Bao5522 Managerial Accounting: Pwc Value Assessment Answers

Answer:

As per the PWC value framework, there are two types of environments which are to be reported, namely, internal and external environment (PWC, 2017). Each of the environments comprise of various elements. In this project, each of the elements is discussed in terms of the quality of reporting, the completeness of information and the relevancy of the same.

External Environment

There are three elements that have been discussed in external environment namely, economical, technical and regulatory and geopolitical (Valuebasedmanagement, 2016).

Internal Environment

The internal environment is divided into three sections- strategy, resources and relationships and performance

Strategy: Objectives, Business Model, Governance, Risk and Remuneration.

Resources and Relationships: Financial assets, physical assets, customers, people and culture, innovation - G&S, brands & IA and Processes and Supply Chain.

Performance: Operational, Economic, Social, Environmental and Segmental (PWC, 2015)

Quality of information in the annual reports from the internal perspective is broadly classified into three categories, namely, strategy, performance and resources and relationships. With respect to Sappi- A South African Company (Sappi, 2017a), the analysis of the quality of information from the internal context is given in the following sections. Similarly, it is also essential to study and analyze the information given in such reports with respect to the external environment of the company.

Strategy- Objectives

The objectives represent the activities that the companies intended to undertake or the targets it intended to achieve in the financial year to which the annual report pertains to. Also the objectives of the next year are set so as to inform the stakeholders about the future plans of the company (Dowling, 2017). However, this particular information is generic in nature and its value in the annual report is low to medium (Yogi, 2014). The strategy objectives help in the development of the business model which helps in addressing the future of the business. The objectives must be in alignment with the business model of the company (KPMG, 2014).

In the annual report of Sappi, the objectives of the company are clearly defined with the help of a diagram as shown below:

(Sappi, 2016) 

In the above figure, it can be seen that the company has enumerated its achievements in the year 2016 as well as its plans for the year 2017. The annual report of the company clearly lists the objectives and the manner in which the said objectives will be achieved. For example, one of the objectives of the company in the year 2016 was to generate enough amounts of cash for strengthening the balance sheet of the company. This was evident from the financial statements of the company which depict that the company has achieved its target of 2 * EBITDA. However, the manner in which this target has been achieved is enumerated in the report by CFO and Financial performance – regional section of the annual report. Thus, it can be said that the objectives of the company are clearly enumerated and aligned with the activities of the company and provides relevant information.

Strategy: Business Model

Describing business model of the company is one of the most significant elements of the annual report of a company. If the business model of a company is good, it makes the report to a document which is business centric rather than just a compliance document (Clear & Concise, 2016).
As per the report by KPMG, there are three challenges which must be addressed with the help of a business model, which are alignment of objectives to business value drivers; providing short as well as long term strategy and; explaining in detail all the items and providing their implications (KPMG, 2014).

As per the annual report, the business model of Sappi is a sustainable one and focuses on three aspects- people, planet and prosperity. The figure below provides the basic elements of the sustainable business model:

(Sappi, 2016)

The annual report of the company provides the information about the resources used by the company and the outcomes so generated by the company using those resources. The inputs section enumerates the information regarding financial capital, manufactured capital, intellectual capital, human capital, social capital and natural capital employed by the company for generating outputs. The output section details the outlook, governance, material issues and performance related information. Both the sections further link the information to provide the impact on their activities on people, planet and prosperity.

The information with respect to business model is well presented both in terms of clarity and quality. Furthermore, it also enumerates the impact of their activities on all major stakeholders in the long as well as short term period.

Strategy: Governance

This section of the annual report is inserted to explain the stakeholders of the company about the role played by the BOD's and the related committees and their practices ( Ifp, 2007). Appropriate disclosures are essential to be provided (EY, 2008).

