When I read this part of Paul Druckman's speech (the MD of IIRC) I felt a very distinct value proposition had been articulated at a forum in Singapore attended by around 120 representatives from Singapore’s leading business, investor, accounting and academic organisations.
Druckman said, “We are living in an age when Apple has a higher market capitalisation than the world’s seven largest car manufacturers combined. That fact reveals how much our economy, and the concept of value, has changed over the last thirty years. We need a system that supports a company’s ability to communicate how it is creating value in this new context, where knowledge and human resources are as powerful in driving value creation today as manufactured and physical assets were a generation ago.”
Singapore will soon have a roadmap for <IR> adoption, backed by a sound body of academic and empirical evidence, following the creation this month of a market-led <IR> steering committee. “We are moving from concept to execution”, said Michael Lim, Chairman of the Singapore Accountancy Commission (SAC) at a specially convened <IR> Forum on 22 April co-hosted with the Institute of Singapore Chartered Accountants (ISCA).
The road to adoption with intangibles as critical is being travelled. The big concern still lies in the United States- stuck in compliance and not yet recognizing this integrated reporting momentum like other parts of the World- a real pity?
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