Financial Reporting Framework Towards Integrity and Sustainability

Abstract

This study was designed to develop a financial reporting framework for integrity and sustainability. It tackled questions on the extent of financial reporting adherence to the International Financial Reporting System (IFRS). It looked at the integrity of financial reports in terms of acceptance by the recipient and auditor's opinion. Compliance and sustainability of the financial reports were also studied.

The extent of adherence to financial reporting to IFRS guidelines was high. The extent of compliance of financial reporting to IFRS was high. The sustainability of the financial reporting system and its adherence and compliance with IFRS guidelines was high. A financial reporting framework towards integrity and sustainability is based on best practices, as found in the study.

The major recommendations were to maintain the integrity of the country's financial reporting system by having competent accountants and incisive auditors. Train younger generations of accountants and financial analysts to use financial reports in different business aspects, such as presentation of operating results, asset protection, and transparency. Integrate experts and new personnel to improve the passing of knowledge and skills in making sound and compliant financial reports. Finally, the sustainability of businesses and industries and the integrity of transactions must be one of the basic premises of doing business in the country.