FRRP maintains scrutiny on five industries

The Financial Reporting Review Panel will next year continue to scrutinise
the same five industry sectors it has during 2005, but will widen its scope to
include those providing services to those sectors.

Back in 2004, the panel identified the automobile, pharmaceutical, retail,
transport and utility industries as those requiring particularly close
attention. It said today that its selection of sectors had been borne out by
events and it sees no justification for changing them in the coming year.

But now other companies with strong ties to the sectors, such as those
providing services and those that receive large amounts of revenue from
advertising by the industries, will also be targeted.

The FRRP will also focus on the implementation of IFRS in 2006/07 drawing on
the results of its reviews of interim accounts this year to identify particular
issues, such as pension disclosures.

Related reading

tax dictionary