18th June 2004 - Trucost Briefing - OFR Update

In May 2004 the DTI published the second consultation paper for the Operating and Financial Review (OFR) regulation to a mixed reception.  This Trucost Briefing analyses what this means for companies, investors and auditors:

- The OFR will apply to all UK listed companies for financial years beginning in 2005 onwards

- The OFR will require the directors to provide shareholders with an overview of the business, and should include environmental and employee matters

- Company directors will carry personal liability and unlimited fines for non-compliance

- A new role for auditors, monitoring the OFR drafting process, has been suggested

- The Accounting Standards Board will define the OFR standards

For more information, please contact:
Richard Mattison
T: +44 207 321 3833.
info@trucost.com

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