The Financial Reporting Review Panel’s review activity in 2010/11 will focus on the following sectors:
- Commercial property
- Information technology
Banking, house-builders and travel and leisure have featured as priority sectors for the last two years. As companies enter the next stage of the recession, where the outlook for corporate spending is uncertain, the panel is turning its attention to sectors that rely heavily on discretionary spend and which might be stretched in the short term.
Annual reports and accounts will continue to be selected from across the full range of companies within the Panel’s remit and will also be selected for review on the basis of company specific factors and complaints.
Bill Knight, chairman of the panel said: “Companies who are seeing their business models develop to meet the challenges of the recession will need to reconsider their revenue recognition policies to ensure that they still reflect their business activities. The panel will pay particular attention to the accounts of those companies which appear to apply aggressive policies compared with their peers.”
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