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Regulator Turns Spotlight on Smaller Company Reporting

Global Glimpses | November 29, 2010

The U.K.’s financial reporting regulator will direct its focus onto smaller listed companies next year, putting the spotlight on those outside the FTSE 350.

The Financial Reporting Review Panel said it would be scrutinizing smaller companies in niche markets as a priority because in a sluggish economy they faced greater risks than big, diversified businesses.

It will also pay more attention to companies in the commercial property, insurance, travel and support services sectors – especially where support companies are exposed to cuts in public sector spending.

The panel has the power to make companies restate their financial statements if it disagrees with their accounting practices or disclosures. Outside of each year’s priority areas, it reviews some companies that it selects randomly and some in response to complaints received.

The panel has never actually taken legal action against a company...

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