For example, the corporate governance report states that the board is responsible to ensure that the ethics of the company are managed effectively. The manner in which the company has applied the King III principles has also been provided in this section. It states that in order to assess the effectiveness of the ethical standards of the company, the board takes assistance of the SETS Committee and together they integrate ethical standards in every activity undertaken by the company. The progress is measured with the help of surveys and any deviation from the standards is reported through whistle-blower lines which are anonymous.

The information related to corporate governance is well detailed and comprehensive as it clearly provides a summary of the manner in which it has applied the King III principles, with respect to meeting ethical standards. However, the summary does not provide the manner in which any deviation must be corrected.

Information related to corporate governance is easily accessible in the annual report of Sappi. A separate heading for reporting corporate governance has been provided in the annual report of the company.

Thus, from the above it can be inferred that the quality of information provided with respect to corporate governance is good, since all the major aspects related to ethics has been provided in a crisp manner. Information is easily accessible as well.

Strategy: Risk

Risk Management is also reported in the annual report of a company. It involves discussion with respect to risk profile and various risk management practices (EY, 2008).

One of the examples given in the annual reports with respect to risks is related to the volatility in the equity market as well as the decline in interest rate in the bond markets. These factors can adversely impact the funding requirements of defined benefit funds of the company. Due to uncertainty in the global economic markets, the value of bonds and equity in the defined benefit schemes witness a significant swing. Majorly, the assets and liabilities employed such schemes are affected. Increase in the rates of bonds decreases the net liabilities of the balance sheet. On the other hand, declining bond rates lead to increase in balance sheet liabilities. Furthermore, the information given states that any significant reduction in value of sovereign bonds (held as part of post retirement bonds) will negatively impact the status of post retirement funds of the company (Sappi, 2016).

The information given with respect to the above example on continuing volatility in the equity and debt market is not a detailed and comprehensive one, since it only states the manner in which the increase and decrease in the rates of equity and debt can affect the post retirement funds. However, it does not state the manner in which such fluctuations can be managed appropriately so that all negative impacts can be reduced to an acceptable level in such adverse situations.

Information related to risk and risk management is easily accessible as a separate report on risk management is published.

Thus, from the above, it can be inferred that the quality of information related to risk in the annual report of Sappi is bad. The company must ensure to suggest the steps taken by the management to prevent such risks to the stakeholders of the company.

Strategy: Remuneration

As per the report given by Ernst & Young, information with respect to the remuneration is essential to be given in the annual report of a company, since the stakeholders must be provided with information about whether the top personnel of a company are being paid as per the provisions of law or not (EY, 2008).

An example of remuneration to non-executive directors can be given in this context. In the annual report, it has been informed that the non-executive directors are being paid in the currency of the country where they live or work. However, for the purposes of reporting, their pay is converted into US Dollar at the average rate of exchange which has been prevailing over the financial year. Furthermore, the information with respect to other aspects of the fees paid to non-executive directors is also provided such as, no attendance fees is paid to non-executive directors. However, they are paid fees for attending the board meetings of the company, only when the number of meetings exceeds five meetings that have been scheduled per annum. Furthermore, the quantum of fees paid to them has also been given in tabular form (Sappi, 2016).

The information regarding remuneration is complete, detailed and comprehensive one, since it provides the manner in which the non-executive directors will be paid and the quantum of payment is also provided.

Information related to remuneration is easily accessible as the information is given in the notes to accounts section of the annual report under a separate heading.

Thus, it can be said that the quality of information given regarding the remuneration is good and detailed.

Resources and Relationships: Financial Assets

As per a report by Ernst & Young, a company must provide its shareholders a clear picture of its performance and position. The information to be provided under business review includes review of financial condition of a company (DiPiazza & Eccles, 2002). Information with respect to the financial condition of the company includes information about financial assets as well (EY, 2008).

