Good read from the Australian School of Business — from a member of the international task force to integrate financial reporting. The article is global — small business need-to-know and news-to-watch.
Excerpt: Simnett is on the content taskforce of the International Integrated Reporting Committee (IIRC), which was set up in 2010 to develop a globally accepted framework that brings together environmental, social and governance (ESG) information with financial reporting in a clear, concise, consistent and comparable format. He describes the IIRC as “a powerful network of interested parties that has come together to do something about a reporting system that’s not achieving what it is supposed to achieve”.
One pressing reason to bring on integrated reporting is that some organisations have to meet multiple – up to 100 – reporting requirements, Simnett highlights. “We want to see if we can bring the multiple sources of information together and report them in a simple format that addresses what people want,” he says. “People are setting up corporate structures and reporting silos according to all these different requirements and it is not necessarily the most beneficial approach.”