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June 28, 2010

Integrated reporting committee in the pipeline

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.

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”.


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