Plans For Integrated Reporting Progress
At a March 28th planning meeting in London -- with Global Alliance participation -- the IIRC Engagement and Content task force addressed key messages, expanded its international plan for engagement with leaders and reviewed the organization's new website www.theirrc.org
The new website presents this capsule explanation of "Why We Need Integrated Reporting":the financial crisis has highlighted the need for more comprehensive information on corporate reporting, so that investors and other stakeholders can have a clear sense of the risks and opportunities that a company faces.
"Financial information is not sufficient. We have to provide information on sustainability, on social issues and environment, and it has to be done in an integrated way with a financial report." - Goran Tidstrom, President of the International Federation of Accountants and member of the IIRC.
On this issue, the Prince's Accounting for Sustainability Project prepared a video to help spread the messages core to accounting for sustainability. Watch the video >>
About the IIRC
At present a range of standard-setters and regulatory bodies are responsible for individual elements of reporting. No single body has the oversight or authority to bring together the different elements that are essential to the presentation of an integrated picture of an organization and the impact of environmental and social factors on its performance. The role of the IIRC is to: 1) raise awareness of this issue and develop a consensus among governments, listing authorities, business, investors, accounting bodies and standard setters for the best way to address it; 2) develop an overarching integrated reporting framework setting out the scope of integrated reporting and its key components; 3) identify priority areas where additional work is needed and provide a plan for development; 4) consider whether standards in this area should be voluntary or mandatory and facilitate collaboration between standard-setters and convergence in the standards needed to underpin integrated reporting; and 5) to promote the adoption of integrated reporting by relevant regulators and report preparers.
International Integrated Reporting Committee
c/o Clarence House
Website: www.theiirc.org; www.accountingforsustainability.org; www.princeofwales.gov.uk