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