Harry’s impression: IIRC aligns standards for clearer sustainability reporting

 


The International Integrated Reporting Council (IIRC) plans to combine existing reporting frameworks to help the corporate sector report non-financial information such as environmental impact. The two-year project will be funded by New York City Mayor Michael Bloomberg’s charity Bloomberg Philanthropies. Corporate Reporting Dialogue (CRD) Chair Ian Mackintosh said: “There is a renewed urgency to drive better alignment that can combat reporting fatigue, reduce burden and enable more effective corporate reporting,” adding that the different elements of the corporate reporting system are not working as harmoniously as possible. The CRD was originally initiated by IIRC in 2014 as a response to market demands for better coherence and comparability between the corporate reporting standards and frameworks. Members of the CRD, such as the Sustainability Accounting Standards Board (SASB), the Global Reporting Initiative (GRI) and Carbon Disclosure Project (CDP), will be mapping out their own sustainability standards and identifying common traits and differences. They will also identify how non- financial metrics relate to financial outcomes, and how it can be integrated into mainstream reports. The IIRC expects to have the initial recommendations on how the existing frameworks can be aligned in the third quarter of 2019. 


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