see also...
The Future of Corporate Reporting - Tomorrow's Company
This report, published by the business led think-tank Tomorrow's Company, reviewed the UK business reporting situation, one year on from Gordon Brown's decision to abandon plans to introduce the OFR proposal.
The report's findings were that half of FTSE 100 companies are still producing OFRs despite the Government changes to the regulatory requirements. This is despite the less demanding EU Business Review requirement that is now in place for 37,000 quoted and unquoted companies in the UK, indicating a commitment to more narrative reporting on non-financial material issues.
The study also identified the key corporate reporting challenges that lie ahead in 2007 and 2008 for UK quoted and unquoted companies and the UK Government:
- Safe harbour provisions for directors relating to omissions and misleading statements in narrative reporting and disclosures required under the Transparency Obligations Directive
- Introduction of electronic reporting
- Global reporting developments
- Calls for changes to financial reporting model
- Improving business performance through reporting.