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1. The International Integrated Reporting Council (IIRC) was founded in 2010 by the Prince's Accounting for Sustainability Project and the Global Reporting Initiative to create a globally accepted framework for accounting for sustainability. Its governing body, the Council, was dominated by the accountancy profession, preparers, and regulators.

2. In 2011, IIRC published a Discussion Paper that proposed integrated reporting as a way to bring together material information about an organization's strategy, governance, performance, and prospects in a clear and concise manner. It aimed to replace existing reporting requirements that had led to confusion and fragmentation.

3. The initiative has failed to revolutionize financial reporting as promised due to its lack of impact on corporate behavior and limited adoption by companies. The dominance of conventional accountants in IIRC's Council may have contributed to this failure.

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