Integrated Reporting Flashcards
What does IASB stand for?
International accounting standards board
What are the features of traditional reporting?(2)
Backward facing
Reports on business as usual
What 3 elements of a report are stakeholders interested in?
What does an integrated report look like?
Business as usual
Likely effect of management plans, issues and external influences
Long term value of a business
Financial and non financial information, with a forward looking perspective, and aim of helping readers understand all components
What are the 3 fundamental principles of integrated reporting?
Value creation
Capitals
Value creation process
What is the IIRC?
What did the IIRC do?
Integrated annual report is a stand alone document
International integrated reporting council
Introduced the guidance
What is integrating reporting founded in?
What does this result in?
What is this about?
Integrated thinking
Periodic integrated report
Value creation and communications regarding aspects of value creation
What is an integrated report the equivalent of?
What does it explain to who?
What does it create linkages between?3 and 3
What does it highlight and remove?
Annual report
How the entity creates value over time to providers of finance
Strategy, governance and financial performance with social, economic and environmental context within which the org operates
Critical info and remove excess info
What is integrated thinking?
What does it look at?
Active consideration, relationship between various operating functional units and the capital the other uses of affects
Creation of value over the short medium and long term
What are 10 areas more successful integrated reporting teams include?
Finance
Risk management
Performance reporting
Operations management
Stakeholder engagement
Sustainability
Corp communications
Info and technology
Governance and regulations
Human Resources
What is the key to successful integrated reporting?
One view of business
Consensus on single set of material issues
One combined strategy covering wide range of factors
What are 5 non financial areas included in value creation?
Staff well-being and motivation
Intellectual property
Skills of entity’s staff
Natural surroundings resources
Reputation with stakeholders and wider community
What business environment is preferred?
What benefits does this have?(2)
One conductive to understanding and articulating their strategy
Drive performance internally and attract financial capital
What is value creation?
Process that increases, decreases or transforms the capitals caused by orgs business activities and outputs
What is value creation influenced by?
What is it created through?
What is is dependent on?
External environment
Relationships with business stakeholders
Various resources
What does the value creation process draw on?
What does it use to create what?
What are outputs?
What are outcomes?
Capital and inputs
Outputs and outcomes
Products, services , by products, waste
Internal and external consequences
