The International Integrated Reporting Council (IIRC) released its first-ever update to its reporting framework since the organization formed in 2013. The revisions are concentrated less on wholesale paradigm changes and more on clarifying key concepts and simplifying certain areas. In general, they focus on a simplification of the required statement of responsibility for the integrated report; improved insight into the quality and integrity of the underlying reporting process; a clearer distinction between outputs and outcomes; and a greater emphasis on the balanced reporting of outcomes and value preservation and erosion scenarios.

“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," said IIRC CEO Charles Tilly. "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."

The IIRC this year is expected to complete an announced merger with the U.S.-based Sustainability Accounting Standards Board, with which it will form the new Value Reporting Foundation. Interviews with leaders in both organizations that will be detailed in the next issue of The Trusted Professional indicate that the VRF will retain the distinct branding and products of its component organizations, at least for now, which means that this new revised framework will be the one followed by the new foundation as well.