Can we evolve the Finance job into an innovative activity? Yes we can.
Can we increase the number of corporate reporting users from just a few specialists to potentially everybody who is interested in our company? Yes we can.
Can we transform our financial statement from a boring encyclopedia into a business tool able to increase the value of our capitals? Yes we can.
The answer is the INTEGRATED REPORTING (IR), the new evolution of Corporate reporting.
The IR is the new way to provide a concise communication of how the company is increasing the value of its capitals in a sustainable way.
This is a global trend sponsored by the IIRC - International Integrated Reporting Council - an international coalition whose aim is to set the standards for implementing the IR.
The greatest IIRC insight is leveraging the mistakes of the current corporate reports and proposing a new framework of simple principles, based on common sense. In the IR framework, released in December 2013, IIRC defines the guiding principles, which inspire us in our day to day activities, and the content elements which are the minimal parts an Integrated Report must contain in order to be in line with the framework.
The guiding principles will inspire us in transforming the finance day to day activities from a compliance approach to a more integrated thinking one where the decision making process considers all the relationships between the different elements of an organization.
The content elements help us produce corporate reports which goes beyond a ‘ticking the box’ exercise, to an effective way to communicate the company value creation story for all the external and internal stakeholders.
All of this is so thrilling, isn’t it?
For more about my thoughts on IIRC click here to read my post on the IIRC web site.
By Massimo Romano, from: http://www.tagetik.com/blog/authors/massimo-romano/2014-05-05-integrated-reporting#.U6M5F5RdV8E
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