Integrated Reporting Accounting Information System

Question: Discuss about the Integrated Reporting for Accounting Information System. Answer: The purpose of the report is to highlight the meaning of the integrated reporting and its use and benefits in the accounting field. Moreover, the types of services that will be offered by implementing this integrated reporting system will be highlighted along with the skills an employee should adopt and training that is provided to the employee for attaining the usage of this newly implemented system within the workplace for a better business outcome. Discussing the accounting practice that considers the integrated reporting policies in the concerned business is also the purpose of the report. Audience for the Report The major audiences of the report are the employee of the organization and other members like lawyers and non-accountants specialists as well as the accountant partners. The prime reason for selecting these audiences is to take the opinion on benefits of integrated reporting from the members who supports this new technology and make other aware of the positive outcome in the business by using the concept of integrated reporting to those who are not in favor of the implementation of this modern technology. The audiences for a complete performance report are the external stakeholders who may get knowledge regarding their progress report on financial benefits and sustainability. Key decisions to be made Integrated reporting is an approach through which an organization provides the information about their performance and the procedure in which they create value, strategy, opportunities and risks. Thus, the key decision that is made is to hold a board meeting and the benefits of the implementation of the integrated reporting will be discussed. It is evident that the implementation of this new service is expensive but it will surely provide a competitive advantage. Barker and Kasim (2016) also depicts that investors conventionally have depended on growing patchwork of supplementary reporting systems in order to evaluate the risk and the sustainability factors of their business. People in accounting firms also have to prepare a report for accomplishing the management discussion and its analysis (Busco et al. 2013). Abeysekera (2013) furthermore highlights that the management also has to face problem in the past when they try to make decisions based on financial information. Moreover, in context with the sustainability reporting, it is noted from The Guardian that, companies that spend $50 million on their annual report does not contain any relevant information on the companys detail by important shareholders. Thus, the technology of integrated reporting helps these company to prepare their performance report in lesser cost that $50 million (the Guardian 2016). Information that help to take these decisions Cheng et al. (2014) states that some of the benefits of the integrated reporting is that it helps the policy makers, regulators, standard setters, and accountants to plan their performance in short-terms goals and provide other stakeholders an accurate information regarding their approaches for resource allocation, risk management procedures and identification of the opportunities. It is seen from the case study that partner like Steven Wong opposes the introduction of integrated reporting within the organization as it will be expensive. Thus, it has become a necessity to make them aware of the benefits that they will get by using modern technology. Moreover, this technology is new and many of them are unsure about the use of this system, training must have to be provided to others so that they can utilize this system effectively. Moreover, as mentioned in the website of integrated reporting, the system helps in improving the quality of the information, promotes a cohesive and efficient approach on different reporting strands and enhances the accountability and stewardship along with their interdependencies (integratedreporting.org 2016). Stubbs and Higgins (2014) also depict that it provide insight into the organizations strategy and boosts the relationship with the key stakeholders. This report not only provides the advantageous outcome of the organization but also highlight the negative aspects they have faced and their approaches to mitigate the pitfalls. This help to take the decision for implementing the technology of integrated reporting within the organization. Information sources likely to hold this information Previous research done by academic experts is taken into consideration along with some important blogs and website that contains relevant information regarding the uses and benefits of integrated information. International newspaper article like from The Guardian is also taken into c0nsidereation for attaining required information on the concept of integrated reporting. Some of the keywords that are used while searching from the relevant information are- "Integrated reporting, Integrated reporting in Accounting, Benefits of Integrated Reporting, Skills required in integrated reporting and Training in integrated reporting. Reference List Abeysekera, I., 2013. A template for integrated reporting. Journal of Intellectual Capital, 14(2), pp.227-245. Barker, R. and Kasim, T., 2016. Integrated Reporting: Precursor of a Paradigm Shift in Corporate Reporting?. InIntegrated Reporting(pp. 81-108). Palgrave Macmillan UK. Busco, C., Frigo, M.L., Quattrone, P. and Riccaboni, A., 2013. Towards integrated reporting: concepts, elements and principles. InIntegrated Reporting(pp. 3-18). Springer International Publishing. Cheng, M., Green, W., Conradie, P., Konishi, N. and Romi, A., 2014. The international integrated reporting framework: key issues and future research opportunities.Journal of International Financial Management Accounting,25(1), pp.90-119. integratedreporting.org., 2016.integratedreporting.org. [online] Available at: https://integratedreporting.org/wp-content/uploads/2013/12/13-12-08-THE-INTERNATIONAL-IR-FRAMEWORK-2-1.pdf [Accessed 18 Dec. 2016]. Stubbs, W. and Higgins, C., 2014. Integrated Reporting and internal mechanisms of change.Accounting, Auditing Accountability Journal,27(7), pp.1068-1089. the Guardian., 2016.Reforming sustainability reporting: for and against. [online] Available at: https://www.theguardian.com/sustainable-business/reforming-sustainability-reporting-pros-cons [Accessed 18 Dec. 2016]. Adams, C.A., 2015. The international integrated reporting council: a call to action.Critical Perspectives on Accounting,27, pp.23-28. Busco, C., Frigo, M.L., Quattrone, P. and Riccaboni, A., 2013. Redefining corporate accountability through integrated reporting: What happens when values and value creation meet?.Strategic Finance,95(2), pp.33-42. Hughen, L., Lulseged, A. and Upton, D.R., 2014. Improving stakeholder value through sustainability and integrated reporting.The CPA Journal,84(3), p.57.