ASB issues guidance for producing a voluntary OFR

Posted by AccountingWEB PM | on Fri, 27/01/2006 - 14:04 2789

The Accounting Standards Board (ASB) has issued a Reporting Statement, 'The Operating and Financial Review' (OFR) in the wake of the Government's decision to withdraw legislation making the OFR compulsory.

The new document is a statement of best practice, based on the now withdrawn Reporting Standard 1 (RS1). The statement is intended to guide companies in producing a voluntary OFR.