Second Meeting
Integrated Reporting Taskforce
26 August 2011
Outcomes of the meeting held on 26 August 2011 at Level 40, 242 Exhibition St, Melbourne.
Attendance
- John Stanhope (Chairman)
- Merran Kelsall
- Jan West
- Bruce Donald (Secretary)
Apologies:
- Kevin Simpkins
- Kevin Stevenson
Key matters
- The meeting considered what an integrated report would entail and decided that the key desirable features included:
- A unified report, with two elements – the financial statements and other material
- with assurance
- providing global comparability; and
- consistent with International Financial Reporting Standards (IFRS) and globally recognised assurance standards
- applying to publicly listed entities and those believing it to be useful
- It was considered that the international momentum was with the International Integrated Reporting Committee (IIRC) and the Global Reporting Initiative, an important IIRC stakeholder, although it was recognised there have been other models advocated. The question of whether a government mandate might be needed was considered.
- It was agreed that the FRC needed to join the global process and influence the development of integrated reporting.
- The meeting considered the relationship of the Integrated Reporting Taskforce (IRTF) and the FRC with other bodies involved with the issue of integrated reporting in Australia. The issue of the considerable duplication of effort occurring in Australia regarding the broad issues involved in integrated reporting was noted. It was agreed that it would be far better from an Australian perspective if there was a coordinated and coalition approach to the global discussion.
- The most influential means to influence global discussions is through a group that is recognised globally. Since the FRC already has global recognition, and is able to provide input into the Australian Government’s contributions in global fora, it will maximise Australia’s influence if Australian contributions to the international debate are presented by the FRC. Clearly, given the position the FRC (and the Australian Government) has taken on other topics, any integrated reporting framework needs to be a global one.
- The IRTF decided to report to the FRC that:
- The FRC should take a lead in presenting Australian stakeholders’ views regarding integrated reporting. It is felt that integrated reporting falls within the remit of financial reporting, broadly defined, as the issues to be included in integrated reports are likely to have value for the decision-making of relevant stakeholders.
- Given the valuable feedback provided by stakeholders it was felt the taskforce did not need to collect further information
- The FRC should make submissions to relevant bodes regarding the views of Australian stakeholders, and invite comments from stakeholders when submissions are being prepared
- Invite relevant Australian bodies, such as the Business Reporting Leaders Forum to present their views to the FRC, and to be included in a collation of views represented in any FRC submission.
It was anticipated that the Integrated Reporting Taskforce would meet again later in the year.
Agreed actions
| Action | Responsible person | Deadline |
|---|---|---|
| Recommend to the FRC it take a lead role in presenting Australian views regarding integrated reporting globally | John Stanhope | Subsequent FRC meeting |
| Contact FRC Chairman to discuss IRTF outcomes, and invitation to BRLF | John Stanhope | ASAP |
| Contact Steve Vamos, Chairman BRLF, to discuss coalition effort and to invite to speak to the FRC | John Stanhope | ASAP |
| The IRTF will prepare drafts of submissions, for the FRC’s consideration, to the IASB Agenda consultation, the IIRC Discussion Paper, and write to the Treasurer and Parliamentary Secretary in preparation for the G20 meetings later in 2011. | Bruce Donald | Following Council meeting |