ACCA’s Feedback Regarding the Global Implementation of the <IR> Framework
ACCA (the Association of Chartered Certified Accountants) has submitted their feedback on business implementation of integrated reporting to IIRC (International Integrated Reporting Council) as response to the campaign launched by IIRC in which different investors, regulators, policy makers and stakeholders were invited to give their opinion with regards to the implementation of integrated reporting and ways in which the quality of integrated reporting can be improved going forward. This is to make sure that integrated reporting as a reporting tool stays in tune with the market needs.
As per the feedback submitted to the IIRC, ACCA has strongly voiced its support in favor of the global implementation and adoption of the <IR> Framework as a reporting tool as it provides entities with an opportunity to follow and implement better reporting and corporate practices.
ACCA has also recommended that targeted amendments should be made within the Framework so that to explicitly signal the importance of value creation and various capitals approach to each content element of the integrated report: from defining the business model and strategy to managing risks and opportunities and evaluating performance.
For the credibility of the integrated reporting framework, ACCA has recommended the IIRC to pay more attention on ways to enhance accountability over reporting, including issuance of further information with regards to the Guiding Principles of comparability and consistency, and completeness and reliability. ACCA has also recommended to the IIRC to explore more meaningful ways for boards to confirm their commitment towards <IR>.
As per the given situation in which entities are required to follow various non-financial reporting requirements, frameworks and standards, ACCA has advised the IIRC to continue seeking advice from stakeholders, particularly with regards to the question of where the integrated reporting should be positioned within the corporate reporting system.
ACCA has been in support of the Framework since the very start and continues to lend support to the framework as ACCA considers it to be a tool that can play an important role in driving better corporate and reporting practices. The ACCA remains committed to the cause of supporting the integrated reporting framework throughout its Global Adoption phase.
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