La creación de valor del integrated reporting

El lanzamiento por parte del IIRC del International Integrated Reporting Framework en 2013, supone un nuevo Marco Internacional para la elaboración de informes financieros y puede marcar un cambio importante en la evolución de la información empresarial. Se trata de conseguir una información confiable, clara y comparable, dirigida a una amplia gama de partes interesadas. Además de información económica-financiera clásica, el Integrated Reporting (IR) abarca cuestiones sobre la estrategia de la organización, la gobernanza, los resultados y las perspectivas, elementos que conducen a la creación de valor a corto, medio y largo plazo. Nos planteamos conocer si la información integrada aumenta la creación de valor para las empresas. Para ello, se analiza la evolución de la Q de Tobin de las empresas españolas que desde 2011 están en el programa piloto sobre información integrada del IIRC en relación con el resto de empresas pertenecientes al IBEX 35. Los resultados muestran que el comportamiento de estas empresas es más positivo que la media del sector aunque los datos están muy influenciados por la situación de crisis.

Integrated reporting – a new form of a firm’s interaction with stakeholders

This study examines a new kind of public reporting, called integrated reporting as a form of a firm’s interaction with stakeholders. The study concerned issues such as how the studied organization defined its stakeholders and how this definition evolved during the transition period from 2009 to 2013, how has the integrated reporting of the organization evolved as an instrument of interaction with stakeholders over the transition period, and how the organization reported its value creation according to the international integrated reporting framework in the final, full-featured report. In examining the theory, the study used a qualitative analysis method that allowed deriving conceptual tools necessary to carry out the study. This study is based on the material of the five integrated reports written in Russian from a subsidiary of a Russian public company. The subsidiary carried out the transition to an integrated reporting for the five years from 2009 to 2013. A comparative qualitative method was used in reviewing the empirical material. During the research, an active cooperation of the organization with key stakeholders was revealed, which occurred during the whole period of development of integrated reporting. As a result, integrated reports were produced in cooperation with various key stakeholders, allowing balancing the financial and non-financial information in the reports. The study found that during the transition period, integrated reports gradually changed in the direction of greater clarity and ease of access to perception, consistency of presentation and materiality. The integrated reporting of the organization began reflect the basic requirements of the international integrated reporting framework regarding the content elements and guiding principles. Thus, the organization’s reports began including features of financial and non-financial reporting and connecting the three aspects of the organization's activities: economic, environmental and social. This study reveals the importance of identifying key stakeholders and their influence on the creation of organizational value. The new form of reporting suits better the requirements of modern organizations to interact with their stakeholder groups. The integrated reporting, which reflects the principles of the international integrated reporting framework, is an active resource for companies to communicate with stakeholders and a platform of transmission the necessary information on the creation of value in the long term.

Sustainability reporting and financial reporting: the relevance of an integrated reporting approach

In the business world, there are issues such as globalisation, environmental awareness, and the rising expectations of public opinion which have a specific role in what is required from companies as providers of information to the market. This chapter refers to the current state of corporate reporting (financial reporting and sustainability reporting) and demonstrates the need for evolution to a more integrated method of reporting which meets the stakeholders’ needs. This research offers a reflection on how this development can be achieved, which notes the ongoing efforts by international organisations in implementing the diffusion and adoption, as well as looking at the characteristics which are needed for this type of reporting. It also makes the link between an actual case of a company that is one of the world references in sustainable development and integrated reporting. Whether or not the integrated reporting is the natural evolution of the history of financial and sustainability reporting, it still cannot yet claim to be infallible. However, it may definitely be concluded that a new approach is necessary to meet the needs which are continuously developing for a network of stakeholders.

