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January 16, 2013

IASB and IIRC in MoU talks

The International Accounting Standards Board (IASB) and the International Integrated Reporting Council (IIRC) have confirmed they are in talks to sign a Memorandum of Understanding (MoU).

Spokes people from both organisations confirmed the MoU is on the cards after IASB chairman Hans Hoogervoorst announced the boards plans to make its support for integrated reporting official through this type of agreement at a recent conference in New York, but added, the agreement has yet to be finalised.

"We echo [Hoogervoorst’s] thoughts and are very excited about this MoU, and subject to approval, we are looking forward to making an announcement about it soon," the IIRC told The Accountant today.

The official announcement is likely to be made in February with the agreement being about ‘showing support’ rather than being a step toward developing any standards to cover financial and non-financials such as corporate governance, environment and social responsibility.

Integrated reporting represents an evolution in corporate reporting which intends to build on recent developments in financial and non-financial reporting with the goal of producing an annual integrated report about the way in which an organisation’s strategy, governance, performance and prospects lead to the creation and preservation of short, medium and long-term value.

Related articleIroning out the creases

Related linksInternational Accounting Standards BoardInternational Integrated Reporting Council

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