Welcome to the IIRC

The Prince’s Accounting for Sustainability Project (A4S) and the Global Reporting Initiative (GRI) announced on Monday 2nd August 2010 the formation of the International Integrated Reporting Committee (IIRC).

The world has never faced greater challenges: over-consumption of finite natural resources, climate change, and the need to provide clean water, food and a better standard of living for a growing global population. Decisions taken in tackling these issues need to be based on clear and comprehensive information, but as The Prince of Wales has said, we are at present “battling to meet 21st century challenges with, at best, 20th century decision making and reporting systems."

The IIRC's remit is to create a globally accepted framework for accounting for sustainability: a framework which brings together financial, environmental, social and governance information in a clear, concise, consistent and comparable format - put briefly, in an “integrated” format. The intention is to help with the development of more comprehensive and comprehensible information about an organization’s total performance, prospective as well as retrospective, to meet the needs of the emerging, more sustainable, global economic model.

 

"To make our economy sustainable we have to relearn everything we have learnt from the past. That means making more from less and ensuring that governance, strategy and sustainability are inseparable. Integrated Reporting builds on the practice of Financial Reporting, and Environmental, Social and Governance - or ESG - Reporting, and equips companies to strategically manage their operations, brand and reputation to stakeholders and be better prepared to manage any risk that may compromise the long-term sustainability of the business."

Professor Mervyn King, Chairman of the GRI

 "The case for globally consistent financial reporting standards is well understood and accepted. It is appropriate to apply the same global approach to other aspects of corporate reporting. This initiative represents an important step on that journey".

Sir David Tweedie, Chairman of the International Accounting Standards Board
"The goal of the IIRC is not to increase the reporting burden on companies and other entities. Rather, it is to help them and all their stakeholders make better resource allocation decisions. All of us have a stake in a sustainable society. While integrated reporting alone cannot ensure sustainability it is a powerful mechanism to help us all make better decisions about the resources we consume and the lives we lead".

Ian Ball, CEO of the International Federation of Accountants

 “I believe we will look back on the creation of this Committee as a turning point in the development of corporate reporting.”

Jane Diplock, Chairman of the New Zealand Securities Commission and Executive Committee of the International Organization of Securities Commissions (IOSCO)