operating and financial review

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A statement published with a company's annual accounts and directors' report in which the directors 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 have been required to prepare a statutory OFR; this must include key performance indicators and, where appropriate, information on employees and the company's environmental record. The requirement for a separate OFR is abolished under the Companies Act 2006; however, the same information is to be included in an expanded directors' report.

Subjects: Accounting — Financial Institutions and Services.

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