Institutional Environment of General Purpose Financial Reporting - Finance Assignment Help

Assignment Task :

1 Describe the institutional environment of general purpose financial reporting, including the impact of a conceptual framework, regulation and conventional practices.

2 Prepare transactions and resultants reports reflecting methods used by economic entities to treat critical financial events.

Background
There have been numerous discussions that reports provided to stakeholders should include a broader set of information about a company’s performance than just financial performance. The argument is that companies and organisations should not only report about the financial information but also the corporate governance,
strategy, environmental and social impacts caused by their operations. International Integrated Reporting Council (IIRC) (2013) states that the aim of an integrated report is to provide a concise, holistic account of company value and performance by reporting a comprehensive range of financial as well as human, intellectual,
environmental, and social factors that impact on a company’s short-, medium-, and long-term capacity for value creation. As such, it incorporates but goes beyond the types of information currently reported in companies’ financial statements.

Required:
You are required to research information on the below issues.
1. The main criticisms of traditional financial reporting
2. Theories behind Integrated Reporting (discuss 2 relevant theories)
3. The costs and benefits of providing Integrated Reporting

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