Operating and Financial Review Should be Deferred, says UK's ACT

The Association of Corporate Treasurers (ACT) has called for the UK’s Department of Trade and Industry (DTI) to delay the date suggested for implementing the Operating and Financial Review (OFR) for UK companies. This was in response to the DTI’s consultation paper Draft Regulations on the OFR. The ACT said in a statement: ‘The burden of introducing the OFR at the same time as International Accounting Standards for listed companies is too great, especially as the reporting standards have yet to be developed by the ASB. Deferment of mandatory OFR requirements is urged.’ The statement also said: ‘In general terms the ACT supports the direction the DTI is going. There are however numerous very important points of detail where we believe changes and improvements could be made.’ Richard Raeburn, chief executive of the ACT, said: ‘We are strong supporters of better and more responsible reporting and disclosure, but feel that the start of a compulsory OFR should be postponed until the necessary ASB reporting statements have been circulated and subjected to public consultation.’

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