Ongoing frustration

Article Abstract:

The operating and financial review (OFR) was statutorily formulated in 2004 and even after two years, the question of how it would be reinstated is unclear, and the new OFR consultation will not end until 24 March 2006. The consultation asks for views on whether secondary legislation is necessary as an interim measure until the Company Law Reform Bill comes into force, although the government has stated that affected companies will be given adequate time to prepare for any changes.

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Problems with fairness

Article Abstract:

The 'fair representation' in International Accounting Standard 1 (IAS 1), where fair presentation requires faithful representation, has created conflicts with legal traditions or with accounting rules strongly influenced by tax law. 'Fair presentation' has lost its relevance and hence, its application requires drawing on local customs and notions of fairness on user needs and objectives of financial statements.

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Accounting Standards Board: FRS 28 Corresponding Amounts

Article Abstract:

Financial Reporting Standard (FRS) 28 'Corresponding Amounts', which was issued by the Accounting Standards Board in October 2005, is discussed. The FRS permits a reporting entity not to show corresponding amounts for certain items in the notes to the financial statements that were previously exempted under company law.

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