ACCT20074 Contemporary Accounting Theory: MPL vs CPI Analysis

This report provides a comparative analysis of Medibank (MPL) and Capitec Bank Holdings Ltd (CPI) through the lens of contemporary accounting theory, focusing on conceptual frameworks and integrated reporting. It begins with a literature review of the conceptual framework's history and development in the USA, UK, Australia, and globally under the IASB. The report then discusses concerns regarding the application of the IASB/IFRS Conceptual Framework and academics' concerns about its quality. The second part delves into sustainability reporting, comparing the two companies' approaches and adherence to GRI standards and integrated reporting principles. The analysis reveals that both companies, despite their different contexts, are committed to integrated reporting practices, enhancing transparency and stakeholder engagement. Desklib provides this and other solved assignments contributed by students.

Contemporary accounting theory

MPL VS CPI
Executive Summary
With the due passage of time, sustainability, as well as integrated reporting has assumed a place
of special importance because it reflects the performance of the company in terms of society. The
current report stress upon the performance of two listed companies one based in Australia while
another based in SA to provide a scope of comparison. The report begins with a discussion of the
history and development of conceptual framework followed by various discussion related to
conceptual framework. The advantages and disadvantages of the company is even discussed
together with the major components. The other part of the report engages with the concept of
sustainability reporting and sheds light upon the two companies in consideration. The overall
study gives a glimpse that irrespective of the situation, the companies are adhering to the concept
of integrated reporting.
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Contents
Introduction......................................................................................................................................4
Part A Conceptual framework.........................................................................................................5
Part B- integrated reporting...........................................................................................................10
GRI versus IR................................................................................................................................10
Index..............................................................................................................................................12
Preparation of Integrated report.....................................................................................................13
Conclusion.....................................................................................................................................14
References......................................................................................................................................15
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Introduction
The reporting practices of the companies have undergone a sea change and corporate external
reporting has become prominent. It is important that the company should have sound financial
reporting system so that the financial system is better placed and helps in the due course of
activities. The report revolves around two companies that is the Medibank and Capitec Bank
Holdings Ltd. The annual report of these two company is selected and studied in an in-depth
manner so as to shed light upon the concept of sustainability and reporting. The major point of
discussion in the reporting is mainly in the form of conceptual framework, GRI standards and
sustainability.
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Part A Conceptual framework
a. Literature review of the conceptual framework
The initial introduction of FASB happened in the year 1973 that so that financial accounting
standards can be enhanced and reporting can be more pronounced for the stakeholders such as
auditors, public and other financial statement users. The establishment of the conceptual
framework was done in US, UK and Australia considering the practice of accounting in the year
1961 and 1962. The theory proposed by Grady in the year 1965 persisted on accounting practices
that ultimately led to the emergence of the Accounting principles board. A true blood committee
was established in the year 1972 that contained various components like the outline of the aims
that pertains to the accounting and qualitative features of the financial data. Further, in the year
1974 the replacement of accounting principle was done by FASB that was directed toward the
conceptual framework.
Apart from it, in 1976 the movement of UK towards the identification of users was seen. The
report mainly stressed upon the rights of community and the terms for having a grab on the
financial data. However, at the end it was noticed that the content was not acceptable by the
accounting experts. In 1991, the adoption of IASC framework was done to evaluate the
conceptual framework. This framework was completely in compliance with the framework of
US and Australian framework and known as the IASB framework. The IASB is an independent
private sector body that approves the IFRS (Samaha & Dahaway, 2010). However, the
conceptual framework does not obtain the accounting standard status but drafted in a fashion that
assist the users and helps in proper preparation. It is a mechanism through which assets like
liabilities, income, assets and other expenses are put to recognition (Nobes,2014). The CF gained
prominence when other countries started following the same. It was observed that the
organizations were not using any kind of particular set of standards or rules while preparing the
financial statements before big scams and defaults took place. The crash of the big organizations
made the contents realize the importance of formulating a set of standards in order to present
financial statements of the organization (Page, 2015). It was observed that in the late 1980
International accounting standards board was formalized in order to issue several standards that
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can cover accounting theories properly ( O'Mara-Shimek, 2015). The standard was at first made
applicable in the USA and was later being utilized by several different companies in order to
provide stability to their framework(Barth, 2013).
b. Application of the IFRS / IASB conceptual framework of financial reporting.
