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Accountants' reports on profit forecasts : regulation and practice

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Download 04_11 Brennan Gray Accountants’ Reports on Profit Forecasts Regulation and Practice.pdf141.92 KB
Author(s)
Brennan, Niamh 
Gray, S. J. 
Uri
http://hdl.handle.net/10197/2917
Date Issued
2000
Date Available
04T13:54:19Z May 2011
Abstract
Profit forecasts are rarely disclosed in the UK except in prospectuses, circulars and during takeover bids. There are few regulations governing the content of profit forecasts. Under stock exchange rules these forecasts must be reported on by both reporting accountants and the merchant bankers advising on the deal. The format of the forecasts is at the discretion of individual companies. This paper summarises the regulations, including professional pronouncements, governing accountants’ reports on profit forecasts. Practical examples of such accountants’ reports extracted from 250 profit forecasts published during 701 UK takeover bids in the period 1988 to 1992 are reproduced and discussed. These examples provide useful precedent material for practitioners involved in reporting on a profit forecast. The paper concludes with a discussion of policy issues and suggestions for policy makers.
Sponsorship
Not applicable
Type of Material
Journal Article
Publisher
MCB University Press
Journal
Managerial Auditing Journal
Volume
15
Issue
9
Start Page
447
End Page
458
Copyright (Published Version)
2000 MCB University Press
Keywords
  • Accountants’ reports

  • Profit forecasts

  • Takeovers

Subject – LCSH
Profit--Accounting
Profit--Forecasting
Financial statements
Consolidation and merger of corporations
DOI
10.1108/02686900010356923
Web versions
http://dx.doi.org/10.1108/02686900010356923
Language
English
Status of Item
Peer reviewed
ISSN
0268-6902
This item is made available under a Creative Commons License
https://creativecommons.org/licenses/by-nc-sa/1.0/
Owning collection
Business Research Collection
Scopus© citations
0
Acquisition Date
Jan 29, 2023
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