The International Federation of Accountants has released a paper stating that “Integrated Reporting is the way to achieve a more coherent corporate reporting system, fulfilling the need for a single report that provides a fuller picture of organizations’ ability to create value over time”.
The paper sets out IFAC’s strong support for the IIRC and the implementation of the <IR> Framework. It states that IFAC “believes that the integrated report can be used as an “umbrella” report for an organization’s broad suit of reports and communications, enabling greater interconnectedness between different reports”.
Commenting on this announcement Richard Howitt, CEO, IIRC said:
“This new position paper from the International Federation of Accountants is a very significant endorsement of Integrated Reporting. IFAC recognises the fragmentation that arises from different reporting by companies of different capitals. It rightly sees integrated reporting as the ‘umbrella’ for other types of reporting, in precisely the same way in which companies and investors in the IIRC coalition do themselves. IFAC is a model forward thinking global organization – championing a clear direction for corporate reporting and other innovations. We are delighted that IFAC has both adopted this new position and recognized the leadership role professional accountants can play in advancing it. We look forward to continuing to work closely with IFAC and the accountancy profession worldwide to ensure Integrated Reporting becomes the global norm for business.”