Reporting rule changes 'to increase statements'

News Article - 24 May 2012
Category:

Recent changes to European reporting requirements will result in most listed firms in the UK having to create extra reports, according to new research.

Accounting Magazine reports that the study by Deloitte revealed almost nine in ten UK companies are set to release interim management statements at a rate of twice a year in addition to normal performance reports following the implementation of the EU transparency obligations directive last month.

Deloitte audit partner Isobel Sharp warned that the new rules could be perceived as burdensome for a number of businesses.

"These new rules are a bid for greater transparency and disclosure for listed companies, but there is growing concern that this increasingly regimented reporting will be a burden on business and may simply lead to more bland statements rather than focused commentary issued as appropriate by companies," she commented.

The original directive, adopted in January 2005, proposed that quarterly reporting be made compulsory.

However, this was later changed to two mandatory interim management statements a year.

Article keywords:

---

More industry news

• Think tank warns UK may have already slipped back into recession
• Growing demand for HR staff in technology and international sectors
• Boosting business growth a ‘priority’ to avoid Eurozone slowdown
• HMRC launches alternative disputes pilot scheme this week
• December employment statistics disregard gloomy recruitment predictions
• Eurozone manufacturing PMI shows modest improvement
• UK scores highly for economic governance by ratings agency
• Government launches two-year project focusing on manufacturing sector
• Burden of regulation on UK businesses ‘too high’

Back to news home page »