International Regulatory Framework (IRF)

Abstract

This study examines whether companies can comply with corporate reporting laws using de facto standards such as the International Integrated Reporting Framework (IRF) to meet the requirements of Directive 2014/95/EU on non-financial and diversity disclosure. An interpretivist research approach was adopted, using secondary data from professional reports, regulatory publications, and corporate registers. Findings reveal that for a private framework to achieve de facto standard status, it must gain strong regulatory endorsement and support from influential policymakers to ensure national-level adoption and diffusion. Without such backing, voluntary reporting frameworks struggle to become widely accepted. The study highlights that current practices often prioritize financial value creation and stock market capitalism over social and environmental sustainability, limiting their broader societal impact. It questions the continued relevance of both the IRF and the EU Directive in the post-COVID-19 era, emphasizing the need for reporting systems that move beyond compliance façades toward genuine accountability and sustainable value creation.