The merger of the International Integrated Reporting Council (IIRC) and Sustainability Accounting Standards Board (SASB) to create The Value Reporting Foundation is a vital development for the future of global corporate reporting, says ACCA (the Association of Chartered Certified Accountants).
Helen Brand, ACCA’s chief executive and also the Co-Vice Chair of The Value Reporting Foundation Board, welcomed the completion of the merger saying: ‘Business and investors need a clear, consistent and comprehensive view of what enterprise value means in the modern world. An integrated approach is necessary for corporate reporting, and this is what The Value Reporting Foundation will help organisations deliver.
‘This is essential as investors and other stakeholders demand more decision-critical information, such as the need for environmental and social related disclosures and measurements, and how they drive corporate strategies. The Value Reporting Foundation will work to offer technical and practical guidance that will not only bring about better decision making within organisations, but help preparers write meaningful integrated reports that meet stakeholders’ needs.’
ACCA has supported integrated reporting since its inception, embedding the framework principles across the ACCA Qualification and its members’ Continuous Professional Development (CPD), and also using it for its own annual integrated reports which focus on the value ACCA delivers.
Helen Brand continues: ‘Connectivity is one of the tenets of good corporate reporting, and an integrated approach means an holistic view is offered to the user. It is this that will drive integrated thinking and better support assurance. The accountancy profession has a central role here, to help meet society’s needs for accountability and inclusivity. Now more than ever, trust and confidence is being actively sought from organisations, in what and how they report their activities.
‘All at ACCA look forward to working with the Value Reporting Foundation, and others such as the IFRS Foundation, to advance a comprehensive, global reporting system. Building on the success of SASB and the IIRC, the fact the Value Reporting Foundation now exists represents a landmark moment of change for business, investors and wider society.’
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