The Chartered Institute of Management Accountants (CIMA) has responded to a key discussion paper from the International Integrated Reporting Council, asserting that a new approach to corporate reporting is required in a changing global landscape.

Formed in 2010, the IIRC is an influential cross section of global leaders from the corporate, investment, accounting, securities, regulatory, academic and standard-setting sectors, as well as civil society. It aims to create a globally accepted integrated reporting framework bringing together financial, environmental, social and governance information in a clear, concise, consistent and comparable format.

The discussion paper, ‘Towards Integrated Reporting: Communicating Value in the 21st Century', was published in September, and presents the rationale for integrated reporting. It offers initial proposals for the development of an International Integrated Reporting Framework and outlines the next steps towards its creation and adoption.

“Corporate reporting does not seem to satisfy most of its users," says Nick Topazio, CIMA’s head of corporate reporting, and a leading authority on integrated reporting. "The annual report and accounts have become compliance documents. They have lost their way as communications documents.”

According to Topaziao, there is currently much mistrust of commercial organisations, and in many circles the term ‘corporate behaviour’ has become synonymous with greed, self-interest and detachment from the real world.

However there are many companies that have successfully adopted business strategies that are focussed on long-term sustainable profitability, and the corporate reporting system must be allowed to develop to allow effective communication of their stories.