Directors Reporting
22/12/2009
As year end approaches for many companies, I suspect the attentions of most directors will be firmly fixed on the forthcoming year.
However, this may be a good opportunity to reflect on 2009, and for directors to prepare their Directors Review of Business for inclusion within the 2009 Statutory Financial Statements. Many companies will be looking to file their accounts in good time; this could assist in speeding up the process.
Following changes in recent years many ‘Review of Business' narratives included within the Report of the Directors have been criticised as not fulfilling the required expectations, or indeed, complying with current legislation.
I have therefore set out below a note of the considerations to be taken into accounts whilst preparing the report:
- A balances and comprehensive analysis of the company's performance during the year, together with the position of the company at the year end.
- Information regarding any future plans the directors may have for the company.
- Principal risks and uncertainties that the company faces, requires inclusion.
- KPI analysis where necessary.
- References and additional explanations of amounts included within the Financial Statements where necessary to give better understanding of the company's performance and development.