BusinessCompany NewsOFR group consults on ‘materiality’

OFR group consults on 'materiality'

A consultation document has been launched by the operating and financial review working group, calling for comment on what should be included in the report.

Link: ASB publishes OFR update

Speaking at the launch, chairman Rosemary Radcliffe said she believed the OFR had the capacity to ‘reshape and refocus corporate reporting to the benefit not only of shareholders but all other stakeholders’.

‘Directors’ judgements as to what is and is not material will be fundamental to the scope and coverage of their OFR, so the question of materiality is a real and practical one for business,’ Radcliffe added.

The formal consulation period runs from today until 19 September 2003 and the group is scheduled to compile a final report to be published in December 2003.

The OFR is designed to encourage businesses to provide additional information outside that of the balance sheet and cashflow statements when publishing financial reports.

Also present at the launch was Gerry Acher, former senior partner at KPMG and a member of the working group, who said the OFR was ‘a wonderful opportunity for the UK to set the way forward’.

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