Get'man V.G.Financial University under Government of Russian Federation, Moscow, Russian Federation buhuchet@fa.ru
The article deals with the content of exposure draft of International Standard on integrated reporting. It describes the history of development of the standard, the structure of the International Integrated Reporting Council and its functional responsibilities. In the work, I analyze the conceptual framework of integrated reporting, its goals and objectives, the main differences between integrated reporting and standard financial reporting of companies, as well as the requirements to the structure of integrated reporting. The article includes practical cases when companies may not disclose certain types of material information in their integrated reporting, however, it is necessary to provide explanation why the information has been excluded from the integrated reporting. I consider the regulations on the procedure for information generation and presentation in integrated reporting. The regulations base on principles (rather than on strict rules) and the professional judgment and integrated thinking which they back. I examine the issues of interrelation of integrated reporting with other sources of information, including financial statements of companies and their reports on sustainable development. Particular focus is on the description of disclosure of different types of capital involved in adding value over short-term, medium-term and long-term periods. In particular, this refers to financial, industrial, intellectual, social, human, communication, and natural capitals, their interrelation with environment and the business model of a company and with each other. I analyze qualitative characteristics and principles of integrated reporting preparation (strategic focus, orientation to the future, connectivity of information, feedback of interested parties, relevance and conciseness, reliability and completeness, consistency and comparability). The article describes seven elements of integrated reporting and the main requirements to each element disclosure, as well as the process of integrated reporting preparation and presentation (frequency, scope, reliability, used technologies, etc.).
Keywords: international standard, integrated reporting, financial statements, integrated thinking, capital, industrial, financial, intellectual, human, social, relationship, business model, management, risk
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