IASB and ISSB outline future plans for the use of the integrated reporting framework and the integrated thinking principles

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May 25, 2022

On May 25, 2022, the Chairs of the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB) communicated plans for the future role, governance and development of the Value Reporting Foundation’s integrated reporting framework and integrated thinking principles as the VRF is being consolidated into the IFRS Foundation.

The statement notes that IASB and ISSB are convinced that the integrated reporting framework drives high-quality corporate reporting and connectivity between financial statements and sustainability-related financial disclosures. They therefore strongly encourage continued use of the framework and the principles underpinning it.

The joint statement explains that the framework and the principles will become part of the materials of the IFRS Foundation and the IASB and the ISSB will assume responsibility for their future use and development. The Chairs and Vice-Chair(s) of the IASB and the ISSB undertake that the boards will work together to agree on how to build on and integrate the framework into their standard-setting projects and requirements. The IASB and ISSB will utilize principles and concepts from the framework in their standard-setting work. The Chairs of the IASB and ISSB also commit to a long-term role for a corporate reporting framework, incorporating principles and concepts from the current framework. Such a framework would enable connected, holistic and cohesive corporate reporting.

Review the full statement on the IFRS Foundation's website.

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