The CRD will bring together organizations that have significant international influence on the corporate reporting landscape, according to the IIRC. The platform aims to promote greater coherence, consistency and comparability between corporate reporting frameworks, standards and related requirements, leading to improved efficiency and effectiveness.
The organizations participating in the CRD are all involved with the issuing of international standards and frameworks. They are: CDP, Climate Disclosure Standards Board, Financial Accounting Standards Board, Global Reporting Initiative, International Accounting Standards Board, IIRC, International Public Sector Accounting Standards Board, International Organization for Standardization and Sustainability Accounting Standards Board.
IIRC says the CRD will develop practical ways to bring alignment to the direction, content and ongoing development of reporting frameworks, standards and related requirements. Participants will share information, express a common voice on areas of mutual interest, and as the initiative progresses, will reach out to the broader corporate reporting landscape.
The initial deliverable will be to develop a “Corporate Reporting Landscape” highlighting the connectivity of the various reporting frameworks and standards and their relevance to integrated reporting.
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.