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IIRC and SASB join efforts

The International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB) have signed a memorandum of understanding (MoU) to strengthen their mutual cooperation in the field of non-financial reporting.

The MoU aims at deepening the alignment between both organisations, particularly with regard to the development of their respective frameworks, guidance and standards, the IIRC and the SASB said in a joint statement.

IIRC chief executive said that by means of this MoU, they will explore how the recently launched integrated reporting framework and SASB standards can be aligned to strengthen corporate reporting and disclosure.

On the part of the SASB, executive director Jean Rogers said their standards are a practical implementation of integrated reporting in the context of US capital markets.

"Formalising our partnership will strengthen harmonisation and guidance to companies regarding improved disclosure on material sustainability factors. Both organisations put investors at the heart of determining materiality," she added.

SASB said it will be developing sustainability accounting standards for more than 80 industries in ten sectors through 2015. It also said that its industry-specific standards guide the disclosure of material sustainability issues in annual filings to the Securities and Exchange Commission.

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