The current framework for BT's regulatory financial reporting dates from 2004. Since then, both technology and the use of financial data have evolved significantly. In particular, there has been increased focus on detailed costing data for the development and scrutiny of charge controls and in resolving disputes. There is dissatisfaction on all sides with the current regime: communication providers' confidence in the published financial statements has gradually been eroded; BT considers that it is required to publish unnecessary levels of detail; and Ofcom find that they need to make material adjustments to reported information in order to make regulatory decisions. Following publication of BT's most recent financial statements for 2012, on 31 July Ofcom’s proposals for a review were set out. Stakeholders' views and suggestions as to how to make regulatory financial reporting better for the future are sought.

Responses to this consultation are requested by 2 November 2012.

For more information please go to: http://stakeholders.ofcom.org.uk/consultations/regulatory-financialreporting/ summary