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We comment on the IIRC consultation draft of its revised Framework

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Aug 24, 2020

In February 2020, the International Integrated Reporting Council (IIRC) launched the revision of the International <IR> Framework and called for market feedback on specific themes to inform the nature and direction of the revision. A consultation draft of the revised Framework was released for a 90 day comment period in May 2020.

In our comment letter on the consultation draft, we especially note two points:

  • The IIRC should especially focus on collaboration with framework and standard-setters to achieve a consolidated and comprehensive system of standards and to achieve connectivity between non-financial and financial reporting standards; and
  • the IIRC should support deeper engagement between the IIRC and the Trustees of the IFRS Foundation to create a clearer path towards a single system with connected oversight of standards for all forms of corporate reporting while also advocating for a broadening of the Trustees’ remit.

We also note that the subject of assurance has not been included in the consultation. We believe the IIRC should play an important role in enhancing the ‘assurance readiness’ of the Framework.

Review our comment letter here.

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