Institute seeks member feedback on integrated reporting discussion paper
- The International Integrated Reporting Committee (IIRC) has released a discussion paper with initial proposals for the creation and adoption of an international integrated reporting framework
- Members are encouraged to provide comments on the paper for possible inclusion in the Institute’s submission to the IIRC
- The Institute has been a long-standing advocate of the importance of integrated reporting, with early support for broad based business reporting.
The world has changed, and reporting must too. This is the basis of the International Integrated Reporting Committee’s (IIRC) discussion paper on establishing a 21st century standard for corporate reporting based on an integrated model.
Towards Integrated Reporting – Communicating Value in the 21st Century presents a future course of action for integrated reporting. It offers initial proposals for the development of a globally-accepted integrated reporting framework and outlines the next steps towards its creation and adoption.
The Institute’s Manager of Sustainability and Regional Australia, Geraldine Magarey, says the Institute, starting with its Broad Based Business Reporting (BBBR) initiative introduced in 2008, has been a long-time advocate for the need to report on an integrated basis.
'BBBR, or integrated reporting as it is more commonly referred to these days, is critical to a meaningful assessment of the long term viability of an organisation’s business model and strategy,’ Ms Magarey said.
'It is about increasing stakeholders’ understanding of business performance, through financial and non-financial key performance indicators.'
The IIRC is seeking feedback on the paper and the Institute will be preparing a submission. Members are encouraged to provide feedback to us on the paper and the specific questions it raises, by 11 November, 2011.
Over time there have been major changes in the way business is conducted, how business creates value and the context in which business operates.
In the current climate, the type of information that is needed to assess the past and present performance of an organisation, as well as its future viability, is much broader than what is provided for by the traditional business reporting model.
Integrated reporting combines the material information about an organisation’s strategy, governance, performance and prospects in a way that reflects the commercial, social and environmental context within which it operates.
For information on the Institute’s work on sustainability, visit our website.
Article last updated 30 September 2011