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The UK Financial Reporting Review Panel (“the Panel”) today published its activity report covering the year to 31 March 2007.
Summary details:
- The Panel reviewed 311 sets of accounts
- 266 were selected by the Panel and 45 were reviewed as a result of complaints, referrals or press comment
- 135 companies were approached for further information
- 94 companies undertook to reflect the Panel’s comments in future accounts
The 311 accounts reviewed were drawn from the full range of companies within the Panel’s remit. 227 were prepared under IFRS and 84 under UK GAAP. The report completes the Panel’s findings from its review of first-time implementation of IFRS.
The Panel found a good level of compliance overall with the international accounting requirements but identified a number of areas where companies could improve the quality of their future financial reporting. These are set out in the report. These points may be of particular help to boards of AIM-quoted companies, many of which are now in the process of preparing their first annual accounts under IFRS.
Responses to the Panel’s letters of enquiry were generally well considered and reflected the investment companies had made in considering the transition to a new reporting framework.
Commenting on the findings, Bill Knight, Chairman of the Panel, said: “It is important that companies comply with accounting standards. The majority work hard to do so and our aim is to help.”
The full activity report for the year can be accessed here. (pdf document) |
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