• Register
Return to: Home > News > Financial Results > UNCTAD, IIRC sign updated MoU

UNCTAD, IIRC sign updated MoU

The UN’s Sustainable Development Goals (SDGs) can and must be integrated in to corporate reporting, according to a new agreement. UNCTAD and the International Integrated Reporting Council (IIRC) have signed an updated memorandum of understanding (MoU), in which the two organizations will enhance their cooperation to integrate the SDGs into the corporate reporting cycle.

This action re-affirms the role of business in helping to achieve the SDGs, in particular Target 12.6 which specially commits to ‘integration in corporate reporting’ and drawing inspiration from Goal 12 on the need to ensure sustainable consumption and production patterns.

Integrated reporting is the concept of a more holistic form of reporting the value created by a business, which the IIRC’s coalition of business, investors and regulators is seeking to make the global norm, through reform of the corporate reporting system.

Responsible for addressing enterprise accounting and reporting issues in the UN system, UNCTAD has been active in assisting member States in developing a strong corporate reporting system to facilitate investment through its Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR). UNCTAD has been a supportive member of the IIRC Council, which acts as the focal point for developing a strong, effective, navigable and unified corporate reporting system, since the IIRC’s inception in 2010 and was part of the working group that developed the International <IR> Framework.

The updated MoU will see both organizations collaborating especially around the methodology for SDG Indicator 12.6.1 and in efforts to enhance support in the market. Previously, UNCTAD and the IIRC collaborated on the UNCTAD project to provide ‘Core Indicators’ which are opening benchmarks for business reporting of the SDGs, and which were unveiled by UNCTAD at its ISAR 35th session last October.

IIRC Chief Executive Richard Howitt said: “The IIRC encourages businesses to align their value creation models with the SDGs and use relevant metrics to measure and communicate on performance, (short term and long term). In order to achieve this and provide stakeholders with confidence, this is not just about the contents page of a report, but the pressing need for relevant and reliable information about business’ contribution to the SDGs which is fully integrated across the company and its reporting cycle”.

Top Content

    South Africa: sensing new opportunities

    It has been an interesting couple of years for the profession in South Africa. A number of high-profile scandals have brought the profession and the role of auditors into sharp public focus, brewing a distrust towards accountants and a large expectations gap. Joe Pickard reports.

    read more

    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

    read more

    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

    read more

    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.