...............................................9
C. The integrated report concept of materiality and the IASB CF concept of materiality
9
D. Concepts of the integrated reporting.........................................................................10

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ADVANCED FINANCIAL ACCOUNTING
5. Compare and contrast the integrated reports of four companies......................................11
Integrated report of ABSA, ABN AMARO, ACCA and ACHMEA..................................11
6. Differences in integrated reports.......................................................................................12
References................................................................................................................................13

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ADVANCED FINANCIAL ACCOUNTING
1. Role of IIRC in Integrated Reporting
Founded in 2009 by Prince of Wales with a group of companies, accountants and
representatives, International Integrated reporting committee (IIRC) was created to support
and observe Integrated Reporting and it was renamed International Integrated Reporting
Council in 2011 November. It is a global not-for-profit organization which is situated in
London. The chairperson of IIRC is Prof Mervyn King, accompanied by Chief Executive
officer Paul Druckman (Integratedreporting.org, 2020). The target of IIRC is to form a
framework which brings financial, environmental. Social and governance in a concise format.
This committee aims to meet the needs of a global economy by sustainable integrated
reporting in all organizations (Adams, 2015).
The role of this committee is mentioned below:
IIRC focuses on reaching the agreement amongst governments, authorities, investors
and standard setters to tackle the challenges that affect Integrated Reporting. Some challenges
that IRCC can face with Integrated reporting can be testing of the report, the wider context of
the report or the basis of integrated thinking (Serafeim, 2015).
 To identify and strategically plan in prior areas where further work is needed for
development.
 To develop a framework of Integrated Reporting from which the scope and key
factors can be observed.
 In some organisations, integrated reporting can be voluntary therefore It is also
necessary for the committee to state whether integrated reporting is mandatory or not.
Depending on the situation IIRC should mention about their regulations to the
company, therefore, helping them to publish their integrated reports.
 The committee also focuses to promote the adoption of integrated reporting by
regulators and report preparers.
 IIRC also motivates different organisations to use technologies that will increase the
connection between the integrated report and outside reports.