Corporate Integrated Reporting: An Overview of GRI Standards

Corporate Integrated Reporting: An Overview of GRI Standards

Valentina Vinsalek Stipic
Copyright: © 2022 |Pages: 25
DOI: 10.4018/978-1-7998-8210-7.ch007
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Abstract

The goal of every company should not be profit exclusively but also public welfare and social responsibility. Traditional financial reporting of companies was not sufficient to monitor the sustainable development of companies and their impact on the wider community. The Global Reporting Initiative (GRI) was introduced to provide global guidelines to report social and environmental information. The emphasis is on reporting and measuring the level of corporate social responsibility (CSR). Reporting on CSR is necessary because companies need to be responsible for the implementation of its principles, aimed at protecting the interests of stakeholders. Mandatory GRI reporting increases social responsibility due to reduced business risk and enhanced business performance.
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International Regulatory Framework For Integrated Reporting

Integrated reporting is a process of preparing and compiling financial and non-financial reports and publishing them in an integrated report. Financial reporting is mandatory, regulated and regulated by national legislation, and the International Financial Reporting Standards GRI and/or various national accounting standards are applied for the preparation of financial statements.

As there is no framework at national and international level that is prescribed as mandatory for the preparation of non-financial information and the preparation of non-financial reports, it is important to point out that in practice there are different approaches and frameworks for preparing non-financial reports. Relevant international frameworks for compiling non-financial reports are:

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    GRI standards (GRI)

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    International framework for the preparation of integrated reports (IR)

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    Guidelines for multinational companies of the Organization for Economic Cooperation and development (OECD)

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    ISO 26000 standard of the International Organization for Standardization

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    Tripartite Declaration of Principles Relating to Multinational Societies and Social Policy of the International Labor Organization

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    United Nations Global Compact (UNGC)

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