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Integrated Reporting The Next Frontier?
The document discusses the International Integrated Reporting Council (IIRC), which was established in 2010 to develop a framework for integrated reporting. It is supported by accounting and sustainability organizations. The IIRC has established pilot programs and published discussion papers on integrated reporting. The framework provides guiding principles for integrated reports, including strategic focus, connectivity of information, and materiality. It discusses the role of accountants in integrated reporting, such as providing education, preparation, and assurance services.
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Integrated Reporting The Next Frontier?
- 1. Page 1 |Confidential and Proprietary Information Integrated Reporting The next frontier? Mario Abela International Federation of Accountants March 11-12, 2014
- 2. Page 2 |Confidential and Proprietary Information • 2010 IIRC established – Founding members A4S and GRI supported by IFAC • 2011 – Corporate entity established – Main offices in London; outreach posts around the globe – Pilot program set up International Integrated Reporting Council Background
- 3. Page 3 |Confidential and Proprietary Information Who is the International Integrated Reporting Committee? Regulators Investors Accounting Profession NGO’s Companies Standard Setters
- 4. Page 4 |Confidential and Proprietary Information Council (48 members): – ACCA – AICPA – CIMA – CPA Australia – ICAEW/GAA – IASB – IFAC – BDO – Deloitte – E&Y – Grant Thornton – PwC – IIA Non-Council participation: – JICPA – SAICA Involvement of the Profession
- 5. Page 5 |Confidential and Proprietary Information Business Network Investor Network IIRC Pilot Programme
- 6. Page 6 |Confidential and Proprietary Information 0 50 100 150 200 250 300 350 400 UK Company annual report pages - 1850-2008 'Back end'… Source: Investis Research Why Integrated Reporting: Volume of reports
- 7. Page 7 |Confidential and Proprietary Information Where is value created today?
- 8. Page 8 |Confidential and Proprietary Information Positioning Integrated Reporting International standards Financial Performance TransparencySustainability Reporting Overall performance story Integrated Reporting INTEGRATED THINKING & MANAGEMENT
- 9. Discussio n Paper Prototype Framewor k - Emerging<IR> Database - Building the Business Case for <IR> - Background Papers for <IR> - IIRC Pilot Programme Yearbooks The Framework journey so far… - Basis for Conclusions - Summary of Significant Issues
- 10. Page 10 |Confidential and Proprietary Information The Framework: Guiding Principles • Strategic focus and future orientation • Connectivity of information • Stakeholder relationships • Materiality • Conciseness • Reliability and completeness • Consistency and comparability
- 12. Discussio n Paper Prototype Framewor k The Frameworkjourney ahead • Framework Development • Guidance and Practice • Thought leadership • Academic community • Databases • Evidence Base
- 13. Page 13 |Confidential and Proprietary Information • What role should accountants play in <IR>? – Education – Preparation – Assurance – Standard-setting – Global corporate reporting language The Future Role of the Profession
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