Business leaders form working group to drive momentum towards Integrated Reporting in the United States
An <IR> Working Group has been established in the United States to drive the adoption of Integrated Reporting. Members include US companies, investor representatives, accounting firms, academics and other senior representatives of the reporting field that believe in the importance of Integrated Reporting being adopted in the region. The group will be critical in helping to form strategies to make Integrated Reporting mainstream in the United States.
Leading stock exchange Borsa Istanbul and IIRC collaborate through <IR> Turkish Network to evolve reporting
Borsa Istanbul has become the latest stock exchange to advocate to companies listed on the exchange to produce integrated reports. The IIRC and Borsa Istanbul have signed a memorandum of understanding to work together and through the <IR> Turkish Network to support and encourage the adoption of Integrated Reporting in Turkey as a means to enhance communication on value creation.
Investors point to clear benefits of Integrated Reporting
Evidence shows that Integrated Reporting leads to improved forecasts of future cash flows and valuation. This is just one of a range of benefits set out in the IIRC’s new Creating Value publication, which brings together the latest research and case studies. ‘Benefits to investors‘ highlights how the International <IR> Framework can help meet investor demands for better information. The report draws on the increasing amount of academic research on positive benefits of Integrated Reporting, which have increased as more companies and countries adopt the <IR> Framework.
Research demonstrates increased take up of <IR> in Australia and the UK
Three recently released reports have indicated that increasing numbers of businesses are applying the concepts of Integrated Reporting. A KPMG Australia report states that, “A quarter of the country’s biggest 200 companies are now using the principles of ‘integrated reporting’ in their annual reports, with a focus on how they create longer term value rather than short-term earnings.”
The report sets out that a significant number of businesses have moved away from just detailing past financial performance and are now reporting on how they create broader sustainable value.
International Accounting Standards Board to update Management Commentary
The International Accounting Standards Board (IASB) has announced it will revise and update its practice statement on Management Commentary issued in 2010. The IIRC welcomes this announcement as a clear example of IASB’s commitment to greater alignment of the corporate reporting landscape.
This decision follows statements Hans Hoogervorst, Chair, IASB has made throughout the year about wider corporate reporting and the developments in the field including the “increasing interest in integrated reporting” that are not currently reflected in the management commentary.
The IIRC is delighted to announce that Aron Cramer, Christian Thimann, Jeanne Ng and Michael Bray have joined the IIRC Board and will bring renewed energy to the IIRC as it sets out its ambitious plans for 2018 and beyond.
The four new directors, who bring with them cultural understanding of the Americas, Asia, Europe and Australasia, have all been leaders in business, governance and reporting for many years and will bring with them crucial insights and understanding.