A revised and updated version of IFAC’s Policy Position Paper 8, Enhanced Organizational Reporting: Integrated Reporting Key, is available on the IFAC website. The paper outlines IFAC position that integrated reporting is the way to achieve a more coherent corporate reporting system, fulfilling the need for a single report that provides a fuller picture of organizations’ ability to create value over time.
Other IFAC’s views detailed in the paper are:
IFAC’s strong support for the International Integrated Reporting Council and implementation of its Framework;
that the integrated report can be used as an “umbrella” report for an organization’s broad suite of reports and communications, enabling greater interconnectedness between different reports and recognizing that there is a range of different frameworks and regulations available, and under development;
the importance of reporting that produces information on which assurance conclusions can be expressed, in accordance with high-quality international assurance standards; and
the accountancy profession’s significant contribution, and its important role, in developing and implementing enhanced organizational reporting, with professional accountants playing an important role in broad-based organizational reporting arrangements, and in providing assurance.
This updated edition of the paper includes a new section, “A Coherent Corporate Reporting System with Integrated Reporting”, which describes integrated reporting in more detail and the connection to integrated thinking as a foundation.
Integrated reporting is the way to achieve a more coherent corporate reporting system, fulfilling a need for a single report that provides a fuller picture of organizations’ ability to create value. Integrated reporting can be used as an “umbrella” report for an organization’s broad suite of reports and communications, enabling greater interconnectedness between different reports. IFAC also strongly supports the International Integrated Reporting Council and the implementation of its Framework.
The International Public Sector Accounting Standards Board® (IPSASB) staff have issued a background paper to provide information on Emissions Trading Schemes (ETSs) and other government interventions that reduce emissions of greenhouse gases. The paper provides background information on ETSs and support the IPSASB’s potential future development of approaches for accounting for entities’ involvement in ETSs. This publication is not an IPSASB pronouncement and does not represent IPSASB members' views.
The IPSASB's "A Closer Look at:" series examines the challenges and benefits of governments adopting IPSAS and accrual accounting. In print and video interviews, each nation's expert describes the process and shares key details, timelines, and lessons learned.
Juan Zhang, IPSASB Member and Director, Accounting Regulatory Department, Ministry of Finance, China, discusses China's experience with IPSAS adoption and implementation.