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Integrated Thinking: a Key Element to Integrated Reporting

In: Business and Management

Submitted By zgsammy
Words 695
Pages 3
Global integration, technological advances, and rapid population growth and consumption are the changing the mindset of organizations to improve the balance of their social, environmental, and economic performance across the value chain. While traditional financial reporting accounts for a company’s assets, it does not adequately describe the economic phenomena of how a company creates value for societies and the environment. The contextualization of material commercial, social, and environmental factors to an organization’s strategy, governance, performance, and potential, and future earnings best demonstrates its value creation process and commitment to sustainability. The consideration of how a broad set of interdependent and relevant financial and nonfinancial factors affect an organization’s accountability, stewardship, and performance is the basis for integrated thinking and is the key element in integrated reporting. Integrated reporting (IR) principles are global in nature applicable to all organizations across multitude of industries and sectors and are becoming a fundamental practice towards a more cohesive and efficient approach in demonstrating to internal and external stakeholders how the business creates value in the short, medium, and long-term (Tilley, 2014). An integrated report should identify and communicate how relevant and interdependent, financial and non-financial factors affect an organization’s value creation process across organizational and geographical boundaries. This connectivity fosters a more efficient allocation of capital within the organization by breaking down communication barriers to engender a more collaborative and positive culture and outside of the organization by attracting investors through a more relevant assessment of risk and explanation of non-financial value. Other stakeholders, including policy makers, regulators,...

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