April. ACCA and IIRC IR Stakeholder Consultation Event (Kyiv. Ukraine)
On 23 April 2013 ACCA (The Association of Chartered Certified Accountants) and IIRC (The International Integrated Reporting Council) organised the stakeholder consultation event “Integrated Reporting: the voice of Ukraine” in Kyiv, Ukraine.
This was the first event of such kind in the world following the publication of IR Framework Draft. It gathered over 70 stakeholders from the Ukrainian business community, including ACCA members, regulators, investors, professional accounting profession and the NGO community. The feedback from Ukrainian experts will contribute to the full framework version to be released in December 2013 with the aim to get approval for the next stage of global standardisation from the G20 Finance Ministers in 2014.
Pictured: Nataliya Vovchuk, Roger Acton, Todd Esposito, Henning Drager
- Roger Acton, Regional Director – Europe, ACCA
- Nataliya Vovchuk, Head of ACCA Ukraine, Baltic and Caucasus States
- Henning Drager, IIRC Relationship Director for Russia, Ukraine, Baltic States, Belarus, Caucasus area and Scandinavia
- Todd Esposito, CFO of Platinum Bank
Roger Acton, Regional Director – Europe, ACCA, says: “The links between strategy, governance, operations and financial and non-financial performance haven’t been clear. Integrated reporting is attempting to solve these issues by telling a coherent story of a company’s performance and prospects. The IR approach to reporting places value creation in its broadest sense at its heart; it allows you to look afresh at your organisation’s place in the world. Above anything else, introducing a process which encourages you to step back and think about where your organisation’s true value comes from and how you can sustain it is uniquely powerful.”
Nataliya Vovchuk, Head of ACCA Ukraine, Baltic and Caucasus States, says: “At ACCA we believe that input from professional accountants is crucial in helping achieve the rebalancing of current corporate reporting, that provides accountability, transparency and comparability. With a long experience in financial reporting, accountants are in the perfect position to knit together the different forms of reporting. Input from accountants is vital for effective sustainability reporting in any case. Without the effective measurement and accounting of resources there’s no effective way of shepherding the earth resources in an efficient or meaningful way.”
Henning Drager – Relationship Director for Ukraine, International Integrated Reporting Council (IIRC), says: “Businesses and investors have a central role in making capital allocation decisions that will ultimately determine the resilience of our interconnected financial, social and ecological systems over the short, medium and long term. By creating a robust reporting framework which captures a much wider spectrum of positive and negative impacts Integrated Reporting aims to transcend the current separation of financial and non-financial reporting requirements. As part of our global consultation on the proposed Integrated Reporting framework we look forward to the feedback from Ukrainian stakeholders at the Kyiv event. We also encourage all interested Ukrainian voices to visit our website www.theiirc.org/consultationdraft2013 from April 16 to June 15 2013 and provide feedback which will enable us to build a hopefully representative and robust reporting framework.”
Maryna Pavlyuk, CSR Manager of “Obolon” corporation, says: “Today we are to meet the challenges of our time and the needs of society, despite the fact that CSR in Ukraine is just about to develop actively. Nevertheless, as a leading industrial company, "Obolon" corporation seeks to fully meet the needs of all stakeholders, given the growth in community consciousness and awareness of such issues as transparency and accountability. There is no doubt that the future of CSR reporting is in integrated reporting.”