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Integrated reporting is becoming increasingly necessary as investors demand greater transparency of business strategies, according to the Institute of Chartered Accountants.
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The future of reporting
13 May 2014
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Institute chief executive officer Lee White said integrated reporting looks beyond the traditional scope of financial reporting and numbers and actually looks at the complete picture.
“(It) allows stakeholders to understand the strategy and performance of a company and how they are really performing,” he said.
Mr White’s comments came after the Institute released the report Integrated Reporting – a guide for Audit Committees in Australia and New Zealand which examines the importance of audit committees in the oversight of reporting.
“As the role of audit committees expands beyond examining financial information, integrated reporting is at the forefront. This guide will go a long way to inform the director community about their role in integrated reporting,” he said.
“If information that goes beyond financial reporting is not relayed, stakeholders won’t get a sense of the value and output created by a company as part of their business strategy,” added Mr White.
The International Integrated Reporting Council (IIRC) last year released its International Framework to establish globally accepted guiding principles and content elements that govern the overall content of an integrated report.
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IIRC Board Member Jessica Fries commented: “Holistic information provided by businesses is crucial in enhancing the transparency and trust between businesses and investors. The Framework is helping business communicate the material factors that will enable investors to make better informed assessments of the ability of a company to create and sustain value".
John Stanhope, co-chair of the Business Reporting Leaders Forum said: “Integrated Reporting gives us an opportunity to reduce volume and complexity of reporting and provide more useful information to stakeholders".
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