BAO3309 Integrated Reporting Analysis: CPA Report and IIRC Framework

This report provides a comprehensive analysis of integrated reporting in the context of the Australian business environment, drawing upon the CPA Australia report and the International Integrated Reporting Council (IIRC) framework. It begins by defining the role of the IIRC in establishing a globally accepted framework for value creation communication. The report then examines the existing and potential roles of integrated reporting with respect to stakeholder information needs, engagement, reporting comparability and quality. A comparison is made between the CPA report findings and the IIRC's guiding principles, including stakeholder relationships, materiality, conciseness, reliability, completeness, consistency, and comparability. Furthermore, the report identifies the similarities and differences between the International Framework and general purpose financial reporting, focusing on objectives, users, and materiality concepts. Finally, the integrated reports of four companies are compared against the IR Guiding Principles, and factors explaining the similarities and differences are discussed. This analysis offers insights into the practical application and challenges of integrated reporting in Australia.

Running head: ADVANCED FINANCIAL ACCOUNTING
Advanced Financial Accounting
Name of the Student:
Name of the University:
Author Note:

2ADVANCED FINANCIAL ACCOUNTING
Table of Contents
Introduction......................................................................................................................................5
Question 1........................................................................................................................................5
With reference to the IIRC website and relevant accounting literature, explain the role of the
International Integrated Reporting Committee (IIRC)....................................................................5
Question 2........................................................................................................................................6
With reference to the research findings of the CPA report and the relevant accounting literature,
explain the existing and potential roles of integrated reporting with regards to:............................6
Part A...........................................................................................................................................6
Providing information that is relevant to stakeholders................................................................6
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

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Question 3........................................................................................................................................9
Comparing and contrasting the findings of the CPA report with the following guiding principles
that underpin integrated reporting:..................................................................................................9
Part A...........................................................................................................................................9
Stakeholder relationships.............................................................................................................9
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

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Identification of the users of an integrated report and identification of the users of general
purpose financial reporting........................................................................................................14
Part C.........................................................................................................................................14
Integrated report concept of materiality and the IASB conceptual framework concept of
materiality..................................................................................................................................14
Part D.........................................................................................................................................16
Integrated report concepts of reliability, completeness, consistency and comparability and the
IASB conceptual framework concepts of reliability, completeness, consistency and
comparability.............................................................................................................................16
Question 5......................................................................................................................................17
Comparing and contrasting the integrated reports of four companies that appears in the examples
database of the integrated reporting website with respect to any four of the IR Guiding Principles
.......................................................................................................................................................17
Question 6......................................................................................................................................22
Discussing the factors that may explain the similarities of differences that is identified in the last
question..........................................................................................................................................22
Conclusion.....................................................................................................................................23
References and Bibliography.........................................................................................................24

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Introduction
This study deals with understanding the role of International Integrated Reporting
Committee by referring to the IIRC websites as well as relevant accounting literature. In the next
segment, explanation had been done to understand the potential roles of integrated reporting with
regard to stakeholder engagement, comparability of reporting, quality of reporting, usefulness of
reporting and users of reporting. The current segment compares the findings of the CPA report
with the following guiding principles and these are stakeholder relationships, materiality,
conciseness, reliability and completeness, consistency and comparability. In the next segment,
comparison had been done between the objectives of International Framework and general
purpose financial reporting as mentioned in the IASB or AASB conceptual framework. In the
last segment, comparison had been done between four companies (HULAMIN LTD, CEMEX,
MTN Group and DSM) and aligned with the IR guiding principles (stakeholder relationships,
materiality reliability and completeness, consistency and comparability).
Question 1
With reference to the IIRC website and relevant accounting literature, explain the role of
the International Integrated Reporting Committee (IIRC)
The International Integrated Reporting Council is one of the global coalitions of
regulators, standard setters as well as regulators and accounting profession
(Integratedreporting.org. 2018). The role of the International Integrated Reporting Committee is
to create a globally accepted framework to deal with a process that lead to enhance the level of
communications by any business on matters relating to value creation for specified time frame.

