BusinessCorporate FinanceFRRP to consider directors’ reports

FRRP to consider directors' reports

Business review now falls into scope of financial reporting watchdog

Directors’ reports of public and large private companies will now be
inspected by the Financial Reporting Review Panel, together with their accounts.

The FRRP announced today that it has begun to take on this task, which brings
the business review within its focus for the first time.

Reports pertaining to accounting periods which began on or after 1 April 2006
could come under the scrutiny of the FRRP – whose priority sectors this year
focus on travel and leisure, retail, utility, telecommunications and media.

The FRRP will consider a directors report in the context of the whole report
and accounts, and whether these comply with legal requirements.

In considering business reviews, the panel will consider whether it is
consistent with the accounts and other material in the annual report, and
whether it is balanced and comprehensive – in the sense that it deals
even-handedly with positive and negative aspects of the development, performance
and position of the business.

The panel’s paper on this can be found at
here.

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