The financial assets form a part of financial instruments section in the annual report of the company. An example of liquidity risk can be taken in this context. Liquidity risk is that particular risk facing the company in which it will not be able to meet its financial obligations as and when they fall due. The annual report provides detailed information about the liquidity risks and the manner in which such risks can be managed appropriately. Furthermore, quantification of information pertaining to financial instruments has also been provided. The difference between financial assets of the company during the current financial year and financial liabilities (denoted as liquidity surplus/ deficiency) has also been provided.

After analyzing the above example, it can be said that the information with respect to financial instruments is comprehensive and detailed and the shareholders will be able to understand the impact of such liquidity surplus/ deficiency as such information has been quantified.

However, although the information on financial instruments has been provided in the notes to accounts section, but overall the information remains scattered in the entire annual report. Thus, it becomes difficult to access entire information on financial instruments at once. The information must be provided at one place for the convenience of the readers of financial statements.

The quality of information can be said to be good from the above analysis.

Resources and Relationships: Physical Assets

For the annual report to provide the best of information, it is essential to give information with respect to the key financial items such as assets and liabilities (EY, 2008). The physical assets contain fixed assets items such as property, plant and equipment as well as current assets such as receivables (Higson, 2002)

In order to analyze the quality of information regarding physical assets, an example of property, plant and equipment of Sappi is reviewed. All the necessary information such as accumulated depreciation, cost and book value has been provided. The PPE has been divided into three parts namely, land & buildings; plant and equipment and; capitalized leased assets. Furthermore, the information with respect to the movement of such physical assets (PPE) has also been reconciled through which the data regarding the sale, disposal and purchases of PPE can easily be derived.

From the above example it can be said that the information pertaining to PPE is complete in all respects and appropriate quantifications have also been provided. These quantifications can easily be understood even by a layman. However, the information regarding the encumbrances of the assets has not been given in the same section which might be misleading as the readers of the financial statements might consider this information as the final information, without considering the information on encumbrances.

Although the information regarding the physical assets of the company has been provided under the notes to accounts section, the information on encumbrances on such assets is given under another note. The readers might not access that particular information.

Overall, the quality of information provided with respect to PPE is bad.

Resources and Relationships: Customers

An ideal annual report must provide information about the relationships of the company with all its stakeholders. The stakeholders include creditors, shareholders and customers (EY, 2008), (Roberts, Weetman, Gordon, & Gordon, 2008).

The information with respect to customers of Sappi has been provided in terms of credit risks. As per the information given in the annual report of the company with respect to the credit risk as a result of selling on credit, the significant customers accounted for approximately 10% of the total sales of the company. Furthermore, it has also been provided that there is no high concentration of credit risk from any single customer as there are a number of customers of the company worldwide. Apart from this, the entire information on credit risk has also been quantified effectively both in terms of value as well as percentage.

This information given with respect to credit risk from the customers is comprehensive and detailed and it also enumerates the number of customers with whom the amount is due. Furthermore, the information given in the annual report provides the readers necessary information about the amount which is blocked with such customers.

The information with respect to relationship with the customers is not accessible easily since it has been given under the heading 'credit risk'. Most of the customers might not be able to get hold of the information regarding the relationship with the customers unless they are aware about the financial jargon. Thus, it is difficult to access the information related to customers.

Thus, from the above, it can be inferred that the quality of information provided is good.

Resources and Relationships: Innovation

Activities undertaken by the company in order to innovate new methods of production which are energy efficient and helps in the production of quality products is required to be given to the shareholders of the company through the annual reports or other publications such as sustainability report (Villiers, 2006).

However, in case of Sappi, the information with respect to innovation is not explicitly provided in the annual report. Furthermore, other publications and reports by the company such as sustainability report does not provide the information related to innovation done by the company in the year or the steps taken by the company to innovate new products. The sustainability report only mentions the fact that all the major innovations of the company are customer centric and major investments are being made to produce quality products.

Although the information regarding the innovations done by the company has not been provided in the annual report and other reports of the company but the same has been given on the website of the company.

