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Letters to Regulatory Directors
RD 17/03 23 April 2003 Dear Regulatory Director REGULATORY ACCOUNTS FOR 2002-03 REPORTING REQUIREMENTS – RAG 3.04 Regulatory accounts should be submitted as soon as possible after the end of the financial year and before 15 July. Five copies of the printed reports and confidential information should be submitted, in addition to five copies of the statutory accounts and the holding company's group accounts. Copies of the ultimate holding company's consolidated accounts and those of common services companies should also be submitted. Regulatory accounts should also be placed on your Websites on the date they are submitted to us. Companies are required to have their June return information audited and it is expected that information in the June return submission and the regulatory accounts will be consistent. Reporting basis Regulatory accounts for 2002-03 should be drawn up on the basis of the revised regulatory accounting guidelines issued on 21 January 2003 in RD02/03 'Regulatory Accounting Guidelines'. All accounting standards extant at 31 March 2003 should be complied with (except FRS12 as detailed in RAG 1 and RAG 3 and in RD11/00). Issues noted in RD13/02 and corresponding letters in previous years remain relevant. If the requirements of these conflict with those included in accounting standards, please contact Tracey Anderson, Head of Regulatory Accounts and Business Affairs Team. FRS17 – Retirement benefits Where a company produces statutory accounts to a 31 March year-end and these are bound with regulatory accounts in one document; the disclosures specified in FRS17 (requirements for accounting periods ending on or after 22 June 2002) are not required in the regulatory accounts. For companies with a different statutory year-end, or where regulatory accounts are published separately the regulatory accounts must comply with FRS17. FRS17 sets out additional disclosure and reporting requirements to be applied for accounting periods ending on or after 22 June 2002 and 22 June 2003. For regulatory accounting purposes early adoption of the full requirements of FRS17 is not permitted. Reflecting changes in RPI The relevant measures of changes in RPI to be used in preparation of the 2002-03 current cost accounts are as follows:
The above percentage figures are calculated from the changes in retail price indices of:-
I would be grateful if a copy of this letter could be shown to your auditors. Yours sincerely Keith Mason Director of Regulatory Finance  |
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