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World Economic Forum discusses integrated reporting

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08 Feb 2011

The 2011 Annual Meeting of the World Economic Forum (WEF), recently held in Davos-Klosters, included a session entitled 'Accounting for New Realities: Redesigning Corporate Reporting'.

Participants debated the merits and challenges of adopting a new framework for an integrated corporate reporting system for the 21st century. Coming out of the global financial crisis, there is an ongoing debate on the relevance of corporate reporting and whether it should include such externalities as environmental, social and governance performance. Increasingly, companies are producing, mostly on a voluntary basis, corporate social responsibility or sustainability reports, but these can vary widely in relevance and quality, largely because there is no global standard.

A summary of the outcomes from the session is reproduced below (with the kind permission of the WEF):

Key points

  • There is a certain degree of deficiency in today's corporate reporting models
  • Any new accounting format should focus on internalising externalities, such as environmental and social impacts
  • Good thought leadership is needed to further the debate on developing a concise, comprehensive and comparable integrated reporting framework.

Source: World Economic Forum Annual Meeting 2011

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