17 August 2006
The Office of Communications (Ofcom) has announced a number of modifications to BT's regulatory financial reporting and audit requirements.
All changes will be reflected in the company's 2005/06 financial statements while Ofcom will continually monitor the impact of these changes as part of its development of future consultation work.
The two main areas for change are amendments to the assurance regime and changes to the reporting regime. Among the new requirements for BT is the necessity for the telecoms company to cost wholesale services, content of published profit and minor improvements with the mean capital employed statements.
There is also a provision for service level data to be aggregated in statements so that internal and external charges can be identified when they are immaterial to the statement.
Ofcom also consented to allowing BT to publish regulatory financial statements up to six months after the end of the reporting period so changes in the statement could be properly implemented.
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