RegulationCorporate GovernanceDTI minister repeals OFR

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.

Related Articles

What is the role of governance, compliance, and control in financial transformation?

Corporate Governance What is the role of governance, compliance, and control in financial transformation?

3w Workday | Sponsored
Corporate governance: staying ahead in accountancy

Corporate Governance Corporate governance: staying ahead in accountancy

8m Alia Shoaib, Reporter
One in 20 audit firms quit as market evolves

Audit One in 20 audit firms quit as market evolves

2y Kevin Reed, Writer
Colin: #EURef bankers a problem

Business Regulation Colin: #EURef bankers a problem

2y Taking Stock
PwC and Deloitte chiefs sign Remain letter

Business Regulation PwC and Deloitte chiefs sign Remain letter

2y Kevin Reed, Writer
Leader: Audit competition drives change, not necessarily quality

Accounting Firms Leader: Audit competition drives change, not necessarily quality

2y Kevin Reed, Writer
EU audit reform to open up £10bn market for firms

Accounting Firms EU audit reform to open up £10bn market for firms

2y Richard Crump, Writer
Best Practice: Saffery Champness managing partner Rob Elliott

Accounting Firms Best Practice: Saffery Champness managing partner Rob Elliott

2y Calum Fuller, Reporter