operating and financial review

operating and financial review
= OFR
A statement published with a company's annual accounts and directors' report in which the directors interpret the financial statements and discuss the business's performance, giving both positive and negative points. It is broadly similar to the management discussion and analysis statement issued by US companies. For financial years beginning on or after 1 January 2005, listed companies are required to prepare a statutory OFR; this should include key performance indicators and, where appropriate, information on employees and the company's environmental record. The statement of best practice on the OFR issued by the Accounting Standards Board in 2003 is already used by many companies.

Accounting dictionary. 2014.

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