@GRIAusConf_Plenary: The Role of Reporting In The Transition To A Sustainable Economy - Ian Ball

Plenary Panel: The Role of Reporting in the Transition to a Sustainable Economy

Prof. Ian Ball CEO, International Federation of Accountants

Jane Diplock Director, Singapore Exchange; Former Chair of the New Zealand

Securities Commission; Former Chair of the Executive Committee, International Organisation of Securities Commissions

Damien Walsh Managing Director, bankmecu

Simon Longstaff Executive Director, St James Ethic Centre

Ian Ball

CEO International Federation of Accountants

Global Reporting Initiative

27 March 2012

Melbourne, Australia

Integrated Reporting and a

Sustainable Economy

Integrated Reporting and a Sustainable Economy

Financial Crisis Enters New PhaseBy VIKAS BAJAJ

Published: September 17, 2008

Why Greece won't go awayBy Laurence Knight Business reporter, BBC News6 February 2012

Integrated Reporting and a Sustainable Economy

Integrated Reporting and a Sustainable Economy

Report: Enron execs hid losses, made millionsFebruary 2, 2002

Called to AccountBy Cathy Booth Thomas/Dallas Tuesday, June 18, 2002

State of the EnronBy FRANK RICH

Published: February 02, 2002

Integrated Reporting and a Sustainable Economy

Financial Reporting remains critical

• Global convergence to IFRS is a critical step, not yet

achieved

• In the public sector we are barely crawling, let alone walking

• Adoption and enforcement of standards locally is a challenge

Integrated Reporting and a Sustainable Economy

Enhancing Transparency Through Reporting

• Financial statements remain critical but do not tell the

whole performance story

• Concern with the reporting model is not new and various

initiatives have attempted to deal with the challenges

Integrated Reporting and a Sustainable Economy

Integrated Reporting and a Sustainable Economy

The Opportunity of Integrated Reporting

• Integrates sustainability of an organization from a financial,

economic, social and environmental perspective

• The International Integrated Reporting Council has wide multi-

disciplinary political support to develop an integrated reporting

framework

• This is not intended to replace existing forms of reporting but to

provide, in an integrated way, a clear and understandable

picture of material financial and ESG issues

• Ensuring that professional accountancy

organizations require relevant knowledge

acquisition

• Helping accountants in practice and in

business to acquire the skills and mindset

needed

• Helping develop the new model

Integrated Reporting and a Sustainable Economy

What Is The Profession’s Role?

Integrated Reporting and a Sustainable Economy

The Role of IFAC

• Member of the International Integrated Reporting Council and

o Chair of Working Group

o Providing technical staff support to the development of IR framework

2012:

• Technical consultation papers on specific topics

• Continuous involvement of Pilot Programme participants and others

2013:

• Proposed integrated reporting framework.

Integrated Reporting and a Sustainable Economy

The Role of IFAC

• Professional accountants in business

o Promoting and providing guidance on integrated and ESG reporting and

on incorporating sustainability into management processes

o Encouraging effective governance and business reporting processes

• Small and medium practices

o Enhancing advisory services of SMPs

• IAASB

o Assurance of GHG Emission statements (ISAE 3410) and other

assurance (ISAE 3000)

www.ifac.org