Current Issues in Corporate Reporting Essay Example | Topics and Well Written Essays - 2000 words - 1

Current Issues in Corporate Reporting - Essay Example Traditionally the focus was solely on the financial information for investment, but scenario has changed now. Corporate reporting does not only mean focusing on the value drivers in terms of financials, but on the non-financial aspects too (Mallin, 2009, p. 17). Corporate reporting process will keep evolving and improving according to the market condition and requirements. Companies have started getting the pressure from the regulatory bodies for developing meaningful disclosure and reports in order to present a transparent image before the stakeholders (Everingham, 2008, p. 1). This study is regarding the need for new approaches of corporate reporting and the problems that have been faced by the regulatory body in developing and producing such a framework. The new approaches were proposed to reflect the wider and long-term outcomes of decisions that are taken by the organization. Integrated reporting mainly focuses on the strategically significant requirements that would assist the firm in developing a strong competitive advantage. It will also assist in securing the credit and capital, build good business relationships, and help to develop strategies for competition. The stakeholders would be receiving an enhanced information source regarding the sustainability and quality of the performances of the company (Hopwood, Unerman, and Fries, 2012, p. 36-39). The integrated reporting has moved beyond the traditional silo approach of gathering and reporting information. In integrated reporting comprehensive assessment approach is followed, in which the company’s performance and values are presented in an inclusive manner, so that the investors has information other than only the financials of the company (Loska, 2011, p. 9). The comp rehensive approach requires understanding the strategy drivers of the company, identification of the key stakeholders and their explicit expectations, and implementation of different processes for obtaining the