The paper "Differences between Integrated Reporting and the Current Reporting Practices " is a great example of a finance and accounting assignment. The way businesses are being carried out has continued to change over the years due to changes in technology, consumption, population growth, climatic changes as well as diminishing resources among other changes. These changes have also led to a change in the way businesses are preparing their reports to accommodate these changes. Various international reporting bodies such as the international integrated reporting council realized the need to change the reporting frameworks for the various businesses and have developed a new accounting reporting framework that ensures to capture an integrated and holistic picture of the business or organization.
The new reporting guidelines are found in the consultation draft of the international integrated reporting framework (CIMA, 2013). Integrated reporting is a new framework in reporting that allows organizations and businesses to share more on its strategies, the ways of governing the organization and its performance in the financial, social as well as environmental sectors in their reports. The integrated report also demonstrates how the organization or business creates its value in the short, medium as well as in the long run (CIMA, 2013). The type of information that is capture in the integrated report includes their financial performance as well as the impact of the organization or business on the economy, the society as well as the environment.
This information available in the integrated report will enhance more effective decision making, ensure that their investors are well informed in all aspects of the organization as well as promote integrated business practices and thinking amongst organizations (CIMA, 2013). The integrated report differs from the traditional reporting practice because it does not focus on just the financial profitability of the organization but it also looks at other aspects of the organization such as the society, the environment as well as their impact on the economy (CIMA, 2013).
IIRC. (2013). Consultation Draft of the International
CIMA, PwC and Tomorrow’s Company (2011). Tomorrow’s Corporate Reporting: A critical system atrisk. Retrieved on 30th April, 2014 from
CIMA, (2013).Integrated Reporting