Pending changes to corporate interim reporting will have a major effect on UK companies, accountants Deloitte has warned.
And, in a report from the firm, it is warning that the burden is far from easing.
Stephen Griggs, partner in charge of audit for the Midlands based in Birmingham, said: "The EU's Transparency Directive, while watered down from its earlier drafts, and international accounting standard IAS 34 Interim Financial Reporting will result in significant reporting changes for UK companies.
"Although increased transparency is always an important consideration, these changes will undoubtedly lead to an extra compliance burden." Companies will need to produce at least two " interimmanagement statements" and this will be an increased burden for those that do not already produce either monthly or quarterly reports.
The Transparency Directive will require half yearly results to be published within two months of the period end. Some 38 per cent of companies surveyed currently report in the third month after the period end.