Integrated thinking and Integrated Reporting (IR) has widely recognized as a process of creating corporate value and sustainability to organizations. It is influencing the way organizations think, plan and report the activities of their businesses. Organizations are using IR to communicate a clear, concise, integrated story that explains how all of their resources are creating value and it helping businesses to think holistically about their strategy and plans, make informed decisions and manage key risks to build investor and stakeholder confidence and improve future performance. IR is shaped by a diverse coalition including business leaders and investors to drive a global evolution in corporate reporting.
In ensuring Sri Lanka’s corporates are in line with these relevant trends, CA Sri Lanka in association with the International Integrated Reporting Council (IIRC) has taken the leadership in providing knowledge and insights on this important initiative in Sri Lanka.
Therefore, under the patronage, guidance and support of the IIRC, the Council of CA Sri Lanka has formed a committee titled the Integrated Reporting Council on 05 July 2016, with a view of promoting Integrated Reporting in Sri Lanka and enabling corporates and others interested to share knowledge on matters relating to the content, context and implementation.
The main objectives of the Integrated Reporting Council is to:
- Promote inclusive and concise corporate reporting of how entities create value through their business model, stakeholder engagement, risk and governance processes deployed to achieve sustainable development;
- Identify related needs of all stakeholders, interested in integrated reporting issues and the best manner in which those needs could be fulfilled;
- Raise the awareness of integrated reporting by initiating seminars, conferences, round table discussions and technical publications;
- Disseminate knowledge on integrated reporting among corporates and accounting professionals and provide guidance on integrated reporting;
- Collaborate with statutory bodies for promoting integrated reporting;
- Carry out research and studies in relation to Integrated Reporting.
