BusinessCompany NewsASB reopens OFR debate

ASB reopens OFR debate

The Accounting Standards Board has reopened the debate on how to make directors provide more information on a company's performance through an Operating Financial Review.

The ASB consultation on how to structure an OFR hopes to canvass the views of a broad spectrum of people to input into the discussion at company law level.

A statutory OFR for large public companies and very large private companies was recommended by the company Law review steering group last July.

Specifically, the ASB wants comment on recommendations that boards of directors identify and comment on ‘key performance indicators’ and recognition that business objectives may encompass both financial and non-financial measures, including for example, the area of corporate social responsibility.

Mary Keegan, ASB chairman, said: ‘The more complex companies and their transactions become, the greater is the recognition that high quality financial statements are only part of the information which investors need to assess the potential of the companies they finance.’

The revised 1993 OFR statement will remain voluntary.

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