PracticeAccounting FirmsNew interim documents lack information

New interim documents lack information

Only half of companies issuing new interim management statements are including information on the financial position of the business

In a study of the statements by Deloitte, the firm found that only half gave
analysts any information on finances, despite it being a requirement of the UK
Listing Authority rules on the releases.

For accounting periods beginning on or after 20 January 2007, new rules came
into effect requiring companies to publish an additional report twice annually
during the first and third quarters of the financial year.

Deloitte audit partner Isobel Sharp said that the information submitted was
an improvement on previous years, but key data had been left out in some cases.

A study of 20 listed companies uncovered a variety of practices, including
three companies out of 17 with January year ends that had failed to hit the
deadline.

Questions also remain about who regulates the statements.

Sharp said: ‘While the Financial Reporting Review Panel has not explicitly
stated its view, it will probably consider the statements outside of its remit.’

For more go to Deloitte.com

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