Question Tag: Integrated Reporting

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CR – May 2016 – L3 – Q6 – Integrated Reporting

Advise Golden Path Plc on how traditional corporate reporting fails to meet the needs of financial capital providers and how Integrated Reporting can address this.

Question

Corporations are realizing that in this 21st century, firms’ intangible assets and human capital are the most important assets for value creation, production, or rendering of services. A recent OECD report in 2006 attests to this and points to an emerging knowledge economy, where human capital and intangible assets lie at the core capabilities and competencies for innovation and business sustainability. There is therefore the general feeling and perception that traditional corporate reporting does not meet the capital allocation needs of providers of financial capital. One development has been the emergence of Integrated Reporting (IR), being promoted by the International Integrated Reporting Council (IIRC) and supported by IFAC and most professional accounting bodies globally. The framework issued in 2013, like IASB’s Conceptual Framework, is principles-based and as such does not prescribe KPIs but has some guiding principles and key content elements. Golden Path Plc is desirous of employing IR to overcome the present limitations of its traditional corporate reporting.

Required:

a) Write a report to the board of Golden Path Plc, advising them on why their financial statements may not meet the capital allocation needs of providers of financial capital in 21st-century firms, given the limitations of traditional corporate reporting which integrated reporting aims to address. (5 marks)

b) Briefly state why integrated reporting may still not resolve the main limitations identified above. (1 mark)

Answer

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Tags: Corporate Reporting, Financial Capital, Intangible Assets, Integrated Reporting, Knowledge Economy
Level: Level 3

Topic: Integrated Reporting

CR – May 2017 – L3 – Q7b – Integrated Reporting

Discuss the usefulness of cash flow statements and the potential benefits of integrated reporting.

Question

The directors of Duranga Plc. have learned that corporate reporting could be improved by adopting the International Integrated Reporting Council’s Framework for Integrated Reporting. The directors believe that International Financial Reporting Standards (IFRS), which the company has recently adopted following the decision of the Federal Executive Council, are already extensive and provide stakeholders with a comprehensive understanding of its financial position and performance for the year. They believe that with over 100 countries adopting IFRS, their financial statements speak the international financial reporting language and practice. In particular, statements of cash flows, which the company prepares in accordance with IAS 7, enable stakeholders to assess the liquidity, solvency, and financial adaptability of a business. They are concerned that any additional disclosures could be excessive and obscure the most useful information within a set of financial statements. This is against the backdrop of a recent effort by the IASB on excessive disclosures in financial statements. They are therefore unsure of the rationale for the implementation of a separate or combined integrated report.

Required:
Discuss the extent to which statements of cash flow provide stakeholders with useful information about an entity and whether this information would be improved by the entity introducing an Integrated Report. (6 Marks)

Answer

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Tags: Cash Flow Statements, Financial Performance, Integrated Reporting, Liquidity, Stakeholders
Level: Level 3

Topic: Integrated Reporting

CR – May 2019 – L3 – Q6 – Presentation of Financial Statements (IAS 1)

Discuss reclassification adjustments and integrated reporting objectives and challenges.

Question

Dangogo Plc. has adopted IFRS in the preparation and presentation of its financial statements in line with Financial Reporting Council of Nigeria requirements. During deliberations on their financial statements for the year ended 31 March, 2019 the directors of Dangogo Plc. found the distinction between profit or loss and other comprehensive income confusing. This is the case with many other preparers or users of financial statements in Nigeria who seem to be unclear about the relationship between profit or loss and other comprehensive income (OCI). They blame the conceptual framework for Financial Reporting and IAS 1 regarding the confusing nature of re classification. The emergence of integrated reporting holds promises for better reporting, but preparers are equally uncertain about whether the International Integrated Reporting Councils (IIRC) or Integrated Reporting (IR) Framework constitutes suitable criteria for report preparation.

a. Discuss the nature of a re-classification adjustment and the arguments for and against allowing re-classification of items to profit or loss. (6 Marks)

bi. Discuss the objectives of integrated reporting and key components (content elements) of integrated reports. (6 Marks)

ii. Comment on any concerns which could limit the Framework’s suitability for assessing the performance and prospects of an entity. (3 Marks)

Answer

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Tags: Conceptual Framework, Financial Statements, Integrated Reporting, OCI, Profit or Loss, Reclassification
Level: Level 3

Topic: Presentation of Financial Statements (IAS 1)

CR – May 2021 – L3 – Q3b – Emerging Trends in Corporate Reporting

Discuss limitations of IFRS-based financial reporting and how integrated reporting enhances annual report usefulness.

Question

The Chief Executive Officer (CEO) of Agege Plc also informed you that as a member of the Institute of Chartered Accountants of Nigeria (ICAN), he recently attended the Mandatory Continuous Professional Education (MCPE) of the Institute. One of the papers presented was in the area of how to improve the quality of information that companies report at year-end.

