International Integrated Reporting Council

The International Integrated Reporting Council is a global non-profit organization headquartered in London, United Kingdom, which is comprised of regulators, investors, companies, standard setters, accounting professionals, civil society, academia and NGOs. It was formed in August 2010 and is funded by contributions from its council members and from participants in its network, as well as grants and donations, and events such as training programs and conferences.

The IIRC hopes to improve communication about value creation, advance the evolution of corporate reporting, and make a lasting contribution to financial stability and sustainable development. It envisions capital allocation and corporate behavior as being aligned to these goals, achieved by means of “integrated, streamlined reporting and thinking,” and adopted as a mainstream business practice in the public and private sectors.

The council is the primary institutional forum for expression of the coalition’s broad market view and collective voice, as well as the medium for its interaction and provision of advice, guidance and input on issues of relevance for the organization. Its members are representatives of numerous international organizations, such as the International Accounting Standards Board (IASB), the American Institute of CPAs, the Africa Integrated Reporting Committee (AIRC), the Asian Centre for Corporate Governance, and the United Nations Conference on Trade and Development (UNCTAD), among many others.

The IIRC offers a framework that helps companies to produce an integrated report that is focused on investors and considers the issuing company’s performance and prospects measured against six components or “Capitals.”  The Capitals are categorized in the framework as Financial, Manufactured, Human, Intellectual, Social and Relationship, and Natural. The framework does not prescribe specific key performance indicators, measurement methods or the disclosure of individual matters.

An integrated report is organized around eight “Content Elements” which are fundamentally linked to each other, are not mutually exclusive, and are stated in the form of questions. The Content Elements include: 

  • Organizational overview and external environment
  • Governance
  • Business model
  • Risks and opportunities
  • Strategy and resource allocation
  • Performance
  • Outlook
  • Basis of preparation and presentation

The report should also include a disclosure of material matters that could substantively affect the organization’s ability to create value in the short, medium or long term.

In January 2021, the IIRC published revisions to the 2013 version of its International Framework to enable more decision-useful reporting. The revisions were the result of extensive market consultation with 1,470 individuals in 55 jurisdictions. On its website, the IIRC notes that 2,500 organizations in over 70 countries currently use its framework.

IIRC CEO Charles Tilley noted, “As business resilience is tested so severely in the wake of the global pandemic, climate change and growing inequality, effective integrated thinking and reporting is more important than ever. We believe these revisions can help businesses deliver more robust, balanced reporting. The revisions are also aligned with our efforts to develop a global, comprehensive corporate reporting system.”

Aside from the International Framework, the IIRC also offers a number of programs and resources such as its Business Networks and a Bank of Examples to help implement integrated reporting.

Additional information about the IIRC can be found here.