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The Chartered Institute of Public Finance and Accountancy (CIPFA) and the International Integrated Reporting Council (IIRC) have announced that they are creating a public sector pioneer network to promote the implementation of Integrated Reporting (<IR>) in the public sector. The network will be overseen by a steering group of participants and external organisations.
This exciting new network will help identify and address key sector specific aspects for <IR> and facilitate the application of <IR> to public sector organisations. The network will be diverse and inclusive to ensure that the full range of experience and practice from across the global public sector is brought to bear.
<IR> aims to promote a more cohesive and efficient approach to corporate reporting that draws on different reporting strands and communicates the full range of factors that materially affect the ability of an organisation to create value over time. The International <IR> Framework offers principles based guidance which allows organisations to innovate and develop their reporting in the context of their own strategy, goals and objectives.
Speaking on the announcement of the new pioneer network, Ian Carruthers, CIPFA’s Director of Policy and Technical, said:
“This is a huge step forward for integrated reporting and a significant development for the public sector around the world.
“With so much of global GDP spent by public bodies, applying integrated reporting principles will give a much more transparent view of how and where their resources are used.
“We hope that public sector organisations from across the world will take up the transformational challenge of integrated reporting and join this exciting new pioneer group.”
IIRC Technical Director, Lisa French added:
“This network is a key opportunity for public sector organizations to use <IR> to understand and clarify the connectivity of the information they already publish.
“The aim of many public sector bodies to present a more complete, coherent and concise picture will be aided by the International <IR> Framework.
“The Framework was developed through the IIRC Pilot Programme, and its principles are readily applied to the public sector. This sentiment is echoed by the public sector organizations already reaping the benefits of <IR>. This network of pioneers will shape the public sector perspective of <IR> as well as serve to encourage peers in the public sector to adopt it.”
Bertrand Badré, Managing Director and World Bank Group Chief Financial Officer, believes in the benefits of <IR>,
“Integrated Reporting does more for an organization than just facilitate the creation of a holistic report of overall performance. It fosters and embeds integrated thinking – everyone has a common understanding and speaks the same language.
“At the World Bank Group, in addition to being a global development institution we are also a financial institution, and see the International <IR> Framework as a tremendous tool to help us align our performance with our strategic developmental objectives.”
Organisations interested in joining the Public Sector Pioneer Network should see the call for expressions of interest here: http://www.cipfa.org/policy-and-guidance/articles/integrated-reporting-public-sector-pioneer-network.
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CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services. We champion high performance in public services, translating our experience and insight into clear advice and practical services. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services.
About the IIRC
The International Integrated Reporting Council (IIRC) is a global coalition of regulators, investors, companies, standard setters, the accounting profession and NGOs. Together, this coalition shares the view that communication about businesses’ value creation should be the next step in the evolution of corporate reporting. A link to the International Integrated Reporting Framework can be found here. Follow us on YouTube, Twitter and LinkedIn.
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