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This Committee together decides to bring development by conducting internationally accepted
integrated reporting framework. By creating this framework, it will help business organization to
get access to concise communications on how they can create value for given period of time.
IIRC are responsible in promoting communication on matters relating to value creation as the
next step is the evolution of corporate reporting.
Question 2
With reference to the research findings of the CPA report and the relevant accounting
literature, explain the existing and potential roles of integrated reporting with regards to:
Part A
Providing information that is relevant to stakeholders
Stakeholders are interested to get information relevant to their work. For instance,
environmental stakeholders show interest in getting information about environmental issues of
significance. These stakeholders have extensive but varied information needs that are
predominantly cannot be addressed by any single or static or annual integrated report. By
referring to the research findings of the CPA report and relevant accounting literature, it is found
that most of the stakeholders use reports as background information for conducting research for a
given company.

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Part B
Stakeholder engagement
The primary source of information that the stakeholder receives is through direct
engagement with the business companies. It is noted that stakeholder engagement is quite
interesting as stakeholders need more information about the information on how they respond to
prioritizing issues.
Part C
Comparability of reporting
Integrated reports fail to meet the informational needs of both stakeholders such as civic
as well as environmental. Addition to that, stakeholders deals with problems on matters relating
to comparability as well as quality at the same time.
Part D
Quality of reporting
It was found out by the financial stakeholders that the quality of integrated reporting
actually shows variation through significant means. These stakeholders are of the opinion that
the integrated reporting does not report lots of case studies and fails to set targets and do not have
narrations on how the issues are significant to the business. On the other hand, environmental
stakeholders pointed out issues on matters relating to reports that fail to include right indicators
like amount of lending to fossil fuel projects as well as providing headline information about
several smaller issues.

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Part E
Usefulness of reporting
The integrated reporting is useful at the time of conducting decision-making activities. It
is the stakeholders who had mixed views upon the usefulness of integrated reporting. The
objectives of integrated reporting were to understand the perspectives of the stakeholders on
matters relating to usefulness of integrated reporting at the time of undertaking decision-making
activities (Tweedie, Nielsen and Martinov-Bennie, 2017).
Part F
Users of reporting
Stakeholders are the users of integrated reporting that represents the producers of
integrated reports as compared to the usefulness of integrated reporting with the views of users
of reports.

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Question 3
Comparing and contrasting the findings of the CPA report with the following guiding
principles that underpin integrated reporting:
Part A
Stakeholder relationships
From the findings of CPA report, information can be gathered about stakeholder
relationships under the performance content elements that states that one of the key components
explain about state of stakeholder relationships (Cpaaustralia.com.au. 2018). On the other hand,
integrated reporting includes improved corporate reputation as well as stakeholder relationships.
Guiding principles Findings from CPA report Integrated reporting
Stakeholder relationships Stating stakeholder relationships Performance
Business
Part B
Materiality
From the findings of CPA report, it is found that environmental stakeholders wanted
business to disclose certain information on matters relating to environmental as well as social
impacts and information especially carbon gas emissions disclosure and climatic change. The
stakeholders wanted to disclose the materiality concepts as well as their impacts. For instance,

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there are many companies who have access to information to their own operations. In addition, it
is not that important unless the company has actual power generator or big energy user.
From the integrated reporting, it is noted that concept of materiality determines as well as
applies from the perspectives of value creation. By using the framework, it will be clear to
understand that an integrated report should be disclosing the information about matters that
predominantly affect the ability of the business to create value for short, medium and long-term
(Thomson 2015).
Part C
Conciseness
From the findings of CPA report, it is found that the companies largely praises about the
conciseness but even present information. One of the reporters was of the opinion that because of
level of detail, it was difficult to find potential information. In addition to that, other reporter felt
that recognizing the challenge of keeping the report in concise form is challenging task that
include all right information used for treating complex business.
From the integrated reporting, it is noted that most of the reporters finds it difficult to
render concise information and even they try to provide sufficient context to the readers so that
they understand the value creation process of an organization as well as level of performance at
the same time.

