DTI minister repeals OFR
Regulations laid that replace mandatory OFR with a business review
Alun Michael, minister for industry and the regions, today laid regulations
in parliament that repeal the requirements for a mandatory operating and
financial review, following Gordon Brown’s announcement of the scrapping last
month.
The regulations replace the OFR with a business review that meets the minimum
requirements handed down through the EU Accounts Modernisation Directive.
‘This is in line with the government’s general policy not to impose
regulatory requirements on UK businesses over and above relevant EU directive
requirements,’ said Michael.
The business review, according to Michael, covers much of the same ground as
the OFR, but in less prescriptive form and without the additional audit
requirement specified for the OFR.
The regulations come into effect on 12 January, 2006.