There are various types of concepts both theoretical and practical in nature that is needed to be
taken into account by an accountant while preparing the financial statements of an organization
(Nobes, 2014). According to the accountants it has been stated that all the things that are
explaining the conceptual framework cannot be applied practically because of which various
type of practical issues can be faced by them during the application of the conceptual framework
that is needed to be followed (O'Mara-Shimek, 2015). There are different functions that are
needed to be fulfilled in order to complete the accounting, reporting and disclosing process
(Leisyte & Westerheijden, 2014).
c. Academic concern
Application of a particular conceptual framework in an organization will not only provide
credibility to the financial statement but also help them to prepare a set of regulations that can be
used by them for presenting the strategies (Zeff, 2012). The worldwide acceptance of these
financial regulations will also help them to compare the financial status of various Nations
because of which the investment process can be made much easy. There are several types of
limitations that are needed to be assessed by the accountant because it will require them to leave
the reasoning and logic path behind (Nobes, 2014). The complex transactions taking place in the
organization are also becoming challenging because of which it needs to adapt to the
technological advancements in the market (Macías & Muino, 2011). Therefore, the use of proper
concepts will not only help the organization to interpret the transactions but also compare them
easily.
There are various pros and cons of the conceptual framework for financial reporting.
 The positive side of the conceptual framework is that it confirms the integrity of the
financial reports of an entity (Nobes, 2014).
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 The conceptual framework also confirms that the financials of an organization are
prepared and projected in complete accordance with the necessary policies and standards.
 The conceptual framework is the same across the globe and this is why it is easier for
users from different nations to compare the financials of an organization with the
financials of other organizations (Gigler, Kanodia, Sapra & Venugopalan, 2014).
The negative side of the conceptual framework exists.
 The use of a conceptual framework in the preparation and presentation of financial
statements has minimized the job of an accountant. This means the need for an
accountant is now reduced to what it used to be earlier. The role of an accountant is now
limited to just tick marking and they are no longer asked to share reasoning and their
logic pertaining to a particular issue (Nobes, 2014).
 Another shortcoming of the conceptual framework is on account of the rapid
advancements in technologies taking place in the current scenario which has paved the
way for complicated transactions (Gigler, Kanodia, Sapra & Venugopalan, 2014). The
reporting and accounting of such complicated transactions have become a challenge for
the accountants. It becomes difficult to compare these complicated transactions as well as
there are huge probabilities for accountants to have numerous interpretations for the same
transaction (Donius, 2010).
d. Application of Conceptual framework by the company
The following statements are prepared by respective companies that have opted for the
conceptual framework while preparing its financial statements.
Medibank
Medibank is an Australian company and is enlisted on the Australian Securities Exchange. The
company has its headquarters in Melbourne. Medibank is in the business of providing private
health insurance for not less than forty years now. The company offers a wide range of insurance
services such as travel insurance, pet insurance, and life insurance. The company operates
through Medibank and ahm brands and presently has a consumer base of not less than 3.7
million (Medibank, 2018).
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The company also extends services in the mental health domain and provides after-hours health
support to not less than 80,000 uniformed Australian Defence Force employees.
i. Statements
Consolidated Statement of Profit or Loss
Consolidated Statement of Profit and Loss signifies the expenses borne and the profits generated
by an organization in a particular financial year. The amount of revenues reflected in the
consolidated statement of profit or loss is attributed to the security holders of an organization as
diluted EPS or basic EPS (Medibank, 2018).
Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income signifies the rise or fall in the net profits for
the financial year which could be as a result of profit attributable to non-controlling interests and
alterations in the FV of financial assets that are available for sale. The company also offered a
detailed report and classification of its overall comprehensive income that is assigned to ongoing
as well as discontinued operational activities.
