Figure 1
![Framework of the governance IFAC.Source: International Good Practice Guidance [2009].](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/6471f93e215d2f6c89db7379/j_ijme-2019-0009_fig_001.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIA6AP2G7AKBOL75CYT%2F20251214%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20251214T195817Z&X-Amz-Expires=3600&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEHMaDGV1LWNlbnRyYWwtMSJHMEUCIQDnyRNdjT0oAuC3STqhsnfBi9%2FrPV9Tst%2FWfoI5ojCrvQIgO%2BXDScf%2FTQhB%2Fxsv1%2BSRkjZ%2FMuH8YK6ihnMA%2F7G8SQkqvQUIPBACGgw5NjMxMzQyODk5NDAiDALGYUsNzbB7sZbVPiqaBQGFLEoBYAfQB%2BiQaXs5N5UxiFEwTXHFqrZTucHmInbGgZV72TMDbNK1jY2w60BUuCkL0eirQ4rQgUl9H%2BnzjPNarf46RgqRxC4aY%2B15QRKzudcYm%2FdC8ZiSCy1mV13Qb53EkLTDc5ioKfb9jvZUHisCy1zfnxSJFh9S3HH%2B1pzFjn8jlh9h9zNWbS44YLUmWgFD7RCmMi3E1ZlaT7y89CxY5gJWbC1SdS3vsdwOgoTAuU0cFGMN%2B%2BrTPqaLphKg7QPrtefEmF%2BjM53jGWmRX7zyygU5Q0N%2BNSUcJBnHC%2FkHrxN5nfGTTHLCBPxh9ix%2B9oPVKMcleyStQ9WBlUtzjxt8PCa2z50jzIHUshb4AsMSy10NbYZ0i1yrMrihDtYvIX%2Bd7yT2v3r5SCylmSAj5ShNlrXwkUnczeDOgsvGvUuugQvtK8Y6bJEp9vSrxrqL%2BeHze%2By8VCEW7kGeO0IkeLMbauIcv0ud49MkqCmgs9QuhsS7Oh23Y5xyyF%2FXQQkpuAcRZZaED%2Brx4kLGaYe3sQex0TFdOo2H4zPpQS5iBY%2Botw0D%2BIbTpWnj4mH5NQ6GkO8jCZtT8eYoO0x%2FyuQbg6YYs1ctE%2F6%2BkgNSWQkYwkiUbrCJjFeR4TRFBeca0%2FLePaPT75fIZ9To8Sm32vY4kP6aQpPZ4vBIZ0VrhBp16gpTkN3AlTlXjqQmtIszsrRdArlNo0bp6Uo7OppeXrQ3%2FQ0WB1ADYmtGWHrFsMlKGMRbAUC6Dh7Gxen1D2wrwf%2BsVzcirZDfCKuvaDeqTngAZwf11%2B0F00n0Cl6HiP8apKR7Lk8rQfn48ssqgrHFjBfRP1t2exqbbU3vX6is5xmTEDvDZwjORLsphsunMBRvgL9%2FXxm6IE4Wwth0XTDPjPzJBjqxAePCrXra0NNaE172XIAqbJ8kI0lXBWH5vMH1HN8XRDDk0gNa0UUyVMsbLG4cnqPHWg6L0GCEmN6%2BJtiQVj11nSl1Z6%2B9QyUifA%2F45eJKqBSLYysKfblyo1%2FM9LlCTsw7aNFVBlmBmL%2FyPA9YugAPAGihcGKzFS8%2FPwXAKONzObpsHQcDafoc3jWpgCqingGMF69f%2BQ%2Bxim8GrC%2FfsAkE11Qfc0ewYqJIP6zXVwT6enkSnQ%3D%3D&X-Amz-Signature=380d65bd397340cd5b16266d965ed11d093cb0103ca9a93658f9c2d461963d31&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
Figure 2
![Responsibility of supervisory boards for financial statementsSource: Walińska [2014].](https://sciendo-parsed.s3.eu-central-1.amazonaws.com/6471f93e215d2f6c89db7379/j_ijme-2019-0009_fig_002.