• Register
Return to: Home > News > Regulation > IMA diverges from IIRC consultation framework

IMA diverges from IIRC consultation framework

The US Institute of Management Accountant (IMA) has expressed disagreement on certain aspects of the Integrated Reporting (IR) framework launched for consultation by the International Integrated Reporting Council (IIRC) earlier this year.

In its written response to the consultation process, while commending the IIRC for its efforts to transform corporate reporting, the IMA maintained there are "potential fatal flaws" in the consultation draft.

According to the IMA, the framework lacks a cost-benefit analysis of IR and also fails to better explain the "compelling market need" for an integrated report from investors and stakeholders.

The US management accounting body pointed out that the framework does not consider existing legal disclosure requirements and other specific conditions that would exist in various jurisdictions.

The IMA questioned whether investors would like to see companies' management teams disclosing "competitively sensitive information about how they achieved profitable growth in a differentiated manner".

In addition, the IMA stated that in these early stages of IR it would be more in favour of developing the necessary learning process of IR rather than creating mandatory reporting standards.

The deadline to comment on IIRC's framework consultation is 15 July.

Related article

IIRC launches integrated reporting framework consultation

Related link

IIRC: Consultation Draft of the International <IR> Framework

Institute of Management Accountant

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more

    CORONAVIRUS TIMELINE: REACTIONS FROM THE ACCOUNTANCY PROFESSION

    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.