IFAC updates Policy Position Paper on enhancing organisational reporting
11 Jan 2017
The International Federation of Accountants (IFAC) has issued an updated version of its Policy Position Paper 8 on enhanced organisational reporting. The update emphasises 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 organisations’ ability to create value over time.
While IFAC had originally maintained that there are a range of different organisational 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 organisational 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.
Please click for the following information on the IFAC website: