IR in Romania: A National Perspective – Case Study on a Romanian Company

IR in Romania: A National Perspective – Case Study on a Romanian Company

Copyright: © 2018 |Pages: 5
DOI: 10.4018/978-1-5225-3622-2.ch006
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Abstract

This chapter investigates the topic of integrated reporting at national level. We demonstrate that a Romanian company, Rosia Montana Gold Corporation, issued in 2010 an Annual Report that can be considered a real prototype of an integrated report. Derived from the need to fulfill the gaps in corporate reporting (lack of non-financial information in the annual reports, organizations' failure in explaining social/environmental/other impacts, aggregation of CSR/environmental/social reports in the annual reports – without any connectivity to the financial performance, etc.), the new IR trend should be shaped by international accounting organizations and accountancy profession. This is one of the few studies that aimed to develop a conceptual model for the integrated report that can be applied by companies intending to implement this reporting practice. The originality of our book results from the various perspectives contained in our model: from the IIRC content elements and principles, to IASB/IFRS implications for integrated reporting. Finally, we strongly believe that the evolution of integrated reporting will end with a common standard issued by IASB/IFRS in cooperation with IIRC, and even European legislation/ or going further- national requirements. Therefore, research on a complex framework for integrated reporting (that has to address both financial and non- financial focus) and provide extended guidelines for an integrated report, should be useful for standard setters – for regulatory purposes, and companies- for a successful implementation of this reporting scheme.
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Research Methodology

In developing the conceptual model of integrated reporting (Figure 1), we started from the IIRC Content Elements and Principles listed in the Final Framework published by the Council on December 2013 (IIRC, 2013). Additional to the previous Consultation Drafts of the IIRC regarding the framework, we have a last content element: basis of preparation and presentation. In our view, not only the content elements and guiding principles are essential for a report to switch from traditional form to an integrated one, but the integrated thinking as key element of integration. According to Busco et al. (2013), the concept of integrated thinking assumes the correlation between three basic elements: capital, value creation, and accountability (Archel et al., 2011). Therefore, the integrated report should present all the three dimensions to demonstrate integrated thinking.

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