Watchdog warns firms not to hide

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The Review Panel - the enforcer of the UK accounting standards regime - issued one of its most forceful warnings yet to listed companies over the state of their financial reporting.

Its chairman, ex-City lawyer Bill Knight, said directors must be "open and direct about the specific risks and uncertainties that may challenge their business in the foreseeable future" and avoid hiding behind "boiler-plate" accounting jargon.

The alert came as the Review Panel revealed that of 300 sets of company accounts it viewed in the year to the end of last March, 138 needed explanation or further information disclosed.

Of these 138, 88 firms made undertakings to improve accounting.

The Review Panel is specifically warning companies over the measurement of their assets and liabilities, the recognition of revenues when the actual income is deferred, and accounting for special purpose entities.