Integrated Reporting In Australia Assignment PDF
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Added on 2021-05-31
Integrated Reporting In Australia Assignment PDF
Added on 2021-05-31
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Integrated Reporting In Australia 1INTEGRATED REPORTING IN AUSTRALIAAuthorCourse TitleProfessorCityDate
Integrated Reporting In Australia 2Integrated Reporting in AustraliaAbstractThe report aims to present analysis of integrated reporting in Australia. IIRC is the global alliance of different investors, customary setters, regulators, accounting profession, companies and NGOs. It usually encompasses entities or parties drawn from the wider global communities comprising of the business as well as the other reporting firms, policy makers, exchanges and regulators, providers of the financial capital, standard setters, academia, reporting framework developers, civil society as well as accounting profession. Besides, it was found out that IRC play a crucial role in promoting communication regarding value creation in evolution of the corporate reporting. It was also found out that IIRC play a crucial role in providing some guidance in preparation of the integrated reports. It helps different entities in enhancing their contribution to SDGs, whilst minimizing corporate risks and increasing chances which could arise from the sustainable development issues. Furthermore, IR delivers clarification to different financial providers regarding how an entity generates value. In addition, it was found out that the CPA findings were in line with the IIRC findings in terms of materiality, shareholders relationship, conciseness, consistency as well as comparability.
Integrated Reporting In Australia 3IntroductionIIRC is the global alliance of different investors, customary setters, regulators, accountingprofession, companies and NGOs. It encompasses entities or parties drawn from the widerglobal communities comprising of the business as well as the other reporting firms, policymakers, exchanges and regulators, providers of the financial capital, standard setters,academia, reporting framework developers, civil society as well as accounting profession(García-Sánchez, and Noguera-Gámez, 2017). It recognizes that a large number of the firmsassist in supporting the global adoption of the integrated reporting through advocacy, profile-raising and endorsement in their networks (IIRC 2017). With these considerations, the paperaims to present the chief role of IIRC, the existing and potential role of the IR, thecomparison of the CPA and IIRC regarding IR, differences and similarities of the GPFR andIR. The paper is then wrapped with comparison of IR of four major companies.1. Role of IIRCThis IIRC is relevant in promoting communication regarding value creation in evolution ofthe corporate reporting (Brown and Dillard 2014). It also aims at aligning corporatebehaviour and capital allocation to the wider objective of financially sustainable developmentand stability via cycle of integrated thinking and reporting (IIRC 2017). The IIRC play acrucial role in providing some guidance in preparation of the integrated reports. Furthermore,the IIRC helps different entities in enhancing their contribution to SDGs, whilst minimizingcorporate risks and increasing chances which could arise from the sustainable developmentissues (de Villiers, Rinaldi and Unerman 2014). In addition, IIRC play a crucial role increation of international integrated reporting framework as well as market testing to earlyadoption and development by the reporting organizations across the globe. This assists in
Integrated Reporting In Australia 4accomplishment of an expressive move to the timely acceptance of the IR framework whichis crucial in establishing some guidelines to oversee integrated report’s content (Stubbs andHiggins, 2014). Besides, IIRC enable effective decision-making at the board level and alsoassist in improvement of information available to the potential investors. Furthermore, IIRCencourages a more integrated business practices and thinking (IIRC 2017). 2.Existing and Potential Roles of Integrated ReportingIntegrated reporting is a significant process that entails not only quantification ormonetisation of value in an entity at one point at a time but the value it creates or the effectsor uses on capital. It is a process that is mainly founded on the integrated thinking which inturn results in periodic integrated report by a specific firm regarding creation of value overand communications on features of the value creation (CPA Australia 2017).The main role of IR is usually to deliver clarification to different financial providersregarding how an entity generates value (de Villiers, Rinaldi and Unerman 2014). With theseconsiderations, this section intends to present some of the key role of the integrated reportingin regards to provision of information which is crucial to stakeholders, comparability of thereporting, usefulness of reporting, stakeholder’s engagement, users of reporting as well asquality of reporting.a.Providing information that is relevant to stakeholders;The information contained in integrated reporting is beneficial to shareholders who aremainly interested in the entity’s capacity to create value (CPA Australia 2017). Besides,integrated reporting provides very significant information to different stakeholders in regardto how their organizations’ are performing (Brown and Dillard 2014). Besides, integrated
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