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Current Issues in Corporate Reporting - Term Paper Example

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The paper discusses the need for integrated reporting and the challenges that were met when constituting such reporting methods during an international integrated reporting committee meeting. Corporates need to achieve financial development while reporting on their corporate performance…
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Current Issues in Corporate Reporting
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Download file to see previous pages There has been a need to produce a standardized method of corporate reporting by the business community. The previous reporting did not bring about financial development, sustainability and improved performance that had been desired by the business world (ACCA (GREAT BRITAIN), 2009). Despite the fact that most companies need to give proper detail of their business in audited financial reports and other separate reports on sustainability, such efforts had failed to provide a detailed account of the performance of the companies (Everingham & Kana, 2008). It is because of this that had necessitated the need to come up with an integrated report, through the international integrated reporting committee in 2011. The core mandate of integrated reporting, therefore, is to gather information about an organization's strategy, its governance, future prospects and performance in a manner that reflects the structure it operates in terms of the commercial, environmental and social context. It is meant to be an organization's most important reporting tool (ACCA (GREAT BRITAIN), 2010). Its aim is to create a formula for accounting for sustainability, bringing together governance, social, environmental and finance in a cohesive way.
In order to achieve its mandate and to be welcomed internationally as the standard reporting method, the international integrated reporting committee had representation from different parts of the corporate world (Eccles & Krzus, 2010). These include the civil society, the investment sectors, accounting, the academic front, standard-setting sectors, the regulatory sector as well as the security sector. It also has task forces that deal with content development, governance, engagement, and communication as well as a working group and a steering committee. ...Download file to see next pagesRead More
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