Latest News – Integrated Reporting SA

CGISA/JSE Awards 2023

IRC of SA — Tue, 21 Nov 2023 10:12:38 +0000

Congrats to Exxaro Resources, Nedbank, Redefine Properties, Pan African Resources, Sea Harvest, GEMS, DBSA and SAICA for winning their categories in the CGISA/ JSE Integrated Reporting Awards 2023. View the full list of winners and the judges’ report.

Comprehensive Corporate Reporting

IRC of SA — Mon, 18 Sep 2023 12:04:40 +0000

Wondering how the new sustainability standards can fit into your corporate reporting suite? The IRC’s latest Information Paper puts the standards in the context of the board’s role in reporting, the existing sustainability standards, and the integrated report. To access click here

A new era: S1 and S2

IRC of SA — Tue, 04 Jul 2023 21:28:20 +0000

The International Sustainability Standards Board (ISSB) has released its first two IFRS Sustainability Disclosure Standards, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. The Standards are being positioned as a ‘global baseline’ to which a country’s national reporting requirements and practices and multi-stakeholder sustainability standards (e.g. GRI) can be ‘layered’. The ISSB Standards are voluntary, unless mandated by a country’s national reporting authority for legal enforcement. The ISSB has also released supplementary documents, including Guidance. Click to access the IFRS website page with the Standards and documents.

Winning reports: EY Excellence in IR Awards 2023

IRC of SA — Tue, 04 Jul 2023 21:20:31 +0000

Congratulations to Nedbank for winning the EY Excellence in IR Awards 2023; Redefine Properties and Kumba Iron Ore took the second and third spots.To access the results click here.

Code for Responsible Investing in SA

IRC of SA — Wed, 28 Sep 2022 12:23:05 +0000

South Africa’s Second Code for Responsible Investing in South Africa, 2022 (CRISA 2) was released in September 2022. It builds on the first CRISA Code (2011) and contains five voluntary principles for stewardship and responsible investment as a key component of the South African governance framework. The Codes recommend integrated reporting. To download CRISA 2 click here.

IR into IFRS Foundation

IRC of SA — Wed, 03 Aug 2022 07:27:55 +0000

On 1 August 2022 the IFRS Foundation announced the completion of the consolidation of the Value Reporting Foundation (VRF) into the IFRS Foundation. The VRF’s Integrated Reporting Framework provides connectivity between financial statements and sustainability-related financial disclosures. The ISSB and IASB actively encourage continued adoption of the Integrated Reporting Framework to drive high-quality corporate reporting. For the IFRS Foundation press release click here

IFRS Foundation statement sets out future of IR

IRC of SA — Wed, 25 May 2022 10:27:45 +0000

The IFRS Foundation, on 25 May 2022, released a statement articulating the future path for integrated reporting. It offers clarity following the Value Reporting Foundation’s consolidation on 30 June 2022. The International Framework becomes the joint responsibility of the Chairs of the IASB and ISSB and their message is to carry on adopting the International Framework. The statement is available here. For a better understanding of what this means in practice, click here for an outline.

A new inter-connected approach to sustainability standards

IRC of SA — Thu, 24 Mar 2022 15:42:09 +0000

The IFRS Foundation and the GRI have signed an MoU to align capital market (IFRS Foundation) and multi-stakeholder standards (GRI) to create an interconnected approach for sustainability disclosures. The compatibility should ease the reporting burden [...]

Climate change reporting changes in the US

IRC of SA — Sun, 20 Mar 2022 08:14:25 +0000

The US Securities and Exchange Commission (SEC) is updating, after a public consultation period, for amendments on the enhancement and standardization of climate-related disclosure for investors. The proposed rule changes will require climate-related disclosures in registration and [...]

Update from the IRC

IRC of SA — Fri, 18 Mar 2022 13:46:13 +0000

This Update, released on 14 March 2022, addresses some of the recent international developments in corporate reporting. It sets out the IRC’s technical focus for 2022, which includes comment submissions and developing practical FAQs to explain the new international sustainability standards and how they can fit with the integrated report. Click here to view the IRC update.

