Thursday, 25 August 2011

UK: simpler reporting for the smallest businesses - BIS/FRC consultation begins

The Department for Business, Innovation and Skills and Financial Reporting Council have today published a joint consultation paper titled Simpler Reporting for the Smallest Businesses: see here (pdf). The paper has been published to stimulate debate and gather evidence and will help the Government decide, in conjunction with the Office of Tax Simplification, whether to take further action. It sets out some interesting proposals, including requiring certain small businesses to prepare a simplified Trading Statement (in place of the current Profit and Loss Account and prepared on a cash accounting basis), a Statement of Position (to include details of shareholders' funds, fixed assets, cash etc) and a simplified Annual Return.

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