IFAC Response to IIRC on the Consultation Draft of the International Integrated Reporting Framework

IFAC believes that high-quality reporting lies at the heart of strong and sustainable organizations, financial markets, and economies, as the disclosure of useful information is crucial for the various internal and external stakeholders who need to make informed decisions regarding an organization’s capacity to create and preserve value. As organizations depend on their stakeholders for their sustainable success, it is in their interest to provide high-quality reports. In addition, high-quality reports are integral to the successful management of the business, as they promote better internal decision making and are one of the major drivers of sustainable organizational success.

Effective reporting should ensure that all internal and external stakeholders receive appropriate high-quality organizational reports in a timely fashion. In that light, IFAC welcomes the publication of the draft Framework, which can be truly called a landmark step forward in the evolution of organizational reporting, as it provides direction for how integrated reporting might look. We offer the following suggestions for further improvement of the Framework.