|
|
| Oftel › Press Office › Press release archive › 2002 | |
|
|
 |
|
|
|
|
|
|
|
 |
 |
 |
|
||||
| Oftel publishes proposals to update BT’s regulatory accounts | |
||||||
 |
 |
 |
|
||||
 |
|
|
|
 |
|
||
|
|
|
|||||
|
52/02 21 August 2002 Oftel has today published proposals to enhance the way in which BT prepares and supplies its annual regulatory financial statements. These proposals will ensure Oftel has access to more detailed, high quality, transparent financial information on which to base its regulatory decisions. The draft direction proposes that BT should provide more disaggregated financial information, for example, by product and service groups, network components and by types of customer, and provide more detail on how it prepares this information. BT’s regulatory accounts are used by Oftel to help form regulatory decisions across many areas of its work, such as price controls and cost-orientation. These proposals do not relate to BT Group’s statutory accounts or in any way represent any criticism of BT Group’s statutory accounts. David Edmonds, Director General of Telecommunications said today: "BT’s regulatory accounts consist of complex, technical financial information that is essential to ensuring that Oftel can make fully informed decisions and meet its strategy of proportionate regulation. "These proposals will improve the quality of information we receive from BT, taking account of market developments and technological advances in the industry. "As well as requiring more detailed accounts I am also proposing greater transparency of the processes used to prepare the information. "This will lead to more effective use of Oftel’s time and resources when dealing with investigations and complaints, and carrying out market reviews." Oftel welcomes comments on the proposals set out in the draft direction. The closing date for comments is 18 September 2002. Notes to editors 1. Oftel’s draft direction and explanatory memorandum is available on Oftel’s website at www.oftel.gov.uk/publications/licensing/2002/state0802.htm. Hard copies are available to the media from Oftel’s Press Office on 020 7634 8991 and to the public from Oftel’s Research and Information Unit on 020 7634 8761. 2. The proposals in this draft direction have been shared with BT and have been the subject of detailed discussions at Group Finance Director level. BT has indicated that it will want to make full representations during the consultation period on some aspects of the proposals, and the Director will consider these fully. BT has also indicated a willingness to work with Oftel on a series of measures over the next six months to improve the quality of information in the regulatory accounts for the year ending 31 March 2002. Oftel welcomes this positive commitment. 3. The proposals in this draft direction refer only to the regulatory Financial Statements. These are only used by Oftel for regulatory purposes. The proposals do not refer to or any anyway imply any criticism of BT's statutory Consolidated Financial Statements, which are the accounts that companies are obliged to produce under UK law.
|
|
||||||
|
|
||||||
 |
 |
|
|||||
 |
|
||||||
