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Integrated reporting is probably the most developed and promising initiative in trying to improve the interconnectivity of various strands of reporting. However, some companies consider that preparing an integrated report is an additional burden to what they are already required to prepare for mandatory reporting. They also find it difficult to understand how integrated reporting fits in with the requirements of other reports. Therefore, a more coordinated – integrated – corporate reporting approach is needed to respond adequately to a more demanding audience.
Accountancy Europe considers that one way forward for the IIRC to further develop is continue engaging with other supporting initiatives such as the CORE & MORE concept developed by Accountancy Europe. Both concepts are consistent, recommending to report what is crucial to the value creation of the entity involved.
Moreover, the still immature and evolving environment of the broad range of corporate reporting frameworks poses a challenge for preparers of such reports. Implementing the integrated reporting framework can be difficult for an organization since there are not many practical examples to help tailor the report to their own activities. Even though companies are seeking more consistency, it would be premature to formalize excessively their integrated report.