News Article - 23 May 2012
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Banking, retail, travel and leisure are among the sectors to come under the spotlight of the Financial Reporting Review Panel (FRRP) in 2008 to 2009.

Also in the frame are commercial property and house builders, the FRRP has announced, stating that these sectors were chosen following risk-based assessment and discussion with the Financial Services Authority and the Financial Reporting Council's (FRC's) standing advisory group.

Specific attention will be paid to disclosures relating to financing arrangements and risks and uncertainties against credit market conditions at the time of the approval of financial statements.

Chairman of the FRRC Bill Knight said: "The priority sectors are the areas in the economy that are currently under strain.

"We are shifting the emphasis away from the FTSE 350 towards the mid-tier companies where risk is seen to be greater."

The FRC, an independent regulator, aims to promote confidence in corporate reporting and governance.

Its directors are appointed by the secretary of state for trade and industry.

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