In an effort to encourage integrated reporting (IR) in the public sector, the Chartered Institute of Public Finance and Accountancy (CIPFA) and the International Integrated Reporting Council (IIRC) are creating a public sector network to help identify and address key sector specific aspects for IR and facilitate the application of IR to public sector organizations.
The network will be overseen by a steering group of participants and external organizations, CIPFA and IIRC say.
Last year the IIRC released its Integrated Reporting (IR) Framework, which combines sustainability and financial data to provide a holistic view of the company and its ability to sustain value over the short, medium and long term. It focuses on bringing greater efficiency to the reporting process and adopting “integrated thinking” as a way of reducing duplication, IIRC says.
In January the Sustainability Accounting Standards Board and the IIRC teamed up to promote corporate disclosure and sustainability reporting, signing a memorandum of understanding that outlines the basis for ongoing cooperation, collaboration and alignment between the two organizations. Among other measures, SASB and the IIRC agreed to strive for complementarity and compatibility in the ongoing development of their respective frameworks, guidelines and standards, and share the work of the other organization.