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FEE comments on the IIRC 'prototype' framework

  • FEE (Federation of European Accountants - Fédération des Experts-comptables Européens) (lt green) Image
  • IIRC (International Integrated Reporting Committee) (green) Image

15 Mar 2013

The Federation of European Accountants (Fédération des Expert comptables Européens, FEE) has sent a letter to the International Integrated Reporting Council (IIRC) providing high level feedback on the finalised 'prototype' of the IIRC's integrated reporting framework. Among other points, FEE also comments on the question of assurance in connection with integrated reporting.

Generally, FEE expresses strong overall support for the envisaged framework for integrated reporting as reflected in the prototype published in November 2012. However, FEE is not fully convinced that the IIRC's conclusion that by focusing on the interests of providers of financial capital who take a long term view of an organisation’s performance and outcomes the interests of other stakeholders and the public interest will automatically be served equally well. FEE also believes that the IIRC should provide more clarity about how preparers can reasonably be expected to go in reporting on issues that are not under their direct control.

Of particular interest to FEE is the question of assurance. Although FEE expresses full appreciation for the fact that the framework for integrated reporting is first and foremost about providing a framework to companies to enable them to come up with reliable and comparable integrated reports, FEE points out that the prototype already contains references to the provision of assurance. As FEE believes that assurance may contribute to increasing the credibility of integrated reporting, FEE recommends giving thought to questions of assurance in connection with integrated reporting. FEE suggests that the development of a corresponding framework and relevant standards for providing assurance on integrated reporting should not be undertaken by the IIRC but by standard-setters already established in the field, foremost the IAASB. However, since the level of assurance critically depends on the 'assurability' of the information provided, FEE maintains that already in the development phase of an integrated reporting framework is is important to make sure that the information companies are asked to provide can be evidenced sufficiently.

Please click for access to the full comment letter on the FEE website.

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