The ASB’s Statement ‘Half-Yearly Financial Reports’ is designed to provide guidance for any UK or Irish entities that are required or voluntarily choose to prepare half-yearly financial reports.
The Statement is an update and replacement of the ASB’s 1997 Statement ‘Interim Reports’, in particular following the implementation in the UK of the EU Transparency Directive through the Financial Services Authority’s (FSA) Disclosure and Transparency Rules (DTR). The FSA has made clear in the DTR that UK issuers reporting under UK GAAP can satisfy the requirement for the half-yearly financial statements to give a true and fair view by a statement that they have been prepared in accordance with pronouncements by the ASB.
The ASB decided to revise its 1997 Statement and rename it ‘Half-Yearly Financial Reports’ to reflect the requirements of the DTR. Other than that, the ASB has made the minimum number of changes necessary, including changes in terminology. The ASB adopted this approach in order to have revised guidance available for the first round of half-yearly financial reports that have to be prepared to the meet the requirements of the DTR.
The Statement can be accessed at: http://www.frc.org.uk/asb/publications/documents.cfm?cat=7.
