Integrated Reporting on the Rise
The Integrated Reporting consortium reports this week that IFAC has issued a strong statement of support for the <IR> methodology and that SEBI, the Indian corporate regulator, has announced that the largest 500 companies in that country are encouraged to issue Integrated Reports in order to meet their new mandatory Business Responsibility Report (BRR) requirements.
Integrated Reporting provides a framework that allows an organisation to describe its strategy, performance and future prospects in a cohesive fashion, integrating (as the name suggests) financial and non-financial reporting under a single umbrella.
The XBRL specifications provide standardised ways for companies to express their performance in a universal digital format, no matter what information is conveyed. The two efforts are strongly complementary and there are significant numbers of people within the XBRL community that also work on <IR>. Do check out the IFAC and SEBI developments.