以下文字节选自历年真题，划线部分为结合案例进行分析的部分，未划线部分为通用文字（需要熟练掌握），考试时结合案例进行具体分析。

The integrated reporting <IR> framework is a more informative model of external reporting to stakeholders, as it gives them a broader and richer picture of the organisation and how value can be created in the longer term and in a more sustainable way. It therefore gives them a better basis for decision-making and whether to buy, hold or sell their investments.

I will now brief you on why shareholders will find this a more useful model. Essentially it is because the <IR> framework of external reporting focuses on a wider range of sources of value creation than the traditional reporting model which concentrates mostly on financial information. It is based on the concept that there are a wider range of capitals which the organisation has control or influence over and how maintenance and development of these capitals over the short and longer term can affect and create value in other capitals, including financial capital.

The primary purpose of <IR> is to improve the quality of information available to providers of financial capital, including investors, by communicating broader and more relevant information which can assist then in their investment decisions. The SmartWear board has decided that an effective way to promote integrated thinking throughout the company is to implement a version of the <IR> framework. This will encourage more holistic thinking about the suitability of various strategic approaches which both grasp business opportunities and mitigate business risks, while building greater investor and stakeholder confidence in the company. Indeed, by improving internal management processes, <IR> can also lead to greater trust and credibility with customers – and this is key to SmartWear’s future success.

The <IR> framework comprises six different reporting components or capitals as they are referred to. When considered in an integrative manner these capitals will provide a more complete appraisal of SmartWear’s performance to investors, and other users of corporate information, and allow the board to make more informed strategic decisions.

Financial capital refers the pool of funds which are available to SmartWear, including both debt and equity finance. The focus here is on sourcing necessary funds, rather than their application in the business. However, investors will want to know how financial capital has been deployed in the past, and what the future plans based around a holistic and well-rounded strategy might be. With more integrated thinking and management <IR> provides far greater clarity on core business issues and performance, which can be very reassuring to investors.

Intellectual capital is fundamental to future earning potential, linking investment, innovation, knowledge management and managing external relationships to the delivery of competitive advantage. The careful management of supplier networks and understanding the changing market conditions, through the new CDMS system, will demonstrate a good use of intellectual capital in SmartWear. Effective development of intellectual capital leads to innovation and investment in resources which can have a longer term and more sustainable benefit for financial capital.

Human capital consists of the capabilities, knowledge, skills and experience of the company’s employees and management. This is particularly important to a service organisation like SmartWear, as retailers are reliant on their staff to generate business value. Understanding the importance of human capital in SmartWear should focus management attention on developing talent and realising the financial benefits of investing in our human resources.

Social and relationship capital at SmartWear relates specifically to the strength and efficacy of supply chain relationships and customer loyalty. It is only by building such relationships that a retail company can operate as a successful business. The proposed changes to improve supply chain management arrangements alongside the development of the new CDMS system will enhance social and relationship capital in SmartWear. Building social capital internally and externally leads to more motivated and productive workforce and engaged, loyal and profitable customers.

Natural capital refers to any inventory of natural resources or environmental assets which could provide a flow of useful goods or services, both now and in the future. The promotion of a strong social and environmental responsibility ethos in the SmartWear will strengthen its reputation among consumer and the investment communities, such as adopting a responsible purchasing policy of sourcing local products, where possible, and using suppliers which have a more responsible attitude to product packaging and environmental management. A better reputation in these areas will make the company more attractive to invest in and do business with leading to an increase in financial capital over the longer term, regardless of the short-term costs of following such policies.

Note:案例公司是零售行业，所以没有提及制造资本，考试的时候结合案例情况进行分析。