Brexit & EconomyPoliticsGovernment defends OFR decision

Government defends OFR decision

DTI says scrapping was 'proper and lawful'

The Department of Trade and Industry has defended the decision by chancellor
Gordon Brown to remove the requirements for a mandatory Operating and Financial
Review , in the face of a court challenge from Friends of the Earth.

The government body said it believed the decision was ‘proper and lawful’
following the application for a judicial review by the environmental pressure
group. A hearing is expected in mid-March.

‘The decision to remove the statutory OFR and instead impose a requirement
for a Business Review, in line with the minimum requirements of the EU Accounts
Modernisation Directive, will still lead to a major improvement in narrative
reporting over the situation before the Directive was implemented,’ argued a DTI
spokeswoman.

‘The key improvements in narrative reporting from the OFR are also present in
the Business Review, but in less prescriptive form which will substantially
reduce business compliance costs,’ she added.

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