Auditors welcome OFR delay
The government's proposed delay in introducing the operating and financial review has been met with relief amongst the accountancy profession.
In a letter to be published in this Thursday?s Accountancy Age, Will Rainey, partner and head of financial reporting advisory at Ernst & Young, writes: ‘Common sense would appear to be prevailing at the DTI ….
‘Far be it for us to accuse the DTI of ‘recklessly implementing an OFR’, but it became very clear, very quickly, that listed companies were in danger of being swamped with a wave of new legislation if the original timetable was adhered to.’
The introduction of the OFR could be pushed back by three months because of the wave of new legislation such as Sarbanes Oxley and international financial reporting standards, that companies have to comply with in the new year.