BusinessCompany NewsCall for reporting rules overhaul

Call for reporting rules overhaul

Investors and accountants ask the ASB to modify company reporting rules

Fearing that vital information may be left out of company reports, investors and accountants have called on the Accounting Standards Board to have a rethink about new reporting rules.

Under new DTI rules, from 1 April, companies will be required to provide details of trends and risk factors affecting their businesses in the new operating and financial review to be presented alongside financial reports.

The ASB, in a move welcomed by investors, chose not to prescribe a template for the OFR. The UK society of Investment Professionals said this would cause ‘boilerplate reporting of the worst kind’, the Financial Times reports.

The investor group, however, added that the risk of the flexible approach could cause reporting that was bland, unclear and unbalanced.

Teaming up with investors, ACCA said the ASB needed to ensure that companies did more than simply meet the bare minimum standards, after government watered down its original OFR standards in the face of strong business lobbying.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor