CORPORATE REPORTING

Corporate Reporting



Corporate Reporting

Introduction

The business and commerce are the core sectors of any country. As we are a newly independent country, we should develop regulation for corporate reporting. Initially, we need to understand what is corporate reporting and how it will support and encourage the growth of Breakavia business and commercial sector?

Corporate Reporting

Corporate Reporting is a broader term, which covers the below mentioned reporting:

Integrated reporting

Integrated reporting is predicting the future prospects of the organization with its current decisions in light of risk, strategy performance, remuneration. In other words, integrated reporting is passing a firm foundation for trust in business.

Financial reporting

The financial reporting is to comply with (GAAP) general accepted accounting principles which consist of financial statements and notes accompanying it.

Corporate governance

The set of laws or conventions through which companies and businesses are controlled and directed

Executive remuneration

It is the disclosure of rewards received by executives either in long-term or short-term.

Corporate responsibility

Corporate responsibility is the ethics of the company. It is also known as corporate social responsibility (CSR), the company's responsibility for employees, society, environment and for its stakeholders.

Narrative reporting

Narrative reporting is to provide the future prospects, the performance and the strategy of the organization. It is non financial information which is accompanied with financial information to provide a broader view of the business.

Need of Corporate Reporting for Breakavia

As Breakavia has just got independence, there is a need to formulate corporate reporting in order to control and direct its existing and the future companies and businesses (Thomas, 2007, p.110). The corporate reporting is necessary because it mainly benefits the company itself. As the company/ business move towards reporting and comply with regulation fully, it will improve their financial performance and will establish credibility which will help the company to access the capital easily. This can also increase the productivity which will ultimately increase the revenue of the business and will turn into brand loyalty. Future more, it reduces the operating cost of the business as all reporting are done systematically. The motive behind developing the corporate reporting in Breakavia is to support and encourage the infant industries. This also attracts the investors and guarantees the investors for their investment and also ensures to protect the right of consumer and other stakeholders intact with the company.

Support for Initial Development of Regulation

As a newly independent country, Breakavia has oil and mineral reserves, banking and tax regime, tourist industry and moreover we are certain to attract multinational companies (MNCs). In my view point, the regulation of corporate reporting in general must be made mandatory on all the industry so to attack the MNCs and also helps us to list these companies on Stock Exchange when it will finally be established. To be specific, the Breakavia can initiate the development of regulation of corporate reporting from the banking and tax regime sector. The reason of initially starting with these two is just because that for any country, banking and tax regime plays a vital role in growth and ...