Despite its global promotion, integrated reporting (IR) continues to face questions about its ability to deliver meaningful and comprehensive corporate disclosures. While the International Integrated Reporting Council (IIRC) envisioned IR as a mechanism to enhance information connectivity and long-term value creation, reporting practices across jurisdictions remain uneven. This study examines the disclosure quality of integrated reports (IRQ) prepared by 238 publicly listed companies from South Africa, Asia, Europe, Australasia, South America, and North America between 2018 and 2020. The sample includes 85 mandatory adopters from South Africa, where IR is a regulatory requirement, and 153 voluntary adopters from other regions, with data drawn from the Integrated Reporting Examples Database. The three-year period coincides with the IIRC’s momentum phase, prior to its consolidation into a unified global framework. Non-financial firms with English-language reports were purposively selected, and IRQ was assessed using a refined index of 50 items across the seven IIRC Content Elements. A 0–1–2 scoring scheme captured both the presence and comprehensiveness of disclosures. The findings reveal contrasting disclosure behaviours. Mandatory adopters perform strongly in compliance-oriented disclosures, particularly governance and financial information, yet remain cautious in addressing forward-looking and integrated aspects. Voluntary adopters, though inconsistent in overall quality, exhibit greater willingness to disclose strategic linkages and value-creation narratives, aligning more closely with the integrative intent of IR. Across both groups, social and environmental factors, board composition, and revenue are well disclosed, while integrated key performance indicators, financial implications for non-financial capitals, and detailed strategic objectives remain persistently underreported. Overall, the results suggest that voluntary adopters tell the “better story” by offering richer narrative-driven linkages, whereas mandatory adopters remain anchored in structural compliance. These findings provide insights into how regulatory enforcement and voluntary commitment shape IRQ, informing regulators, standard setters, and practitioners seeking to enhance the decision-usefulness of IR as a global framework.