ABSTRACT
The International Integrated Reporting (<IR>) Framework identifies three fundamental concepts: the value creation process; the capitals; and value creation for the organisation and others. In order to understand their value creation process each reporting organisation will need to identify: which capitals it relies on; elements of the external environment relevant to its mission and vision; how the external environment and relationships with stakeholders influence its ability to create value; risks and opportunities; and so on. The capitals are stocks of value that are increased, decreased or transformed through the activities and outputs of the organization. <IR> encourages organisations to think about the trade-offs between the capitals in the decision-making process and informs how individually and collectively the capitals contribute to the value creation process. The capitals draw attention to the role of non-financial resources. The International <IR> Framework acknowledges both value created for stakeholders and value created for the organisation itself.
