The International Integrated Reporting Council and Sustainability Accounting Standards Board have merged to become the Value Reporting Foundation, marking a significant step towards simplifying the global corporate reporting system.
The foundation will be a global non-profit offering a comprehensive suite of resources that helps businesses and investors develop a shared understanding of enterprise value and how it is created, preserved or eroded over time.
The resources, including integrated thinking principles, an integrated reporting framework and SASB standards, can be used alone or in combination, depending on business needs.
These tools, already adopted in over 70 markets, comprise the 21st century market infrastructure needed to develop, manage and communicate strategy that creates long-term value and drives improved performance.
The merger is considered a vital development in the future of global corporate reporting.
Talking about it, Helen Brand, chief executive of the Association of Chartered Certified Accountants (ACCA) and co-vice chair of The Value Reporting Foundation Board, said: "Business and investors need a clear, consistent and comprehensive view of what enterprise value means in the modern world. An integrated approach is necessary for corporate reporting, and this is what the Value Reporting Foundation will help organisations deliver.
"This is essential as investors and other stakeholders demand more decision-critical information such as the need for environmental and social related disclosures and measurements, and how they drive corporate strategies. The Value Reporting Foundation will work to offer technical and practical guidance that will not only bring about better decision making within organisations, but help preparers write meaningful integrated reports that meet stakeholders' needs. — VNS
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