The International Integrated Reporting Council (IIRC) has published a draft outline of the integrated reporting framework, summarising the framework’s purpose, principles and how organisations can use it.
The outline is intended to inform stakeholders of the integrated reporting framework as it is developed. It indicates that the framework is split into two parts – part one, introducing the concept, definitions and conceptual foundations of integrated reporting, and part two, the framework as used in preparing an actual integrated report.
“Integrated Reporting is a market- led initiative, driven by business and investor needs to gain greater insights into how a company’s strategy creates and preserves value over the short, medium and long term,” said Paul Druckman, IIRC chief executive officer, in a statement accompanying the release of the IR outline. “The concept of ‘integration’, embedding value-relevant financial and non-financial information into strategic decision-making and a company’s reporting cycle, is gaining momentum as a vital step in the evolution of corporate reporting globally. We are committed to a transparent process as we develop the first draft of the framework and we welcome stakeholder thoughts on the overall structure of the framework we set out in today’s document.”
The IIRC also announced that a prototype framework will be released by the end of 2012, a draft framework will be made completed for public consultation in early-mid 2013 and a “version 1.0” of the framework in late 2013.