Business Excellence Assessment - from an Integrated Reporting Perspective
Keywords:
business excellence, EFQM model, integrated reporting, value creation, business model.Abstract
Economic globalization effects can easily be seen in various levels of decision process, affecting financial performance of each entity drastically. An essential variable on the decision process that is considered by managers, shareholders and stakeholders as well is the uncertainty of the economic environment that can be reduced through a flexible and up to date financial reporting model. In the light of the last evolutions of financial reporting model, standard-setters, researchers and practitioners as well, have realized the need for a change in the financial reporting regulation. Among listed entities, on which case financial transparency is essential on gaining investors trust, there has been drawn up a change in orientation concerning financial reporting model. As the focus falls now on value added potential, the new philosophy of integrated reporting has become of high interest for managers, shareholders and stakeholders as well. The paper is trying to describe this philosophy, from the perspective of business excellence models, widely spread globally nowadays. We will try to explain the integrated reporting utility on decision process by underlining the way this voluntary corporate reporting solution can give relevant information about value added potential of a reporting entity.References
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