Intellectual Capital Disclosures: The effect of mandatory Integrated Reporting

Purpose – The purpose of this thesis is to investigate how mandatory obligation to follow the International <IR> Framework while producing the corporate reports influence the intellectual capital disclosures in the reports. Research design – The study uses a disclosure scoreboard to score a selected sample of annual reports depending on whether it disclose intellectual capital information or not. The sample consists of companies listed in South Africa were it is mandatory to follow the integrated reporting framework and companies listen in Sweden where it is not mandatory to produce an integrated report. Empirical results and conclusion – The results of this thesis indicates that the mandatory use of the International <IR> Framework have an impact on the amount of intellectual capital disclosures. Further it concludes that higher level of compliance with the framework further increases the intellectual capital disclosure. Contribution – This study has been an early step towards concluding whether the use of integrated reporting has any effect on the amount of intellectual capital information disclosed in companies’ annual report.

International News Reporting in the Multidimensional Network: The socio-demographics, professional culture and newswork of foreign correspondents working across Sub-Saharan Africa

Tese apresentada para cumprimento dos requisitos necessários à obtenção do grau de Doutor em Media Digitais

International financial reporting standards (IFRS) as a change agent in Ukraine

This paper aims to examine the perception of key actors regarding the costs and benefits that result from adopting International Financial Reporting Standards (IFRS) in Ukraine. Authors showed that IFRS implementation impacts on internal reporting quality, the relationship with customers, creditors and shareholders, the access to international markets and external financing. They also indicated that financial managers have serious concerns about implementation costs related to the introduction of IFRS. These costs relate to training, instruction on IFRS adoption and translation of current IFRS, changes in software systems, double purpose accounting and deadlines for IFRS adoption and consulting services.

Compliance com os requisitos de divulgação do IFRS - International Financial Reporting Standards e sua relação com o erro de previsão dos analistas de mercado

O objetivo deste estudo é fazer uma análise da relação entre o erro de previsão dos analistas de mercado quanto à rentabilidade das empresas listadas na BM&FBOVESPA S.A. (Bovespa) e os requerimentos de divulgação do International Financial Reporting Standards (IFRS). Isto foi feito através da regressão do erro de previsão dos analistas, utilizando a metodologia de dados em painel no ano de implantação do IFRS no Brasil, 2010, e, complementarmente em 2012, para referenciamento desses dados. Partindo desse pressuposto, foi determinado o erro de previsão das empresas listadas na Bovespa através de dados de rentabilidade (índice de lucro por ação/earnings per share) previstos e realizados, disponíveis nas bases de dados I/B/E/S Earnings Consensus Information, providos pela plataforma Thomson ONE Investment Banking e Economática Pro®, respectivamente. Os resultados obtidos indicam uma relação negativa entre o erro de previsão e o cumprimento dos requisitos de divulgação do IFRS, ou seja, quanto maior a qualidade nas informações divulgadas, menor o erro de previsão dos analistas. Portanto, esses resultados sustentam a perspectiva de que o grau de cumprimento das normas contábeis é tão ou mais importante do que as próprias normas. Adicionalmente, foi verificado que quando a empresa listada na BM&FBOVESPA é vinculada a Agência Reguladora, seu erro de previsão não é alterado. Por fim, esses resultados sugerem que é importante que haja o aprimoramento dos mecanismos de auditoria das firmas quanto ao cumprimento dos requerimentos normativos de divulgação, tais como: penalidades pela não observância da norma (enforcement), estruturas de governança corporativa e auditorias interna e externa.

The International Financial Reporting Standards and Their Implementation into the US Accounting System

This paper examines the differences between the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). The areas closely examined are the differences inrevenue recognition and reporting of intangibles. By investigating the differences in the two sets of standards I put into context the changes that would be necessary for domestic companies adopting the IFRS. The differences between these two standards are important because the implementation of IFRS into the U.S. is a current issue for domestic companies. It is important to note how the new standards will affect different companies in different ways. Depending on the size and industry, some companies will have a harder time transitioning to the new standards. However, once these companies make the transition to IFRS they will have better recognition and reporting of revenues and intangibles.