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UK FRRP ANNOUNCES PRIORITY SECTORS FOR 2007/08 |
| Source: | FRRP | | Country: | UK | | Date: | 14/12/2006 | | Contributor: | Andy Lymer | | Web: | http://www.frc.org.uk/frrp |
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The UK Financial Reporting Review Panel this week announced that its monitoring activity in 2007/08 will focus on the following sectors:
- Travel and leisure
- Retail
- Utility
- Telecommunications
- Media
Sectors are prioritised by the Panel following a risk based assessment and discussion with the Financial Services Authority and the Panel’s Standing Advisory Group, an independent committee which comments on the Panel’s proposals.
The Panel has retained the retail and utility sectors as focus areas. Transport, pharmaceuticals and automobile have been replaced by travel and leisure, telecommunications and media.
The selection of accounts for review will be drawn from the full range of companies within the Panel’s remit, which includes large private companies. The Panel will continue to monitor compliance with IFRS as companies make further changes and improvements to their accounting as the new standards become more familiar.
Bill Knight, Chairman of the Panel said: “The Panel will continue to announce the priority sectors so that companies in those sectors are aware that their accounts are more likely to be reviewed.” |
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