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Financial Accounting > ESSAY > International Integrated Reporting Council (All)

International Integrated Reporting Council

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The International Integrated Reporting Council (IIRC) is the body that has the duty of ensuring sustainability in the accounting profession. The body was created in 2010. The article by John Flower lo ... oks to determine whether the body failed in the job. The author argues that the body has abandoned sustainability accounting which means it abandoned its purpose. He argues that the body does not adequately advocate for the best sustainability practises such as those set by the International Accounting Standard Board (IASB). The author says that value in IIRC view is ‘value for the investors’ and not ‘value for the society’ (Flower 2). Flower says that the recommendations from the body do not have a significant impact in the world of financial reporting. Sustainability and accountability in accounting are what the IASB demands from all the organisations. The IASB sets the standards that all the organisations should follow (IFRS). In order to ensure accountability and transparency in the work, it does the IASB conducts a majority of the sittings in open forums. Public forums ensure and guarantee transparency [Show More]

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