New York (Sept. 12, 2011) – The International Integrated Reporting Committee (IIRC) today proposed a new, integrated framework for business reporting which captures all material aspects of an organization’s performance. Integrated reporting is designed to enhance and consolidate existing reporting practice by linking key strategies, governance and financial performance with the environmental and social context in which an organization operates.
The American Institute of Certified Public Accountants supports efforts to develop clearer, more consistent, globally accepted accounting and reporting standards, and encourages members to provide input on the IIRC draft document over the next three months.
“Many public companies and other organizations already compile this information in separate reports,” said Sue Coffey, AICPA senior vice president, public practice and global alliances. “Pulling it together in a concise, interconnected way will provide value and transparency for investors assessing an organization’s strategy and performance. It also will help the organization to sustain its value over the long term.”
The IIRC was formed in 2010 by The Prince of Wales’ Accounting for Sustainability Project, the Global Reporting Initiative and the International Federation of Accountants. The committee and AICPA jointly convened a June 2011 roundtable discussion on integrated reporting at Bloomberg L.P.’s offices in New York , and will co-host another session in Palo Alto, Calif., this November.
The IIRC will begin a pilot program next month for organizations that want to try out the integrated reporting framework. Interested organizations are invited to apply.
A copy of the IIRC discussion paper, “Towards Integrated Reporting: Communicating Value in the 21st Century,” is available at www.theiirc.org.The comment period will be open through December 14, 2011.
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