The IIRC has today published the updated translation of the International <IR> Framework in Russian, to support the understanding and adoption of integrated reporting in Russia.
In January 2021, the IIRC published revisions to the International <IR> Framework to provide further guidance and clarity to report preparers and advance high-quality adoption of integrated reporting and today’s publication brings the Russian translation up to date to reflect these revisions.
The IIRC would like to thank the Russian Institute of Directors for producing this translation, and the review committee whose expertise facilitated this translation from Sberbank, the Higher School of Economics, KPMG Russia, and FBK Grant Thornton.
Commenting on the publication, Ivan Topolya, Managing Director of the Finance Department, Sberbank and leader of the Russian <IR> Committee said:
“With digital transformation disrupting established business models and ESG factors rising in the corporate boards’ agenda, a concise, focused, and timely communication venue aimed at the providers of financial capital and the society at large is needed to ensure strategic viability and resilience of the business.
More companies in Russia are already reporting their performance and outcomes under international financial reporting and sustainability standards, while also providing deep insights into their business models, strategy, corporate governance in accordance with comprehensive national corporate laws and regulations.
As embracing recognized financial reporting standards helped in building a solid foundation for financial steering practices of Russian corporations, embedding integrated thinking and adopting integrated reporting will support them in strengthening their corporate governance and ability to create value in the short, medium, and long term.
An increasing number of organizations in Russia are already leveraging the benefits of the International <IR> Framework by applying value creation mindset and long-term future orientation and engaging with a wide range of stakeholders under the multi-capital approach thus creating a destiny for the integrated reporting to become the corporate reporting norm in Russia among the leading private and public sector organizations in the nearest future.”