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IMA Supports Development of International Integrated Reporting Framework
December 21, 2011
Marc Gerrone
IMA
(201) 474-1502
mgerrone@imanet.org
Tara Baumgarten
Stern + Associates
(908) 276-4344 x-219
tara@sternassociates.com
Montvale, N.J., December 21, 2011 – IMA®, one of the largest and most respected associations focused exclusively on advancing the management accounting profession, has released a comment letter to the International Integrated Reporting Council (IIRC) in support of its vision to develop an international integrated reporting framework. Read the letter on IMA’s website: http://www.imanet.org/about_ima/advocacy_activity/advocacy_details/11-12-19/Integrated_Reporting_Discussion_Paper.aspx.
Answering the IIRC’s request for comments on its discussion paper “Towards Integrated Reporting: Communication Value in the 21st Century,” IMA supports the development of the framework, which would provide guidance for how companies can synthesize both financial and non-financial data related to operational, environmental, social and governance (ESG) practices in reports.
“The international marketplace is paying more attention to non-financial information about organizations to better understand their performance, value and reputation,” said Brad J. Monterio, IMA board member, chair of IMA’s XBRL committee and managing director at Colcomgroup, Inc. “Further, we believe that eXtensible Business Reporting Language (XBRL) can be leveraged to support the framework and streamline the data gathering, analysis, and reporting processes.”
XBRL is a global, freely available, standardized data format for exchanging financial and business information. It is already being used by companies to report financial information, and IMA contends that it could deliver the same benefits to the reporting of non-financial information. IMA is a member of XBRL International, Inc., the founder and standard-setting body of XBRL.
To learn more, follow this link to download “XBRL and ERM: Increasing Organizational Effectiveness,” an article by IMA President and CEO Jeff Thomson, CMA, which originally appeared in Strategic Finance: http://www.imanet.org/mgi/eXtensible_Business_Reporting_Language_PR.aspx.
About IMA® (Institute of Management Accountants)
IMA®, the association for accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 60,000 members in 120 countries and 200 local chapter communities. IMA provides localized services through its offices in Montvale, N.J., USA; Zurich, Switzerland; Dubai, UAE; and Beijing, China. For more information about IMA, please visit www.imanet.org.
Source: www.imanet.org
