The International Integrated Reporting Council (IIRC) has today [Thursday 28 March 2019] published a set of answers to some of the most frequently asked questions, as corporate reporting is being reformed worldwide to embrace the concept of integrated reporting – available on the IIRC’s website.
Integrated reporting is the broad-based framework for business and investment decisions that are long-term, inclusive and with purpose, introduced by members of the IIRC including major businesses and investors, global leaders in the accountancy profession, financial standard-setters, the World Bank, UN agencies and the World Economic Forum.
The principles of integrated reporting are being adopted by over 1,700 organizations in more than 70 countries – with these answers to frequently asked questions expected to encourage yet more organizations on the journey.
When using the IIRC’s frequently asked questions webpage, users are invited to directly feedback to the IIRC about which answers were helpful – and which were not. The IIRC will use this feedback to evolve and add to the webpage over time.
This publication is part of a two-year programme of technical guidance about integrated reporting being published by the IIRC. The programme follows a 2017 review into the effectiveness of the International Integrated Reporting Framework, which whilst finding strong evidence demonstrating that it is a robust and successful tool for supporting this new approach to reporting, also identified areas where the market needed guidance to develop effective and robust integrated reports.
Commenting on the publication, Richard Howitt, CEO, IIRC said:
“Over the past thirty years, relationships in the market and in society, the skills of the company’s own workforce and the knowledge and ideas contained within the company may be ‘intangible assets’, but they are now the true value drivers of a successful company in the 21st century.
“These concepts are at the heart of why integrated reporting is winning fast-growing acceptance amongst companies around the world. It is one in which social and relationship, human, natural and intellectual capital are just as important to the company, in the new era of ‘multi-capitals’ in which the business can prosper.”
A blog by Mr Howitt introducing the concept of integrated reporting and outlining why the IIRC has developed these answers is available on the IIRC website.