Furthermore, please see an additional update from the Value Reporting Foundation – click here.

JSE Sustainability Disclosure Guidance

IRC of SA — Thu, 10 Mar 2022 12:00:00 +0000

In June 2022 the JSE released two guidance papers setting out sustainability and climate disclosure guidance for listed companies. The papers serve as guidance and are not a part of the Listings Requirements. To access the guidance papers click here.

The IRC submitted a comment submission on the draft guidance released in December 2021. To view the IRC’s commentary submission, click here. The IoDSA and King Committee provided further context in their comment submission. To view the IoDSA and King Committee’s comment submission, click here.

The ISSB and the VRF

IRC of SA — Wed, 03 Nov 2021 10:53:52 +0000

The International Sustainability Standards Board (ISSB) has been formally announced. The ISSB will be formed by the consolidation of the Value Reporting Foundation (VRF – the merged IIRC and SASB) and the CDSB into the IFRS Foundation. Click here for the media release and FAQs. The VRF will consolidate into the IFRS Foundation on 1 August 2022.

Transition to IR: A Guide

IRC of SA — Wed, 06 Oct 2021 06:53:15 +0000

The Value Reporting Foundation has released Transition to integrated reporting: A Guide to getting started Its aimed at helping new preparers develop a transition plan to integrated reporting.

Management Commentary

IRC of SA — Wed, 28 Jul 2021 08:53:46 +0000

The International Accounting Standards Board (IASB) in May 2021 released an Exposure Draft on Management Commentary to update its original voluntary Practice Statement released in 2010.

The IASB is currently in the process of considering the public comments received during the consultation period ending 23 November 2021. The paper can be accessed here, and it should be read in conjunction with the Basis for Conclusions on Exposure Draft Management Commentary document (which can be accessed here).

To view the IRC comment submission click here.

IOSCO sets out the pace

IRC of SA — Sun, 11 Jul 2021 11:07:07 +0000

The International Organization of Securities Commission (IOSCO) sets out its vision and expectations for the IFRS Foundation’s work on a global baseline for sustainability standards. IOSCO also released an interesting new report on issuers’ sustainability-related disclosures.

IOSCO Media Release

IIRC merges with SASB

IRC of SA — Fri, 11 Jun 2021 03:01:49 +0000

The new Value Reporting Foundation focuses on offering three resources tools: integrated thinking, the Framework and the SASB standards. The full media release on this development can be found here.

IFRS governance changes to see in the new ISSB

IRC of SA — Wed, 12 May 2021 08:59:32 +0000

IFRS governance changes to see in the new ISSB

To establish the new International Sustainability Standards Board (ISSB), the IFRS Foundation has to amend its constitution. The proposed changes are in an exposure draft open for comment until 29 July 2021. To access the exposure draft and comment click here.

IFRS Trustees respond

IRC of SA — Wed, 12 May 2021 08:57:22 +0000

IFRS Trustees respond

The IFRS Foundation has released a Feedback Statement, which is a summary of the comments received on its Consultation Paper on Sustainability Reporting issued in September 2020. The Statement includes the Trustees’ responses to the comments.

To view the Feedback Statement click here.

New guidance on assurance on the integrated report

IRC of SA — Wed, 14 Apr 2021 04:02:49 +0000

The IAASB has released its Guidance on Extended External Reporting (EER) assurance (which covers integrated reporting). It culminates a project that started in October 2017. To view the guidance click here

IFAC and IIRC push for assurance

IRC of SA — Thu, 04 Mar 2021 13:17:23 +0000

The joint thought leadership paper released in February 2021 explains the status quo, the difference between reasonable and limited assurance, and sets out the way forward in an easy-read format. To view the document click [...]