As per the information on the website, the company has an entire department called 'Sappi Technology Center' for the purposes of research and development and they do recognize the innovations by rewarding the employees engaged in such innovation.

Thus, it can be said that the quality of information provided regarding innovations is ugly as none of the reports of the company contain information on the topic. Accessibility of information about the center established by the company for the purposes of innovation, through website is easy as almost everyone as an access to internet these days.

Resources and Relationships: People and Culture

The relationship with people and the culture of the company is essential to be enumerated in the annual report and sustainability reports. The culture of people is usually given in the values and code of ethics of the company (Everingham, 2004).

The information regarding the culture of Sappi can be evaluated from the code of ethics of the company. The code of ethics of the company states that it is important for the company to carry on the business in an ethical manner. It has also been stated that the company has updated its code of ethics and has brought it in alignment with the Vision 2020 strategy proposed by Sappi. In the year 2016 only the code of ethics of the company has been updated. Furthermore, it provides information that the code of ethics of the company is explained with the help of examples. The code of ethics of the company is applicable on all the stakeholders of the company.

From the above example related to people and culture, it can be said that the company has sought to provide detailed information about code of ethics the company has been following over the years. The information makes it clear that the company consistently encourages its human resources to live the core values of the company. Hence the information related to culture of the company is comprehensively provided.

The information is given in the sustainability report published by the company. However, the company does not provide the entire set of code of ethics in the report rather the company has provided an online link from where the code of ethics can be derived.

From the above it can be inferred that the quality of information provided is good.

Performance- Operational

Reporting of operational performance of the company is also necessary as such a review helps in assessing the main activities of a company, overall return for the shareholders of the company and the overall distribution policy of the company (EY, 2008).

The operational performance of Sappi is indicated clearly in the annual report. The information about the dividends paid by the company is given in the annual report which states that the company has declared a dividend of 11 US cents per share which is payable in South African currency. Furthermore, the details about the last day on which shareholders will be considered as qualified to receive dividend, record date and the payment date has also been provided clearly in the annual report. Apart from this, the information also specifies that currency elections are not permissible. In addition to this information regarding EPS and other relevant details of operations have been provided graphically.

In the above example, the information with respect to dividend is given comprehensively as from the information the terms and conditions of receiving the dividend can be clearly ascertained. The information with respect to dividends is complete in all senses, i.e. the amount of dividend declared per share is given and information regarding record date, payment date and other relevant details are also given, which gives a complete picture of the situation.

The information pertaining to the dividend is easily accessible as the information is provided in the notes to accounts section of the annual report of the company under a separate heading. Graphical representation of data helps in accessing the relevant information fast.

Thus, from the above, it can be inferred that the quality of information provided with respect to dividends and overall operations of the company is good.

Performance- Social

Since, a company uses the resources of a society in order to carry on its operations, hence, it is essential for the companies also to return the favor to the society (Dawkins & Ngunjiri, 2008); (Baron, 2014). This is termed as Corporate Social Responsibility and every company is required to state in its report the measures taken by it to promote social welfare. 

In order to assess the quality of reporting by the company with respect to the corporate social responsibility, an example can be cited. The company, in order to serve the society, donated around $ 1.7 million (in a combination of donations in cash and kind). Furthermore, in order to promote social welfare, the company also introduced a grant program which was based on competition. This program was undertaken to recognize talented graphic designers. Sappi has in total made donations in more than 500 programs.

In the above example, it can be observed that the information given by the company is quite comprehensive. Detail information about the various activities it has undertaken with respect to promote social welfare is provided and also the amount spent by it on various philanthropic activities. Furthermore, the information also provides that the amount s spent is both in cash as well as in kind. Hence, it can be said that the information is quite comprehensive and the users of the sustainability report can easily assess the social performance of the company.

The information is available in the sustainability report which is easily accessible to the public. In fact, in order to get detailed information regarding the philanthropic activities of the company, an online link has also been provided.

Thus, it can be inferred that the quality of information is good.

