Integrated Reporting: Performance Insight Through Better Business Reporting

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Integrated Reporting
Performance insight through Better Business Reporting
Issue 1

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3 | Section or Brochure name

Contents 2-3 4-5 6-9 10-13 14-17 18-21 Introducing Integrated Reporting Some common questions answered The business case for Integrated Reporting Integrated Reporting: The South African experience Making your Corporate Responsibility report relevant Engaging with Integrated Reporting

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© 2011 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.

Integrated Reporting | 1

Foreword
Welcome to the first edition of Integrated Reporting, our new publication which focuses on the challenge of providing better corporate reporting. Many of you reading this may not be familiar with the topic, but with the publication by the International Integrated Reporting Committee (IIRC) of its Discussion Paper, it is likely that it will be a subject that you hear more about in the future. In KPMG we have looked at this in the past simply as ‘Better Business Reporting’, since we feel that this captures the essence of the subject. In this first edition, we have aimed to provide you with some background on Integrated Reporting with a series of short articles by some of our firms’ specialists. After a brief summary to help you understand what Integrated Reporting is, Michael Bray sets out the case as to why senior executives and non-executives ought to be interested. With Integrated Reporting now required for listed companies on an ‘apply or explain’ basis in South Africa, Mark Hoffman reports on the experiences of companies seeking to implement the principles of Integrated Reporting for the first time. Integrated Reporting is sometimes articulated as being simply the integration of corporate responsibility reporting into existing financial reporting models. While an Integrated Report does bring together both categories of information, Wim Bartels explains why this is too simplistic an explanation. Finally we look at the work of the IIRC and what we can expect from the Committee in the coming months. Integrated Reporting offers the opportunity to centre business reporting on strategy and value creation, to demonstrate how the business uses capital and the extent to which they should continue to be invested in the business. Progressive companies will be keen to receive and comment upon the IIRC’s discussion paper, be involved in their country’s Integrated Reporting initiatives, and sign up as pilots to test the IIRC’s Integrated Reporting Framework. It will not be all plain sailing. Innovation never is and it is not for the uncommitted. Our advice to businesses that see the Integrated Reporting journey as a new source of competitive advantage in the search for capital at a reasonable cost, is to grab the opportunity and run with it. You will not be alone – KPMG firms are already on the road as active contributors to the IIRC. I hope that you enjoy reading this short publication. If you would like to explore the matters raised further, please get in touch with your usual KPMG partner or contact one of our firms’ specialists listed on the back cover. David Matthews KPMG in the UK

© 2011 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.

2 | Integrated Reporting

Introducing Integrated Reporting
By David Matthews, KPMG in the UK Integrated Reporting is about better communication between companies and the capital markets. As Michael Bray explains on page 6, by ‘... convincingly telling their organization’s story to the markets....they can obtain capital at a reasonable cost, enhance their corporate reputations and...
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