The Chancellor announced on 28 November that the Government had decided no longer to require quoted companies to prepare an Operating and Financial Review, in addition to the requirements of the EU Accounts Modernisation Directive.
I am today laying regulations which repeal the requirement on quoted companies to prepare an Operating and Financial Review for financial years starting on or after 1 April 2005. They will need to include a Business Review as part of the Directors’ Report, in compliance with the EU Accounts Modernisation Directive requirements. This is in line with the Government’s general policy not to impose regulatory requirements on UK businesses over and above relevant EU Directive requirements. I am today publishing guidance on the regulations.