Consolidated Statement of Financial Position
The consolidated statement of financial position of Medibank is prepared on June 30, 2018. The
statement reflects the current financial position of the company with respect to the assets owned
and liabilities owed by the same as on year-end that is June 30, 2018. The company has provided
a further classification of all the assets owned and liabilities owed by the same into current and
non-current items. The remaining balance from the same is represented as equity.
Consolidated Statement of Changes in Equity
The company has prepared and presented its consolidated statement of changes in equity by
means of providing necessary additions or withdrawal of equity with respect to transactions done
by the shareholders such as share placement, shares issued, share-based payments, dividends
paid to shareholders, acquisitions of non-controlling interests and options issued. The remaining
amount after all these additions and reductions is the closing balance of equity.
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Consolidated Statement of Cash Flows
The consolidated statement of cash flows comprises of cash flows from both ongoing and
discontinuing operations. The consolidated statement of cash flows represents the amount of
cash entry and exit from the operating, financing and investing activities of an entity.
Capitec Bank Limited
Capitec Bank Limited is a company that operates in South Africa. It was incorporated in the year
1980. The company is presently operating as a subsidiary of Capi. The company has not less than
840 branches and has close to 3000 ATMs currently all over South Africa. The company is
headquartered in Stellenbosch, South Africa. The company offers banking services to South
Africans. The organization offers various facilities such as flexible savings, transaction/savings,
credit facility, personal credit, home loan, credit card, fixed-term savings, payment solutions,
tax-free savings accounts, salary transfer facility, merchant services, Internet banking, workplace
banking, money management and transfers, debit cards, mobile and cash at tills services (Capitec
Bank Holdings Ltd. Company, 2018).
Statements
Consolidated Statement of comprehensive income
The Consolidated statement of comprehensive income represents the interest earned from
lending activities and financial assets. The revenue earned is apportioned to the shareholders as
basic EPS and diluted EPS.
Consolidated statement of financial position
The consolidated statement of financial position highlights the assets owned and liabilities owed
by the entity as on a given date.
Consolidated statement of changes in equity
The Consolidated statement of changes in equity is used to determine the closing balance if
equity as on a given date.
Consolidated statement of cash flows
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The Consolidated statement of cash flows represents the cash inflows and outflows from
operating, investing and financing activities.
ii. Recognition principles and measurement bases
The revenues are segregated into services and other revenue and are recognized and measured on
the basis of IFRS. Historical cost convention method is used in order to measure and display
such assets that are not to be measured at their FV or are available for sales. Various accounting
Standards and IFRS are used so as to measure the liabilities owed by the company. The liabilities
are required to be recognized at their conventional costs and then measured at their FV prior to
their measurement as per applicable Accounting Standards and IFRS.
iii. Qualitative characteristics of information in the company’s financial reports
The financial statements of the company have an essence of comparability of information. The
company has offered the financials of the previous years as well which makes it convenient for
the users to draw necessary comparisons with respect to all the segments and have a better
understanding of the financial growth and performance of the same (Clarke, 2010).
The company has also provided the necessary information pertaining to the adoption of new
policies and any alterations in the previous policies so as to guide the readers to have a better
understanding of the variations in performance.
The company has presented and projected its financials in a manner that the readers of the same
can have an easy understanding of its actual well being. The company has prepared its financials
in accordance with all the standards and necessary guidelines so as to make it easy for the users
to draw necessary comparisons with respect to different parameters between the financials of
different companies.
The presence of verifiability on the company’s part is appreciable as the company has offered
necessary notes with its financials. The notes offer proper explanations of various segments. This
not only makes the financials look verifiable but also enhances the comparability of the same.
