IFAC updates Policy Position Paper on enhancing organizational reporting

  • IFRS - IFAC Image

Jan 10, 2017

On January 10, 2017, the International Federation of Accountants (IFAC) issued an updated version of its Policy Position Paper 8 on enhanced organizational reporting. The update emphasizes IFAC's position that integrated reporting is the way to achieve a more coherent corporate reporting system, fulfilling the need for a single report that provides a fuller picture of organizations’ ability to create value over time.

While IFAC had originally maintained that there are a range of different organizational reporting frameworks and that it was important to examine the relationship between these frameworks, this position has now been modified and IFAC puts the International Integrated Reporting Council (IIRC) and the implementation of its Framework first claiming that integrated reporting is the key to enhanced organizational reporting. The paper states:

[T]he integrated report can be used as an “umbrella” report for an organization’s broad suite of reports and communications, enabling greater interconnectedness between different reports and recognizing that there is a range of different frameworks and regulations available, and under development.

The updated version of the paper also includes a new section that describes integrated reporting in more detail.

Review the following information on the IFAC's website:

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.