IIRC releases prototype of integrated reporting framework

IIRC releases prototype of integrated reporting framework

IIRC publishes prototype reporting model to integrate non-financial data onto financial statements which will be tested by more than 80 businesses

AN INTERNATIONAL BODY of the largest organisations and accounting firms in the world has released a prototype of an integrated reporting framework.

The International Integrated Reporting Council (IIRC) has released a prototype of a framework to allow financial report compilers to integrate non-financial information, such as environmental and social economic costs, into financial statements.

The prototype is the first of its kind and more than 80 businesses and 25 investors from more than 20 countries are piloting the framework. Following the pilot, the IIRC plans to release a formal consultation draft in April 2013 with the final version, 1.0, to be rolled out in December next year.

The IIRC is a collection of representatives from the largest international companies, institutes and firms with former ICAEW president and ex-director of the Financial Reporting Council Paul Druckman as its CEO.

Druckman (pictured) said: “By publishing the prototype, we are encouraging businesses to start testing the principles of integrated reporting and evaluating their relevance and applicability.

“We have found out the hard way in recent years that our capital markets, governance and reporting systems need to evolve to encourage financial stability and a greater long-term focus. Integrated reporting will be one of the tools that ensure we don’t slip back into ‘business as usual’.”

Members of the IIRC include HSBC, the Big Four, Microsoft, ACCA, ICAEW, Deutsche Bank, Grant Thornton, Marks & Spencer, SAP, Tata Steel, and Unilever

Click here to read a copy of the prototype.

Related Articles

FCA fines Merrill Lynch £34.5m over reporting failures

Business Regulation FCA fines Merrill Lynch £34.5m over reporting failures

1y Alia Shoaib, Reporter
Five key tax and business burdens the chancellor must ease in Autumn Statement

Business Regulation Five key tax and business burdens the chancellor must ease in Autumn Statement

2y Kevin Reed, Writer
Cashflow statement improvements targeted by watchdog

Accounting Standards Cashflow statement improvements targeted by watchdog

2y Stephanie Wix, Writer
FRC proposes changes to FRS 101

Accounting Standards FRC proposes changes to FRS 101

2y Richard Crump, Writer
ICAEW wants greater clarity over access to simplified accounting regime

Accounting Standards ICAEW wants greater clarity over access to simplified accounting regime

3y Calum Fuller, Reporter
Regulation stunting business growth, warn accountants

Business Regulation Regulation stunting business growth, warn accountants

3y Kevin Reed, Writer
FRC publishes final guidance on going concern

Business Regulation FRC publishes final guidance on going concern

4y Richard Crump, Writer
Investors slam FRC going concern proposals

Accounting Firms Investors slam FRC going concern proposals

4y Naomi Rainey, Writer