PACC6005 - Financial Accounting - Report Writing Assignment Help

Assignment Task:

Assessment Description:

During the past two decades, there have been many ideas for improving business reporting, and nearly all of them focus on the importance of companies providing more nonfinancial information. One reason for the growth in disclosure of nonfinancial information is that the percentage of an entity’s market value that can be attributed to tangible assets has diminished from about 80% in 1975 to less than 20% in 2009. A 2003 Institute of Chartered Accountants of England and Wales white paper analyzed 11 initiatives to reform reporting and reached the following conclusion: 

“None of these models, whatever their merits, has so far succeeded in commanding general support.” 

But if no framework for nonfinancial reporting has risen to the level of International Financial Reporting Standards (IFRS) or U.S. Generally Accepted Accounting Standards (GAAP), an increasing number of companies have been experimenting with more effective disclosure of nonfinancial information. According to CorporateRegister.com, a data repository with over 35,000 reports from 8,220 different companies in 168 countries, almost 5,400 reports containing sustainability and other nonfinancial information were published in 2010. 

In addition to voluntary nonfinancial reporting by companies, other initiatives have been launched to push the development of more rigorous and systematic reporting of nonfinancial information. For example, South Africa has mandated “integrated reporting”—specifically, a single report that combines information on the company’s financial performance with information on its nonfinancial performance. In 2010, the Johannesburg Stock Exchange (JSE) codified the King III recommendations by amending its listing rules to require approximately 450 listed companies either to produce an integrated report in place of their annual financial and sustainability reports or to explain why they are not doing so. 

Another example is the United Nations Principles for Responsible Investment’s (UNPRI) Sustainable Stock Exchange Initiative. This initiative is aimed at exploring how exchanges, investors, regulators, and companies can work together to improve disclosure of ESG performance and encourage long-term approaches to investment. Emerging market exchanges are leading the way in terms of implementing sustainability disclosure and other measures to enhance corporate sustain-ability reporting of listed companies. For example, exchanges in Brazil, China, Egypt, India, Indonesia, Malaysia, and South Africa have all issued ESG disclosure rules in recent years. 

In January 2011, a coalition of investors wrote to the CEOs of 30 stock exchanges to demand that sustainability reporting be embedded within listing rules and that listed companies put a forward-looking sustainability strategy to vote at their annual general meeting. The letter also sought opinions on, among other things, how companies should be integrating sustainability into long-term strategic decision-making and encouraging companies to undertake integrated reporting.

Task: 

Write a report (maximum 2000 words) to discuss the economic consequences of nonfinancial information reporting. In your report, you are required to: 

• Identify and discuss the nature of nonfinancial information. 
• Identify and discuss the nature of economic consequences. 
• Discuss how nonfinancial information should be reported. 
• Integration of the discussion of these two concepts and discussion of economic consequences of the nonfinancial information reporting.  

Guidelines for the report: 

1. Look for the UoN library for the research articles regarding the economic consequences of nonfinancial information. 

2. Nonfinancial information includes corporate social responsibility reporting/performance (CSR), environmental, social and governance (ESG) reporting/performance, environmental reporting/performance, social reporting/social performance, financial inclusion reporting, green banking disclosures. 

3. Economic consequences mean the capital market and debt market impact of the information.

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