Best practice: The OFR is an important element of best practice corporate reporting

Article Abstract:

The status of the operating and financial review (OFR) may have changed - from a statement of best practice to a standard and then back to a statement again but the view of the Accounting Standards Board (ASB) has not, and the OFR is an important element of the best practice corporate reporting. The ASB has set out recommendations that the OFR should have a forward looking orientation, it should complement as well as supplement the financial statements, be comprehensive and understandable, be balanced and neutral, and also comparable over time.

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Unprofitable activities: The hidden cost

Article Abstract:

The lack of key information about the profitability and the firm's resources and activities that are spread across unstructured sectors, specialisms and locations will reduce the overall profit of the company. Costing exercises like activity-based-costing can help the company's business performance and its efficiency.

Cost Accounting, Business performance management

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Not only fair, but faithful

Article Abstract:

The author suggests that in accordance with the new UK generally accepted accounting principles (FRS 17), companies should develop an asset-liability valuation that is sensitive to the changes in the market. Market based disclosures would not only be fair but also be faithful to Financial Reporting Standards 17.

Financial Management, Evaluation, Pensions, Defined benefit plans

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