International Comparative Study Of Integrated Reporting

In recent years,with the implementation of the concept of sustainable development,the importance of non-financial information is increasingly prominent.The traditional financial reports of enterprises are difficult to meet the needs of all stakeholders,while the independent non-financial reports have defects such as redundant information and irregular disclosure.Therefore,the concept of "Integrated Reporting" has been put forward internationally.According to the survey report "Purpose Beyond Profit: The Value of Value——Board-level Insights" issued by International Integrated Reporting Council(IIRC),AICPA and other organizations on or before May 20,2019,83% of the executives interviewed believed that the integrated report fully explained the value creation process of the organization over time,which is conducive to the long-term sustainable development of the organization.Integrated reporting realizes the integration of financial information and non-financial information,which can reflect the sustainable value created by the enterprise,and its application in the world is gradually increasing.However,at present,the quality of integrated reports issued by different enterprises is uneven,and the practice in this field in mainland China is relatively lacking,only one power enterprise prepares integrated reports.In this context,this paper makes the following explorations on integrated reports and related information disclosure:1)This paper combs the theoretical system of integrated reporting,and forms the theoretical basis of integrated reporting by combing the theory of sustainable development,the theory of corporate social responsibility,the theory of stakeholders and the theory of information asymmetry.Combined with the international integrated reporting framework issued by the International Integrated Reporting Council(IIRC),an enterprise integrated reporting analysis framework consisting of content elements and application indicators of guiding principles is constructed.2)Based on the theoretical standards,a case comparison is made.On the basis of analysis framework of enterprise integrated reporting,combined with the current situation of power industry,determine the specific evaluation indicators in the analysis framework,score the integrated report information prepared by enterprises,and evaluate the quality of enterprise integrated report and related information disclosure of power enterprises.In the case study,based on the following purposes,that is,borrowing the leading enterprises to analyze the templates that can be used for reference by Chinese mainland enterprises when they conduct the integrated report disclosure in the future;at the same time borrowing the mainland enterprises to analyze the shortcomings that may exist in the information disclosure of the integrated report of enterprises at this stage,this paper first selects EnBW,a leading German enterprise that practices the integrated report mode of enterprises.CLP,the first Hong Kong company in China to participate in the pilot of integrated reporting,and CGN POWER,the only company in mainland China that continuously issues integrated reports,are the case companies.Secondly,according to the evaluation index determined above,this paper scores three enterprises and makes a further comparative analysis of the detailed information disclosed.Finally,it analyzes the main reasons why the information disclosure quality of integrated reports of mainland enterprises lags behind that of international enterprises,including the design of relevant national laws and regulations to be improved,the disclosure awareness of integrated reports of enterprises to be strengthened,the application of integrated thinking to be improved,the application of the principle of robustness to be improved,and the supervision of enterprise integrated report information disclosure to be insufficient.3)Provide some reference and help for the improvement of the quality of the integrated report of mainland enterprises and the promotion of the integrated reporting in mainland China.In accordance with the design and research,according to the research results of this paper,the corresponding policy suggestions are put forward in turn: the government should establish and improve the laws and regulations of the integrated report of enterprises,encourage the pilot of the integrated reporting;the enterprises should strengthen the awareness of disclosure and actively release the integrated report of enterprises,attach importance to the integration of information to enhance the connectivity of information,improve the quality of information disclosure to achieve accounting conservatism.The intermediary organizations need to actively promote third-party audit and carry out report assurance business.Based on the reference of the theory and practice of integrated reporting,this paper selects the electric power industry as the entry point,constructs analysis framework of enterprise integrated reporting,and takes EnBW,CLP and CGN POWER as the case enterprises to conduct international comparative study.It finds that the quality of enterprise integrated report information disclosure of mainland enterprises lags behind the international level,and suggests that the government,enterprises and intermediary organizations further standardize and guide the preparation of integrated reports of enterprises,so as to promote the development and popularization of integrated reporting.