Management accounting

  The International Integrated Reporting Council (IIRC) made public an approved framework for integrated reporting. The group intends for the framework to guide companies on how to best communicate with their stakeholders.

The release of the framework—available at—represents a key step forward for integrated reporting.

The aim of integrated reporting is to enhance the relevance of information available to providers of financial capital to enable a more efficient and productive allocation of capital. “Its focus on value creation, and the ‘capitals’ used by the business to create value over time, contributes towards a more financially stable global economy and is a force for sustainability,” the IIRC said in a news release.

An integrated report is a concise communication about how an organization’s strategy, governance, performance, and prospects, in the context of its external environment, lead to the creation of value in the short, medium, and long term.

Among the fundamental concepts of integrated reporting are six types of capital: financial, manufactured, intellectual, human, social and relationship, and natural. The purpose of the capitals, the IIRC says, is to encourage businesses to think more broadly and to consider all potential sources of value when explaining value creation.

The framework was developed with global input—more than 350 responses globally came from businesses, accounting bodies, investors, and others after the consultation draft (which is available at was made public in April. The framework is meant for private-sector businesses but can be applied to public companies as well as not-for-profit entities.

  Finance executives’ optimism about the U.S. economy cooled in late 2013, but the executives were more bullish about the near-term prospects of their own businesses.

CPA decision-makers are increasingly positive about their own businesses’ revenue and profit, especially when compared with a year ago. That sunny view offsets a slide in the retail sector and lingering concerns about regulatory requirements and gridlock in Washington in the fourth-quarter AICPA Business & Industry Economic Outlook Survey, which is available at


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.