The body in charge of setting accounting standards has welcomed Personnel Today’s feedback to the draft regulations for new company reporting requirements, known as operational and financial reviews (OFRs).
On February 28, we submitted a petition of more than 400 names to the Accounting Standards Board (ASB) and the Department for Trade and Industry, calling for OFRs to include meaningful people data.
The draft regulations all but ignore people information, and Personnel Today, along with a host of leading business groups, believes they would completely sideline HR departments if passed.
In a letter to Personnel Today, David Loweth, board secretary at the ASB, wrote: “I can assure you that the points made in your response will be fully considered. All responses are carefully analysed so that the board can assess the points raised and take them into account in its further work on developing the reporting standard.”
The OFRs, part of the 1985 Companies Act, are due to come into effect in April. Companies will be required to adhere to the regulations in annual reports reported after then.