Required:

As the financial consultant to Agege Plc., identify and discuss three limitations of financial reporting (prepared in accordance with IFRS) and the extent to which integrated reporting might improve the usefulness of the annual reports. (6 Marks)

Answer

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Tags: Annual Reports, Financial Reporting, IFRS, Integrated Reporting, Limitations
Level: Level 3

Topic: Emerging Trends in Corporate Reporting

CR – Nov 2021 – L3 – Q3 – Sustainability Reporting

Examine financial reporting deficiencies, sustainability reporting, and integrated reporting at Maazi Limited.

Question

Maazi Limited had been in operation for a long time. The management of Maazi Limited would like to make the company’s financial statement look good such that the financial report presented to the shareholders at its Annual General Meeting (AGM) will appear attractive. Unfortunately, this had been an illusion rather than reality. In an effort to reinvigorate the company, Maazi Limited sacked the management and appointed a new Board, chaired by Mr. Gogobiri.

One cardinal point that the new management wishes to pursue is how to make the company responsive to its environment, enhance corporate culture through good corporate governance, and ensure sustainable development.

Required:
As the Chief Finance Officer (CFO) of Maazi Limited, the Chairman of the Board has asked you to critically examine the following:

a. The deficiency in financial reporting of the previous management of the company.
(10 Marks)

b. The concept of sustainability reporting pursued by the present management as comparable with integrated reporting.
(2 Marks)

c. The drawbacks and the benefits of integrated reporting.
(8 Marks)

Answer

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Tags: Corporate Governance, Financial Reporting, Integrated Reporting, Management Deficiencies, Sustainability Reporting
Level: Level 3

Topic: Sustainability Reporting

CR – Nov 2023 – L3 – SC – Q6 – Integrated Reporting

Discuss the limitations of financial reporting and the role of integrated reporting in enhancing corporate disclosures, as well as the main aims of IIRC.

Question

There is general acceptance that using traditional financial reporting as the sole measure of a company’s performance and financial standing is a flawed approach. However, corporate sustainability reports help to fill this gap but are not often linked to a company’s strategy or financial performance and provide insufficient information on value creation.

Integrated reporting is a new approach, which is a concise communication about how an organization’s strategy, governance, performance, and prospects, in the context of its external environment, leads to the creation of value in the short, medium, and long term.

Required:
a. In the context of the above scenario, critically discuss the limitations of financial reporting and the extent to which integrated reporting might improve the usefulness of annual reports of companies.
(11 Marks)

b. Identify the FOUR major aims of the International Integrated Reporting Council (IIRC) in the evolution of corporate reporting.
(4 Marks)
(Total 15 Marks)

Answer

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Tags: Corporate Strategy, Corporate Sustainability, Financial Reporting, IIRC, Integrated Reporting, Value Creation
Level: Level 3

Topic: Integrated Reporting
Series: NOV 2023

CR – May 2018 – L3 – Q5a – Beyond financial reporting

Explain how integrated reporting merges sustainability reporting and financial reporting.

Question

“Integrated reporting advances the proposition that sustainability reporting and financial reporting are inherently linked and thus would benefit from merging.” – Bob Massie, co-founder of the Global Reporting Initiative.

Required:
Explain how integrated reporting merges sustainability reporting and financial reporting.

Answer

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Tags: Capitals, Financial Reporting, Integrated Reporting, Non-financial reporting, Stakeholders, Sustainability Reporting, Value Creation
Level: Level 3

Topic: Beyond financial reporting

CR – May 2016 – L3 – Q3a – Beyond financial reporting

Discuss principles and key components of the IIRC's Framework for integrated reporting, and concerns about its suitability for assessing entity prospects.

Question

At a recently concluded Annual General Meeting (AGM) of a company, one of the shareholders remarked; “historical financial statements are essential in corporate reporting, particularly for compliance purposes, but it can be argued that they do not provide meaningful information. After having issued a series of environmental and then sustainability reports, it is apparent that although the numbers were allowing a true and fair review of the company’s performance, operations and management they were not necessarily relevant to stakeholders. The International Integrated Reporting Council (IIRC) is calling for a shift in thinking more to the long term, to think beyond what can be measured in quantitative terms and to think about how the entity creates value for its owners” the statement concluded.

Required: Discuss the principles and key components of the IIRC’s Framework, and any concerns which could impede the Framework’s suitability for assessing the prospects of an entity.

Answer

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Tags: IIRC Framework, Integrated Reporting, Non-financial Information, Stakeholders, Value Creation
Level: Level 3

Topic: Beyond financial reporting
Series: MAY 2016

CR – Nov 2016 – L3 – Q5e – Other information in the annual report

Discuss the development of integrated reporting from social and environmental reporting.

