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11 points Save Answer The following appeared in the 2018 Sustainability Report of BHP (p. 10): Our social licence is an informal set of enabling relationships that exist between BHP and our local, regional and global stakeholders. Our social licence is built on and sustained by the quality of our relationships, our operational and environmental performance, our social impacts and the lasting benefits we create. REQUIRED: 1. What is 'integrated reporting? Using Legitimacy theory and Institutional theory, explain why corporations would be motivated to intary disclose environmental and social information using reporting frameworks such as Global Reporting Initiative (GRI) Standards or International Integrated Reporting Framework (IIRC)? (5 marks) 2. Using the 'entity principle', definition of assets and expenses, recognition criteria of the elements of accounting contained in the IASB Conceptual Framework for Financial Reporting, explain why the conventional financial accounting practice tends to ignore environmental and social impacts caused by organisations? Provide examples to support your answer. (6 marks)