IFRS Foundation and the IIRC work together as strategic partners. This is set out in a Memorandum of Understanding between both organisations, signed originally in February 2013 and revised and renewed in December 2014.
As the MoU makes clear, both parties share a vision of the evolution of corporate reporting for the 21st century in which the alignment and clarity of corporate reporting frameworks, standards and requirements that drive coherence, consistency and comparability lead to improved efficiency and effectiveness in corporate reporting practices.
Both parties acknowledge the complementarity of their respective roles, on the basis that financial reporting is integral to Integrated Reporting and is a key pillar on which it is based.
Both parties participate in the Corporate Reporting Dialogue (CRD) alongside other organizations that issue standards and frameworks with international impact. They acknowledge its aim to promote greater coherence, consistency and comparability between corporate reporting frameworks and standards.