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This reporting involves the provision of decision-useful information to organisational stakeholders beyond that which is provided in traditional financial reporting and financial statements; and may provide important links between that financial reporting and other organisational reporting. IFAC strongly supports the work of the IIRC in developing its IR framework, which is an example of such enhanced reporting.
Enhanced organisational reporting provides a more complete view of an organisation’s position, performance, and longer term potential and sustainability, and is in the public interest. It provides important information for both internal and external stakeholders to support managing and directing operations, decision making, promoting transparency, and the discharge of accountability.
“Given the high volume of responses to the recently-issued Framework from the IIRC, we feel this is an important and timely topic", said Fayez Choudhury, IFAC CEO. “We recognise that there are many organisational reporting frameworks and regulations available and being developed, and it is important to examine the relationships between these frameworks and promote global consistency and convergence.”
The accountancy profession has a history of involvement in developing and improving reporting processes and controls, and identifying and reporting key financial and other information. IFAC believes that the accountancy profession has a key role to play in enhancing organisational reporting.