The current financial reporting environment evaluation

This is a paper that is focusing on the current financial reporting environment evaluation. The paper also provides a part two and report outcomes for the assignment.

Current financial reporting environment evaluation

1. Format of the assignment is REPORT. Include Headings, Excutive summary, Introduction and Conslusion.

2. Main part: Critically discuss and evaluate the current financial reporting environment
Part 1: Financial Reporting has traditionally adopted the historical cost approach to reporting the financial position and performance of an organisation.  You are required to critically evaluate whether you think this method of reporting is fit for purpose in the current business environment.  In your discussion you may wish to think about whether the current concepts serve the shareholders and wider stakeholder communities in order to make informed decisions.
The word count is 1,250 words.

Current financial reporting environment evaluation

Part 2: Other measures of reporting the performance of organisations in key areas such as corporate social responsibility and environmental accounting are widely being adopted by corporations and other organisations, but this is widely voluntary and not statutorily regulated.  You are required to critically evaluate how effective current reporting is in areas of CSR and environmental accounting, additionally consider if corporations behave ethically in such reporting and whether you think this type of reporting should be mandatory.
You should use examples/reports to illustrate the discussion.
The word count is 1,250 words.

Report Outcomes
Firstly, explain the principles of accounting required in the preparation of financial statements for different types of entities
Secondly, explain the ethical framework of financial reporting and the ‘balanced concept of the firm’
Thirdly, explain contemporary developments in financial and non-financial reporting
3. Use 25-30 – academic sources only

Lastly, ensure  that the paper is at least three pages exclusive of the cover and the reference pages. Also, ensure that you include all the references you use in finding research for this assignment paper. References should be at least three for the paper. All references, citation, and writing should follow the APA formatting and styling guidelines. Finally, ensure you focus on the assignment topic in detail.