The Financial Reporting Review Panel has pronounced itself pleased overall with the first returns prepared under IFRS.
The panel looked at 70 interim report issued in mid 2005. It said the general level of compliance with IFRS, as evidenced by interim reports, was high. The panel raised a small number of significant issues, which was encouraging, but said that could be the result of the limited information required to be provided in iterim reports in 2005.
During the review the panel wrote to 16 companies, all of which undertook to make amendments in future reports. In all of these cases, the panel was satisfied there was no significant breach of reporting requirements. It was also pleased with the speed and quality of replies to its queries.
The majority of issues related to the presentation...