To place integrated reporting in the DNA of corporate reporting, the Institute of Chartered Accountants of Sri Lanka (CA) and the Institute of Certified Management Accountants of Sri Lanka (CMA) organised a roundtable discussion for CEOs/CFOs of leading Sri Lankan business organisations on 24 November 2011.
Matty Yates, Head of International Network, Prince of Wales Project on Accounting for Sustainability (A4S), presented this topic, while the Sri Lankan experiences on integrated reporting was presented by Suresh Gooneratne, Director of Diesel and Motor Engineering PLC.
The Integrated Reporting Framework created by the International Integrated Reporting Committee (IIRC) is the first Global framework for Integrated Reporting. Apart from IIRC, GRI, Prince of Wales project on Accounting for Sustainability (A4S) are making efforts to popularise the discipline around the world.
IIRC has released a discussion paper titled ‘Towards Integrated Reporting: Communicating Value in the 21st Century’ seeking views of the stakeholders from all over the world.
Integrated Reporting demonstrates the linkages between an organisation’s strategy, governance and financial performance and the social, environmental and economic context within which it operates. By reinforcing these connections, Integrated Reporting can help businesses to take more sustainable decisions and enable investors and other stakeholders to understand how an organisation is performing. By addressing the material issues for an organisation, an Integrated Report should demonstrate in a clear and concise manner an organisation’s ability to create and sustain value in the short, medium and longer term. Integrated reporting supports the creation of long-term sustainable value by bringing together financial and non-financial information on areas that are material to an organisation’s strategy and business performance.
Yates has also been invited to share her views in India and Bangladesh in a series of consultations with stakeholders.