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.
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