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IIRC launches integrated reporting consultation

Photo of IIRC working group co-chairman Paul Druckman

The International Integrated Reporting Committee (IIRC) has launched its first consultation on integrated reporting.

Towards Integrated Reporting – Communicating Value in the 21st Century considers the grounds for integrated reporting, offering initial proposals for the development of an international integrated reporting framework (IIRF) and outlining the next steps towards its creation and adoption.

An IIRF exposure draft will be developed on the back of responses and issued in 2012.

The IIRC will also begin a pilot programme of pre-picked companies in October to road test integrated reporting. The aim is to encourage companies to experiment and be innovative in their use of integrated reporting.

IIRC working group co-chairman Paul Druckman told The Accountant there has been tremendous support for integrated reporting from the main investor groups including ICGN and the Corporate Governance Network, who represent most of the investors around the world.

“The discussion paper is focused around the interest of the investor community,” Druckman said.

“The key thing is we want responses from the paper but the pilot programme, which launches in October with 50 iconic companies around the world, will also help us along with an investor group to develop the framework.”

IIRC deputy chairman Mervyn King said the IIRC’s approach will present a globally coordinated solution to reporting, avoiding the current problems with reporting requirements in different jurisdictions developing in different directions and at different speeds.

“Integrated reporting reduces the compliance burden and enables more effective decision making for investors,” King said.

Druckman said the future challenges for the integrated reporting lie in the audit and insurance professions.

“The current route of auditing of mainstream accounting is going to be very difficult to move into integrated reporting; it needs innovation and a different thought process. It’s interesting talking to the top of profession as they understand it and they tend to be very understanding of looking into that,” he explained.

The deadline for comment on the discussion paper is 14 December.

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