On very good authority, companies were expecting that an operating and financial review statement would become a statutory requirement. And then the Government changed its mind upsetting almost everyone – whatever their views.
1 Do you think an OFR statement should be made a statutory requirement and if so, for what type of entities?
2 Why do you think it was decided to abandon the decision to make it statutory?
3 What benefits do you think an OFR provides for the users of financial statements, and do the benefits outweigh the costs?