>> Financial Accounting
You have been asked by a group of corporate accountants to research <IR> and write an essay on the concept and its implications for accounting practice.
Following the requirements outlined in the Study Guide you are required to write an essay which addresses the following questions.
a) What is <IR> and its key concepts?
b) Based on your research and understanding, what are the apparent opportunities/benefits and challenges/limitations of <IR> for reporting entities?
c) Based on your research and understanding, what do you consider to be the implications to accounting practice resulting from the adoption of <IR>?
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Integrated Reporting is the process, that leads to communication with regards to value creation overtime. Integrated Reporting is the concise report about how an organization strategy, report lead to the creation of value overtime in short , medium and long term. It is the integrated reporting of company’s performance in terms of both financial as well as value relevant information. Integrated Reporting clarifies how value relevant information fit into the business, helps to know the performance data and also helps in decision making. The communication through integrated Reporting is beneficial to the stake holders.
Integrated reporting is adopted in order to aid the business by the International Integrated Reporting Council. IIRC plays an integrated role in order to form the Integrated Reporting. Integrated Reporting arises from organizations information with regards to strategy, management, sustainability reporting, etc. Integrate Reporting is the process which include the integrate thinking which include the periodic reporting by an organization about the communication and value creation of various aspects.