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Part D
Reliability and completeness
From the findings of CPA report, it is noted that more than 10 stakeholders questioned
about the reliability of integrated reports. However, at the same time argues that the integrated
information provides assurance as well as verification of the reports as it helps in providing some
level of confidence to few stakeholders. As far as financial stakeholders is concerned, they find
reliability in varied form as they deals with developing a reliability score for feeding into its
assessment process. Furthermore, other financial stakeholders are of the opinion that the data
provided should be reliable in nature. The information provided to the stakeholders should be
complete and hiding of any information will lead to distortion of important information (Stubbs
and Higgins 2014).
From the integrated reporting, reliability and completeness means balancing good as well
as bad news together (Simnett and Huggins 2015). From the findings, it was noted that principles
of reliability as well as completeness were quite encouraging as more than 68% of the reports
shows used neutral factual language as well as manages to avoid looking like marketing or
promotional tools. Furthermore, it is all about bringing improvement in the materiality
determination process as it will help in bringing improvements in conciseness as well as
reliability and completeness of information. Therefore, disclosing the materiality determination
process will help in enhancing the credibility of the reports in the most appropriate way.

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Part E
Consistency and comparability
From the findings of CPA report, it is found that major arguments were raised by the
stakeholders on matters relating to usefulness of integrated reports that is helpful in comparing
the reports. In addition to that, comparability is done between two or more companies within a
sector and this is equally important for the environmental stakeholders.
From the integrated reporting, consistency and comparability means allowing
comparisons to be made for given period of time with other business enterprise. Furthermore,
integrated reporters shows interest in presenting the reports with internal consistency as well as
measures for given period of time as compared to other companies.

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Question 4
Identification and explaining the similarities and differences between:
Part A
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
Definition and objective of the International
Framework
Definition and objective of General purpose
financial reporting as contained in the IASB or
AASB conceptual framework
Definition- It is an integrated report that help in
providing concise information about the strategy,
performance, governance and prospects in the
context of its external environment as it leads to
creation of values for given period of time (Sierra‐
García, Zorio‐Grima and García‐Benau 2015)
Definition- The conceptual framework for
financial reporting help in describing the objectives
as well as concepts used for general purpose
financial reporting. In addition, it is a practical tool
that is used for helping International Accounting
Standards Board for developing Standards that are
consistent by nature
Objectives- To establish guiding principles as well
as content elements as it help in governing the
entire content of an integrated report and
explaining the basic concepts that underpins it
Objective- To help preparers for developing
consistent accounting policies where no Standard is
applicable to specific transaction or events or in
that case no Standard permits selection of
accounting policy

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To help others to understand as well as interpret the
standards
Part B
Identification of the users of an integrated report and identification of the users of general
purpose financial reporting
Identification of the users of an integrated
report
Identification of the users of general purpose
financial reporting
An integrated report help all stakeholders who
shows interest in any organization and
understanding their ability for creating value for
specified time frame and this takes include
employees, suppliers, customers, local
communities, policy makers, legislators as well as
business partners and regulators (Lodhia and
Stone 2017)
Users of general purpose financial reporting are the
long-term investors
Most of the existing and potential investors as well
as lenders and creditors does not get information
and this is the reason why they rely upon getting
financial information from general purpose
financial reports (García-Sánchez and Noguera-
Gámez, 2017)
Part C
Integrated report concept of materiality and the IASB conceptual framework concept of
materiality
Integrated report concept of materiality IASB conceptual framework concept of
materiality
An integrated report properly discloses information Information can be treated material f there is any

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on matters relating to materiality that can affect the
business ability for creating value for given period
of time
The determination of materiality process helps at
the time of presenting and preparation of integrated
report. It help in identifying important matters
based on their ability that affect value creation as
well as evaluating the significance of relevant
matters in terms of their known or potential effect
on value creation attributes.
omitting or misstating of figures that can influence
decision-making process where the primary users
can gain financial information on matters relating
to specific reporting entity (Flower 2015).
Addition to that, materiality is one of the entity-
specific aspect of relevance that is based upon
magnitude and relates from the context on financial
reporting of individual entity
Therefore, the Board of IASB cannot mention a
uniform quantitative threshold for explaining the
concepts of materiality or enhancing what could be
material in specific scenario.

