In response to the Department of Trade & Industry’s Draft Regulations on the Operating and Financial Review Directors’ Report ICAS argued that the detailed content should be left to the ASB’s forthcoming standard on the subject.
Kevin Sweeney, convenor of the ICAS Business Law Committee, said: ‘We believe that the regulations should set out the minimum requirements i.e. that quoted companies should publish an annual Operating and Financial Review (OFR) and leave the Accounting Standards Board to introduce a standard as to what should be included within an OFR.
‘The adoption of such an approach will allow for the standard to be updated on a timely basis as and when necessary. If such detailed disclosure requirements are embedded in legislation, they may end up with companies focusing on compliance with the detail rather than giving a review which embodies the spirit of the OFR, that is – a picture of the company at a point in time.’
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements