I sit down to write this blog after a momentous two weeks for the IIRC with the launch of our Consultation Draft of the International Integrated Reporting (<IR>) Framework and our journey towards a new corporate reporting landscape where <IR> is accepted as the norm.
I have been humbled by the reaction of the launch to date. The key numbers coming from the 17 events held around the world are:
– More than 1,500 people attended <IR> Consultation Draft launch events on 16 April itself;
– Further events during the launch week in Dublin, Madrid, Mumbai and Moscow bring this number up to 2,000;
– Six stock exchanges, in New York, Johannesburg, Sao Paulo, Frankfurt, Singapore and Toronto, hosted launch events;
– We gained coverage in more than 50 global publications, including The Accountant, The Australian, The Wall Street Journal, Nikkei and The Guardian. This number is still rising; and,
– There have been 9,492 unique visitors to the Consultation Draft page on the IIRC’s website since the launch on 16 April.
What has been particularly pleasing is the reaction of business, investors and leaders in the accounting profession to <IR> and the launch of the Consultation Draft. For example, "Jean-Mark Huet, CFO of Unilever, at one launch event said <IR> is "helping us to make better trade-offs" as a Board of Directors.
"Having companies communicate in such a way will bring investors along in the process – especially if they can see strategy measured against financial results…" Sandra J. Peters, CPA, CFA – Head, Financial Reporting Policy Group, CFA Institute.
"The accountancy profession plays a vital facilitating role in bringing integrated reporting to more organisations, and the Framework will help guide organisations and professional accountants in this process," IFAC president and a member of the IIRC Warren Allen said. "Feedback from individual accountants and the profession on the proposed Framework is critical."
ACCA chief executive Helen Brand welcomed the consultation and urged all with a stake in this subject to respond and therefore "help shape the future of corporate reporting."
Of course, the week has had its lighter moments too. For the first time, the IIRC "rang the bell" to open both the Toronto Stock Exchange and Brazilian Stock Exchange, BM&F Bovespa on the day of the launch. And, we received reports that our Indian launch got off to a shaky start as the earth literally moved, the result of earthquake tremors in the region. In true <IR> spirit, the event continued regardless and was a great success!
While we are pleased with the first weeks of action and reaction, we are not about to sit back and wait for the responses to come in – far from it. We are embarking on a major global exercise, speaking and – more importantly – listening to businesses, investors, finance professionals and other stakeholders to find out what they think of the Draft Framework and how it can be improved. Please do continue to direct interested stakeholders to: www.theiirc.org/consultationdraft2013 where they can download all the information they need to make a submission.
You can ensure that your voice is heard and respond to make the Framework released in December a truly global framework fit for purpose for all stakeholders.
Paul’s previous blog postIntegrating the world