Deloitte comment letter on the IIRC's integrated reporting discussion paper
Deloitte's IFRS Global Office has submitted letter of comment to the International Integrated Reporting Council (IIRC) on its Discussion Paper, Towards Integrated Reporting — Communicating Value in the 21st Century. We acknowledge the purpose of the discussion paper is to create dialogue on the direction and framework for corporate reporting. We agree on improving the current corporate reporting model and that the principle of stewardship should encompass value creation and the costs incurred to create that value. We also provided what we feel are necessary steps in the process of developing a new (integrated) business reporting model. The following is an excerpt from the letter:
We think the following steps are necessary to further the IIRC’s goal: research into and development of a ‘conceptual framework’ for integrated reporting which not only identifies but defines the building blocks of integrated reporting with accompanying rationales. Relevant building blocks would include amongst others:
For the integrated reporting model to be successful and capable of practical and consistent application we believe a clear definition of and consensus on these fundamental concepts will be necessary.