Integrated Reporting: International
Framework to be revised in 2020
During its 7 November 2019 meeting in New York, the IIRC Council signaled its strong support for a revision to the International
Council members, who include around 70 businesses, investors, standard setters, regulators, the accounting profession, academia and NGOs, echoed consultation feedback received by the IIRC in 2017, which observed that the
Framework's core principles continue to stand the test of time.
On this basis, Council concluded that wholesale changes should be avoided in favour of a simple modernization via minor corrections and clarifications.
The revision, set to coincide with the IIRC's tenth anniversary in 2020, will respond to an evolving market context and help embed integrated reporting and thinking into mainstream business practice.
The IIRC's Chief Technical Officer, Lisa French, stated, "The feedback we hear from the market is that the International
Framework is a robust tool for organizations looking to communicate their broader value creation story and to reflect the integrated thinking within their business. That said, there are areas where we can make the road to adoption smoother by bringing further clarity to some aspects of the Framework and we look forward to working with report preparers and users throughout 2020 to ensure any modifications reflect the needs of the market."
"However, given the guiding principles and fundamental concepts contained within the
Framework will remain the same, our message to all those considering implementing integrated reporting for the first time in 2020 is that they should not wait until the revised framework is published before getting started. Any revision will not disrupt their first steps to producing an integrated report and we encourage all organizations to start benefiting from implementing integrated reporting sooner rather than later."
In the process, the IIRC will also align the document's style and terminology to reflect updated organizational brand guidelines.
The IIRC will share details of its programme for undertaking this revision in early 2020.