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IASB and IIRC announce cooperative agreement

07 Feb 2013

The International Accounting Standards Board (IASB) and International Integrated Reporting Council (IIRC) have announced a Memorandum of Understanding (MoU), where both organisations will strengthen their cooperation on the development of the IIRC's integrated corporate reporting framework.

The purpose of the MoU is to create the basis for cooperation, coordination, and alignment in areas the two organisations share mutual interests, in particular:

Efforts to promoting the global harmonisation and clarity of corporate reporting frameworks, standards and requirements in ways that drive coherence, consistency and comparability, leading to improved efficiency and effectiveness in corporate reporting practices;

the development of their respective reporting frameworks, guidelines and standards; and

the related transparency and sharing of relevant and significant information between them.

In October 2012, the IIRC established a similar MoU with the International Federation of Accountants (IFAC).

The IIRC expects to issue a consultation draft on the International Integrated Corporate Reporting Framework on 16 April 2013. A final version is expected in December 2013.

The press release and the MoU are both available on the IASB website.