Question

Integrated reporting advances the proposition that sustainability reporting and financial
reporting are inherently linked and thus would benefit from merging.
Required:
Discuss how integrated reporting has developed from social and environmental reporting.

Answer

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Tags: Financial Reporting, Integrated Reporting, Sustainability Reporting
Level: Level 3

Topic: Other information in the annual report
Series: NOV 2016

CR – May 2016 – L3 – Q6 – Integrated Reporting

Advise Golden Path Plc on how traditional corporate reporting fails to meet the needs of financial capital providers and how Integrated Reporting can address this.

Question

Required:

b) Briefly state why integrated reporting may still not resolve the main limitations identified above. (1 mark)

Answer

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Tags: Corporate Reporting, Financial Capital, Intangible Assets, Integrated Reporting, Knowledge Economy
Level: Level 3

Topic: Integrated Reporting

CR – May 2017 – L3 – Q7b – Integrated Reporting

Discuss the usefulness of cash flow statements and the potential benefits of integrated reporting.

Question

Answer

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Tags: Cash Flow Statements, Financial Performance, Integrated Reporting, Liquidity, Stakeholders
Level: Level 3

Topic: Integrated Reporting

CR – May 2019 – L3 – Q6 – Presentation of Financial Statements (IAS 1)

Discuss reclassification adjustments and integrated reporting objectives and challenges.

Question

a. Discuss the nature of a re-classification adjustment and the arguments for and against allowing re-classification of items to profit or loss. (6 Marks)

bi. Discuss the objectives of integrated reporting and key components (content elements) of integrated reports. (6 Marks)

ii. Comment on any concerns which could limit the Framework’s suitability for assessing the performance and prospects of an entity. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Conceptual Framework, Financial Statements, Integrated Reporting, OCI, Profit or Loss, Reclassification
Level: Level 3

Topic: Presentation of Financial Statements (IAS 1)

CR – May 2021 – L3 – Q3b – Emerging Trends in Corporate Reporting

Discuss limitations of IFRS-based financial reporting and how integrated reporting enhances annual report usefulness.

Question

Required:

Answer

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Tags: Annual Reports, Financial Reporting, IFRS, Integrated Reporting, Limitations
Level: Level 3

Topic: Emerging Trends in Corporate Reporting

CR – Nov 2021 – L3 – Q3 – Sustainability Reporting

Examine financial reporting deficiencies, sustainability reporting, and integrated reporting at Maazi Limited.

Question

Required:
As the Chief Finance Officer (CFO) of Maazi Limited, the Chairman of the Board has asked you to critically examine the following:

a. The deficiency in financial reporting of the previous management of the company.
(10 Marks)

b. The concept of sustainability reporting pursued by the present management as comparable with integrated reporting.
(2 Marks)

c. The drawbacks and the benefits of integrated reporting.
(8 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Governance, Financial Reporting, Integrated Reporting, Management Deficiencies, Sustainability Reporting
Level: Level 3

Topic: Sustainability Reporting

CR – Nov 2023 – L3 – SC – Q6 – Integrated Reporting

Discuss the limitations of financial reporting and the role of integrated reporting in enhancing corporate disclosures, as well as the main aims of IIRC.

Question

b. Identify the FOUR major aims of the International Integrated Reporting Council (IIRC) in the evolution of corporate reporting.
(4 Marks)
(Total 15 Marks)

Answer

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Tags: Corporate Strategy, Corporate Sustainability, Financial Reporting, IIRC, Integrated Reporting, Value Creation
Level: Level 3

Topic: Integrated Reporting
Series: NOV 2023

CR – May 2018 – L3 – Q5a – Beyond financial reporting

Explain how integrated reporting merges sustainability reporting and financial reporting.

Question

Required:
Explain how integrated reporting merges sustainability reporting and financial reporting.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capitals, Financial Reporting, Integrated Reporting, Non-financial reporting, Stakeholders, Sustainability Reporting, Value Creation
Level: Level 3

Topic: Beyond financial reporting

CR – May 2016 – L3 – Q3a – Beyond financial reporting

Discuss principles and key components of the IIRC's Framework for integrated reporting, and concerns about its suitability for assessing entity prospects.

Question

Required: Discuss the principles and key components of the IIRC’s Framework, and any concerns which could impede the Framework’s suitability for assessing the prospects of an entity.

Answer

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Tags: IIRC Framework, Integrated Reporting, Non-financial Information, Stakeholders, Value Creation
Level: Level 3

Topic: Beyond financial reporting
Series: MAY 2016

CR – Nov 2016 – L3 – Q5e – Other information in the annual report

Discuss the development of integrated reporting from social and environmental reporting.

