FRC Integrated Reporting Task Force chair outlines views on integrated reporting
The Australian Financial Reporting Council (FRC) has published the text of a speech given by the Chair of its Integrated Reporting Task Force, Mr John Stanhope, to the Australian GRI Conference held in Melbourne on 28 March 2012. In the speech, Mr Stanhope outlines the current position of the FRC on integrated reporting.
In the speech, Mr Stanhope focused on the wish by users for "reporting that is simple, easy and valuable". He included the following position statements:
- Integrated reporting is not incremental report
- Integrated reporting is not two reports in the same document. This is report consolidation
- Clarity is required about what exactly it is but it needs a conceptual framework that delivers consistency - the good news and the bad
- The Annual Report is the right location for reporting integration, linking the social and environmental activities to the financial statement outcome
- Complexity and volume must be reduced in the total reporting package
- Directors' liabilities must be addressed
- Assurance must be addressed.
The transcript of the speech is available on the FRC website.