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Stephen Taylor, Partner at Deloitte China
and Leader of the firm’s Asia Pacific IFRS
Centre of Excellence in Hong Kong, says
he doesn’t expect Hong Kong to take the
lead with integrated reporting. “However,
as other jurisdictions and entities move
for ward, Hong Kong will follow,” he
Taylor, also a member of the Institute’s
Sustainability and Integrated Reporting
Advisory Group and Deputy Chairman
of the Listing Committee of HKEx’s Main
Board and Growth Enterprise Market, says
the process has to be market driven. “If in-
tegrated reporting improves investor infor-
mation and understanding, then it will be-
come the norm,” he says.
Academics will be watching the rollout
with interest. Cheng at the University of
New South Wales says more empirical re-
search into integrated reporting is required.
“[It would] help us understand how differ-
ent types of information can be presented in
a way that highlights their connectivity, and
to allow investors to form a useful, overall
picture of the company,” she says.
Members of the accounting profession are
also enthusiastic, hailing the framework as
presenting a clearer picture of the required
approach, considerations, inputs and disclo-
sures to generate an effective and meaning-
ful integrated report.
“The framework promotes the need to
answer the important questions around
long-term value creation,” says Nina le
Riche, Director of Risk Advisory at Deloitte
in Cape Town and a member of the South Af-
rican Institute of Chartered Accountants.
“In a world where financial instability
and [the costs of] longer term sustainability
threaten the wealth and welfare of society in
general, this further push towards improved
corporate transparency is definitely wel-
comed,” le Riche adds.
relationships with its key stakeholders, including how and to
what extent the organization understands, takes into account and
responds to their legitimate needs and interests.
• Materiality: An integrated report should disclose information
about matters that substantively affect the organization’s ability to
create value over the short, medium and long term.
• Conciseness: An integrated report should be concise.
• Reliability and completeness: An integrated report should
include all material matters, both positive and negative, in a
balanced way and without material error.
• Consistency and comparability: The information in an integrated
report should be presented: (a) on a basis that is consistent
over time; and (b) in a way that enables comparison with other
organizations to the extent it is material to the organization’s own
ability to create value over time.
ROLE IN OVERALL REPORTING LANDSCAPE
• Is about better reporting, not more reporting.
• Is consistent with numerous developments in corporate reporting
that take place within national jurisdictions across the world.
• Provides the impetus for greater innovation in corporate reporting
• Emphasizes conciseness, strategic focus and future orientation,
the connectivity of information, and the capitals and their
• Emphasizes the importance of integrated thinking within the
“If integrated reporting
it will become the
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