A survey of the Institute of Singapore Chartered Accountants (ISCA) members was conducted from January to March 2014 to understand the Integrated Reporting < IR > sentiments in Singapore. The survey seeks to collate an understanding of the awareness of < IR > from the various stakeholders who rely on the current financial reporting for information about companies. In particular, the survey seeks to document both the level of awareness and the perceptions of market participants about < IR > as an emerging form of corporate reporting to address the informational needs of stakeholders.
The findings of the survey suggest that < IR > is still at an infant state in Singapore with low level of knowledge of < IR > amongst most of the respondents – a level that we speculate is still higher than the average of other South-East Asia countries. This finding is despite the fact that the Singapore Accountancy Commission has articulated that it is “determined to transform the country into the hub of Integrated Reporting < IR > in South-East Asia”. However, respondents who have no or low level of knowledge have expressed interests in finding out more about < IR >. This finding suggests a significant educational role for ISCA to further educate the market participants and the road ahead is promising and challenging.
The respondents generally perceived that sustainability reporting is a subset of < IR >. This finding is important as the adoption of < IR > can thus be seen as an evolutionary process for corporate reporting as companies level upwards from financial reporting to sustainability reporting and ultimately to < IR >.