PracticeAuditASB starts work on OFR standards

ASB starts work on OFR standards

An advisory group has been established by the UK Accounting Standards Board to aid in the development of standards for the proposed operating and financial review.

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The group comprises representatives from a wide variety of bodies, including Margaret Ewing, group finance director at BAA, Mike Corless, global head of equity research at HSBC Asset Management, Deborah Doane, chair of the Corporate Responsibility Coalition, and Janet Williamson, policy officer for the Trades Union Congress.

It has been tasked with reviewing the ASB’s current statement of best practice on the OFR in order to make recommendations for any changes to meet the requirements of the OFR regulations.

The ASB hopes to issue an exposure draft of the first OFR standard in the second half of the year, but any changes will have to take into account that the planned introduction of the regulations is 1 January 2005.

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