KARACHI (September 12, 2011) – Business and investment leaders today call for a new approach to corporate reporting in a landmark Discussion Paper, called Towards Integrated Reporting – Communicating Value in the 21st Century, published by the International Integrated Reporting Committee (IIRC).
Integrated Reporting will provide more comprehensive and meaningful information about all aspects of an organization’s performance and position, presented in a much clearer, more concise and more user friendly format. In particular it will demonstrate the links between an organization’s financial performance and the social, environmental and economic context within which it operates.
The development of Integrated Reporting is designed to enhance and consolidate existing reporting practices to move towards a reporting framework that provides the information needed to develop the global economic model to meet the challenges of the 21st century.
Integrated Reporting will be clear and comprehensible, providing a meaningful assessment of the long term viability of an organization, meeting the information needs of investors and other stakeholders and supporting the effective allocation of financial, manufactured, human, intellectual, natural and social capital.
Sir Michael Peat, Chairman of the IIRC, says:“The range of issues – economic, environmental and social – which determine an organization’s success has never been broader or more pressing. It is for this reason that we need an approach to reporting that is fit-for-purpose in the 21st century. The world has changed – reporting must too.