This report provides a comprehensive overview of integrated reporting, examining its evolution from traditional financial reporting to include non-financial aspects like environmental, social, and governance parameters. It discusses how integrated reporting aims to link sustainability with business strategy, providing stakeholders with a more holistic view of a company's performance. The report explores the shortcomings of traditional financial reporting, highlighting how integrated reporting overcomes these limitations by incorporating intangible assets and future prospects. It also addresses current problems and challenges, such as value creation, connectivity, materiality, conciseness, and reliability. The report further examines the adoption of integrated reporting by Australian listed companies and discusses whether it should be mandatory worldwide, concluding with a discussion on the need for a transformational approach to accounting in the modern economy. The report references various sources, including the International Integrated Reporting Council (IIRC), ACCA, and KPMG, to support its findings.
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