Contemporary Accounting Theory

Running head: CONTEMPORARY ACCOUNTING THEORY
Contemporary Accounting Theory
Name of the Student
Name of the University
Author’s Note

1CONTEMPORARY ACCOUNTING THEORY
Executive Summary
The main aim of this report is to shed light on the crucial aspect of conceptual framework for
financial reporting and sustainability or integrated reporting in corporate social reporting. It
can be seen from the findings of the report that the adoption of the same financial reporting
standards was the prime reason of the adoption of the conceptual framework of financial
reporting. This report shows the concerns of the Australian accounting profession regarding
the adoption of this new accounting conceptual framework along with the factors having
negative impact on the new conceptual framework for financial reporting. This report
discusses about the financial reporting practice of Unibail-Rodamco-Westfield (URW).
According to the findings of this report, it is needed to take into consideration the similarities
and differences between sustainability reporting under GRI Framework and IIRC
Framework. As per the findings of the report, conventional accounting reports miss the
reporting of non-financial information of the businesses that the sustainability reporting and
integrated reporting takes into consideration. This report also shows the need for the
companies to consider all the indexes of corporate social reporting for the purpose of
maintaining a balance between financial and non-financial information.

2CONTEMPORARY ACCOUNTING THEORY
Table of Contents
Introduction................................................................................................................................3
Part A.........................................................................................................................................3
Requirement a........................................................................................................................3
Requirement b........................................................................................................................4
Requirement c........................................................................................................................5
Requirement d........................................................................................................................6
Part B..........................................................................................................................................8
Requirement a........................................................................................................................8
Requirement b........................................................................................................................9
Requirement c......................................................................................................................10
Requirement d......................................................................................................................11
Requirement e......................................................................................................................13
Conclusion................................................................................................................................14
References................................................................................................................................15

3CONTEMPORARY ACCOUNTING THEORY
Introduction
There are two parts of the report; one part is about conceptual framework for financial
reporting and the second part is for sustainability and integrated reporting. Both parts
discusses about the crucial aspects related to these two topics. Analysis and evaluation of the
different parts of the IASB conceptual framework for financial reporting is the objective of
the first part of the report. After that, analysis and evaluation of the crucial aspects of both the
integrated reporting framework and sustainability reporting framework is the objective of the
second part of the report. The selected two companies for the purpose of the report are
Unibail-Rodamco-Westfield (URW) and Fortress REIT Limited.
Part A
Requirement a
The literatures related to the history and development of the conceptual framework for
financial reporting under the umbrella of IASB states that there was a uniform reason that
contributed towards the adoption of the conceptual framework for financial reporting by the
companies all over the world and this reason was the intention to adopt a single set of
accounting standards that is helpful for the companies all over the world (Zeff, 2013). Apart
from this uniform reason, there were some history behind the adoption of conceptual
framework for financial reporting by the countries like United States (US), United Kingdom
(UK), Australia and other countries (Ionascu et al., 2014).
It needs to be mentioned that US had to face a major economic collapse in the year of
1932 and this pushed the country towards the adoption of an effective set of accounting
standards that can consider all the required economic and other aspects in the process of
financial reporting (De George, Li & Shivakumar, 2016). This led to the adoption of the
conceptual framework for financial reporting in US through the assistance of US securities