The International Integrated Reporting Council Essay

The field of accounting is constantly evolving. This is true not only for the theory of accounting itself but also the entities that govern its theory and practice. Presently, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are faced with some of the biggest challenges to date. To understand the significance of these two boards, it is necessary to understand their histories, relations between the boards, and the standards that they set. Also how the knowledge of these boards and the field they lead, gained through the masters of science in accountancy

The reporting party (RP) stated the biological mother of foster child John Wilson age 2, reported on 1/23/ she observed John to have red buttocks and penis. The mother asked if someone hurt him and the child replied "yes." Present during the mother and child visit was FFA Social Worker Jennifer Jackson who disclosed a co-worker (name not provided) overheard the mother repeatedly ask John if he was ok of if some had hurt him. Apparently John had refused to pull down his pants and pull-up in order to use the toilet. Once the mother had convinced the child to use the toilet, she observed the red buttock and penis. The mother discussed her concerns with the supervising social worker Jennifer Jackson who attempted to interview John, however due

As the business environment grows and companies find new ways to expand into their respective - or even new – markets, it is important that reporting standards stay up to date with changes and continue to assist companies in providing their users with useful accounting information. Information is labelled as being useful when it meets the

For this report, both group work for a presentation, as well as significant individual research went into finding the relevant content for a comprehensive report. Concluding this report it is evident that the new regulations do cover a wide range of ground, however there are many critics of these new regulations, who feel they will add cost and complexity, whilst possibly harming the quality of services accounting firms can overall offer to their clients.

The analysis presents the impact of financial accounting regulations on business in Australia. The first part of the analysis provides the aim of financial accounting regulations and a brief discussion about different governing regulators in Australia along with their specific responsibilities.

In this report I will be describing how legislation and accounting concepts, could affect a business company’s accounting policies. I will also be talking what Acts contain, concepts and their importance, and also accounting policies. I will be supporting my work with examples.

Regulation is design to control and govern conduct by authority that has the power to oversee how financial statement have been prepared and enforce compliance with regulatory requirements (Deegan 2009, p.59). In recent years, there have been changes in the New Zealand regulatory requirements for external financial reporting. External financial reporting in New Zealand is regulated by the legislation, Accounting standards and the Financial Markets Authority. The changes to New Zealand regulation is to the Financial Reporting Act 2013 which will replace the Financial Reporting Act 1993 and would come into effect on 1 April 2014. The Financial Reporting Act applies to all reporting entities (Deegan & Samkin, 2013). This new act will see that

Atrill, P, McLaney, E, Harvey, D, Jenner, M 2008, Accounting: an introduction, 5th ed, PEARSON, Australia, pp191

This report is based on Tweedie and Martinov- Bennie (2015), Integrated Reporting (IR), double-edged from a perspective of critical sustainability, and pointed out three key distinctive goals as well as strategies. The report seeks to have an insight into IR with an application of accounting theory, and discuss the performance of CPA Australia regarding IR. The report will be divided into four parts. Institutional Theory and Stakeholder Theory will be utilized to examine IR practices in the Part I and Part II. By reviewing 2014 IR of CPA Australia, their performance related to the three distinctive goals raised by Tweedie and Martinov-Bennie will be discussed in the Part III and IV.

Firstly, the conceptual framework today focuses on the reduction of accounting methods in order to

During my cooperative education placement, I worked at Whitcoulls, a major national retailer in New Zealand that offers a variety of stationery, books, toys, magazines and similar items. Operating in the retail industry, Whitcoulls has over 55 stores that are spread all over the country. I worked at the organization’s head office branch as an accounts payable officer. According to Michael (2013) and Schaeffer (2002), an accounts payable officer is tasked with reviewing invoices, sort documents, recording transactions, and processing invoices. Hence, my role included assisting in accounts payables, receivables and general auditing while applying the concepts of financial statements reporting and auditing. More specifically, I was involved in data entry, record keeping, verifying transactions and invoices, and processing invoices due for payment. Besides, I assisted in other accounting tasks in the company’s head office as well as other stores.

Integrated reporting enables organization to use new information to measure performance in all sectors and this enhances understanding on how value is created. Since communicating value creation is one of the key aspects of integrated reporting, organization can now understand how they create or destroy value. According to IIRC (2014), up to 92 per cent of businesses in the pilot project reported better understanding of value creation. Companies that use integrated reported can now understand how non-financial aspects affect financial performance and vice versa.

Two of the most contentious issues currently facing the accounting world are how to report revenue received from contracts and how to report income tax expenses. Both these issues have been at the centre of much criticism in recent years and this has led to current standards being reviewed and new standards being put in place with the aim to give a more accurate picture of a company’s performance in a given time period.

An Integrated Report has been defined as “a concise communication about how an organization’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value in the short, medium and long term” (IIRC, 2015). A stated aim of IR is to support integrated thinking and decision-making. IR is a process of collaborating information about financial and non-financial activities of business entity to its stakeholders. It is a source through which the causes of success and failures of business are discovered by the reporting entity. As a result of globalisation there has been rapid growth in the corporate sector like

This paper is about accounting, describing how accounting has changed over the last ten years. How much the salaries have changed as well. An accountance gets paid more now then before; it is also one of those jobs now that more people are going for. The accounting professional that’s adding value today is a business partner with all the other stakeholders in that company. Today people take their taxes to an accountant instead of doing their papers. That’s how the demand