The Accounting Standards Board (ASB) has today issued a Reporting Statement ‘The Operating and Financial Review’.
The Reporting Statement has been issued in the light of the Government’s decision to remove the statutory requirement on quoted companies to publish OFRs. Following the repeal of the legislation, the ASB has withdrawn Reporting Standard (RS) 1 ‘The Operating and Financial Review’ and has converted RS 1 into a statement of best practice on the OFR, which is set out in the document issued today.