Group aims & objectives
Background
Gordon Brown recently announced the scrapping of the mandatory requirement of the Operating and Financial Review (OFR). There is, however, still the requirement under the EU directive for an enhanced Directors Report which covers many of the areas that the ASB standard elaborated on. The Financial Reporting Council (FRC) is suggesting that there is a requirement for enhanced OFRs using the standard as best practice - "RS1 is the most up-to-date and authoritative good source of best practice guidance for companies to follow".
A Special Interest Group has been established on the OFR, to discuss how we take this forward in the light of the mandatory part being removed but the feeling that more disclosure is still expected.
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