In May 2010, the International Integrated Reporting Council (IIRC) was established to develop an integrated reporting (<IR>) framework. Following two rounds of global consultation and taking account of three years of feedback from over 100 pilot organisations globally, the IIRC released its <IR> framework in December 2013. Full details of the IIRC’s work and publications can be found on the IIRC website www.theiirc.org
In Australia, The Society for Knowledge Economics (SKE) had undertaken a number of collaborative projects focusing on better management, monitoring and reporting by organisations on their use and development of intellectual capital and other intangible assets e.g. Australian Guiding Principles on Extended Performance Management (2005).
At the request of Stakeholders from a wide range of sectors, the SKE convened a relevant multi-stakeholder group, called the Australian Business Reporting Leaders Forum’s (BRLF) with a core purpose of:
‘Collaborating with Australian stakeholders and working with global initiatives to promote and drive the development and implementation of a strategy-aligned integrated business reporting framework, thereby reducing complexity and enabling efficient allocation of capital.’
The BRLF has been working with Australian stakeholders since June 2010 to discuss IIRC’s development of the global <IR> framework and progress in corporate reporting reform in Australia. BRLF participants’ comments and concerns have been fed back to the IIRC, and were considered in the development of the <IR> framework.
Since the IIRC framework was released in December 2013, the BRLF has been more focused on driving corporate reporting reform and change in Australia, which has included discussions with Ministers, Business Leaders and other influential groups with respect to specific issues potentially restricting reform and especially the introduction of <IR> (i.e. the impact on directors’ liability, assurance, simplification of certain disclosures currently required under the Corporations Act). In 2015 the BRLF focus will continue to focus on promoting widespread adoption of <IR> and supporting initiatives to facilitate corporate reporting reform.
The BRLF will continue to hold regular general meetings to brief interested parties on progress to date and likely future actions.