The IFRS Foundation has finished filling out a new advisory body focused on finding ways to integrate sustainability standards into the general accounting literature.
The new advisory body, the Integrated Reporting and Connectivity Council, is meant to complement the foundation's recently formed International Sustainability Standards Board, which produces standards for environmental, social and governance-based reporting, with an initial focus on climate change. The IRCC will provide guidance on how reporting required by the International Accounting Standards Board and the ISSB could be integrated, and how the two boards could consider applying principles and concepts from the Integrated Reporting Framework to their projects.
The Integrated Reporting Framework was a key feature of the International Integrated Reporting Council, a sustainability-focused organization that then merged with the Sustainability Accounting Standards Board into the Value Reporting Foundation, which in turn was later merged into the ISSB.
The membership of the group includes regulators from around the world, investors, national standard-setters, accounting professionals, academics and individuals from companies and non-governmental organizations. The chair of the IRCC is Charles Tilley, former CEO of the International Integrated Reporting Council and former CEO of the Chartered Institute of Management Accountants.
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- American Institute of CPAs president and CEO Barry Melancon;
- Kevin Dancy of the International Federation of Accountants;
- Carmine Di Sibio of Big Four firm E&Y;
- Past Financial Accounting Standards Board chair Russell Golden;
- Robert Moritz of Big Four firm PwC;
- Veronica Poole of Big Four firm Deloitte;
- William Thomas of KPMG;
- Andrew Harding of CIMA-AICPA;
- Baker Tilly's Timothy Christian;
- Stathis Gold of IFAC;
- Grant Thornton International's Mark Hucklesby;
- Bob Herz, a former FASB chairman and board member of the Value Reporting Foundation;
- Keith Farlinger of BDO; and,
- Michelle Edkins of BlackRock;
"As general-purpose financial reporting evolves to take account of material sustainability information and other drivers of business value, the integrated reporting framework can become an even more valuable tool for businesses and investors alike. I look forward to taking on the role of IRCC Chair," said Tilley in a statement.
