Describes about the integration of financial reporting

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Reference no: EM131220330

MANAGEMENT ACCOUNTING ASSIGNMENT

This reports main aim is outline Integrated Reporting and Sustainability. There are many opportunities for management accountants to apply their skills and knowledge in supporting management as they respond to the business challenges associated with climate change". It describes about the integration of Financial Reporting and Environmental, Economic and Governance Reporting and how companies can be benefited. The purpose of this report is to shed light upon as to why Integrated Reporting has been given more importance in recent years. In doing so, we have critically analyzed the integrated report of Woolworths an Australian manufacturing company. Based on our readings and understandings, it has been concluded that for better reputation and good faith from long-term the companies must be integrated with Environmental, Economic and Governance initiatives.

Integrated reporting is about integrating material financial and non-financial information to enable investors and other stakeholders to understand how an organization is really performing. An integrated report looks beyond the traditional time frame and scope of the current financial report by addressing the wider as well as longer-term consequences of decisions and action and by making clear the link between financial and non-financial value. It is important that an integrated report demonstrates the link between an organization's strategy, governance and business model.

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Reference no: EM131220330

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