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Part B- integrated reporting
a. GRI versus IR
It is of common knowledge that the financial statements of the organization are vulnerable to
different kind of material misstatements. Application of various International principles and
standards, the risk of such vulnerabilities have been decreased because of which the financial
statements are being made more effective in nature (GRI, 2018). The sustainability reporting of
the integrated reporting guideline projects the major standards that is applicable to the companies
to elevate the factor of competitive advantage. When it comes to International Integrated
Reporting Framework, it enhances the reputation of the corporation and increases the
profitability. The reporting stress upon the establishment of link with the accounting, as well as
non-accounting data and the same can be put to evaluation for tracing the risks.
On the other hand, the implementation of the global reporting initiative helps the organization to
maintain sustainability reporting guidelines in the management structure which further helps it to
display all the socio-economic, environmental and other governance parameters effectively
(Bekiaris, Efthymiou & Koutoupis, 2013). It has been observed that the global reporting
initiative is a non-profit organization that consists of necessary guidelines and can be used by
any organization irrespective of its scale of operations. The fourth generation reports enable the
organization to prepare and present all the important transactions in the financial statements
(Samaha & Dahaway, 2010). Therefore, the sustainability of the report is also maintained
because of which proper implementation of the principles in the financial statements is being
observed. There is various type of accounting format that can be used by the organization while
preparing the fourth generation report (Zeff, 2014).
Proper analysis of the financial condition of the organization is very important because it will not
only help the organization to effectively conduct the tasks but also help it to utilize the capital in
the best possible way. The investors and other stakeholders always try to get hold of authentic
information in the financial statements that can help them to make decisions easily (GRI, 2018).
Therefore, it is important for the financial statements of the organization to depict a true and fair
view of the business so that it all the decisions and investment strategies can be enhanced
properly (Cheng, Green & Ko, 2012). Using proper standards and principles will not only make
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the financial statements look effective in nature but also will enhance the decision-making
function of the users of the financial statements..
b. Strengths and limitations of conventional accounting based on the conceptual
framework
Advantages
• Implementation of such a reporting system helps an organization to determine the problems
of accounting and provide proper guidance to accounting standards (Bertilsson, 2017).
• The use of conventional accounting system provides a framework that further helps to
practice particular accounting standards (Zeff, 2014).
• Proper application of a conceptual framework candy made because of which the reliability of
the financial statements is enhanced (Bertilsson, 2017).
Disadvantages
• It is not easy to develop the framework.
• The rigidity in the standards makes it difficult for implementation in the framework of the
organization.
• There may be differences observed in the framework and accounting standards.
c. Application of theories
The institutional theory or neo-institutional theory is being used by the organization to explore or
demonstrate the development of the monetary, social, money related and political aspects assets
a huge pressure on the associations. The results provide an integrated highlight is linked with the
era of monetary enhancement, national corporate duty and other framework. The policy makers
refused to project the influence of the political factor that underlines information irregularity in
tune to the years for which the gathering of data has been done provided the examination has o
relevance to the assumptions in the significant changes in the political framework.
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There are a lot of benefits that can be acquired by an organization if it is having a proper
sustainable reporting system. This kind of reporting system not only helps the organization to
identify different type of sustainable activities that can be carried out by it but also the legality of
the same. It is very important for an organization to conduct the day-to-day operations legally so
that it does not face any kind of difficulty in the future (Schneider, Johnston & Down, 2017). In
order to maintain the sustainability of the financial statements of an organization, it is very
important for the accountants to produce all the transactions in the statements and prepare the
reports in accordance with the legal requirements (Zeff, 2014). Proper financial reports of the
organization will also have invested to confirm the actual profit that is being earned by it. The
environmental and social factors I said to affect the business of the organization (Black, 2010).
Hence, it is important for an organization to always enhance the environment and society by
conducting social activities. The companies are asked to operate in a manner that will be very
helpful for the society and the business at the same time (Bhandari & Adams, 2017). If the
organization is not able to maintain good relations with the society and environment then it may
observe the impact on the workforce and then the internal environment of the organization
because of which the capital structure can be compromised (Wahlen, 2014). All these factors can
collectively disintegrate the organization because of which the lawfulness and legal power of the
entity can harm the governance practices that are being carried out by the organization in order to
have a sustainable reporting system (Tan,2016).
