With reference to Asish K Bhatta-charyya's article, "Boards must adopt integrated reporting framework" (September 12), while such a framework would undoubtedly provide a more holistic analysis of corporate performance, it would require a change in the mindset of the boards of directors and shareholders.
Enlightened companies must address the well-being of their employees and vendors, apart from being faithful to their lenders and shareholders and the government.
It is imperative that companies produce high quality goods and services at reasonable prices for markets and customers. At present, the managements of companies are grappling with a plethora of corporate reporting challenges in the form of IND AS, Internal Financial Controls over Financial Reporting and Income Computation and Disclosure Standards, among others.
The introduction of the goods and services tax (GST) would steepen the learning curve for companies. In the current situation, the idea of an Integrated Reporting Framework requires public discussion and debate before being formalised. It is an idea whose time is yet to come.
Srijit Basu, Gurgaon
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