EY welcomes the International Integrated Reporting Council’s efforts and consideration of next steps with the issuance of the Draft Framework
London, 17 April 2013
EY welcomes the issuance yesterday of the International Integrated Reporting Council’s (IIRC) Consultation Draft of the International Reporting (IR) Framework as the next step in the development of integrated reporting.
The Draft Framework proposes a new corporate reporting model primarily directed at providers of financial capital. IR seeks to encourage integrated thinking and behavior within the organization and hopes to result in communicating, in a concise way, how an organization’s strategy, governance, performance and prospects leads to value creation over time. This communication would be achieved through the integrated report, an evolution in corporate reporting. EY values IIRC’s efforts to explore these important topics with a long term goal of helping to restore trust in corporate reporting including how management of an enterprise manages and uses resources and reports on value creation to investors and other stakeholders.
Numerous global businesses and institutional investors are directly involved with IIRC’s work including many who are participating in IIRC Pilot Programme which has helped inform the Draft Framework.
Mark A. Weinberger, EY Global Chairman and CEO-elect and IIRC member said: “IR represents a meaningful and significant opportunity to explore and evolve corporate reporting for the future. The Council is taking the right approach by including all stakeholders in the debate and seeking broad input as it seeks to improve and consider corporate reporting responsive to the changing needs of stakeholders. We encourage all stakeholders to contribute to the enhancement of the Draft Framework by responding to IIRC during the consultation period, and by joining the debate.”
The consultation period ends on 15 July 2013. The Consultation Draft is available at http://www.theiirc.org/consultationdraft2013.
The IIRC plans to issue the initial version 1.0 of the Framework in December 2013.
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