Today’s Accountancy Europe feedback statement on the Cogito paper, Interconnected Standard Setting for Corporate Reporting, clearly highlights the need for an interconnected global corporate reporting system, underpinned by a single set of standards linked by an integrated conceptual framework. The unifying principles of integrated reporting – a focus on multi-capital value creation, integrated thinking and connectivity between financial and non-financial reporting – complement work by sustainability reporting standard-setters to create a harmonized system of global standards. The IIRC commits to working with all stakeholders to ensure consensus is achieved and practical change is delivered.
Commenting on the release of the report, IIRC CEO Charles Tilley, said:
“The opportunity now exists – which must be seized – to create a unified global system of standards supported by a conceptual framework that connects financial and non-financial reporting. The immediate context of Covid-19 presents a very real example of how the world’s risk profile has changed, and how we think about, plan and allocate our resources must change to reflect this new context.
“Breaking down silos is at the heart of the integrated reporting philosophy, connecting financial and non-financial reporting to demonstrate value creation. We are encouraged by the widespread support for the <IR> Framework to become this building block for a new global corporate reporting conceptual framework. In that spirit, we look forward to working with standard setters, framework providers, policy-makers and other stakeholders to continue building the global consensus for this new interconnected corporate reporting system”.