News Article - 12 October 2006
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Nearly a third of medium-sized businesses want to implement an operating and financial review (OFR), a survey has found.

The results from a study by financial services company KPMG come as the government announces it plans to scrap company requirements to produce the reviews and replace them with general business reviews.

Of those questioned, 31 per cent said they had planned to produce OFRs which identify issues likely to influence a company's future performance while 44 per cent also plan to publish non-financial information.

Tim Copnell, KPMG's corporate governance director said: "There has been an assumption that the vast majority of companies will confine themselves to doing no more than they strictly have to."

Mr Copnell added that a large number of middle market businesses were aware of a real need to produce OFRs which explain and contextualise their performance.

The results from KPMG follow findings by the company that the salaries of permanent staff rose by their fastest pace in over five years this September.

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