OFR becomes ‘business review’

18 Oct

The annual report has doubled in size in ten years according to a Deloitte study reported in Accountancy Age. This despite the decision not to make the operating and financial review (OFR) mandatory.

In place of the OFR, companies are to produce ‘business reviews’ – detailing their approach to the environment, employees, social and community issues. On the face of it, this will provide more work and more responsibility for PR advisers. But lobbying efforts of the CBI and others to reduce the burden of ‘red tape’ are reported in The Guardian today.

2 Responses to “OFR becomes ‘business review’”

  1. David Phillips 19/10/2006 at 3:47 pm #

    And the PR industry still delivers OFR reports using C20 methods while the Auditors deliver it using XBRL in 2 milliseconds.
    If ever there was a need to be able to deliver the words as easily as the numbers this is it.
    So why is it taking the PR industry forever to adopt XPRL…. because its technical or because the good ‘ol boys like to see a glossy on the coffee table in Whites.
    We can have both, save a load of money and compete with PriceWaterhouseCoopers who currently have the high ground when it comes to financial communication and reporting.

  2. Richard Bailey 19/10/2006 at 10:27 pm #

    David: you know I’ve not been convinced of the need for XPRL (yet), but the logic of your comment is irresistible. This could be the case study needed to get the ball rolling (last time round it seemed limited to media clippings).

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