The paper 'Accounting In Context 'is a great example of a Finance and Accounting Assignment. The business world has with time evolved owing to technological changes and other factors such as population growth, climatic changes, scarcity in factors of production, and increase in consumption among households just to mention a few. This evolution has rendered the traditional corporate reporting framework redundant and need has arose for it to be improved to suit the current economic situation (Soyka 2013). The traditional reporting method is shallow and does not provide a proper insight of the activities of an organization and the information captured in it is shallow much to the dismay of the organization's diverse stakeholders (Adams 2013). The traditional method is also technologically outdated, and its role in providing accountability to organizations' operations is under threat.
The information that will be captured henceforth is more detailed and takes into consideration the future of the organization, and it will also be a market-driven (Loska 2013). In short, the information in the integrated reporting will capture and give a picture of an organization taking into account all aspects of the organization.
Information captured in the integrated reporting includes the governance of the organization. The integrated reporting will provide detailed information on how an organization is governed, that is its leadership (Kass 2012). It will give the leadership structure and how leadership is executed. The information in the integrated also captures the strategy of an organization. This information explains how an organization plans for its future were clearly explaining how the continued availability of resources will help the organization to achieve its long term strategy (Busco et al.
2013). The traditional reporting method is rather vague about this. Finally, the information in the integrated reporting will give insight into the performance of the organization in all aspects of growth and profitability. It does this in a manner that captures the business, social and physical factors of the environment in which the business operates. The traditional reporting method falls short of this (Soyka 2013). Question 2 I agree with how these paragraphs characterize the interaction with other reports and communications. To make the IR process relevant and purposeful, it should be done on a continuous basis to all reports and communications made in an organization.
Integrated reporting may capture information that is available in other reports and communications and reports. The aim as to this is to complement the work of other established reporting standards and not to duplicate it as many may think. The integrated report in most cases captures and projects information that is not in other reports and communications or information that is not sufficiently detailed in other reports and communications (Busco et al. 2013). An integrated report has combined an emphasis on strategy and organization employs and how it moves towards achieving that strategy.
An integrated report is future-oriented, unlike most reports and communications which in most cases capture the present or past scenario of an organization. An integrated report captures the present and past scenario and projects it into the future to give an overview of what the future occurrence may be for an organization. An integrated report also gives connectivity of information, the capital structure of the organization, the business structure, and the ability of an organization to utilize its resources to meet goals in the short and long term (Soyka 2013).
Adams, C. A. (2013). Understanding integrated reporting: The concise guide to integrated thinking and the future of corporate reporting. London: Do Sustainability.
Busco, C., Frigo, M. L., Riccaboni, A., & Quattrone, P. (2013). Integrated Reporting: Concepts and Cases that Redefine Corporate Accountability. (When values meet value.) Cham: Imprint: Springer
Kass, A. (2012). Towards Mainstreaming Integrated Reporting - Theoretical Landscape and Practical Insights. München: GRIN Verlag GmbH.
Loska, T. (2013). Integrated reporting. S.l.: Grin Verlag.
Soyka, P. A. (2013). The International Integrated Reporting Council (IIRC) Integrated Reporting Framework: Toward Better Sustainability Reporting and (Way) Beyond. Environmental Quality Management, 23(2), 1-14.