Last year the Financial Reporting Council and Department for Business, Innovation and Skills published a consultation paper titled Simpler Reporting for Smaller Businesses setting out proposals to simplify the reporting obligations imposed on small businesses: see here. An update on this work was published today by the FRC - see here - in which it was stated that the Government intends to take advantage of the option now available to European Member States (provided by recently adopted Directive 2012/6/EU: here, pdf) to relax the reporting requirements of so-called micro entities. A further consultation paper will therefore be published in due course.
Friday, 23 March 2012
UK: small business reporting - update from the FRC and Government
Last year the Financial Reporting Council and Department for Business, Innovation and Skills published a consultation paper titled Simpler Reporting for Smaller Businesses setting out proposals to simplify the reporting obligations imposed on small businesses: see here. An update on this work was published today by the FRC - see here - in which it was stated that the Government intends to take advantage of the option now available to European Member States (provided by recently adopted Directive 2012/6/EU: here, pdf) to relax the reporting requirements of so-called micro entities. A further consultation paper will therefore be published in due course.
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