ACCA have strongly supported the Framework since its inception as a tool to drive better reporting and more responsible corporate practices, and we remain committed to supporting the wider adoption of the Framework throughout its Global Adoption phase. We believe that good practice examples are crucial at the current stage of Framework adoption.
Our comments draw on findings from ACCA’s recent research, and reflect the views collated from practitioners and academics from ACCA’s Global Forum for Corporate Reporting, Global Forum for Sustainability, and the Accountants for Business Global Forum. They also reflect ACCA’s own experience as a preparer of integrated reports, and incorporate comments from the <IR> Framework implementation feedback focus group that we held in Singapore in March. Stakeholders from the Singapore focus group included representatives from companies, professional firms and the Singapore Accountancy Commission.
Key points
- As the IIRC takes the International <IR> Framework to its Global Adoption phase, it is key to build a body of up-to-date good practice examples across different sectors and jurisdictions to guide new adopters.
- ACCA have strongly supported the Framework since its inception as a tool to drive better reporting and more responsible corporate practices, and we remain committed to promote best practice through our research and training activities. Our recent research report, Insights into Integrated Reporting, and <IR> training courses that we’re developing with the IIRC as their Foundation Training Partner, are two examples of how we are helping preparers to put integrated reporting and thinking into practice.
- ACCA would recommend that targeted amendments are made to the Framework, to explicitly signal the relevance of value creation and the multiple capitals approach to each content element of the integrated report: from defining the business model and strategy to managing risks and opportunities and evaluating performance.
- In order for integrated reporting to be credible, ACCA would encourage the IIRC to focus on ways to enhance accountability over reporting: these include issuing guidance focusing on the principles of completeness and reliability and consistency and comparability, and exploring meaningful ways in which boards may signal their commitment to integrated reporting.
- Given the multiplicity of non-financial reporting requirements, standards and frameworks, ACCA would encourage the IIRC consult stakeholders on the wider question of where integrated reporting should be positioned within the corporate reporting system.
