Current Issues in Corporate Reporting Essay Example | Topics and Well Written Essays - 2000 words

Current Issues in Corporate Reporting - Essay Example The core mandate of integrated reporting therefore is to gather information about an organizations strategy, its governance, future prospects and performance in a manner that reflects the structure it operates in terms of the commercial, environmental and social context. It is meant to be an organizations most important reporting tool (ACCA (GREAT BRITAIN), 2010). Its aim is to create a formula for accounting for sustainability, bringing together governance, social, environmental and finance in a cohesive way. In order to achieve its mandate and to be welcomed internationally as the standard reporting method, the international integrated reporting committee had a representation from different parts of the corporate world (Eccles & Krzus, 2010).These includes the civil society, the investment sectors, accounting, the academic front, standard setting sectors, the regulatory sector as well as the security sector. It also has task forces that deal with content development, governance, engagement and communication as well as a working group and a steering committee. This report therefore broadly discusses the need for integrated reporting and the challenges that were met when constituting such reporting methods during the 2011 international integrated reporting committee meeting. Corporates need to achieve financial development, sustainability and improved performance while reporting on their corporate performance. Against the background of this, previous reporting did not manage to yield such objectives (Bennett, Burritt& Schaltegger, 2006). In fact, it exposed some businesses to their bare minimum since companies were revealing most of their financial details while yet they did not achieve improved performance that they expected. This therefore necessitated the need for a new framework for corporate reporting that