The International Accounting Standards Board (IASB) and International Integrated Reporting Council (IIRC) today announced an agreement that will see the two organisations deepen their cooperation on the IIRC’s work to develop an integrated corporate reporting framework.
The Memorandum of Understanding, signed by IASB Board Chairman Hans Hoogervorst, and IIRC Chief Executive Paul Druckman, demonstrates the common interest of both organisations in improving the quality and consistency of global corporate reporting to deliver value to investors and the wider economy.
Commenting on the signing of today's agreement, Hans Hoogervorst said:
"This agreement formalises the already strong relationship that exists at multiple levels between our respective organisations. We support the IIRC’s vision of the evolution of corporate reporting, and through this agreement we will cooperate on important areas of mutual interest."
Paul Druckman, IIRC Chief Executive Officer, commented:
"In ten weeks, the IIRC will publish the draft International Integrated Reporting Framework for consultation. An important part of our work is about creating the conditions for adoption of integrated reporting as a better language for businesses to communicate with their investors, in order to deliver more sustainable value creation and more efficient capital markets. The IASB has done so much to improve the quality and consistency of financial reporting across the world. Creating a new corporate reporting language that better serves business and investors, and contributes to a more sustainable global economy will be the ultimate prize".
The IIRC is a global coalition of market participants and other relevant stakeholders who are working towards the publication of the International Integrated Reporting Framework. The Consultation Draft of the Framework will be released on 16 April 2013. The Framework itself will be published in December 2013.
The IASB is responsible for the development and promulgation of International Financial Reporting Standards (IFRSs), required or permitted by companies in more than 100 countries.
The Memorandum of Understanding can be viewed here.
Chris Welsh, Communications Manager, IFRS Foundation
Telephone: +44 (0)20 7246 6495
Mark Byatt, Director of Communications and External Affairs, IFRS Foundation
Telephone: +44 (0)20 7246 6472
About the and International Integrated Reporting Council
The IIRC’s mission is to create the globally accepted International IR Framework that elicits from organizations material information about their strategy, governance, performance and prospects in a clear, concise and comparable format. The International IR Framework will underpin and accelerate the evolution of corporate reporting, reflecting developments in financial, governance, management commentary and sustainability reporting. The IIRC will seek to secure the adoption of IR by report preparers and gain the recognition of standard setters and investors.