THE IFAC AND IIRC have signed a deal to collaborate on creating a reporting model that will integrate non-financial information into financial reports on an international level.
The International Federation of Accountants (IFAC) and the International Integrated Reporting Council (IIRC) have signed a memorandum of understanding to work closer together in order to promote coordination and alignment in achieving an integrated reporting framework.
The IIRC is a collection of representatives from the largest international companies, institutes and firms, such as HSBC, the Big Four and Microsoft. Earlier this year, the organisation released an outline and timeframe for producing a framework that will integrate non-financial data such as environmental and social economic costs with financial statements.
IIRC CEO, and ex-ICAEW president and former director of the Financial Reporting Council, Paul Druckman said: "The accountancy profession globally has a vital role to play in providing confidence in the validity of both the narrative and the numbers that businesses must disclose to secure investment and provide transparency.
"This [memorandum of understanding] underscores the value that both IFAC and the IIRC place in this continued partnership, and its role in helping to secure an evolution in corporate reporting that supports efficient and productive capital markets, and a more sustainable global economy."
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