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Financial Capital Providers’ Perceptions of Integrated Reporting

Integrated reporting (IR) is a global reporting phenomenon that promises to "catalyse a more cohesive and efficient approach to corporate reporting" to address problems of contemporary reporting regimes. The primary purpose of IR is to explain how organisations create value over time. The goal of the International Integrated Reporting Council (IIRC) is for IR to be the corporate reporting norm. This paper reports on the findings from a pilot research study that investigated the perspectives of Australian providers of financial capital about the significance of IR and the six capitals to investment decisions and the functioning of the market. This study is the first stage of a larger research study into the adoption of integrated reporting in Australia. All participants concurred that there were problems with the current corporate reporting regime and the issues identified were broadly consistent with the IIRC’s view. But some questions remain whether IR is the solution to these problems, and moves afoot by Australian regulatory bodies to encourage companies to report environmental and social sustainability risks may be more influential in corporate reporting reform than IR. The six capitals framework has not ignited the interest of the participants, as they use ESG frameworks which they feel are broad enough to encompass the six capitals. A more significant issue however, is the gap between the information supplied by companies and the information required by providers of financial capital to make investment decisions. While IR has the potential to bridge this information gap, it is not yet happening.