Almost a third of medium-sized companies are planning to produce an operating
and financial review, despite the government’s decision to scrap requirements to
A report by KPMG has
revealed that of 200 UK companies surveyed, 31% plan to produce an operating and
The obligation to produce an
OFR has been
replaced with the requirement for all companies to compile a business review for
periods beginning on or after 1 April 2005, in line with EU legislation.
Half the survey respondents, whose turnover ranged from £5m to £500m, planned
to disclose the trends and factors likely to affect future performance, although
they are not obliged to do so.
The decision on the OFR, intended as a headline-grabbing piece of
deregulation, has been met with dismay by many.
KPMG corporate governance director Tim Copnell said, ‘There has been an
assumption that the vast majority of companies will confine themselves to doing
no more than they strictly have to.
‘A significant number of middle-market companies are aware there is a real
role for narrative reporting to better explain and contextualise their
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.