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.’

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

3d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

1w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

1m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter