16.

Significance of integrated reporting

The primary purpose of an integrated report is to explain to providers of financial capital how
an organization creates, preserves or erodes value over time. Integrated reporting has been
created to enhance accountability, stewardship and trust, as well as to harness the information
flow and transparency of business that technology has brought to the modern world.
19.Meaning of Integrated Reporting
Integrated reporting is part of an evolving corporate reporting system. This system is enabled
by comprehensive frameworks and standards, addressing measurement and disclosure about
all capitals, appropriate regulation, and effective assurance. Integrated reporting is consistent
with developments in financial and other reporting, but an integrated report also differs from
other reports and communications in several ways.
21.Uses of IFRS
The International Financial Reporting Standards (IFRS) are a set of accounting standards
developed by the International. Here are the primary uses of IFRS:
Global Consistency, Transparency and accountability, Economic decision-making, cross-
border investments, regulatory requirements, efficiency for multinational corporations,
improvement in financial reporting quality, benchmarking, and financial performance
evaluation.
23. Purpose of preparing common size statement:
A Common Size Income Statement is prepared to facilitate the analysis and comparison of
financial performance across different periods or between different companies, regardless of
their size. The primary purposes are enhanced comparability, trend analysis, performance
evaluation, benchmarking, identifying structural challenges, simplified financial analysis,
improved communication.
32. Significance of auditing:
Auditing holds significant importance for various stakeholders in the business and financial
environment. Here are the key aspects highlighting the significance of auditing: Credibility
and reliability, compliance with regulations, detection and prevention of fraud, internal
control evaluation, investor confidence, decision making, enhancement of financial reporting,
stakeholders assurance, corporate governance and global market access.