Performance- Environmental

The performance of the company with respect to the environmental concerns shown by the company is required to be mentioned in the reports of the company so that the stakeholders are able to assess whether the company is a sustainable company or not (GRI, 2017), (ACCA, 2015).

For analyzing the quality of information related to environmental performance of the company, an example has been provided. As per the sustainability report of Sappi, it has initiated a program for assisting the forest landowners in meeting their objectives related to woodland management. The program was named as Sappi Forestry Programs. In pursuance of the program, the trained foresters of the company are required to formulate a plan which is in the interests of the aesthetics and landowners. Furthermore, it has also been given that the professionalism of foresters is tested with the help of licensed examinations and they are also required to adhere to various practice standards.

From the example given above it can be clearly seen that the company is striving to improve its performance with respect to various environmental concerns. One such concern is saving forest land and helping the landowners to manage their area. In order to achieve best results the company conducts various examinations to judge the professionalism of foresters. All this information helps the readers of reports of the company a clear picture of the efforts made by the company to promote environmental safety. The information is hence comprehensive enough.

The information regarding the environmental performance of Sappi can easily be accessed as all this information is available under separate heading in sustainability report.

Thus, it can be inferred that the information provided by the company is good.

Performance- Segmental

If a company has operations in more than one area then as per the requirements of law, it is essential to give information about each and every segment of the company (kaur, 2007), (Opperman, 2009). This provides the readers of the annual report, a complete picture of the performance of the company in various areas.

(Sappi, 2016)

An example of the segmental information as given in the annual report of the company is related to the income earned by various segments of the company. Sappi has three segments, namely, North America, Europe and South Africa. The operating profit from the operations in North America of the company is 55 US million $ in the year 2016 while on the other hand, the operating profit of the company by operating in Europe is 125 US million $. Furthermore, the information with respect to operating profit excluding special items has also been provided separately for each segment.

In the above example, the quantification of operating profit segment wise provides the readers of annual report an idea about the performance of the company in different areas. Furthermore, the readers or the users will be able to draw relevant conclusions about the segmental performance and thus will invest their money accordingly. Hence the information given in the annual report is comprehensive.

The information is easily accessible as it is provided in the annual report of the company under a separate heading.

Thus, from the above analysis, it can be said that the quality of information provided is good.

Environment- Technical

The information regarding technical environment provides the readers of the annual reports and other related publications of the company an insight into the usage of technology by the company and gives an assurance that the company is focusing on becoming technologically advanced (CIMA, 2006), (ICAEW, 2015).

The quality of information with respect to the technical environment of the company can be analyzed with the help of an example. In the sustainability report of the company it has been given that Sappi has always shown a keen interest in supporting the technology. One of such program that Sappi supports is, Agenda 2020 Technology Alliance, which has been established with an objective to promote research with respect to the technical challenges facing the industry in which Sappi operates. There have been given five areas which require an immediate focus and each of the areas is directly linked to economic benefits.

The information given in the above example is comprehensive, as it clearly depicts the initiatives taken by the company to promote technology and remain in touch with all the technological initiatives of environment in which the company operates. Furthermore, the above information clarifies the reasons due to which the company is supporting such a technical initiative and taking an active part in the same.

The information is readily accessible since it is available in the sustainability report published by the company in the year 2016. The information related to the technical environment is given under a separate heading which clearly indicates the technical environment in which the company operates.

Thus, from the above it can be inferred that the quality of information related to the technical environment is good.

Environment-Regulatory

Each and every company operating in any type of industry has to undertake its operations based on the regulations that have been enumerated (Lamar, 2012), (PWC, 2017). All the companies are required to comply with the regulations otherwise it can indulge in various litigations.

There are various laws and regulations which are applicable on Sappi such as Companies Act, Environmental laws, etc. An example of environmental laws can be taken in this context. The annual report of the company provides an in depth information about various environmental laws that are applicable on it. This information is provided can help a reader of annual report in getting knowledge about various environmental laws and the consequences of their violation. Furthermore, the quantification of various litigations has also been provided in the annual report which provides the readers with exact information about various violations by the company.

