FRRP to focus on banking sector

The Financial Reporting Review Panel has announced it will focus on the banking sector next year – a hardly surprising move given Bill Knight’s comments last week.

The panel says it will pay particular attention to disclosures relating to financing arrangements and risks and uncertainties in the light of credit market conditions at the time of approval of financial statements.

Retail, travel and leisure, commercial property and house builders are other sectors the panel will focus on in 2008-09.

The panel is also looking more closely at the lower end of the listed market, AIM and large private companies.

Knight, the FRRP chairman, says: “We are shifting the emphasis away from the FTSE 350 towards the mid-tier companies where risk is seen to be greater. Recent panel reviews have shown that compliance is good at the top end of the listed market.”

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