The drive, as part of its ‘Information for Better Markets’ campaign aims to improve the relevance, reliability and comparability of prospective financial information.
ICAEW’s guidance encourages directors to follow the principles of reasonable disclosure, business analysis and subsequent validation.
Prospective financial information is information drawn up to a date in the future, including important areas of market reporting such as changes in expectations, profit forecast and estimates of future funding requirements.
Eric Anstee, chief executive of the institute, said: ‘Our guidance encourages companies to start providing the markets with the forward-looking information they need. The absence of principles underpinning good practice in this area has contributed to businesses being cautious about publishing very much of the wealth of prospective financial information that they use internally.’
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