The International Framework (2021) with changes highlighted

IRC of SA — Fri, 22 Jan 2021 06:48:26 +0000

For a quick look at the new content (highlighted in yellow) and the deletions (in comment boxes).

International Framework (2021) with marked up changes.

A Meaningful and Concise Integrated Report

IRC of SA — Fri, 15 Jan 2021 16:31:56 +0000

The six focus areas of a meaningful and concise integrated report are highighted in the IRC’s 2021 Information Paper – Delivering a meaningful and concise integrated report

Enterprise Value

IRC of SA — Thu, 14 Jan 2021 12:03:45 +0000

The Reporting on Enterprise Value paper shows how existing sustainability guidelines and the recommendations of the TFCD can be used to achieve global standards for sustainability-related financial disclosure.

You can download the paper here.

Value Reporting Foundation

IRC of SA — Wed, 09 Dec 2020 09:16:28 +0000

The IIRC has announced its intention to merge with the US-based Sustainability Accounting Standards Board (SASB). The move exemplifies the fast pace of change in the international corporate reporting arena. For the November 2020 media release click here and a list of all the recent developments click here.

The CGISA / JSE Integrated Reporting Awards 2020

IRC of SA — Thu, 26 Nov 2020 16:12:28 +0000

Sasol was named as overall winner. Other category winners include Kumba Iron Ore, Netcare, Royal Bafokeng Platinum, Sun International, Sea Harvest Group and the Institute of Directors in South Africa. To view the winners list click here.

The CGISA is the Chartered Governance Institute of Southern Africa; previously the CSSA. The 2020 judges report can be downloaded from the CGISA website.

EY Excellence in Integrated Reporting Awards 2020

IRC of SA — Fri, 18 Sep 2020 08:55:08 +0000

Winners of the EY Excellence in IR Awards 2020:
Nedbank, Kumba Iron Ore, Redefine Properties. Read the full list of winners and the survey analysis –

Report: EY Excellence in Integrated reporting 2020 Report

Media release: Excellence in Integrating Reporting Awards Announcement FINAL

Reporting on Outlook in the Integrated Report

IRC of SA — Mon, 07 Sep 2020 08:50:47 +0000

The Integrated Reporting Committee (IRC) of South Africa has developed this Information Paper (Paper) to assist organizations with their disclosure of the information required in terms of the Outlook Content Element of the Framework.

The Paper aims to inform those preparing integrated reports, as well as executives and members of the governing body who are responsible for guiding and approving integrated reports. The Paper will also be useful to the users of reports to enhance their understanding and expectations of information on Outlook.

Download it now – Reporting on Outlook in the Integrated Report

A move to work together

IRC of SA — Mon, 31 Aug 2020 15:48:46 +0000

Corporate reporters will be happy about the commitment announced by the CDP, CSDP, GRI, SASB and the IIRC to work together to achieve comprehensive globally accepted corporate reporting. The move could prompt a broader rationalization among the plethora of sustainability frameworks facing corporate reporters.

Statement-of-Intent-to-Work-Together-Towards-Comprehensive-Corporate-Reporting

Revision of the <IR> Framework

IRC of SA — Sun, 21 Jun 2020 12:50:16 +0000

2020 is the year of change for the International Framework. The revision is a “modernization” rather than a wholesale revision and deals with targeted areas. The process kicked off in February with the release of three Topic Papers open for public comment, and was followed by a Consultation Draft in May open for public comment. The process should be completed at the end of this year. Click here to access the Consultation Draft and Companion Document.

The three Topic Papers: Responsibility for an Integrated Report; Business model considerations; and, Charting a path forward, can be accessed at these links:

Factors associated with better quality Integrated Reporting

IRC of SA — Sun, 07 Jun 2020 17:33:07 +0000

This publication prepared by the Centre for Critical Accounting and Auditing Research at the University of the Witwatersrand, outlines the benefits and drivers of better quality reporting. Impediments to high quality reporting are also covered.

Factors associated with better quality integrated reporting