Operating and Financial Reviews 2014

Operating and Financial Reviews 2014

With the release of ASIC Regulatory Guide 247 Effective disclosure in an operating and financial review (RG 247), the debate on the current corporate reporting model has now reached the highest international business agenda.


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Operating and Financial Reviews 2014

A year on, listed companies are applying RG 247, with many making additional and better quality disclosures about operations, financial position, business strategies and prospects for future financial years in the operating and financial reviews included in annual reports.

Key insights

  • Our review of the ASX51-100 annual reports a significant increase in the number of companies discussing their business strategies, material business risks, and financial position.
  • Even with this improvement in Operating and Financial Reviews (OFRs), there remains further opportunities for improvement, including better descriptions of business models, strategies, risks and underlying drivers and reason for the entity's financial performance.
  • Whilst ASIC indicated that compliance with the regulatory guide need not increase the length of the OFR, over half of the companies increased the length of their OFRs compared to the prior year.
  • The number of companies making explicit reference to using the s299A(3) unreasonable prejudice exemption has decreased in the current year.

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