Reporting rules 'burdensome'

News Article - 24 May 2012
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Many accountants feel that creating the same strictly-controlled financial reporting model to be used across the whole of Europe will not provide the desired results, an expert has claimed.

The statement follows the announcement by the European Union that the UK is to implement its Transparency Obligations Directive.

According to Peter Williams, of Computeractive.co.uk, the move will create additional burdens for finance professionals

Mr Williams states that one of the key changes will be the quarterly reporting through interim management statements.

However, the Financial Services Authority will not accept the quarterly reference, saying that companies do not need to refer to a set three-month period as is the case with bi-annual reports.

Additionally, many firms are uncertain of when reporting should take place, with various beliefs having been outlined.

Mr Williams writes: "The current view among FDs [financial directors] is that a regimented burdensome reporting regime will merely result in the bland and the boiler plate, not the commentary and analysis style they keep being told we want them to produce."

It is also a stipulation that international financial reporting standards half-yearly reports comply with international accounting standard 34 relating to interim financial reporting.

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