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Describe the main factors which have influenced the development of financial reporting in the UK?

The Directors of ABC Ltd have asked you to provide a report which explains some key accounting issues that they are interested in:1.Overthelast20yearstheDirectorshavebecomeawareofhowCorporateSocialResponsibilityReportshavebecomestandardreportspublishedbylargecompaniesaroundtheworld.Theyhaveheardthat”IntegratedReporting”seekstoincorporateSustainabilityReportingmattersintoannualreports.

a.By referring to 2 large companies from any where in the world with a welldevelopedCorporateSustainabilityResponsibilityReportingstructurecriticallyassessthedifferentwaysCSRhasbeenimplemented.

b.Byreviewinganyproposed CSR/frameworksalreadypublished,suggestanyproblemsoropportunitiesyoucanforeseetoincorporatetheseintoannualaccounts.Isitpossibletoc.standardisesuchreportsorwillusershavetoacceptsthatthebestformofstandardisationwillbebysector?(70marks)

2.Currentlythecompanyhastoincludea Cashflow Reportinstatutoryaccounts.CanyoutheformatofthisReportanddescribethebenefitsoftheformatofthereport.”(10marks)

3.Describe the main factors which have influenced the development of financial reporting in the UK?(10marks)

4.TheDirectorshavebeentoldthattherearetwooptionsastohowtodisplayincomeandexpenditureinfinancialstatements.Canyouexplainwhattheseoptionsareand,alsoexplainwhichoneismoreusefulandwhy?(10marks)

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