Advanced Financial Accounting: International Integrated Reporting Committee and Frameworks

Running head: ADVANCED FINANCIAL ACCOUNTING
Advanced Financial Accounting
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Table of Contents
Introduction......................................................................................................................................4
Question 1........................................................................................................................................4
Question 2........................................................................................................................................5
Part A...........................................................................................................................................5
Providing information that is relevant to stakeholders................................................................5
Part B...........................................................................................................................................7
Stakeholder engagement..............................................................................................................7
Part C...........................................................................................................................................7
Comparability of reporting..........................................................................................................7
Part D...........................................................................................................................................7
Quality of reporting.....................................................................................................................7
Part E...........................................................................................................................................8
Usefulness of reporting................................................................................................................8
Part F............................................................................................................................................8
Users of reporting........................................................................................................................8
Question 3........................................................................................................................................9
Part A...........................................................................................................................................9
Stakeholder relationships.............................................................................................................9

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Part B...........................................................................................................................................9
Materiality....................................................................................................................................9
Part C.........................................................................................................................................10
Conciseness................................................................................................................................10
Part D.........................................................................................................................................11
Reliability and completeness.....................................................................................................11
Part E.........................................................................................................................................12
Consistency and comparability..................................................................................................12
Question 4......................................................................................................................................13
Identification and explaining the similarities and differences between:.......................................13
Part A.........................................................................................................................................13
The definition and objective of the International Framework with the definition and objective
of general purpose financial reporting as contained in the IASB or AASB conceptual
framework..................................................................................................................................13
Part B.........................................................................................................................................14
Part C.........................................................................................................................................14
Part D.........................................................................................................................................16
Question 5......................................................................................................................................17
Question 6......................................................................................................................................21
Conclusion.....................................................................................................................................21

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References and Bibliography:........................................................................................................23
Introduction
In this particular study, the functions of International Integrated Reporting Committee
are demonstrated by referring to the applicable accounting literature and IIRC websites. The next
section illustrates the roles of integrated reporting in relation to the engagement of stakeholder,
financial reporting quality, financing reporting comparability and by referring to the financial
reporting users. Results of CPA report have been compared in the current segment in association
with the guiding principles and such principles comprised of reliability and completeness,
relationship, comparability, consistency and conciseness. Later on, the comparison between the
objectives of general purpose financial reporting and international framework has been
demonstrated as mentioned in the conceptual framework of AASB and IASB (Cascino et al.
2017). Furthermore, comparison has been done between the reporting framework of two
companies that involves MTN Group, HULAMIN LTD, DSM and CEMEX. Such assessment helps in
valuating whether their reporting framework complies with the guiding principles of IR.
Question 1
The International Integrated Reporting Council was previously known as The
International Integrated Reporting Committee and was established in year 2010 with the
objective of creating a framework that is accepted at global level that has the consequence of

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creating communication that is with creating value for organizations. A cross section of
representatives from accounting, investment, corporate, civil society and standard setting sector
are brought together using the platform of IIRC. Such representatives comprises of a working
group, steering committee and a three task forces. IIRC is one of the coalition’s standard setters,
regulators and professions from accounting. The committee has the intention of bringing together
the development by way of conducting the internationally reported framework that is accepted
internationally (Randolph 2015). Creation of such framework will assist business in creating
concise communications of their information and thereby help in value creation and leading to
the corporate reporting evolution.
Question 2
Part A
Providing information that is relevant to stakeholders
The main interest of the stakeholders is having access of information that is relevant for
their investment decision making. For example, investors now a day are interested in gaining the
information relating to environmental issues and it is regarded significant in their investment
decision depicting the particular organization is socially responsible or not. Such stakeholders
have information requirement that are varied and extensive and it is not possible for a single
annual or strategic report to address such requirements. It has been ascertained by making
reference to CPA report and findings from literature review that for conducting research on any
particular organization, stakeholders derives background information by making reference to
such reports (Humphrey et al. 2017).

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