The past months have been turbulent for financial reporting and the result has been much uncertainty. But now that the dust has settled over the latest changes in company law, it looks as though the future is going to look quite different from the present.
The problems started with the peremptory abandonment of the planned operating and financial review - the mechanism for putting more non-financial and narrative information in the annual report and accounts - which had long been factored into their plans by big companies.
At the dinner preceding the recent corporate governance round table at the Institute of Chartered Accountants in England and Wales, John McFall, chairman of the Treasury select committee, confirmed what many had surmised. The OFR was jettisoned at short notice by Gordon Brown, the chancellor, after lobbying by the CBI, the employers' organisation. "It was a knee-jerk reaction to the CBI, and he fell for it," said Mr McFall.
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