This rejection of the proposals in their current form comes as the Department of Trade & Industry consults on what non-financial data companies will be forced to report on when the OFR becomes mandatory.
Deadline for responses to the consultation was last week Friday.
The ICAEW warned that ‘major changes’ were needed to prevent companies issuing ‘bland, anodyne statements that will be of no use to investors and will instead send them to sleep’, the FT reported.
The chartered body said the draft regulations were too detailed and as a result directors would try and play it safe instead of providing genuinely useful information for investors.
The OFR is designed to increase investor confidence by improving transparency and accountability.