Retail: ASB publishes Final Reporting Standard on the OFR

On 10th May 2005, the Accounting Standards Board published its final Reporting Standard on the Operating and Financial Review ("OFR"). The Reporting Standard (RS1) is described in more detail in our Law-Now article published on 17th May 2005. In short, directors must include in an OFR a balanced and comprehensive analysis of the development and performance of the business, its financial position, trends and factors underlying these things; a description of the group’s business, objectives and strategies, principal risks and uncertainties; and, to the extent relevant, information about the group’s employees, customers, suppliers and shareholders, its impact on the environment, and analysis of its financial and non-financial performance using Key Performance Indicators that the directors consider relevant to the group.