The Global Reporting Initiative (GRI)
is working with leading organisations in financial markets,
accounting, corporate responsibility and other stakeholders to
establish an International Integrated Reporting Committee
(IIRC).

GRI chief executive Ernst Ligteringen said the
purpose of the committee will be to promote integrated reporting
and facilitate the creation of international integrated reporting
standards.

The Prince’s Accounting for Sustainability
Project executive board chairman Paul Druckman is heading a working
group that will establish the composition of the IIRC.

The committee has held its first preparatory
working group meeting and its steering committee will assemble for
the first time in July 2010. It will also attempt to gain G20
backing.

A major part of the committee’s remit will be
to decide whether an international integrated reporting framework
should be created from scratch or by converging existing
frameworks. These include:

  • GRI G3 guidelines;
  • International Organization for Standardization’s ISO
    26,000;
  • AccountAbility’s AA1,000APS;
  • CERES Principles on corporate environmental conduct;
  • Greenhouse Gas Protocol – WRI/WBSCD;
  • Social Accountability International’s SA8,000; and,
  • Carbon Disclosure Project.

Grant Thornton partner Michale Krzus said there
are enough frameworks that can provide direction.

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International Federation of Accountants chief
executive Ian Ball said there should be widespread engagement in
the process, governance arrangements should match the standards and
requirements of government and intergovernmental organisations, and
there should be a quick move towards a single set of global
non-financial reporting standards.

Ernst & Young’s global IFRS services
leader Ruth Picker said the process should not be done country by
country, as with IFRS, because it has been, “an incredibly painful
process. If you want to create a standard form of [integrated] reporting do it globally and do it once”.