The International Accounting Standards Board (IASB) and International Integrated Reporting Council (IIRC) have formally agreed to work together on the development of a global integrated corporate reporting framework that includes financial, governance, management commentary and sustainability reporting.

Commenting on the Memorandum of Understanding signed by the two organisations, IASB board chairman Hans Hoogervorst said: 'We support the IIRC's vision of the evolution of corporate reporting, and through this agreement we will cooperate on important areas of mutual interest.'

Paul Druckman, IIRC CEO, said: 'An important part of our work is about creating the conditions for adoption of integrated reporting as a better language for businesses to communicate with their investors, in order to deliver more sustainable value creation and more efficient capital markets.'

The consultation draft of IIRC's International Integrated Reporting Framework is due to be released on 16 April 2013. The framework itself will be published in December 2013.