IIRC revises International Framework to enhance reporting
In January, the International Integrated Reporting Council (IIRC) published revisions to its International <IR> Framework designed to enable more decision-useful reporting. The changes follow an extensive consultation to review the framework, which identified areas for clarity and simplification.
IIRC has also released its ‘Treatment of Consultation Draft feedback’ on how the consultation input was treated, how the <IR> Framework was revised, and why, as well as documentation of the feedback and analysis.
The announcement comes in the context of IIRC’s planned merger with the Sustainability Accounting Standards Board (SASB), which also aims to clarify reporting and is rooted in the complementarity of the <IR> Framework, which describes value creation topics and how to integrate them, and the SASB standards, which provide precise definitions of data to be reported for each topic. Given the ongoing efforts of these organisations and others to collaborate on a comprehensive corporate reporting system, we will be interested to watch how the streamlined new framework feeds into the development of consistent standards.