IIRC Council Meeting
Integrated Reporting is gaining traction across the world, with companies within every OECD and BRICS nation amongst those that are using an integrated thinking approach to develop reports that describe their purpose and business model, addressing a range of stakeholders that goes well beyond traditional investor reports. As the name suggests, Integrated Reports seek to provide both financial and non-financial information in a way that addresses the needs of investors as well as a wider employee, community and public readership. An integrated report aims to provide a holistic view about a business and the way it creates sustainable value.
Integrated Reporting aims to provide a more coherent corporate reporting system, one that takes a long term view. This week the International Integrated Reporting Council met in Tokyo. XBRL International CEO John Turner and NTT Data’s Yoshiaka Wada addressed the Council on Tuesday. They asked Council members to consider how Integrated Reports can best make use of the XBRL standard to further improve reporting. Members of the Council were encouraged to explore ways that, intelligently applied, the standard can help break down siloed thinking inside companies and help in drawing attention to the ways that companies are seeking to work with their investors, customers, suppliers and communities to operate in a way that will ensure that they can succeed in the long term. It proved a very welcome message and laid the foundations for closer co-operation between IIRC and XBRL International.