Property and retail in focus for reporting watchdog

COMMERCIAL PROPERTY and retail will be among the priority sectors for the Financial Reporting Review Panel in 2012/13.

A sub-board of the Financial Reporting Council, it examines reports and accounts from listed and large private companies, especially those where complaints or governance concerns have been raised.

Chairman Bill Knight (pictured) said: “Directors are facing significant challenges in managing risks and in arriving at estimates for their accounts. Transparency is vital. If risks and uncertainties can be clearly explained, much will have been achieved”.

Support services will be another in-focus sector, and the panel will continue its work examining whether business reviews are fair, balanced and comprehensive.

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