The relationship of the organization and environment is very important because it will not only
help to maintain the integrity of the organizational framework but will also affect the capital
structure and workforce at the same time. The ethnicity of the relationship of the organization
and environment must be evaluated by the corporate structure so that it can be of best interest to
the organization (Wahlen, 2014). The company should carry out all the operations and activities
in the best interest of society and environment so that proper ethnicity can be maintained while
conducting the activities.
d. Index or Checklist
The integrated report of an organization consists of various components that help it to evaluate
the position of the business in the market. It also enables the organization to determine the
structure of government under which it is functioning. Proper utilization of integrated reporting
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system will help the organization to conduct business easily in both short and long-term
(Bhattacharya & Sen, 2010). It is important for the management structure of the organization to
evaluate the business model.
 Environment
The IR must comprise of all the compliances that are done in respect to the environment. The
framework depends on the company’s functioning and the geographical condition.
● Socio-Political
The report should comprise of the structure of federal governance that helps the firm to create
the anticipated value in the market.
 Risks
It is necessary for an organization to determine all the risks and opportunities that are in its way
so that proper flow of operations can be determined.
 Resource management
Management of course and expenses are very important for the organization to allocate and
appropriately use the resources in accordance with the budget.
● Health & Safety (H&S)
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An IR must comprise of the regulations that deals with the H&S that helps the company to keep
a tab on the strategies that concerns the avoidance of the strategic challenges on HS
● People
This is one of the major factors that is vital for the attainment of strategic goals to financial
outcomes and period. Having the correct people is having an asset because it trends to create
competitive advantage.
● Strategy and resource allocation
The explanation of the strategy that has been undertaken to attain the goals of the
organization. Further, it must state whether the entity ensure sustainability and differentiate
from others in the sector.
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● Performance
The performance should be clearly established and provide a clear view of the performance of
the organization.
● Capitec has disclosed the seven principles in the annual report that projects an
understanding that all the activities has been undertaken and compliances are properly
done. The company has briefed regarding the operating environment, leadership review,
risk management, employees, remuneration report, and social responsibility
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e. Comparison of Australian company’s reporting practices with the index and the
integrated reporting practices in the selected South African Company
As per the preparation of index of major components in the integrated report, it can be observed
that Capitec has prepared and adhered to all the components. All the key components has been
clearly reflected in the Integrated report 2018. The company has introduced new integrated
system that is used to manage strategy, operations, as well as risk. Similarly Capitec works
towards the attainment of goals by providing a strong emphasis on the society. It strives to
provide better quality education and different facilities to the employees (Capitec Bank Holdings
Ltd. Company, 2018).
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The Australian company has provided an effective integrated report. The IR prepared by the
Australia Company projects the responsibility and the effectiveness in terms of security holders,
employers, and customers. The company further focuses on the well being of the employees.
Adequate training is provided to the employees that help in enhancing the knowledge as well as
base (IIRC, 2018). Employee orientation program of the company is strong. Further, the
company works in a fashion that enables well being of the environment. The resources are used
in a manner that that ensure no hazard to the environment.
Major evidence from the companies is the productivity evaluation that considers the evaluation
of the potential, opportunities and risks that pertains to the operations of the company. The
financial outcomes are important for the stakeholders that need information to assess the
investment in the company. Both the companies have published the sustainability reports and the
annual report. The financial reporting process of both the companies is governed by the
requirements and principles in the IFRS and GRA framework and JSE listing need based on the
major components in the integrated report.
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Conclusion
Going by the study, it can be commented that both the companies has complied with the
principles of sustainability reporting. Moreover, as per the annual report, it has been noted that
the conceptual framework is effectively followed. The principle CF has provided immense
benefit to the company in terms of credibility and exposure. The financial reporting has been
effective with the presence of CF. The integrated and sustainability reporting has been a driving
force and is a major component it comes to the reporting form. Moreover, it stress upon the role
played by the society for the benefit of the society as a whole.
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