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIA6AP2G7AKBOL75CYT%2F20251214%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Date=20251214T195817Z&X-Amz-Expires=3600&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEHMaDGV1LWNlbnRyYWwtMSJHMEUCIQDnyRNdjT0oAuC3STqhsnfBi9%2FrPV9Tst%2FWfoI5ojCrvQIgO%2BXDScf%2FTQhB%2Fxsv1%2BSRkjZ%2FMuH8YK6ihnMA%2F7G8SQkqvQUIPBACGgw5NjMxMzQyODk5NDAiDALGYUsNzbB7sZbVPiqaBQGFLEoBYAfQB%2BiQaXs5N5UxiFEwTXHFqrZTucHmInbGgZV72TMDbNK1jY2w60BUuCkL0eirQ4rQgUl9H%2BnzjPNarf46RgqRxC4aY%2B15QRKzudcYm%2FdC8ZiSCy1mV13Qb53EkLTDc5ioKfb9jvZUHisCy1zfnxSJFh9S3HH%2B1pzFjn8jlh9h9zNWbS44YLUmWgFD7RCmMi3E1ZlaT7y89CxY5gJWbC1SdS3vsdwOgoTAuU0cFGMN%2B%2BrTPqaLphKg7QPrtefEmF%2BjM53jGWmRX7zyygU5Q0N%2BNSUcJBnHC%2FkHrxN5nfGTTHLCBPxh9ix%2B9oPVKMcleyStQ9WBlUtzjxt8PCa2z50jzIHUshb4AsMSy10NbYZ0i1yrMrihDtYvIX%2Bd7yT2v3r5SCylmSAj5ShNlrXwkUnczeDOgsvGvUuugQvtK8Y6bJEp9vSrxrqL%2BeHze%2By8VCEW7kGeO0IkeLMbauIcv0ud49MkqCmgs9QuhsS7Oh23Y5xyyF%2FXQQkpuAcRZZaED%2Brx4kLGaYe3sQex0TFdOo2H4zPpQS5iBY%2Botw0D%2BIbTpWnj4mH5NQ6GkO8jCZtT8eYoO0x%2FyuQbg6YYs1ctE%2F6%2BkgNSWQkYwkiUbrCJjFeR4TRFBeca0%2FLePaPT75fIZ9To8Sm32vY4kP6aQpPZ4vBIZ0VrhBp16gpTkN3AlTlXjqQmtIszsrRdArlNo0bp6Uo7OppeXrQ3%2FQ0WB1ADYmtGWHrFsMlKGMRbAUC6Dh7Gxen1D2wrwf%2BsVzcirZDfCKuvaDeqTngAZwf11%2B0F00n0Cl6HiP8apKR7Lk8rQfn48ssqgrHFjBfRP1t2exqbbU3vX6is5xmTEDvDZwjORLsphsunMBRvgL9%2FXxm6IE4Wwth0XTDPjPzJBjqxAePCrXra0NNaE172XIAqbJ8kI0lXBWH5vMH1HN8XRDDk0gNa0UUyVMsbLG4cnqPHWg6L0GCEmN6%2BJtiQVj11nSl1Z6%2B9QyUifA%2F45eJKqBSLYysKfblyo1%2FM9LlCTsw7aNFVBlmBmL%2FyPA9YugAPAGihcGKzFS8%2FPwXAKONzObpsHQcDafoc3jWpgCqingGMF69f%2BQ%2Bxim8GrC%2FfsAkE11Qfc0ewYqJIP6zXVwT6enkSnQ%3D%3D&X-Amz-Signature=7b8a821945897b9ca76c74f4d231c8ad74b0143a3e757d6dd6f8b40afb87c5bc&X-Amz-SignedHeaders=host&x-amz-checksum-mode=ENABLED&x-id=GetObject)
List of differences as to the approach to drawing up a financial statement and an integrated report
| Issue | Financial reporting | Integrated reporting |
|---|---|---|
| Responsibility for the capital | Financial capital | All kinds of capitals |
| Mindset | Isolation of individual departments | Integration of individual departments |
| Timeline | Short-termism | Short-, medium-, long-termism |
| Focus of interest | Financial issues from the past | Strategic issues concerning the past and future |
| Building trust through transparency | Limited trust caused by narrow disclosure | Greater trust caused by greater transparency |
| Adaptation of report | Close connection with standards in force | Individual approach corresponding to specific |
| conditions of an entity’s operation | ||
| Conciseness | Long and complex | Concise and covering essential issues |
| Use of technology | Primarily using “paper” | Using new technologies |