Each year BT prepares a set of Regulatory Financial Statements (RFS), which include published statements. It also provides information that is submitted to Ofcom privately. Ofcom has completed a review of BT’s obligations for its RFS covering the wholesale local access, narrowband and wholesale broadband access markets for 2018/19 and following years.
This statement sets out our our conclusions on BT’s regulatory financial reporting, and imposes on BT a new set of directions implementing our detailed regulatory financial reporting requirements for the wholesale local access, narrowband and wholesale broadband access markets.
What we have decided – in brief
Consistency with regulatory decisions: we have decided to update the requirements to reflect regulatory and commercial changes that impact regulatory financial reporting.
Audit of the RFS: we have removed the requirement for BT to obtain a Fairly Presents In Accordance with (FPIA) opinion on its RFS from its regulatory auditors. In future, BT will only be required to obtain an opinion that the RFS are Properly Prepared In Accordance with (PPIA) its Accounting Methodology Documents (AMD).
Reconciliation Report: we have decided to remove the requirement to publish certain schedules within the RFS which over time have led to some duplication of information and publication of information that is no longer necessary.
Preparation delivery, publication, form and content of the RFS: we have decided to reduce some reporting requirements and increase the prominence of Openreach reporting. We have also updated a number of schedules that BT publishes.
Network components: we have updated the list of network components to ensure they remain relevant and up-to-date.