IFAC, IIRC, GRI partners in CMA summit on integrated reporting

The CMA Global Management Accounting Summit on the theme ‘Business Resilience through Integrated Reporting’ will be held from 27-29 July at the Cinnamon Lakeside Hotel. 

The supporting institutions at this international event will be the International Federation of Accountants (IFAC), the International Integrated Reporting Council (IIRC) and the Global Reporting Initiative (GRI). This will be the first time that a high-level summit on integrated reporting will be held in Sri Lanka.  

As set out in the International <IR> Framework, an integrated report is a concise communication about how an organisation’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value in the short, medium and long term. 

The framework enables a business to bring these elements together through the concept of ‘connectivity of information’ to best tell an organisation’s value creation story. These details will be explained in the two-and-a-half day Global Management Accounting Summit held on 27, 28 and 29 July and is a must-see event for those companies to learn about how to prepare an integrated report. 

The highlights of the global summit will be the attendance of the President of the International Federation of Accountants (IFAC) Olivia Kirtley, who will deliver the keynote address at the Global Summit on the topic ‘Accountancy profession - Deepening the engagement with integrated thinking and reporting’. 

The International Federation of Accountants is the global organisation for the accounting profession and comprises 175 members and associates in 130 countries and jurisdictions representing 2.5 million accountants in public practice, education, government, industry and commerce. 

Sri Lanka has two members - the Institute of Certified Management Accountants of Sri Lanka and the Institute of Chartered Accountants of Sri Lanka.  AAT Sri Lanka is an associate member. Two other foreign accounting bodies - ACCA UK and CIMA UK - operate in Sri Lanka.

The International Integrated Reporting Council (IIRC) is a global coalition of regulators, investors, companies, standard setters, accounting professionals and NGOs. The coalition is promoting communication about value creation as the next step in the evolution of corporate reporting. The IIRC is chaired by Prof. Mervyn King while Paul Druckman is its Chief Executive Officer.

The IIRC’s mission is to establish integrated reporting and thinking within mainstream business practice as the norm in the public and private sectors.

The IIRC’s vision is to align capital allocation and corporate behaviour with the wider goals of financial stability and sustainable development through the cycle of integrated reporting and thinking.

The IIRC will be represented by Technical Director Michael Nugent, who will address the global summit on ‘The complete architecture of Integrated Reporting and its current state of evolution’.

Integrated Reporting results in a periodic, concise integrated report about how an organisation’s strategy, governance, performance and prospects in the context of its external environment lead to the creation of value in the short, medium and long term (visit www.theiirc.org/international-ir-framework). 

Although providers of financial capital are the primary intended users, an integrated report should be designed to benefit all stakeholders – including employees, customers, suppliers, business partners, local communities, regulators and policy makers – interested in an organisation’s ability to create value over time. 

The key objective of integrated reporting is to enhance accountability and stewardship with respect to the broad base of tangible and intangible capitals and promote understanding and interdependencies. In December 2013 the IIRC released the IR Framework to be used as a guide for the voluntary adoption of IR.

GRI is an international independent organisation that helps businesses, governments and other organisations understand and communicate the impact of business on critical sustainability issues such as climate change, human rights and corruption, among other things.

GRI’s Sustainability Reporting Standards are fundamental to this success. With thousands of reporters in over 90 countries, GRI provides the world’s most widely used standards on sustainability reporting and disclosure, enabling businesses, governments, civil society and citizens to make better decisions based on information that matters. In fact, 93% of the world’s largest 250 corporations report on their sustainability performance. 

​The vision of GRI is to create a future where sustainability is integral to every organisation’s decision-making process.

GRI’s mission is to empower decision-makers everywhere, through their sustainability standards and multi-stakeholder network, to take action towards a more sustainable economy and world.

At the Global Summit, GRI Focal Point India Director Dr. Aditi Haldar will speak on “‘GRI and Integrated Reporting. 

The Global Summit will cover a range of topics relating to IR with special emphasis on Integrated Thinking, Integrated Reporting, Accountants connect with Integrated Thinking and Reporting, Building blocks of IR, Sustainability reporting migrating to IR, Asian and Country experiences of IR, getting started with IR and company experiences closing with a panel discussion on business success and value creation through IR.

The Global Summit will be suitable for Directors, CEOs, CFOs, those engaged in the preparation of Annual Reports, Senior Managers and Executives, Sustainability Managers, Management Accountants, Financial Accountants, Corporate Planners, Financial Analysts, Auditors, Internal Auditors, Government and State Corporation Finance Managers and Accountants, University Professors and Lecturers and Economists. 

For further details and registration contact Ms. Shanthi on 0714 705536 or email [email protected].