ACCA P3考點 Integrated Reporting （二）

在ACCA P3 考點Integrated Reporting（一）中，我們了解了整合報告內(nèi)的哪些內(nèi)容涉及了P3考試，現(xiàn)在我們就來具體看看這些內(nèi)容。

ORGANISATIONAL OVERVIEW AND THE EXTERNAL ENVIRONMENT

What does the organisation aim to do? Who are the major stakeholders? Where is it located? How is it structured? What external events will affect if most? Fairly obviously the organisation’s mission, stakeholder analysis, organisation chart and a PESTEL analysis would be relevant to this section of the IR. Think of this section as setting the context of the organisation and providing some background detail.

OPPORTUNITIES AND RISKS

These must cover both internal and external matters. The traditional SWOT analysis usually categorises opportunities and threats (risks) as external, but it is essential to also look internally. A weakness (for example arising from gaps in new product development) is a risk to future revenues. Similarly a strong brand name creates greater opportunities for future revenue streams. Historically, the board of companies would tend to emphasise a company’s opportunities, but investors cannot make an informed decision about an investment without an appreciation of the associated risk. Some risks can be quantified (for example, by sensitivity analysis) but it is unlikely that quantified amounts would appear in an IR. A qualitative indication should be provided about both internal and external risks. The report should also mention how the risks are being managed and mitigated.

STRATEGY AND RESOURCE ALLOCATION

Does the organisation intend to develop new products, set up new factories or expand to new markets? Perhaps it intends to move up-market to escape the fierce competition it currently faces at the lower end. This section of the IR can make extensive use of Porter’s generic strategies, Ansoff’s Matrix and the value chain. In the UK at the moment many supermarket chains are having to reassess their long term strategies in response to cheaper foreign supermarkets that have opened. In addition there is a change of shopping habits because many more customers now prefer to go more frequently to local stores rather than once a week to a very large store on the edge of town. It would be valuable to investors to be told how their company is going to respond to these changes in the market, how much it might cost to achieve the new strategies and by when the strategic shifts should be achieved.

BUSINESS MODEL

An organisation’s business model is 'its system of transforming inputs, through its business activities, into outputs and outcomes that aims to fulfil the organisation’s strategic purposes and create value over the short, medium and long term' (IIRC). The value chain is particularly relevant here: it explicitly sets out inputs, processes and outputs and requires organisations to understand how value is added so that profits can be made. If a company does not understand where it adds value then the company is existing in a temporary state of good fortune. It is making profits now, but does not understand why, so chance of continued success must low.

Inputs are the major inputs such as raw material or human resources. Outputs are the key products and services. The business activities include not just the manufacturing process, but also how the company innovates, carries out its marketing, what its after-sales services are, how it delivers its goods and how it acquires, trains and retains staff.

FUTURE OUTLOOK

An integrated report should answer the question: What challenges and uncertainties is the organisation likely to encounter in pursuing its strategy, and what are the potential implications for its business model and future performance? (IIRC)

PESTEL and a five forces analysis are likely to be particularly relevant here. For example, if you were a stakeholder in a conventional television company you should want to know how the company will address challenges from internet-based companies such as Netflix.

EXAMPLES FROM THE ACCA’S INTEGRATED REPORT

Here are some relevant extracts from ACCA's Integrated Report 2013–14 (see 'Related links') demonstrating some of the reporting of the elements set out above. Remember, the IIRC guidelines are principles based and organisations can change element headings and groupings.