PracticeAuditASB publishes OFR update

ASB publishes OFR update

The UK Accounting Standards Board today published its update to the Operating and Financial Review standard, which it hopes will encourage businesses to provide additional information outside that of the balance sheet and cashflow statements when publishing financial reports.

Link: ASB reopens OFR debate

Similar to the exposure draft published in June last year, the changes include highlighting accounting policies to which the results are most sensitive, highlighting and reconciling where information from the financial statement has been adjusted for inclusion in the OFR, and the identification of measures that are considered key performance indicators.

Mary Keegan, chairman of the ASB, said: ‘High quality financial statements are only part of the information which investors need to assess the potential of the companies they finance. For many companies, the OFR is already an important element of their communication with the capital markets, complementing as well as supplementing the accounting data.’

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