On Tuesday, 19 January 2021, the International Integrated Reporting Council (IIRC) published its revisions to the International <IR> Framework to drive more effective, robust reporting.
The <IR> Framework was originally published in 2013. The aim of the Framework is twofold: first, it aims to establish the Guiding Principles and Content Elements that drive integrated thinking and reporting. Second, the Framework explains the corresponding fundamental concepts.
The purpose of this framework is as relevant today as when the IIRC was formed. However, analysis of the feedback by the IIRC’s <IR> Framework Panel showed that clarifications and minor revisions in the framework – such as the clarification of concepts, the simplification of guidance for the writers of these integrated reports, and the underpinning of high-quality integrated reports – would lead to more decision-useful reporting that supports the journey to integrated reporting.
Some first observations regarding the revision:
- More focus on value preservation and erosion, next to value creation
- Business activities can now affect business outcomes directly
The new visualization of the framework:
If you want to know more about the revised Framework; IIRC organized a webinar to introduce the revisions of the International <IR> Framework. A recording of the webinar will soon be published on their website.
In addition, you can find the complete updated IIRC Framework here.