The final changes will:
- remove the need for the auditors to give an opinion on whether the directors have used ‘due and careful enquiry’ in preparing the OFR;
- allow shareholders who have elected to receive summary, as opposed to full, financial statements, to not receive the OFR; and
- allow the directors to omit from disclosure details of future developments or matters under negotiation if their disclosure would be seriously prejudicial to the company’s interests.
For more details on the OFR requirements see the Department of Trade and Industry website section or the Business Link website.