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September 20, 2018

IIRC report suggests ‘breakthrough phase’ for integrated reporting

By Joe Pickard

The International Integrated Reporting Council’s (IIRC) 2017 Integrated Report shows wide ranging support for integrated reporting as more businesses adopt the reporting framework.

The IIRC describes itself as currently being in a ‘breakthrough phase’ towards the global adoption of integrated reporting. Certain ‘breakthrough moments’ were highlighted in the councils report.

The report shows that 16 regulators around the world have recommended or moved to align with integrated reporting. Some corporate governance codes, which include in South Africa, Japan, and Malaysia, have also encouraged voluntary adoption.

The International Accounting Standards Board (IASB) has demonstrated their support for the IIRC, noting that the International Integrated Reporting Framework is compatible with the IASB’s own conceptual framework.

The IASB’s chair Hans Hoogervorst previously declared his support for integrated reporting organisations at the IIRC’s New York City Council meeting: “[they] address more clearly resources that are not included in financial statements. The increasing awareness that environmental and societal restrictions have an impact on long-term value creation is also clear.”

The report highlights the IIRC’s aims to help implement the UN’s sustainable development goals of which it created a blueprint to show businesses how they can address the goals through integrated reporting.

IIRC CEO Richard Howitt said: “The naming of a series of breakthrough moments rather than one single event, is in tune with the complex, inter-connected business environment which is itself the compelling reason behind the extraordinary progress of integrated thinking and reporting.

“As this 2017 Integrated Report demonstrates, this year is the year when we can see integrated reporting breaking through to become a staple of the reporting landscape worldwide.

“Changing the entire corporate reporting system across the world is transformational change involving many people over several years. But the evidence of today is that the International Integrated Reporting Council is preparing business for the needs of tomorrow.”

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