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Part D
Integrated report concepts of reliability, completeness, consistency and comparability and
the IASB conceptual framework concepts of reliability, completeness, consistency and
comparability
Integrated concepts on reliability, completeness,
consistency and comparability
IASB conceptual framework concepts of
reliability, completeness, consistency and
comparability
Reliability and completeness- An integrated
report should consist of all the material matters
(both positive and negative) in a balanced way as
well as without any material error
Reliability- It is noted that reliability of information
gets affected by its balance as well as freedom from
material error. In other words, reliability gets
enhanced by mechanisms like robust internal
control as well as reporting systems and
engagement of stakeholders (Dumay et al. 2016)
Completeness- In order to get complete
information, all the material information needs to
be identified as matters within an industry are
likely to be material to all the business to that
industry.
Reliability- According to IASB conceptual
framework, information is reliable if it is free from
material error as well as has the capability to
depend on users so that the information can be
faithfully represented. Reliability is one of the
qualitative characteristics of useful financial
information
Completeness-It is one of the components of
faithful representation and information provided to
users should be complete and there should be no
missing information noted. The features of reliable
information should be complete by nature (Cheng
et al. 2014)
Consistency and comparability- Integrated report
should include information and needs to be
Consistency- Consistency means using same

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presented for consistent time frame and in a way
that enables the comparisons with other business
and help in creating values for specific time.
Consistency- It is important to understand the fact
that reporting policies need to be followed
consistently for one period till there is any change
needed for bringing improvement in the quality of
reported information (Busco 2016).
Comparability- In an integrated report, information
varies from one business to other as each
organization aims at creating values in its own
unique way.
methods for the same items within reporting entity.
Comparability- Comparability is one of the
qualitative characteristics that help users to identify
as well as understand the similarities and
differences among them. In other words,
comparability is a goal (Brown and Dillard
2014).
Question 5
Comparing and contrasting the integrated reports of four companies that appears in the
examples database of the integrated reporting website with respect to any four of the IR
Guiding Principles
Integrated reports of four companies IR Guiding Principles
HULAMIN LTD
At Hulamin Limited, the company subscribes to the
principles on stakeholder management as expressed
in the King III Code (Hulamin ltd. 2018). In

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addition to that, management had been developed
to highlight a strategy as well as formulating
policies for the management of relationships with
each stakeholder grouping. The company strives to
resolve any disputes with their stakeholders in an
effective way. The company has a preference
where they want to settle the disputes rather than
litigate and make use of alternative dispute
resolution mechanism as and when needed.
CEMEX
At CEMEX, they believe in maintaining strong
relationships with the stakeholders and aim at
informing them about any changes made in the
financial statement (Cemex. 2018).
MTN GROUP
At MTN Group, the company informs their
stakeholders about the operations as their money is
invested within the company (MTN Group. 2018).
DSM
At DSM, the company aims at informing their
stakeholders as it help in building cordial
relationships with them. The relationships with the
stakeholders should be strong as it helps at the time
of undertaking decision-making activities regarding
Stakeholder relationships
Integrated reporting includes improved corporate
reputation as well as stakeholder relationships
(Adams and Simnett 2011).

