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Integrated Reporting In Nigeria: The Present And Future

Sunday C. Okaro, Gloria O. Okafor
Published 2017 · Business

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This chapter reviews the concept of corporate governance and situates integrated reporting (IR) as fallout of the realization that the narrow concept of shareholder wealth or value maximization must necessarily give way to a more encompassing stakeholder value orientation. The underlying theories of information disclosure are discussed as a prelude to the discourse on IR. The chapter explains integrated reporting as attempt to establish a link between social responsibility and accounting by incorporating social and environmental issues in the financial statements. It discusses the guiding principles of integrated reporting (IR) which include strategic focus and orientation, connectivity of informal stakeholder relationships, materiality, conciseness, reliability and completeness, consistency and comparability. The fundamental concepts of IR, including the concept of value creation are espoused while the content elements are also outlined. These include organizational overview, business model, risks and opportunities, strategy and resource allocation, governance, performance, outlook and basis of presentation. The chapter then introduces the concept of Triple Bottom line (TBL) as an attempt to capture the three major elements of economic, social and environmental effects of business activities into the mainstream of accounting to ensure sustainability. It surveys the present state of integrated reporting in Nigeria. The chapter discusses the regulatory, environmental and infrastructural challenges facing the new reporting framework in Nigeria. In particular, the voluntary nature of the reporting framework, the difficulties of measurement and the subjectivity it will bring to the assurance function were highlighted. The chapter concludes that in spite of the challenges facing integrated reporting in Nigeria, the future belongs to it because of the fresh outlook it brings to corporate accountability and governance and the sheer force of globalization that compels transparency and disclosure in reporting.
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