Framework for Integrated Reporting and the Integrated Report

The Integrated Reporting Committee (IRC) of South Africa has recently released a Discussion Paper on the Framework for Integrated Reporting and the Integrated Report (January 25, 2011). The Paper notes that “integrated reporting is a journey. Organizations are unlikely to achieve perfection in the first year. However, as reporting processes for the production of the supporting information are designed and improved and as the executive team begins to benefit from a more informed implementation of the governing structure’s decisions, reporting will improve. Interactive communication with key stakeholders is fundamental to the success of integrated reporting as engagement leads to knowledge of the stakeholders’ legitimate interests and expectations.” Public comments are requested no later than April 25, 2011 (ircomments@saica.co.za). To learn more, read the IRC Media Release.

International Integrated Reporting Committee (IIRC) Newsletter

The International Integrated Reporting Committee (IIRC) is in the process of creating a globally accepted Integrated Reporting framework. A Discussion Paper and five regional roundtables are the first steps on the road to presenting proposals for the framework at the time of the G20 meeting in November 2011. Read more in the IIRC newsletter and subscribe online.

Quarter-end financial communications guidance provided by Canada’s CAs and CIRI

The Canadian Institute of Chartered Accountants (CICA) and the Canadian Investor Relations Institute (CIRI) have teamed up to produce a new publication entitled Quarter-End Financial Communications - Content to Consider, that offers some brief observations to assist management in preparing its summarized financial communications. (Read the CICA Press Release.)

Financial Reporting in Canada under IFRS - First-time Adoption of IFRS

The move to International Financial Reporting Standards (IFRS) is a major challenge for everyone involved in financial reporting in Canada: preparers, users, practitioners, professors and students. The CICA Guidance and Support Group have prepared the 2011 edition of Financial Reporting in Canada under IFRS as a primer for understanding and applying IFRS. Chapter 20 of the publication provides guidance on the First-time Adoption of IFRS. Additional resources are available on the CICA’s Transition to IFRS website.

Information overload: The paradox of better business reporting

Corporate reporting faces serious challenges, especially in the financial services sector. Disclosure requirements and best practice have always evolved in response to developing regulation and accounting standards. What is especially disruptive at the moment is that accounting standards and regulation in financial services are changing radically in response to the financial crisis. More and more weight is being loaded onto corporate reporting, but there is a risk that the benefits of progress may be swamped under a mass of detail. Read the article "Information overload: The paradox of better business reporting" in the January 2011 edition of Frontiers in Finance on the KPMG website.

IIRC Round Table to be hosted in India – January 19, 2011

The first of a series of round table events is to be held on January 19, 2011 at the Hotel Taj President in Mumbai. The International Integrated Reporting Committee (IIRC) Round Table will be part of the “Responsible Investment: Mainstreaming of Environmental, Social, Governance Factors” event hosted by German Development Corporation GTZ and the Global Reporting Initiative focal point in India. Indian stakeholders from the investment, business, financial and sustainability communities will be invited to discuss in groups proposals presented by the IIRC, the key themes around the questions of to what extent would integrated reporting help to incorporate a broader set of factors into investment decision-making and improving the company’s performances and, what are the key barriers to adoption of such a planned framework. Admission to this event is by invitation only. To learn more about the IIRC, read Governance and Collaboration – “Establishing an International Integrated Reporting Committee” published in December 2009 and updated May 2010.

XBRL Canada Webinar - Integrated Reporting and XBRL

Integrated Reporting involves a significant change in the way companies report to stakeholders by combining financial, sustainability and governance reporting. Some major companies have already implemented integrated reporting and the movement is gaining momentum. XBRL Canada is holding a webinar called Integrated Reporting and XBRL on January 25, 2011 (noon to 1:00 pm ET). The presenters will be Liv Watson and Brad Monterio, both globally recognized experts in XBRL and both of whom presented on October 14-15, 2010, at "A Workshop on Integrated Reporting: Frameworks and Action Plan" which was held at Harvard Business School. To register for this event, visit the XBRL Canada website and register online.