Question

Answer

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Tags: Financial Reporting, Integrated Reporting, Sustainability Reporting
Level: Level 3

Topic: Other information in the annual report
Series: NOV 2016

Question Tag: Integrated Reporting

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CR – May 2016 – L3 – Q6 – Integrated Reporting

Advise Golden Path Plc on how traditional corporate reporting fails to meet the needs of financial capital providers and how Integrated Reporting can address this.

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CR – May 2017 – L3 – Q7b – Integrated Reporting

Discuss the usefulness of cash flow statements and the potential benefits of integrated reporting.

You're reporting an error for "CR – May 2017 – L3 – Q7b – Integrated Reporting"

CR – May 2019 – L3 – Q6 – Presentation of Financial Statements (IAS 1)

Discuss reclassification adjustments and integrated reporting objectives and challenges.

You're reporting an error for "CR – May 2019 – L3 – Q6 – Presentation of Financial Statements (IAS 1)"

CR – May 2021 – L3 – Q3b – Emerging Trends in Corporate Reporting

Discuss limitations of IFRS-based financial reporting and how integrated reporting enhances annual report usefulness.

Required:

You're reporting an error for "CR – May 2021 – L3 – Q3b – Emerging Trends in Corporate Reporting"

CR – Nov 2021 – L3 – Q3 – Sustainability Reporting

Examine financial reporting deficiencies, sustainability reporting, and integrated reporting at Maazi Limited.

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CR – Nov 2023 – L3 – SC – Q6 – Integrated Reporting

Discuss the limitations of financial reporting and the role of integrated reporting in enhancing corporate disclosures, as well as the main aims of IIRC.

You're reporting an error for "CR – Nov 2023 – L3 – SC – Q6 – Integrated Reporting"

CR – May 2018 – L3 – Q5a – Beyond financial reporting

Explain how integrated reporting merges sustainability reporting and financial reporting.

You're reporting an error for "CR – May 2018 – L3 – Q5a – Beyond financial reporting"

CR – May 2016 – L3 – Q3a – Beyond financial reporting

Discuss principles and key components of the IIRC's Framework for integrated reporting, and concerns about its suitability for assessing entity prospects.

You're reporting an error for "CR – May 2016 – L3 – Q3a – Beyond financial reporting"

CR – Nov 2016 – L3 – Q5e – Other information in the annual report

Discuss the development of integrated reporting from social and environmental reporting.

You're reporting an error for "CR – Nov 2016 – L3 – Q5e – Other information in the annual report"

CR – May 2016 – L3 – Q6 – Integrated Reporting

Advise Golden Path Plc on how traditional corporate reporting fails to meet the needs of financial capital providers and how Integrated Reporting can address this.

You're reporting an error for "CR – May 2016 – L3 – Q6 – Integrated Reporting"

CR – May 2017 – L3 – Q7b – Integrated Reporting

Discuss the usefulness of cash flow statements and the potential benefits of integrated reporting.

You're reporting an error for "CR – May 2017 – L3 – Q7b – Integrated Reporting"

CR – May 2019 – L3 – Q6 – Presentation of Financial Statements (IAS 1)

Discuss reclassification adjustments and integrated reporting objectives and challenges.

You're reporting an error for "CR – May 2019 – L3 – Q6 – Presentation of Financial Statements (IAS 1)"

CR – May 2021 – L3 – Q3b – Emerging Trends in Corporate Reporting

Discuss limitations of IFRS-based financial reporting and how integrated reporting enhances annual report usefulness.

Required:

You're reporting an error for "CR – May 2021 – L3 – Q3b – Emerging Trends in Corporate Reporting"

CR – Nov 2021 – L3 – Q3 – Sustainability Reporting

Examine financial reporting deficiencies, sustainability reporting, and integrated reporting at Maazi Limited.

You're reporting an error for "CR – Nov 2021 – L3 – Q3 – Sustainability Reporting"

CR – Nov 2023 – L3 – SC – Q6 – Integrated Reporting

Discuss the limitations of financial reporting and the role of integrated reporting in enhancing corporate disclosures, as well as the main aims of IIRC.

You're reporting an error for "CR – Nov 2023 – L3 – SC – Q6 – Integrated Reporting"

CR – May 2018 – L3 – Q5a – Beyond financial reporting

Explain how integrated reporting merges sustainability reporting and financial reporting.

You're reporting an error for "CR – May 2018 – L3 – Q5a – Beyond financial reporting"

CR – May 2016 – L3 – Q3a – Beyond financial reporting

Discuss principles and key components of the IIRC's Framework for integrated reporting, and concerns about its suitability for assessing entity prospects.

You're reporting an error for "CR – May 2016 – L3 – Q3a – Beyond financial reporting"

CR – Nov 2016 – L3 – Q5e – Other information in the annual report

Discuss the development of integrated reporting from social and environmental reporting.

You're reporting an error for "CR – Nov 2016 – L3 – Q5e – Other information in the annual report"

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