According to reports in the UK media this week, the deadline for larger businesses to submit Operating and Financial Reviews (OFRs) giving details of their social and corporate governance strategies, and their plans for meeting accounting regulations has been extended.
The VNU Net news service revealed on Wednesday that following negotiations between the government and industry bodies, the deadline for submission of OFRs has now been extended from January to April 2005, a development which has been welcomed by the business community.
The final draft of the regulations, which the Department of Trade and Industry reportedly plans to publish within the next couple of months, will, as a result of the negotiations, not contain a provision obliging auditors to give an opinion on whether due care and diligence had been taken with regard to the OFR.
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