Financial Reporting Review Panel finds ‘good level of compliance’ in accounts

But many companies could improve reporting

The Financial Reporting Review Panel has found a ‘good level of compliance overall’ by companies with international accounting requirements in its latest ‘activity report’.

However, it identified a number of areas where companies could improve the quality of their future financial reporting, according to a report in the Accountancy Magazine.

The panel reviewed 311 sets of accounts, with 135 approached for further information. It says the responses were generally well considered ‘and reflected the investment companies had made in considering the transition to a new reporting framework’.

The accounts were drawn from the full range of companies within its remit, with 227 prepared under International Financial Reporting Standards and 84 under UK GAAP.

FRRP chairman Bill Knight said: ‘It is important that companies comply with accounting standards. The majority work hard to do so and our aim is to help.’