Financial Reporting Review Panel Publishes Report on Interim Reports of UK Listed Companies

FRRP PN 91

The Financial Reporting Review Panel today published a report on the results of its first review of interim accounts of UK listed companies, based on a selection of interim reports issued in 2005.

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The Panel reviewed 70 interim reports
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35 of these related to FTSE 350 companies

The Panel found the level of disclosure and compliance in the first reports prepared under IFRS to be good. Issues arose on matters of presentation and narrative descriptions of accounting policies. The report provides details on areas where the Panel found evidence of non-compliance.

Commenting on the results, Bill Knight, Chairman of the Panel, said:

“The half year reports showed evidence of the hard work that has gone into the transition to IFRS. Annual financial statements set a higher threshold for compliance with more onerous disclosure requirements but I hope the Panel will continue to see good results.”

See full Press Release.