IIRC opens 90-day consultation on revisions to the International <IR> Framework

Posted
21 May, 2020

Over the next 90 days, the International Integrated Reporting Council (IIRC) calls for your feedback on a new Consultation Draft, proposing revisions to the International <IR> Framework.

The need for multi-capital thinking is more urgent than ever before, as businesses around the world adapt and diversify during the Covid-19 pandemic.

The IIRC calls on stakeholders globally to share their thoughts on the Consultation Draft to ensure the <IR> Framework responds to the evolving market context and supports robust, effective reporting.

Feedback is requested through an online survey and via participation in one of over 20 virtual roundtables hosted by the IIRC’s partners globally.

The Consultation Draft has been informed by the 300 responses the IIRC received on three topic papers published in February this year, ongoing observation of market practice internationally, as well as the detailed deliberations of the IIRC’s <IR> Framework Panel, a diverse group of reporting experts from the business, investor and accountancy communities. A companion document that sets out the basis for the proposed <IR> Framework revisions is also available.

The revision coincides with the IIRC’s tenth anniversary in 2020 and is the first since the <IR> Framework’s initial publication in December 2013.

The corporate reporting landscape has evolved considerably since then, as businesses around the world acknowledge the increased importance of a range of capitals beyond the purely financial, leading to uptake of the <IR> Framework by more than 2,000 organizations in over 70 markets.

Commenting, Chair of the <IR> Framework Panel, Erik Breen said:

“The conceptual thinking and principles on which the <IR> Framework was founded are still as relevant as when the IIRC was formed 10 years ago. However, insights stemming from practical use and wider market developments, as well as the simple passage of time, warrant a review for points of emphasis and clarification. We will also use this opportunity to consider what further refinement may be needed in due course.

“These are special times. The <IR> Framework Panel was unanimous in its voice to continue the revision process. If anything, the importance of integrated thinking has been further underlined by this pandemic. Urgent action is still required to better understand the dynamics of how value is created, preserved or eroded and how capital allocation and corporate behaviour can better align to the wider goals of financial stability and sustainable development.”

The feedback received will be used to inform a revised International <IR> Framework which will be published in December 2020.

A webinar hosted by the IIRC’s Technical Team on 27 May 2020 will also share insights into the revision process, the IIRC’s proposals and how you can respond during the 90-day public consultation period.

Further information:

The International Integrated Reporting Council (IIRC) is a global coalition of regulators, investors, companies, standard setters, the accounting profession, academia and NGOs. The coalition promotes communication about value creation as the next step in the evolution of corporate reporting.

Media enquiries, please contact Juliet Markham, Head of Communications, on juliet.markham@theiirc.org