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the company (DSM. 2018).
HULAMIN LTD
At Hulamin Limited, materiality concept had been
applied to bring forward both qualitative as well as
quantitative disclosures (Hulamin ltd. 2018). In
addition to that, there are several changes made to
the content as well as bring together enhancement
of information and creating certain comparative
figures that may result in noting information for
future analysis purpose.
CEMEX
At CEMEX, the company believes in providing
information on all material matters where there are
no missing or misstated figures present in the
financial statement (Cemex. 2018).
MTN GROUP
At MTN Group, the company highlights all the
material matters in the financial statement so that
users of financial reporting gets overall information
about the company’s financial position for given
period of time frame (MTN Group. 2018).
DSM
At DSM, the company put emphasis upon
informing their users about material matters and
mentions the same in the financial statement (DSM.
Materiality
Concept of materiality determines as well as
applies from the perspectives of value creation

20ADVANCED FINANCIAL ACCOUNTING
2018).
HULAMIN LTD
The company believes in adopting consistent
approach that can balance in treatment in and
across categories of stakeholders (Hulamin ltd.
2018). The company needs to separate
sustainability reports of the group that need to be
assessed with consistency in providing consistent
information that should be well-known to the
Committee Members. As far as comparability is
concerned, the company involves in comparing the
information by evaluating certain comparative
figures and need to be restated at the same time.
CEMEX
At CEMEX, the company aims at rendering
consistent information to the users and the
information that can be compared with other
business entities (Cemex. 2018).
MTN GROUP
Both consistency and comparability is qualitative
term that should be understood by the users while
viewing financial statements. It is for this reason
why MTN Group put proper emphasis upon these
two qualitative characteristics and delivers their
users with consistent information so that they can
Consistency and comparability
consistency and comparability means allowing
comparisons to be made for given period of time
with other business enterprise

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compare it with other business entities (MTN
Group. 2018).
DSM
At DSM, the main focus relies upon providing
consistent information to the users and the
information that can be compared with other
business entities at the same time (DSM. 2018).
HULAMIN LTD
The company aims at providing reliable
information to their users and the information
should be complete with no material misstated
figures or missing information (Hulamin ltd.
2018). It is the responsibility of the directors to
look at the systems of internal control. The controls
had been designed in order to render reasonable but
not absolute assurances as compared to reliability
of the financial statements. The company engages
in verifying as well as maintaining accountability
for components such as asset accountability as well
as preventing or detecting material misstated
figures o any loss.
CEMEX
At CEMEX, the main focus of the company is to
provide reliable and complete information to the
Reliability and completeness
Reliability and completeness means balancing good
as well as bad news together.

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users (Cemex. 2018).
MTN GROUP
At MTN Group, proper emphasis had been given to
provide reliable and complete information to the
users (MTN Group. 2018).
DSM
At DSM, the main focus of the company is to
provide reliable and complete information to the
users (DSM. 2018).
Question 6
Discussing the factors that may explain the similarities of differences that is identified in
the last question
From the above question, it is understood that how far the IR guiding principles are
important to understand the undertakings taken by any organization. The four guiding principles
selected above for analysis purpose was stakeholder relationships, materiality, reliability and
completeness, consistency and comparability. These four principles are explained in detail by
referring to four companies such as HULAMIN LTD, CEMEX, MTN Group and DSM. Integrated
reports of these four companies are taken in order to relate with the IR guiding principles ( Brown and
Dillard 2014).

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The factors that had been noted by explaining the similarities and differences are
gathering of information. Getting the required information is necessary and can be treated as one
of the factors that pertain to integrated reporting framework. Without adequate or relevant
information, it becomes difficult for the company to attract the stakeholders and maintain
relationships with them. Every shareholder has the right to get informed about any changes that
had been implemented in the organization. Hiding of any financial information and involving in
material misstatement of figures may lead to distortion of information and negatively affect the
image of the company. The other key factors are communication with the stakeholders and
maintaining relationships at the same time.
Conclusion
At the end of the study, it is concluded that integrated reporting provides information to
the users. Integrated reporting help in thinking within mainstream business practices and connect
it with the industries and companies. By conducting comparison, it is now important to
understand that each of the company should aim at providing complete information in their
financial statement as it will help users at the time of undertaking decision-making activities.
Communication with the stakeholders as well as maintaining relationship with the stakeholders is
essential in the long-term process.

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