Following a Government announcement on 25 November, the Accounting Standards Board (ASB) has today issued an Exposure Draft of a Reporting Standard (RED 1) on the Operating and Financial Review (OFR).
Under the Government proposals, quoted companies will be required to prepare a statutory OFR for the first time for financial years beginning on or after 1 April 2005. The Government has also announced that it intends to specify the ASB in legislation as the body to make the standards for the OFR. Regulations giving legal effect to the proposals will be laid before Parliament in the next two months.
See
full Press Release,
Operating and Financial Review (OFR),
Draft Standard on the Operating and Financial Review Press Notice in pdf format,
Reporting Standard Operating and Financial Review, in pdf format, and
Exposure Draft of Reporting Standard 1: The Operating and Financial Review.
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