Knowing Sustainability & Integrated Reporting
The focus on reporting formats these days have shifted from Financial Reporting to Non Financial Reporting. Sustainability Reporting and Integrated Reporting are synonymously used with Non Financial Reporting. What better information does it offer over financial statements? Financial Statements of a company enable us to assess the financial health of a company and its performance. How relevant are Sustainability and Integrated Reporting? Organizations do spend a lot of time and money on preparing these reports, are they really worth so much?
What is Non Financial Reporting?
Non-financial reporting represents the result of companies‟ thoughts about what Corporate Social Responsibility is, about its importance, and about how it can be shared with stakeholders. Additionally, in that financial information is predominantly retrospective and based on a company‟s past performance, non-financial reports can provide investors and other stakeholders with indications about the future potential of a company. In other words, non-financial information, such as that about the quality of risk management, corporate governance, strategic direction, quality of management, and social and environmental performance will help stakeholders better understand a company‟s overall performance, business strategy, and growth perspective.
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