Thus, it can be said that the information with respect to various laws and regulations in the annual report is comprehensive. Furthermore, it can easily be accessed in the annual report as this information is provided under a separate heading.

Thus, from the above analysis it can be said that the quality of information provided is good. 

Environment- Economical

Information about the economic environment in which the company operates helps the readers in deriving relevant conclusions regarding the performance of the company in the market (ICFJ, 2016), (Kazem, 2013). Thus, this information must be included in the annual report of the company do that it is easily accessible to the users of such report.

In order to assess the quality of information provided with respect to economic environment of the company, an example has been given. In the figure above, it can be seen that the outcomes of the company are being compared to the cotton market of China and it has been stated that the performance of the company was lower in the year 2015. Furthermore, various rates have also been provided in order to facilitate a comparison of performance of the company with external market. However, the information provided in the annual report with respect to economic environment is lengthy which can lead to missing of important points while in such a vast amount of information.

Thus, it can be said that though the information is complete in all respects but the manner in which it has been presented is not appropriate and thus it declines the quality of information so provided. However, the information is easily accessible as it has been given under a separate heading in the director's report section of the annual report of the company. 

Concept of Materiality

The term materiality in accounting is often used with respect to the information given in the financial statements of the company (EY, 2013), (AICPA, 2013). Information is considered to be material if its omission from the financial statements can have a major impact on the economic decisions taken by the users of such financial statements (Alayemi, Adeoye, & Oyeleye, 2015). In other words, it can be said that the term materiality is related to importance of transactions and errors which are present in the financial statements (Juma'h, 2009).

An example from the annual report is provided in the below figure which depicts that the company is explicit with respect to materiality. The figure is given below:

(Sappi, 2016)

It has been explicitly provided in the annual report of the company that the company considers it material to comply with all requirements related to laws and regulations. It complies with various laws such as the King Code of Governance Principles for South Africa 2009 (King III) (PWC, 2009), which helps in making the image of the company positive in the eyes of the shareholders and the shareholders are also able to rely upon the information so provided in the financial statements. Furthermore, the users of financial statements feel confident enough to rely on such information (IASB, 2016).

References

Ifp. (2007). Acca P2 (Int) Corporate Reporting. International Financial Publishing Limited.

ACCA. (2015, August 17). Environmental Accounting And Reporting. Retrieved from www.accaglobal.com: https://www.accaglobal.com/in/en/student/exam-support-resources/professional-exams-study-resources/p1/technical-articles/environmental-accounting-and-reporting.html

AICPA. (2013). Materiality Background Paper For <IR>. Retrieved from integratedreporting.org: https://integratedreporting.org/wp-content/uploads/2013/03/IR-Background-Paper-Materiality.pdf

Alayemi, S. A., Adeoye, E. T., & Oyeleye, O. A. (2015). Materiality concept and accounting information overloading. Sky Journal of Business Administration and Management, 3(4), 020 - 024.

Baron, R. (2014). The Evolution of Corporate Reporting for Integrated Performance . 

CIMA. (2006). CSR reporting. 

Clear & Concise. (2016). Business model reporting. 

Dawkins, C., & Ngunjiri, F. W. (2008). Corporate Social Responsibility Reporting in South Africa. sagepub, 45(3).

DiPiazza, S. A., & Eccles, R. G. (2002). Building Public Trust: The Future of Corporate Reporting. John Wiley & Sons.

Dowling, E. (2017). What Is the Purpose of Company Annual Reports? Retrieved from www.ehow.com: https://www.ehow.com/facts_5949282_purpose-company-annual-reports_.html

Everingham, G. K. (2004). Corporate Reporting. Juta and Company Ltd.

