Based on expansive market consultation, the revisions aim to simplify the required statement of responsibility for the integrated report, improve insight into the quality and integrity of the reporting process, make a clearer distinction between outputs and outcomes, and emphasize the balanced reporting of outcomes, value preservation, and erosion scenarios.
“As business resilience is tested so severely in the wake of the global pandemic, climate change and growing inequality, effective integrated thinking and reporting is more important than ever,” said Charles Tilley, CEO of the IIRC. “We believe these revisions can help businesses deliver more robust, balanced reporting.”
In February 2021, the IIRC released “Treatment of the Consultation Draft feedback” detailing the revision process and how the feedback and responses received from multiple stakeholders were addressed.
Lisa French, CTO of IIRC, who oversaw the revision process, stated, “As a market-led movement, the input of business, investors, the accountancy profession and experts in the field is essential.”