Meaning of Financial Reporting:
Financial reporting includes not only financial statements but also other means of communicating information that relates, directly or indirectly, to the information provided by the accounting system-that is, information about the enterprises, obligations, earnings etc.
Meaning of Corporate Reporting:
Corporate reports aim to provide information about the resources and performance of the reporting entity to users of such reports.
• Historical financial information regarding their performance
• Chairman’s reports on the performance and strategy of the company
• Non-financial information (not mandatory in IFRS) such as environment, employees and society
Usefulness of Corporate Reporting:
• To satisfy statutory requirements-taxing authority
• To compare financial information from different entities
• To be more transparent in their reporting-by providing disclosures in financial statements
• To make commentary on the performance of the business-disclose the nature of the business as well as the objectives, strategies,
results, prospects etc.
• To give the accessibility of the company information to the users
• To increased disclosure of non-financial information