Integrated reporting to ‘play key role in Malaysia’s economic development’

11 Oct 16

Integrated reporting has a key role to play in Malaysia’s economic transformation, the country’s deputy trade minister has said.

 

Malaysia is striving to reach high-income status by 2020, and Datuk Chua Tee Yong stressed the method will “drive forward transparency and accountability, together with good governance” and ensure organisations thrive, generating sustained economic growth.

“<IR> could also act as a catalyst to spur economic development by strengthening confidence in the Malaysian economy,” he continued, especially given that Malaysia is a very open economy that is deeply intertwined with that of the rest of the world.

The minister was speaking at an <IR> conference organised by the Malaysian Institute of Accountants. While the event was aimed at promoting <IR> in the private sector, which contributes more than half of the nation’s GDP, CIPFA has highlighted the benefits the method can have for public sector organisations too.

<IR> promotes a more holistic and long-term mindset that is able to understand and coherently communicate the interaction between different organisational silos. It also recognises the value of other forms of capital, beyond the financial – including manufactured, intellectual, human, social, relationship, and natural.

Dato’ Mohammad Faiz Azmi, president of the MIA, noted that other countries, including Japan and Sri Lanka, have promoted <IR> in order to make their nations more attractive to both foreign and local investment.

The MIA is encouraging businesses to adopt <IR> and collaborate with relevant agencies and accountancy bodies to promote the practice. It is also recognising early adopters by giving them awards. 

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