Regulatory financial information informs many of our decisions. We require this information in order to monitor and enforce various obligations that are placed on dominant providers in markets where they are found to have significant market power ("SMP"). This information needs to be relevant and updated on a timely basis.
In this statement we set out various changes to enhance the presentation and improve the quality of BT's regulatory financial statements ("RFS") reflecting developments over the last 12 months including market reviews, comments from users of the RFS and discussions with BT.
We note that at the same time we are conducting a fundamental review of the regulatory reporting framework to ensure that it is fit for purpose, provides good quality data and provides an effective basis for monitoring compliance. We published a Regulatory Financial Reporting Review consultation in September 2012 and a further consultation in December 2013 , and we are planning to issue a statement in 2014. The Regulatory Financial Reporting Review has the remit of addressing fundamental issues and proposing changes to financial reporting that will be implemented from 2014/15 financial year. In this document we are proposing short term improvements for the 2013/14 RFS.
We set out our proposals in our consultation published on 11th December 2013 (the "December Consultation"). Those proposals primarily reflected our decisions in the recent Business Connectivity Market Review and the Narrowband Market Review .Other changes on which we consulted were mainly concerned with improving the presentation of the statements including grouping reported data by market review and updating the list of components.