The International Integrated Reporting Council (IIRC) has launched its long-awaited consultation draft of the integrated reporting (<IR>) framework, which lays the groundwork for a more comprehensive corporate reporting model.

The consultation has been launched in fifteen different locations around the world, including six stock exchanges which have hosted the event.

IIRC chief executive Paul Druckman, speaking at New York-based NASDAQ stock exchange said the IIRC has forged global consensus regarding the need for a change in the current corporate reporting model.

"The Framework is the product of business and investor input and testing involving over 300 individuals and organisations. The IIRC has recruited businesses and investors to its pilot programme in 25 countries. So when I say this initiative is international in scope, and market-led in spirit, I mean it," Druckman said.

IIRC chairman Mervyn King, speaking today at the Johannesburg stock exchange said the world faces two dangers: financial instability and unsustainability.

"Integrated Reporting […] charges [businesses and investors] with the responsibility to communicate how they create value over time. It empowers them to create new tools and mind-sets that will improve the quality of decision-making," King said.

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Call for participation

ACCA chief executive Helen Brand welcomed the consultation and urged all with a stake in this subject to respond and therefore "help shape the future of corporate reporting."

PwC global chairman Dennis Nally said <IR> can make a critical contribution towards financial stability and called on companies, investors and others with a stake in corporate reporting to contribute their views on the consultation.

Similarly, KPMG deputy chairman Alan Buckle praised the work of the IIRC and urged regulators, investors and governments "to actively drive for change for better business reporting which can help ensure future financial stability."

The deadline to comment on IIRC’s framework consultation is 15 July.