Contemporary issues

Question 1

What are the key qualitative characteristics for the fs

Answer 1

• Relevance & Materiality : the information are relevance and does not influence the decision making
• Completeness : the coverage will be based on who is the intended users
• Reliability : unbiased and have accurate information
• Comparability : different reports have different periods
• Verifiability : the information is objective and able to reach consensus
• Timely & Understandable : the audit process to be shorten but stilll need to timely for the decision making process

Question 2

Two types of Good-Report

Answer 2

1) Financial report
2) Non- Financial Report

Question 3

Corporate Reporting Overview

Answer 3

• Corporate social responsibilities : towards the community
• Environmental Reporting : People Planet (How they protect the environment)
• Governance reporting : Leaders, MCCG
• Financial Reporting : Financial Wealth

Question 4

ESG key matters (what to know about the environment want to add Market Value)

Answer 4

• Resources efficiency, production of hazardous waste, impact on the biodiversity, and ecosystem, corruption, human rights, employment and labor condition.

Question 5

The benefits of integrated reporting

Answer 5

• Increase the transparency & Governance reporting
• Improve the communication to external potential shareholders
• Enhance the integrated thinking
• easier access to capital which will also improve share price

Question 6

The challenges of integrated reporting

Answer 6

• the lack of guidance, the high cost of preparation, lack of connectivity, top management support, might need to disclose sensitive information

Question 7

What is AMLA

Answer 7

Anti Money Laundering

(they will identify the irregularities, when the transfer amount of asset increases, they will ask because take precautions)