RegulationAccounting StandardsDemands for narrative guidance

Demands for narrative guidance

Environmental campaigners Friends of the Earth are pressing hard for the government to provide clear guidance for companies producing business reviews – to avoid the reports becoming impossible to compare

As the company law reform bill, under the steerage of industry minister
Margaret Hodge, makes its way through the House of Commons, the lobby group is
wielding the support it gained from over 200 MPs to push for amendments to be
introduced on two key issues of narrative reporting – a second level of auditing
requirements and common reporting standards.

The group claims these ‘crucial’ components were omitted when the government
last month made its concessions to those opposed to the scrapping of the
operating and financial review. But at the same time as pushing for the
amendments, ‘we will be asking the government to bring forward guidance for
companies on how to produce a business review’, said Craig Bennett, corporate
accountability campaigner at Friends of the Earth.

‘We hope for support from businesses, who will understand the benefits that
it would provide,’ he added.

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