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17 Nov 2004
The trade department which has already delayed by three months implementation of the OFR - a mandatory, forward-looking narrative report to be included in annual reports, is expected to announce that it has erased the term 'due and careful inquiry'.
Auditors and business groups have been lobbying the DTI to remove the phrase because it would make the document a 'quasi-legal' review, The Financial Times has reported.
Industry observers say the inclusion of the phrase could discourage company directors from including meaningful information for fear of being held liable if the company wasn't successful in achieving its stated aims.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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