The International Integrated Reporting Council’s Chief Technical Officer, Lisa French, has been appointed to the International Accounting Standards Board (IASB) Management Commentary Consultative Group.
The IASB is revising and updating its practice statement on Management Commentary, initially issued in 2010, to reflect the latest developments in corporate reporting. This consultative group has been appointed to help provide practical experience and expertise throughout this process.
Speaking at the IFRS Foundation Conference in Frankfurt on 28 June 2018, IASB Chairman Hans Hoogervorst said the review, “Will reflect new developments in integrated and sustainability reporting, and particularly the growing interest in long-term value creation.”
The IIRC welcomes the review as a clear example of the IASB’s commitment to greater alignment of the corporate reporting landscape.
Commenting on the appointment, Lisa French said, “The IIRC is delighted to participate in this consultative group to provide the insight and knowledge acquired while developing the International <IR> Framework and accompanying implementation guidance. We believe the IASB’s recognition of the importance of communicating on value creation will have very real benefits for global markets, broader society and the planet. It is only through considering the full range of resources that affect value creation that businesses can be successful in the long term.”
Hoogervorst has also stated that the focus integrated reporting has on “value creation and the capital providers as the audience” means there is “considerable common ground between financial and integrated reporting.”
Elsewhere, the IIRC will continue to work closely with the IASB through the Corporate Reporting Dialogue and a memorandum of understanding, which sets out our shared vision of the evolution of corporate reporting for the 21st century.