The launch of the IIRC's Portuguese-language Integrated Reporting (IR) Framework, which took place on May 22nd, was a morning marked by persuasive speeches and arguments, practical cases, and a prospect of change on the horizon. It was clear that Integrated Reporting is here to stay and that this journey is irreversible. Integrated Reporting, established by International Integrated Reporting Council (IIRC), aims to connect companies' financial and socio-environmental information in a single, concise platform.

The event's opening panel included the CVM, the Central Bank, the IBGC, the CRC-SP, IBM&F Bovespa, Febraban, and the guest of honor, IIRC CEO Paul Druckman. The Central Bank demonstrated its commitment to advancing the disclosure of financial institutions' information, which would be the next step after the recently issued Resolution 4327, which mandates that these institutions present a socio-environmental responsibility policy within the principles of proportionality and relevance. BM&F Bovespa has also already included IR in its "Report or Explain" initiative. The CVM gave a very short presentation, showing support for the instrument, but in my opinion, it showed little commitment, and we were left without concrete guidance on how the institution will address this issue. For accountants, it became clear that much will need to evolve in the profession, from academic training to current practices, to adapt to this new world, where intangible assets represent a growing share of corporate wealth. Coca-Cola was cited as an example in this regard, where the brand is estimated to be responsible for 47% of a company's market value.

Paul Druckman made it clear that the IIRC's ambition is not to produce yet another report, but rather to create a virtuous cycle of information exchange, enabling more stable markets and a sustainable world. He argued that the bombardment of information we experience today is causing a loss of knowledge. IR does not aim to increase transparency, but rather to improve it by viewing the company through the "gateway" of strategy rather than the "ladder" of data. Relevant information is no longer extracted from explanatory notes and is now disclosed by the company, balancing positive and less positive information. Paul cited some reports as examples of best practices (see below). The IIRC executive also told us that the Corporate Reporting Dialogue, which aims to place the main players from the corporate reporting arena at the same table – the IIRC, IASB, FASB, GRI, CDP and SASB – with the aim of reducing data fatigue requested from companies.

The case studies presented at the panel, facilitated by Prof. Nelson Carvalho: Natura, Itaú, and AES, demonstrated the complexity of integrating processes within companies to achieve integrated reporting. Itaú deserves special mention, represented by Director Alexsandro Broedel Lopes, who emphasized that the NPV of the IR project at Itaú had a "very high NPV" and cited among the benefits obtained greater data reliability, information accessibility, and the ability to attract a more desirable investor base.

Finally, Vânia Borgerth presented the work of the Brazilian Integrated Reporting Monitoring Committee, which currently has more than 280 participants and whose model is being replicated worldwide. GT of Pioneering Companies in Sustainability Reporting , coordinated by GRI, CDP, CEBDS and PRI, presented by Gláucia Terreo from GRI, closed the launch of the Framework.

Integrated Reports from different parts of the world cited as benchmark by Paul Druckman:

• Vodacom – good balance between good and bad news.
• SAP – a good example of how to demonstrate the value of workforce investments.
• Stockland, an Australian real estate company.
• DBS bank – Asian company, leader of the banking group in the IIRC pilot.
• Lawson – trading company in Japan.
• Itaú Unibanco – Prof. Nelson also recommends this report as one of the 3 best in the world.
• Potash Corp- North American company, but biased showing more positive news.