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IIRC to publish Discussion Paper on Integrated Reporting in June

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25 May 2011

The International Integrated Reporting Committee (IIRC) met in New York on Friday 13th May 2011. At the meeting, the IIRC reviewed a draft Discussion Paper on Integrated Reporting which is due to be published for public consultation in June.

The IIRC has not widely publicised the expected contents of the Discussion Paper at this stage. However, at a Australian Business Reporting Leaders Forum (BRLF) meeting held in Sydney on 11 April 2011, Paul Druckman (Co-chair of the IIRC Working Group and Chairman of the Executive Board of HRH The Prince of Wales Accounting for Sustainability (A4S) project) provided an update on the draft Discussion Paper which had been debated at an IIRC working group meeting in London in April

The minutes from the BRLF meeting (link to the Australian Society for Knowledge Economics website) outlined the current thinking which included, that at that time:

  • Integrated reporting is still evolving; it will require changes in behaviour and a change in the reporting regime. It is a new way of thinking and reporting against short, medium and long term strategic objectives
  • Integrated reporting is not combined reporting (of financial statements and corporate social responsibility reports), or additional. It is a new and integrated report
  • The objective is to publish the Discussion Paper in June for public comment, and Exposure Draft in 2012, and potentially a Standard in 2013 (subject to IIRC ongoing Governance debate)
  • In addition, it is expected that a pilot program will run in parallel to trial aspects of the proposed framework over two years – to ensure it is pragmatic and doable.

The IIRC is working towards presenting an integrated reporting proposal to the G20 later in 2011.

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