ASB publishes final Reporting Standard on the OFR

On 10 May 2005 the Accounting Standards Board (ASB) published its final reporting standard on the Operating and Financial Review (RS1). Generally, few changes have been made to the Exposure Draft published on 30 November last year. But some (mainly clarificatory) amendments have been made in response to comments the ASB received about the Exposure Draft.

The OFR Regulations were published in their final form on 20 April. They require all UK quoted companies to produce an Operating and Financial Review (OFR) and all UK large and medium-sized unquoted companies to produce an expanded directors' report for financial years starting on or after 1 April 2005. Companies with a financial year-end of 31 March will therefore have to produce an OFR or expanded directors' report for the first time in Summer 2006, and those with a 31 December year-end in Spring 2007. Other than minor drafting changes, the final regulations were in the same form as the draft regulations published on 20