Link: ASB reopens OFR debate
New research found that just one in five companies in the index carry out some form of non-financial reporting – this includes examining the impact of among other things reputational, employment and social factors on business performance.
This, despite 93% of respondents saying non-financial reporting enhanced a company’s reputation, and 74% saying it was important in making business decisions and helping investors judge performance, according to a study by the Institute of Public Relations.
The new legislation is likely to come out of a government White Paper proposing a new Operating and Financial Review, which requires companies to report on non-financial factors. At present the requirement remains voluntary.
Jon Aarons, president of the IPR said: ‘The implications of the OPR are huge. Legislation to pave the way for compulsory non-financial reporting by all large companies is likely to come into force in 2003. Businesses need to wake up to this now if they are going to meet the new requirements next year.’
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