바카라 사이트 puts business first with Brexit regulation shakeup
Plans unveiled to ease costly reporting burdens on business, freeing up companies to focus on growth.
Plans to reduce costly and time-consuming regulatory burdens on business have been revealed by the 바카라 사이트 today [Wednesday 24 May].
A wide range of UK companies, investors and industry experts have been invited to give their views on non-financial reporting regimes, in a new call for evidence that aims to find ways to reduce reporting regulation burdens on businesses so that they can focus on growth.
Non-financial reporting provides valuable information to investors and is a way for companies to tell their 바카라 사이트榮tory바카라 사이트� beyond financial information. This includes future strategy, and detail on how a wide range of factors may affect the company바카라 사이트檚 performance, providing insight into the business and culture of the company.
However, companies and investors have been calling for the simplification of these requirements in the wake of the deregulatory opportunities offered by Brexit. Annual reports now run at an average of 200 pages for the largest companies in the UK, creating unnecessary burden for businesses. With this review, the 바카라 사이트 will aim to:
- Save businesses time and money with a more streamlined and focused corporate reporting regime
- Ensure company annual reports contain clearer, more useful information, by asking investors what really matters to them
- Make the UK an even more competitive place to do business by placing growth and investment at the heart of reporting requirements
Business Minister Kevin Hollinrake said:
We want to shred unnecessary paperwork so businesses can focus on what바카라 사이트檚 important to them 바카라 사이트� growing and making profit.
By seizing on the opportunities of Brexit to streamline our non-financial reporting regime, we바카라 사이트檒l make the UK an easier and more competitive place to do business, while delivering on our priority to grow the economy.
As part of this, we will also review the size thresholds that determine some of the information a company needs to produce in their annual report, in particular the definition of micro-enterprises. This threshold, a relic of an EU directive, could be forcing too many of Britain바카라 사이트檚 smallest businesses to spend time and money preparing information to a level of detail only needed for larger companies, distracting them from focusing on growth and creating jobs.
The call for evidence will end on 16 August. The 바카라 사이트 will then use the information collected to develop detailed proposals for public consultation next year.
Subject to the views shared, the 바카라 사이트 will then look to legislate for any changes.
This builds on the 바카라 사이트�바카라 사이트� policy paper (10 May 2023) which set out how the government would improve regulation across the board to reduce burdens and drive economic growth now that the UK has left the European Union.
Our departure from the EU allows us to shape rules and processes so that they work for the UK바카라 사이트檚 specific circumstances and businesses, including for non-financial reporting, while upholding our strong record on workers바카라 사이트� rights.
Notes to editors:
- The Call for Evidence has been published on 바카라 사이트: /government/consultations/smarter-regulation-non-financial-reporting-review-call-for-evidence
- The intention to conduct this review was announced as part of the response to the Restoring Trust in Audit and Corporate Governance white paper:
- The non-financial reporting review will primarily focus on the Companies Act and the disclosure requirements contained within it. Views on wider reporting requirements that sit outside of the Annual Report are also being collected covering gender pay gap and modern slavery reporting.
- This call for evidence is not seeking views on the policy intention of modern slavery and gender gap reporting, but rather how these reporting requirements fit within wider non-financial reporting frameworks.