1. (2008). Reporting to shareholders A good practice guide.
2. (2013). The concept of ‘materiality’ in Integrated Reporting. Retrieved from www.ey.com: https://www.ey.com/Publication/vwLUAssets/The_concept_of_materiality_in_Integrated_Reporting_-_July_2013/$FILE/EY-the-concept-of-materiality-in-integrated-reporting-july-2013.pdf

GRI. (2017). About Sustainability Reporting. Retrieved from www.globalreporting.org: https://www.globalreporting.org/information/sustainability-reporting/Pages/default.aspx

Higson, A. (2002). Corporate Financial Reporting: Theory and Practice. SAGE.

IASB. (2016). Application of Materiality to Financial Statements. London: IFRS Foundation Publications Department.

ICAEW. (2015). Environmental issues and UK annual reporting. Retrieved from www.icaew.com: https://www.icaew.com/-/media/corporate/files/technical/sustainability/tecpln12453-eiafr-annual-report-2nd-edition-final.ashx?la=en

ICFJ. (2016). Business and Economic Reporting: Covering Companies, Financial Markets and the Broader Economy - Kazakh. Retrieved from www.icfj.org: https://www.icfj.org/kk/resources/business-and-economic-reporting-covering-companies-financial-markets-and-broader-economy-k

Juma'h, A. H. (2009). The Implications Of Materiality Concept On Accounting Practices And Decision Making. Revista Empresarial Inter Metro / Inter Metro Business Journal, 5(1), 22.

kaur, P. (2007, April 20). Segment reporting ensures greater transparency. Retrieved from www.business-standard.com: https://www.business-standard.com/article/economy-policy/segment-reporting-ensures-greater-transparency-107042001005_1.html

Kazem, H. (2013). Business and Economic Reporting Covering Companies. 

KPMG. (2014). The KPMG survey of business reporting. 

Lamar, K. (2012). Regulatory Reporting Introduction and Overview. Federal reserve bank of New York.

Opperman. (2009). Accounting Standards. Juta and Company Ltd.

PWC. (2009). Corporate Governance - King III report - Introduction and overview. Retrieved from www.pwc.co.za: https://www.pwc.co.za/en/publications/king3.html

PWC. (2015). PwC Professional. Retrieved from www.pwc.com: https://www.pwc.com/gx/en/careers/pwc-professional.html

PWC. (2017). Integrated reporting framework. Retrieved from www.pwc.com: https://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/integrated-reporting/reporting-framework.html

PWC. (2017). Regulatory compliance & reporting. Retrieved from www.pwc.com: https://www.pwc.com/gx/en/services/audit-assurance/regulatory-compliance.html

Roberts, C. B., Weetman, P., Gordon, P., & Gordon, P. D. (2008). International Corporate Reporting: A Comparative Approach. Prentice Hall/Financial Times.

Sappi. (2016). Annual Report. 

Sappi. (2016). Risk management report. 

Sappi. (2016). Sustainability Report. 

Sappi. (2017). ?Sappi Technology Centre. Retrieved May 24, 2017, from www.sappi.com: https://www.sappi.com/sappi-technology-centre

Sappi. (2017). Our performance in 2016. Retrieved May 24, 2017, from financialresults.co.za: https://financialresults.co.za/2016/sappi_ir2016/our-performance-in-2016.php

Sappi. (2017a). About Sappi. Retrieved from www.sappi.com: https://www.sappi.com/

Valuebasedmanagement. (2016, january 6). Summary of Value Reporting. Retrieved from www.valuebasedmanagement.net: https://www.valuebasedmanagement.net/methods_valuereporting.html

Villiers, C. (2006). Corporate Reporting and Company Law. Cambridge University Press.

Yogi, I. (2014, April 16). 10 important things to analyse in an Annual Report. Retrieved May 22, 2017, from www.business-standard.com: https://www.business-standard.com/article/markets/10-important-things-to-analyse-in-an-annual-report-114041600222_1.html