Briefly noted

▪ Many large listed firms have included operating & financial reviews in 2006 annual reports (year end 31 March) despite the government’s last-minute decision to scrap mandatory enforcement. According to analysis of 23 FTSE 100 firms by Black Sun, half have chosen to adopt the OFR. The government made a dramatic u-turn on the adoption of OFR in November last year in favour of less onerous business reviews. Chancellor Gordon Brown said the OFR was over-burdensome and the UK was conscious of exceeding reporting requirements under the EU Accounts Modernisation Directive. Many companies preparations for OFR were at an advanced stage when the announcement was made.