Ian Ball, IFAC’s Chief Executive Officer's presentation at the Global Reporting Initiative (GRI)’s inaugural conference on Sustainability and Integrated Reporting in Melbourne, Australia-March, 2012.
IFAC CEO Ian Ball's GRI Presentation-Integrated Reporting and a Sustainable Economy
1. Integrated Reporting and a
Sustainable Economy
Ian Ball
CEO International Federation of Accountants
Global Reporting Initiative
27 March 2012
Melbourne, Australia
2. Integrated Reporting and a Sustainable Economy
Why Greece won't go away
By Laurence Knight Business reporter, BBC News
6 February 2012
Financial Crisis Enters New Phase
By VIKAS BAJAJ
Published: September 17, 2008
4. Integrated Reporting and a Sustainable Economy
Called to Account
By Cathy Booth Thomas/Dallas Tuesday, June 18, 2002
State of the Enron
By FRANK RICH
Published: February 02, 2002
Report: Enron execs hid losses, made millions
February 2, 2002
5. 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
6. 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
8. 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
9. Integrated Reporting and a Sustainable Economy
What Is The Profession’s Role?
• 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
10. 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.
11. 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)