The three-month delay until the end of March 2005 will allow companies and standard setters extra time to prepare for the new rules.
The department of trade has received scores of complaints about the timing of the OFR’s introduction, and earlier this month Ian Mackintosh, head of the UK Accounting Standards Board, said it ‘looked almost impossible’ to complete a standard in time for the initial deadline.
A DTI spokeswoman said an announcement was expected next month on the timing of the OFR’s introduction, following comments during consultation.
But while the move to delay the OFR has been welcomed by those within the accounting profession, there are still some concerns about the impact on directors’ liabilities.
CIMA chief executive Charles Tilley argued that the liability of directors should be fair and reasonable or every word will be vetted by lawyers and the OFR would fail to live up to its potential.
Will Rainey, financial reporting partner at Ernst & Young, said an ‘extra three months will not remove the threat of “boilerplate” reporting’ where directors sign off bland statements to avoid legal liabilities.
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
Since the release of HMRC’s plans for digital tax reforms, many have agreed with the call for a delay