QUESTION 3 (22 marks) A. Unlike the often-standardized disclosure requirement under the International Financial Reporting Standards (IFRS), the International Integrated Reporting Council (IIRC) has set out a principle-based framework for corporate sustainability reporting, known as Integrated Reporting (IR). Required: Discuss the advantages of IR that may improve the usefulness of the information provided by the existing statement of cash flow to potential stakeholders. (8 marks) Since in the past decade, Islamic finance has been growing rapidly and gaining in popularity as an alternative to conventional finance; and undeniably is currently one of the fastest growing banking segments. Required: Discuss the unique features of Islamic finance as compared to conventional finance. Provide your opinion in your discussion on why Islamic financing is prevalent in Malaysian banking market. (8 marks) Non-profit organizations (NPO) have also been referred to as third sector organizations, i.e. after public sector and private sector. Nevertheless, dissimilar with these two sectors, the NPOS are not subjected to statutory requirement to follow the accounting standards when preparing their annual reports. Required: Discuss the objectives of financial reporting for NPOS. In your discussion, include key users of financial statement of NPOS and their needs from the information reported. (6 marks)